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v3.25.4

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Deferred tax assets related to: |  |
Non-U.S. net operating loss carryforwards | $ 63.1 | $ 62.8
Incentive compensation | 29.3 | 23.8
U.S. federal and state net operating and capital loss carryforwards | 15.4 | 6.4
Accrued interest | 6.0 | 0.2
Tax credit carryforwards | 3.7 | 2.8
Intangible assets | 0.4 | 51.5
Unearned premiums | 0.0 | 20.5
Loss reserves | 0.0 | 8.5
Other items | 1.6 | 0.9
Total gross deferred tax assets | 119.5 | 177.4
Less: valuation allowances | 95.8 | 89.2
Total net deferred tax assets | 23.7 | 88.2
Deferred tax liabilities related to: |  |
Investment basis difference | 87.7 | 43.5
Purchase accounting | 43.9 | 43.9
Deferred underwriting | 27.5 | 24.3
Net unrealized investment gains | 22.2 | 19.0
Deferred acquisition costs | 0.0 | 6.5
Other items | 2.0 | 1.2
Total deferred tax liabilities | 183.3 | 138.4
Net deferred tax asset (liability) | $ (159.6) | $ (50.2)

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