Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

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

For the three and nine months ended September 30, 2024 and 2023, pre-tax income (loss) attributable to our operations and the corresponding operations’ effective tax rates were as follows:


	Successor				Predecessor
	Three Months Ended September 30, 2024				Three Months Ended September 30, 2023
(in millions)	Pre-Tax Income (Loss)		Effective Tax Rate		Pre-Tax Income (Loss)			Effective Tax Rate
Bermuda	$	—	—	%	$	(9.8)		—	%
United States	(163.9)		21.0	%	(18.1)			(95.5)	%
United Kingdom	(2.1)		—	%	(1.6)			(22.5)	%

Barbados	—		—	%	—		(1)	—	%

Ireland	—		—	%	—		(1)	—	%
Italy	(0.7)		—	%	0.2			20.0	%

Pre-tax income (loss)	$	(166.7)	20.6	%	$	(29.3)		(60.1)	%

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


	Successor				Predecessor
	Nine Months Ended September 30, 2024				Nine Months Ended September 30, 2023
(in millions)	Pre-Tax Income (Loss)		Effective Tax Rate		Pre-Tax Income (Loss)			Effective Tax Rate
Bermuda	$	—	—	%	$	(21.1)		—	%
United States	(114.1)		23.9	%	(31.2)			(32.9)	%
United Kingdom	(4.4)		—	%	(23.2)			30.4	%
Barbados	—		—	%	—		(1)	—	%

United Arab Emirates	—		—	%	0.3			—	%
Ireland	—		—	%	(0.1)			—	%
Italy	(2.7)		(1.4)	%	0.1			50.3	%

Pre-tax income (loss)	$	(121.2)	22.5	%	$	(75.2)		(4.4)	%

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

Schedule of 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 (benefit) for income taxes and the expected tax provision (benefit) at the weighted average tax rate is as follows:


	Successor		Predecessor		Successor		Predecessor
(in millions)	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		Nine Months Ended September 30, 2023
Income tax provision (benefit) at expected rate	$	(35.1)	$	(4.1)	$	(25.7)	$	(11.0)
Tax effect of:
Nontaxable investment income	—		—		(0.2)		(0.1)
Foreign exchange adjustments	—		—		—		(2.6)

Base Erosion and Anti-Abuse Tax	—		20.4		—		16.9
Withholding taxes	—		—		—		0.1
Ireland Capital Loss	—		—		3.3		—
U.S. state tax expense, net of federal income tax effect	—		—		—		(1.2)
Change in uncertain tax position liability	—		0.2		—		1.2
Change in valuation allowance	0.3		—		(2.2)		0.1
Impact of change in tax rate related to Finance Act 2021	—		—		—		(0.4)
Prior period adjustment	(0.3)		0.2		(3.6)		0.1
Other	0.7		0.9		1.2		0.2
Income tax provision (benefit)	$	(34.4)	$	17.6	$	(27.2)	$	3.3