Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Pre-Tax Income (Loss) and Effective Income Tax Rates

For the three months ended March 31, 2020 and 2019, pre-tax income (loss) attributable to our operations and the corresponding operations’ effective tax rates were as follows:


	For the Three Months Ended March 31,
	2020								2019
(in millions)	Pre-Tax Income (Loss)			Effective Tax Rate		Pre-Tax Income (Loss)			Effective Tax Rate
Bermuda	$	(21.7)		—	%	$	32.0		—	%
United States	(10.7)			55.0	%	69.4			14.4	%
United Kingdom	1.7			183.2	%	(3.5)			31.5	%
Belgium	—		⁽¹⁾	68.8	%	—		⁽¹⁾	30.8	%
Brazil	2.2			—	%	1.8			—	%
United Arab Emirates	0.9			—	%	0.2			—	%
Ireland	—		⁽¹⁾	—	%	—		⁽¹⁾	—	%
Italy	3.4			—	%	(0.7)			—	%
Malta	2.6			—	%	0.9			—	%
Luxembourg	—			—	%	—			—	%
Switzerland	—		⁽¹⁾	—	%	—		⁽¹⁾	—	%
Pre-tax (loss) income	$	(21.6)		12.8	%	$	100.1		8.9	%

⁽¹⁾Pre-tax income (loss) for the respective year was less than $0.1 million.

Reconciliation of Difference Between Provision for Income Taxes and Expected Tax Provision at Weighted Average Tax Rate

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


	For the Three Months Ended March 31,
(in millions)	2020			2019
Income tax provision (benefit) at expected rate	$	0.8		$	14.9
Tax effect of:
Nontaxable investment income	(0.1)			(0.4)
Foreign exchange adjustments	(2.0)			0.5
Withholding taxes	—		⁽¹⁾	—		⁽¹⁾
Prior period adjustments	—		⁽¹⁾	—
Change in valuation allowance	—		⁽¹⁾	(0.6)
Other	(1.5)			(5.5)
Income tax (benefit) provision	$	(2.8)		$	8.9

⁽¹⁾Tax effect of the adjustment for the respective year was less than $0.1 million.