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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | Deferred and Current Tax Assets (Liabilities)
| As of December 31,
| 2022 |  | 2021
| (in millions)
Net deferred tax assets (liabilities) | $ | 114 |  |  | $ | (33) |
Net current tax assets (liabilities) | 63 |  |  | (43) |
Components of Net Deferred Tax Assets (Liabilities)
| As of December 31,
| 2022 |  | 2021
| (in millions)
Deferred tax assets: |  |  |
Unearned premium reserves, net | $ | 26 |  |  | $ | 51 |
Net unrealized investment losses | 70 |  |  | — |
Rent | 18 |  |  | 17 |
Investments | 7 |  |  | — |
Foreign tax credit | 5 |  |  | 24 |
Net operating loss | 25 |  |  | 28 |
Depreciation | 30 |  |  | 27 |
Deferred compensation | 30 |  |  | 29 |
Deferred balances related to non-U.S. affiliates | 14 |  |  | — |
Other | 23 |  |  | 19 |
Total deferred tax assets | 248 |  |  | 195 |
Deferred tax liabilities: |  |  |
Net unrealized investment gains | — |  |  | 74 |
Investments | — |  |  | 30 |
DAC | 20 |  |  | 20 |
Loss and LAE reserve | 74 |  |  | 44 |
Lease | 14 |  |  | 16 |
Other | 21 |  |  | 20 |
Total deferred tax liabilities | 129 |  |  | 204 |
Less: Valuation allowance | 5 |  |  | 24 |
Net deferred tax assets (liabilities) | $ | 114 |  |  | $ | (33) |
Effective Tax Rate Reconciliation | A reconciliation of the difference between the provision for income taxes and the expected tax provision at statutory rates in taxable jurisdictions is presented below. Effective Tax Rate Reconciliation
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in millions)
Expected tax provision (benefit) | $ | 23 |  |  | $ | 76 |  |  | $ | 83 |
Tax-exempt interest | (14) |  |  | (19) |  |  | (20) |
Change in liability for uncertain tax positions | — |  |  | — |  |  | (17) |
Return to provision adjustment | (20) |  |  | (4) |  |  | (7) |
Noncontrolling interest | (3) |  |  | (8) |  |  | (1) |
State taxes | 12 |  |  | 7 |  |  | 4 |
Taxes on reinsurance | — |  |  | (2) |  |  | 9 |
Foreign taxes | 6 |  |  | 8 |  |  | (3) |
Stock based compensation | 5 |  |  | 4 |  |  | — |
Other | 2 |  |  | (4) |  |  | (3) |
Total provision (benefit) for income taxes | $ | 11 |  |  | $ | 58 |  |  | $ | 45 |
Effective tax rate | 7.2 | % |  | 12.2 | % |  | 10.9 | %
Pretax Income (Loss) by Tax Jurisdiction | The following tables present pre-tax income and revenue by jurisdiction. Pre-tax Income (Loss) by Tax Jurisdiction
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in millions)
U.S. | $ | 189 |  |  | $ | 378 |  |  | $ | 385 |
Bermuda | 44 |  |  | 115 |  |  | 16 |
U.K. | (69) |  |  | (8) |  |  | 13 |
France | (16) |  |  | (8) |  |  | (1) |
Total | $ | 148 |  |  | $ | 477 |  |  | $ | 413 |
Revenue by Tax Jurisdiction | Revenue by Tax Jurisdiction
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in millions)
U.S. | $ | 661 |  |  | $ | 685 |  |  | $ | 894 |
Bermuda | 84 |  |  | 123 |  |  | 151 |
U.K. | (15) |  |  | 41 |  |  | 60 |
France | (8) |  |  | (3) |  |  | 6 |
Other | 1 |  |  | 2 |  |  | 4 |
Total | $ | 723 |  |  | $ | 848 |  |  | $ | 1,115 |

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