SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of warrants issued

The following table provides other key terms of the warrants:

Warrants	Exercise Price		Shares Issued (in millions)	Grant Date Fair Value per Share		Vesting Condition
Short-Term
Tranche 1	$	10.00	42.6	$	0.42	Completing the Integrated Platform
Tranche 2	$	11.00	57.8	$	0.37	50,000 policy originations
Tranche 3	$	12.00	28.7	$	0.18	75,000 policy originations
Total Short-Term			129.1
Long-Term
Tranche 1	$	10.00	25.8	$	0.42	100,000 policy originations
Tranche 2	$	12.50	26.9	$	0.35	200,000 policy originations
Tranche 3	$	15.00	27.1	$	0.24	300,000 policy originations
Tranche 4	$	22.50	26.1	$	0.09	400,000 policy originations
Tranche 5	$	30.00	23.2	$	0.04	500,000 policy originations
Total Long-Term			129.1

Schedule of share-based compensation expense

The following table displays employee share-based compensation expense recorded in the consolidated statements of operations and comprehensive loss:

	Years Ended December 31,
	2021		2020		2019
	(dollars in millions)
Share-based compensation expense:
Loss and loss adjustment expenses	$	1.5	$	0.6	$	—
Sales and marketing	1.0		1.0		—
Other insurance expense (benefit)	1.6		1.0		—
Technology and development	4.5		5.8		—
General and administrative	10.7		20.4		10.0
Total share-based compensation expense	$	19.3	$	28.8	$	10.0

The following table provides total employee share-based compensation expense by type of award:

	Years Ended December 31,
	2021		2020		2019
	(dollars in millions)
Share-based compensation expense:
Restricted stock unit expense	$	14.9	$	0.6	$	—
Stock option expense	4.4		28.2		10.0
Total share-based compensation expense	$	19.3	$	28.8	$	10.0

Summary of RSU activity

Restricted Stock Units

A summary of RSU activity for the year ended December 31, 2021 is as follows:

Restricted Stock Units	Number of Shares	Weighted-Average Grant Date Fair Value per Share		Aggregate Intrinsic Value
	(in millions, except exercise price)
Nonvested at January 1, 2020	—	$	—	$	—
Granted	0.4	17.72
Vested	—	7.25		0.3
Forfeited, expired or canceled	—	22.89
Nonvested at December 31, 2020	0.4	18.41		$	6.2
Granted	12.2	9.17
Vested	(0.1)	18.09		1.0
Forfeited, expired or canceled	(3.6)	10.24
Nonvested at December 31, 2021	8.9	$	9.02	$	27.4

Summary of option activity

A summary of option activity for the years ended December 31, 2021 and 2020 is as follows:

Options	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
	(in millions, except exercise price and term amounts)
Outstanding at January 1, 2020	12.3	$	1.42	8.22	$	70.4
Granted	1.6	7.76
Exercised	(2.8)	0.70			41.5
Forfeited, expired or canceled	(0.7)	5.00
Outstanding at December 31, 2020	10.4	$	2.39	7.75	$	137.7
Granted	—	10.82
Exercised	(2.8)	1.68			24.1
Forfeited, expired or canceled	(1.1)	4.44
Outstanding at December 31, 2021	6.5	2.36		6.12	$	9.5

Schedule of exercise price range

A summary of total options outstanding and exercisable at December 31, 2021:

	Options Outstanding and Exercisable
Options	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)
	(in millions, except exercise price and term amounts)
Range of Exercise Prices:
$0.01 - $1.00	2.7	$	0.30	4.76
$1.00 - $2.50	2.8	$	2.40	7.20
$2.50 - $13.00	1.0	$	7.67	6.86