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Income Taxes (Tables) | 6 Months Ended | 12 Months Ended
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Jun. 30, 2024 | Dec. 31, 2023
Income Tax Disclosure [Abstract] |  |
Summary of Total Income Tax |
| Twelve Months Ended December 31,
| 2023 |  | 2022 |  | 2021
| ($ in millions)
Income tax (benefit)/expense allocated to net income | $ | (132.1) |  |  | $ | (78.1) |  |  | $ | 5.3 |
Income tax expense/(benefit) allocated to other comprehensive income | 20.6 |  |  | (23.9) |  |  | 0.3 |
Total income tax (benefit)/expense | $ | (111.5) |  |  | $ | (102.0) |  |  | $ | 5.6 |
Schedule of Income Tax by Taxing Authority |
| Twelve Months Ended December 31, 2023
| Income before tax |  | Current tax expense |  | Deferred tax (benefit)/expense |  | Total income tax (benefit)/expense
| ($ in millions)
Bermuda (1) | $ | 148.8 |  |  | $ | — |  |  | $ | (201.1) |  |  | $ | (201.1) |
U.S. (2) | 236.3 |  |  | 52.4 |  |  | 3.0 |  |  | 55.4 |
U.K. (3) | 0.7 |  |  | 5.3 |  |  | 0.1 |  |  | 5.4 |
Other (4) | 16.8 |  |  | 7.9 |  |  | 0.3 |  |  | 8.2 |
Total | $ | 402.6 |  |  | $ | 65.6 |  |  | $ | (197.7) |  |  | $ | (132.1) |
| Twelve Months Ended December 31, 2022
| (Loss)/income before tax |  | Current tax expense |  | Deferred tax (benefit) |  | Total income tax (benefit)/expense
| ($ in millions)
Bermuda | $ | (103.3) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. | 34.8 |  |  | 14.8 |  |  | (102.9) |  |  | (88.1) |
U.K. | 62.4 |  |  | 7.0 |  |  | — |  |  | 7.0 |
Other | (20.9) |  |  | 4.7 |  |  | (1.7) |  |  | 3.0 |
Total | $ | (27.0) |  |  | $ | 26.5 |  |  | $ | (104.6) |  |  | $ | (78.1) |
| Twelve Months Ended December 31, 2021
| Income/(loss) before tax |  | Current tax expense |  | Deferred tax (benefit) |  | Total income tax expense/(benefit)
| ($ in millions)
Bermuda | $ | 22.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S | 5.0 |  |  | 5.8 |  |  | — |  |  | 5.8 |
U.K. | 75.1 |  |  | — |  |  | (0.3) |  |  | (0.3) |
Other | (67.9) |  |  | 2.7 |  |  | (2.9) |  |  | (0.2) |
Total | $ | 35.1 |  |  | $ | 8.5 |  |  | $ | (3.2) |  |  | $ | 5.3 |
Income Tax Reconciliation |  |
| Twelve Months Ended December 31,
| 2023 |  | 2022 |  | 2021
Income Tax Reconciliation | ($ in millions)
Income tax benefit at statutory tax rate of zero percent | $ | — |  |  | $ | — |  |  | $ | — |
Overseas statutory tax rates differential | 56.3 |  |  | 16.8 |  |  | (0.9) |
Base erosion and anti-abuse tax (BEAT) expense | 0.9 |  |  | 2.3 |  |  | 6.1 |
Prior year adjustments (1) | 6.9 |  |  | (2.9) |  |  | 0.5 |
Introduction of Bermuda corporate income tax | (201.1) |  |  | — |  |  | — |
Change in valuation allowance (2) | 4.0 |  |  | (98.9) |  |  | 9.6 |
Impact of unrecognized tax benefits (3) | — |  |  | — |  |  | — |
Australian non-resident withholding tax | — |  |  | 1.5 |  |  | 0.6 |
Foreign exchange | (1.3) |  |  | (0.3) |  |  | (1.5) |
Non-deductible expenses | 2.5 |  |  | 2.4 |  |  | 2.4 |
Impact of changes in statutory tax rates | (0.3) |  |  | (5.7) |  |  | (11.5) |
Tax effect of OCI in income statement | — |  |  | 6.7 |  |  | — |
Total income tax (benefit)/expense | $ | (132.1) |  |  | $ | (78.1) |  |  | $ | 5.3 |
________________ (1)The submission dates for filing income tax returns for the Company’s U.S. and U.K. operating subsidiaries are after the submission date of this report. Accordingly, the final tax liabilities may differ from the estimated income tax expense included in this report and may result in prior year adjustments being reported. The prior period adjustments for the twelve months ended December 31, 2023 predominantly relate to the determination of the results of the branches of the U.K. operating subsidiaries. The prior period adjustments for the twelve months ended December 31, 2022 and 2021 predominantly relate to the determination of results in the U.K. (2)The decrease in valuation allowance in 2022 related to a change in judgment about the recoverability of deferred tax assets in the U.S. operating subsidiaries. (3)In 2023, the Company did not have any unrecognized tax benefits. Income tax returns that have been filed by the Company’s U.S. Operating Subsidiaries are subject to examination for 2020 and later tax years. The Company’s U.K. operating subsidiaries’ income tax returns are potentially subject to examination for 2022 and later tax years as these periods are considered “open” by the U.K. Tax Authority. The Company accrues interest and penalties related to an underpayment of income taxes, if applicable, as income tax expenses. The Company does not believe it will be subject to any penalties in any open tax years.
Tax Effects of Deferred Tax Assets and Deferred Tax Liabilities |
| As at December 31,
| 2023 |  | 2022
| ($ in millions)
D eferred tax assets: |  |  |
Operating loss carryforwards | 217.2 |  |  | 167.6 |
Capital loss carryforwards | 9.7 |  |  | 6.7 |
Insurance reserves: Losses and loss adjustment expenses | 104.1 |  |  | 28.3 |
Unrealized losses on investments | 8.9 |  |  | 20.6 |
Accrued expenses | 13.4 |  |  | 6.1 |
Foreign tax credit carryforwards | 19.0 |  |  | 19.8 |
Insurance reserves: Unearned premiums | 35.0 |  |  | 36.0 |
Intangible assets | 82.9 |  |  | 0.7 |
Office properties and equipment | 16.5 |  |  | 14.2 |
Operating lease liabilities | 15.6 |  |  | 18.5 |
Other temporary differences | 7.6 |  |  | 3.7 |
Total deferred tax assets | 529.9 |  |  | 322.2 |
Less valuation allowance | (172.7) |  |  | (145.7) |
Deferred tax assets, net of valuation allowance | $ | 357.2 |  |  | $ | 176.5 |
Deferred tax liabilities: |  |  |
Deferred acquisition costs | (32.4) |  |  | (37.0) |
Right-of-use operating lease assets | (10.4) |  |  | (13.7) |
Insurance reserves: Losses and loss adjustment expenses | (0.1) |  |  | (0.2) |
Other temporary differences | (3.3) |  |  | (6.4) |
Total deferred tax (liabilities) | (46.2) |  |  | (57.3) |
Net deferred tax assets | $ | 311.0 |  |  | $ | 119.2 |

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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