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Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
The Company’s income tax provision on income before income taxes, including income (loss) from operating affiliates, resulted in an effective tax rate of 17.4% for the three months ended March 31, 2025, compared to 8.3% for the three months ended March 31, 2024. The year-over-year increase is primarily attributed to the Government of Bermuda enacting the Corporate Income Tax Act 2023, which established a 15% corporate income tax effective January 1, 2025. The Company’s effective tax rate, which is based upon the expected annual effective tax rate, may fluctuate from period to period based on the relative mix of income or loss reported by jurisdiction and the varying tax rates in each jurisdiction.
The Company had a net deferred tax asset of $1.6 billion at March 31, 2025, consistent with a net deferred tax asset of $1.6 billion at December 31, 2024. In addition, the Company paid $18 million of income taxes for the three months ended March 31, 2025, compared to $6 million of income taxes recovered for the three months ended March 31, 2024