Reinsurance

12 Months Ended

Dec. 31, 2023

Reinsurance [Abstract]

Reinsurance

REINSURANCE

A summary of reinsurance activity is as follows:

(In millions)	For the Years Ended December 31,
	2023		2022		2021
Net assumed written premiums	$	92.8	$	72.5	$	56.4
Net premiums earned	79.6		62.7		60.3
Provision for claims	70.7		46.4		38.8
Amortization of capitalized acquisition costs	1.9		1.5		1.4

The trust assets and related reinsurance liabilities are as follows:

(In millions)		As of December 31,
	Balance Sheet location	2023		2022
Trust assets	Restricted cash and cash equivalents	$	1.4	$	0.4
Trust assets	Restricted securities available for sale	93.2		72.3
Unearned premium	Accounts payable and accrued liabilities	67.6		54.4
Claims reserve (1)	Accounts payable and accrued liabilities	5.6		3.1

(1)    The claims reserve represents our liability for incurred-but-not-reported claims and is estimated based on historical claims experience.

The following tables present information about incurred and paid claims development for the five-year period ended December 31, 2023:

(Dollars in millions)
	Cumulative Incurred Claims										As of December 31, 2023
Incident Year	As of December 31,										Claims Reserve		Cumulative Number of Reported Claims
	2019		2020		2021		2022		2023
2019	$	30.1	$	30.2	$	30.2	$	30.2	$	30.2	$	—	24,422
2020			37.7		37.6		37.7		37.7		—		28,208
2021					38.9		39.2		39.3		—		28,834
2022							46.0		47.7		—		30,441
2023									68.9		5.6		36,538
Total									$	223.8	$	5.6	148,443

(In millions)	Cumulative Paid Claims
	As of December 31,
Incident Year	2019		2020		2021		2022		2023
2019	$	28.3	$	30.2	$	30.2	$	30.2	$	30.2
2020			35.4		37.6		37.7		37.7
2021					36.5		39.2		39.3
2022							42.9		47.7
2023									63.3
Total									$	218.2

Average Annual Percentage Payout of Incurred Claims by Age
Claim Age (Years)	1		2		3		4		5
Payout Percentage	92.3	%	7.5	%	0.2	%	—	%	—	%