Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

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

For the three and six months ended June 30, 2022 and 2021, pre-tax income (loss) attributable to our operations and the corresponding operations’ effective tax rates were as follows:


	For the Three Months Ended June 30,
	2022				2021
(in millions)	Pre-Tax Income (Loss)		Effective Tax Rate		Pre-Tax Income (Loss)			Effective Tax Rate
Bermuda	$	(49.1)	—	%	$	2.3		—	%
United States	46.0		21.4	%	64.0			21.9	%
United Kingdom	8.7		26.8	%	9.3			(54.6)	%


Brazil	—		—	%	2.3			—	%
United Arab Emirates	0.2		—	%	0.1			—	%
Ireland	(4.6)		—	%	—		(1)	—	%
Italy	(0.2)		46.7	%	0.4			—	%
Malta	(5.1)		—	%	0.3			—	%

Pre-tax income	$	(4.1)	(295.1)	%	$	78.7		11.3	%

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


	For the Six Months Ended June 30,
	2022				2021
(in millions)	Pre-Tax Income (Loss)		Effective Tax Rate		Pre-Tax Income (Loss)		Effective Tax Rate
Bermuda	$	(49.0)	—	%	$	7.3	—	%
United States	84.7		21.7	%	105.2		19.4	%
United Kingdom	13.7		46.6	%	(8.9)		115.3	%

Brazil	(0.1)		(422.4)	%	4.0		—	%
United Arab Emirates	0.8		—	%	0.3		—	%
Ireland	(38.0)		—	%	(0.1)		—	%
Italy	(0.1)		(28.9)	%	1.2		—	%
Malta	(4.1)		—	%	0.9		—	%

Pre-tax income	$	7.9	320.4	%	$	109.9	9.3	%

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 June 30,				For the Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Income tax provision at expected rate	$	9.5	$	16.5	$	18.9	$	22.8
Tax effect of:
Nontaxable investment income	(0.1)		(0.1)		(0.2)		(0.3)
Foreign exchange adjustments	0.7		(0.3)		0.7		(0.5)
Withholding taxes	—		0.1		—		0.1
Sale of Brazil and Malta Operations	4.9		—		6.5		—
Change in uncertain tax position liability	0.5		0.6		0.6		(1.8)
Change in valuation allowance	(3.5)		(1.2)		(5.4)		(2.0)
Impact of change in tax rate related to Finance Act 2021	0.8		(7.4)		1.3		(7.4)
Prior period adjustment	(0.3)		—		0.9		—
Other	(0.4)		0.7		1.8		(0.6)
Income tax provision	$	12.1	$	8.9	$	25.1	$	10.3