Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Note 4—Investments

Investments in fixed maturity securities are classified as available-for-sale. The primary objectives of our investment portfolio are to maintain the safety of our invested capital, provide prudent levels of liquidity to accommodate operational and capital needs and maintain an acceptable level of risk. These risks include credit risk, interest rate risk and concentration risk, which are mitigated through the use of various well-established financial institutions as well as an investments portfolio consisting of very liquid and high credit quality instruments.

The following table summarizes our investments, available-for-sale:


	March 31, 2023						December 31, 2022
$ in thousands	Amortized Cost		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Losses		Fair Value

Corporate bonds	$	—	$	—	$	—	$	3,997	$	(22)	$	3,975
Commercial paper	14,927		(4)		14,923		10,837		(3)		10,834
U.S. treasury bills	65,909		(132)		65,777		82,979		(284)		82,695
Total investments, available-for-sale	$	80,836	$	(136)	$	80,700	$	97,813	$	(309)	$	97,504

The cost of securities sold is based on the specific-identification method. During the three months ended March 31, 2023 and 2022, there were no sales of investments.

There were no credit losses recognized during the three months ended March 31, 2023 and 2022 and no allowance for credit losses as of March 31, 2023 and December 31, 2022.