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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | Deferred and Current Tax Assets (Liabilities)
| As of December 31,
| 2023 |  | 2022
| (in millions)
Net deferred tax assets (liabilities) | $ | 250 |  |  | $ | 114 |
Net current tax assets (liabilities) | (9) |  |  | 63 |
Components of Net Deferred Tax Assets (Liabilities)
| As of December 31,
| 2023 |  | 2022
| (in millions)
Deferred tax assets: |  |  |
Unearned premium reserves, net | $ | 11 |  |  | $ | 26 |
Net unrealized investment losses | 49 |  |  | 70 |
Intangible assets | 149 |  |  | — |
Value of in-force business | 45 |  |  | — |
Rent | 15 |  |  | 18 |
Investments | — |  |  | 4 |
Net operating loss | 30 |  |  | 37 |
Depreciation | 45 |  |  | 30 |
Deferred compensation | 32 |  |  | 30 |
Other | 6 |  |  | 28 |
Total deferred tax assets | 382 |  |  | 243 |
Deferred tax liabilities: |  |  |
Investments | 65 |  |  | — |
DAC | 12 |  |  | 15 |
Loss and LAE reserve | 13 |  |  | 74 |
Lease | 13 |  |  | 14 |
Other | 29 |  |  | 21 |
Total deferred tax liabilities | 132 |  |  | 124 |
Less: Valuation allowance | — |  |  | 5 |
Net deferred tax assets (liabilities) | $ | 250 |  |  | $ | 114 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision (benefit) for income taxes were as follows: Current and Deferred Provision (Benefit) for Income Taxes
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Current provision (benefit) for income taxes: |  |  |  |  |
Federal | $ | 76 |  |  | $ | (1) |  |  | $ | 88 |
State and local | (13) |  |  | 15 |  |  | 8 |
Foreign | — |  |  | — |  |  | — |
Total current | $ | 63 |  |  | $ | 14 |  |  | $ | 96 |
Deferred provision (benefit) for income taxes: |  |  |  |  |
Federal | $ | 31 |  |  | $ | 12 |  |  | $ | (38) |
State and local | — |  |  | — |  |  | — |
Foreign | (187) |  |  | (15) |  |  | — |
Total deferred | (156) |  |  | (3) |  |  | (38) |
Total provision (benefit) for income taxes | $ | (93) |  |  | $ | 11 |  |  | $ | 58 |
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,
| 2023 |  | 2022 |  | 2021
| (in millions)
Expected tax provision (benefit) | $ | 122 |  |  | $ | 23 |  |  | $ | 76 |
Tax-exempt interest | (15) |  |  | (14) |  |  | (19) |
Return to provision adjustment | (6) |  |  | (20) |  |  | (4) |
Noncontrolling interest | (5) |  |  | (3) |  |  | (8) |
State taxes, net of federal benefit | (10) |  |  | 12 |  |  | 7 |
Foreign taxes | 11 |  |  | 6 |  |  | 8 |
Stock based compensation | 2 |  |  | 5 |  |  | 4 |
Bermuda ETA | (189) |  |  | — |  |  | — |
Other | (3) |  |  | 2 |  |  | (6) |
Total provision (benefit) for income taxes | $ | (93) |  |  | $ | 11 |  |  | $ | 58 |
Effective tax rate | (13.9) | % |  | 7.2 | % |  | 12.2 | %
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,
| 2023 |  | 2022 |  | 2021
| (in millions)
U.S. | $ | 622 |  |  | $ | 189 |  |  | $ | 378 |
Bermuda | 79 |  |  | 44 |  |  | 115 |
U.K. | (25) |  |  | (69) |  |  | (8) |
France | (8) |  |  | (16) |  |  | (8) |
Total | $ | 668 |  |  | $ | 148 |  |  | $ | 477 |
Revenue by Tax Jurisdiction | Revenue by Tax Jurisdiction
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
U.S. | $ | 1,169 |  |  | $ | 661 |  |  | $ | 685 |
Bermuda | 165 |  |  | 84 |  |  | 123 |
U.K. | 37 |  |  | (15) |  |  | 41 |
France | 2 |  |  | (8) |  |  | (3) |
Other | — |  |  | 1 |  |  | 2 |
Total | $ | 1,373 |  |  | $ | 723 |  |  | $ | 848 |

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