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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Components of income taxes attributable to operations

The components of income taxes attributable to operations were as follows:

			Year Ended December 31,
			2025						2024						2023
Current expense (benefit):
Federal - Bermuda			$	211					$	1					$	7
Foreign - United States			270						332						251
Foreign - Other			105						64						30
			586						397						288
Deferred expense (benefit):
Federal - Bermuda			100						12						(1,179)
Foreign - United States			60						(21)						(20)
Foreign - Other			14						(26)						38
			174						(35)						(1,161)
Income tax expense (benefit)			$	760					$	362					$	(873)

Schedule of income or loss before income taxes by jurisdiction

The Company’s income or loss before income taxes was earned in the following jurisdictions:

			Year Ended December 31,
			2025						2024						2023
Income (Loss) Before Income Taxes:
Domestic - Bermuda			$	3,121					$	2,611					$	2,099
Foreign - United States			1,660						1,438						1,239
Foreign - Other			378						625						232
Total			$	5,159					$	4,674					$	3,570

Reconciliation of the differences between the provision for income taxes and the expected tax provision at the weighted average tax rate

The following table presents a reconciliation of the difference between the provision for income taxes and the expected tax provision at the Bermuda statutory income tax rate:

									Year Ended December 31,
									2025						Rate Impact
Bermuda Federal Statutory Tax Rate									$	774					15.0		%
Foreign tax effects
			United States
						Tax rate differential			99						1.9		%
						Other			(17)						(0.3)		%
			Bermuda
						Foreign tax credits			(56)						(1.1)		%
						Other			20						0.4		%
			United Kingdom
						Effect of cross-border tax laws			45						0.9		%
						Other			9						0.2		%
			Other foreign taxes						7						0.1		%
Effect of changes in tax laws or rates enacted in the current period									(65)						(1.3)		%
Nontaxable or nondeductible items / other
			Investment income						(54)						(1.0)		%
			Other						(22)						(0.4)		%
Other									20						0.3		%
			Total						$	760					14.7		%

A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate follows:

									Year Ended December 31,
									2024						2023
Expected income tax expense (benefit) computed on pre-tax income at weighted average income tax rate									$	424					$	300
Addition (reduction) in income tax expense (benefit) resulting from:
Sale of subsidiaries/Bargain purchase option									(45)						—
Investment income									(39)						(14)
Change in tax rate									12						(1,179)
Share based compensation									(11)						(13)
Tax credits									(5)						(3)
Base eroding tax/Alternative minimum tax									5						9
State taxes, net of U.S. federal tax benefit									4						6
Change in valuation allowance									3						4
Uncertain tax position									3						—
Dividend withholding taxes									3						9
Other									8						8
Income tax expense (benefit)									$	362					$	(873)

Significant components of deferred income tax assets and liabilities

Significant components of the Company’s deferred income tax assets and liabilities were as follows:

			December 31,
			2025						2024
Deferred income tax assets:
Net operating loss			$	72					$	77
Discounting of net loss reserves			116						203
Net unearned premium reserve			243						190
Compensation liabilities			99						75
Foreign tax credit carryforward			54						22
Goodwill and intangible assets			835						1,034
Bad debt reserves			18						15
Depreciation and amortization			137						151
Lease liability			31						32
Net unrealized decline of investments			41						77
Fair value adjustment to senior notes			47						41
Advance claim payments			59						—
Other, net			10						—
Deferred income tax assets before valuation allowance			1,762						1,917
Valuation allowance			(46)						(18)
Deferred income tax assets net of valuation allowance			1,716						1,899
Deferred income tax liabilities:
Lloyds year of account deferral			(18)						(19)
Contingency reserve			(104)						(27)
Deferred policy acquisition costs			(77)						(143)
Investment related			(78)						(43)
Right-of-use asset			(23)						(25)
Other			—						(6)
Total deferred income tax liabilities			(300)						(263)
Net deferred income tax assets			$	1,416					$	1,636

Summary of operating loss carryforwards

At December 31, 2025, the Company’s net operating loss carryforwards and tax credits were as follows:

			Year Ended December 31,
			2025						Expiration
Operating Loss Carryforwards
United Kingdom			$	118					No expiration
United States (1)			70						2029 - 2038
Australia			44						No expiration
Hong Kong			39						No expiration
Gibraltar			31						No expiration
Ireland			30						No expiration
Cyprus			1						No expiration
Netherlands			1						No expiration
Tax Credits
Ireland foreign tax credits			27						No expiration
U.K. foreign tax credits			20						No expiration
U.S. foreign tax credits			9						2031 - 2035

(1) The Company’s U.S. operations have recorded $70 million of net operating loss (“NOL”) carryforwards that are subject to annual usage limitations under Section 382 of the Internal Revenue Code (“the Code”).

Summary of tax credit carryforwards

At December 31, 2025, the Company’s net operating loss carryforwards and tax credits were as follows:

			Year Ended December 31,
			2025						Expiration
Operating Loss Carryforwards
United Kingdom			$	118					No expiration
United States (1)			70						2029 - 2038
Australia			44						No expiration
Hong Kong			39						No expiration
Gibraltar			31						No expiration
Ireland			30						No expiration
Cyprus			1						No expiration
Netherlands			1						No expiration
Tax Credits
Ireland foreign tax credits			27						No expiration
U.K. foreign tax credits			20						No expiration
U.S. foreign tax credits			9						2031 - 2035

(1) The Company’s U.S. operations have recorded $70 million of net operating loss (“NOL”) carryforwards that are subject to annual usage limitations under Section 382 of the Internal Revenue Code (“the Code”).

Reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

			December 31,
			2025						2024
Balance at beginning of year			$	5					$	2
Additions based on tax positions related to the current year			1						1
Additions for tax positions of prior years			—						2
Reductions for tax positions of prior years			—						—
Settlements			—						—
Balance at end of year			$	6					$	5

Summary of open tax years potentially subject to examination, by jurisdiction

The following table details open tax years that are potentially subject to examination by local tax authorities, in the following major jurisdictions:

Jurisdiction						Tax Years
United States						2019-2025
United Kingdom						2022-2025
Ireland						2021-2025
Switzerland						2021-2025
Australia						2020-2025
Canada						2021-2025
Gibraltar						2020-2025

Schedule of Income Tax Paid by Jurisdiction

The Company’s taxes paid by jurisdiction were as follows:

									December 31,
									2025
Federal Bermuda taxes paid									$	131
Foreign taxes paid
			United States - federal taxes paid						227
			United States - other taxes paid						19
			Australia						26
			Other						55
			Total Foreign taxes paid						327
Total									$	458

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