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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision (Benefit) Expense
The following table presents the components of income tax provision (benefit) included in the amounts reported in our consolidated financial statements:
SuccessorPredecessor
For the Year EndedPeriod from Period from For the Year Ended
(in millions)December 31, 2024November 16, 2023 through December 31, 2023January 1, 2023 through November 15, 2023December 31, 2022
Current income tax provision (benefit) related to:
United States (Federal)$(0.2)$4.2 $15.1 $(21.0)
United States (State)(0.2)(4.2)0.1 0.1 
United Kingdom— — (0.1)(0.8)
Other jurisdictions— — 0.1 (1.7)
Total current income tax provision(0.4)— 15.2 (23.4)
Deferred income tax provision (benefit) related to:
United States(41.8)1.3 (7.9)6.0 
United Kingdom— — (7.0)7.3 
Other jurisdictions— — — 2.1 
Total deferred income tax (benefit)(41.8)1.3 (14.9)15.4 
Income tax provision (benefit)$(42.2)$1.3 $0.3 $(8.0)
Schedule of Earned Premiums by Geographic Location For the year ended December 31, 2024, for the periods of November 16, 2023 through December 31, 2023 (successor), January 1, 2023 through November 15, 2023 (Predecessor), and year ended December 31, 2022, pre-tax income (loss) attributable to our operations and the operations’ effective tax rates were as follows:
SuccessorPredecessor
For the Year EndedPeriod fromPeriod from For the Year Ended
December 31, 2024November 16, 2023 through December 31, 2023January 1, 2023 through November 15, 2023December 31, 2022
(in millions)Pre-Tax
Income (Loss)
 
Effective
Tax
Rate		Pre-Tax
Income (Loss)
 
Effective
Tax
Rate		Pre-Tax
Income (Loss)		 Effective
Tax
Rate		Pre-Tax
Income (Loss)		 Effective
Tax
Rate
Bermuda$— — %$(11.3)— %$(90.3)— %$(76.0)— %
United States(183.6)23.0 %14.3 9.0 %(96.9)(7.5)%(83.2)17.9 %
United Kingdom(3.1)— %(1.3)— %(23.2)30.4 %23.4 27.9 %
Barbados— — %— (1)— %— (1)— %(4.5)— %
Brazil— — %— — %— — %(0.1)(422.4)%
United Arab Emirates— — %— — %0.3 — %1.4 — %
Ireland — — %0.5 — %(0.1)— %(39.1)— %
Italy(3.6)(1.0)%— (1)2.1 %0.1 50.3 %(0.9)(4.8)%
Malta— — %— — %— — %(4.2)— %
Pre-tax income (loss)$(190.3)22.2 %$2.2 59.1 %$(210.1)0.1 %$(183.2)4.3 %
(1) Pre-tax income for the respective year was less than $0.1 million.
Schedule of Reconciliation of Difference Between Provision for Income Taxes and Expected Tax Provision at Weighted Average Tax Rate A reconciliation of the difference between the provision for income taxes and the expected tax provision (benefit) at the weighted average tax rate is as follows:
SuccessorPredecessor
For the Year EndedPeriod from Period from For the Year Ended
December 31, 2024November 16, 2023 through December 31, 2023January 1, 2023 through November 15, 2023December 31, 2022
(in millions)
Income tax provision (benefit) at expected rate$(40.2)$2.9 $(24.7)$(14.7)
Tax effect of:
Nontaxable investment income(0.2)— (0.1)(0.4)
Foreign exchange adjustments— — (2.6)(2.1)
Impairment of goodwill— — — 5.4 
Base erosion and anti-abuse tax— — 23.5 — 
Withholding taxes— — 0.1 2.7 
Ireland capital loss3.3 — — — 
U.S. state tax expense, net of federal income tax effect(0.2)0.1 (1.2)— 
Change in uncertain tax position liability— (3.4)1.2 (1.4)
Change in valuation allowance(2.8)1.8 (1.4)(7.6)
Impact of change in tax rate related to Finance Act 2021— (0.2)(0.2)1.7 
Brazil premiums and underwriting— — — 0.3 
Sale of Brazil and Malta operations— — — 6.6 
Excess executive compensation0.9 — 2.0 — 
United Kingdom debt forgiveness— — — 1.1 
Prior period adjustment(4.5)— — — 
Other1.5 0.1 3.7 0.4 
Income tax provision (benefit) $(42.2)$1.3 $0.3 $(8.0)
Schedule of Net Deferred Tax Liability Comprises Tax Effect Related to Assets and Liabilities
The net deferred tax asset (liability) comprises the tax effects of temporary differences related to the following assets and liabilities:
 
As of December 31,
(in millions)20242023
Deferred tax assets:
Losses and loss adjustment expense reserve discounting$50.1 $45.5 
Unearned premiums18.0 23.9 
Net operating loss carryforwards64.5 36.3 
Investment in limited partnership interests0.2 9.3 
Unrealized losses on equity securities3.4 6.9 
Unrealized losses on fixed maturities and other investment securities33.3 42.3 
Investments4.3 4.9 
Lease liability10.2 10.6 
Accrued bonus6.0 5.5 
Bad debt5.0 3.2 
Other3.1 2.6 
Deferred tax assets, gross198.1 191.0 
Deferred tax liabilities:
Debt obligations(5.9)(6.4)
Unrealized gains on limited partnership interests(15.2)(24.8)
Depreciable fixed assets(5.0)(7.3)
Deferred acquisition costs(10.9)(0.5)
Right of use assets(11.8)(12.1)
TCJA reserve transitional liability(0.5)(1.1)
Value of business acquired(2.7)(32.2)
Other intangible assets(27.2)(37.1)
Underwriting results(8.6)(9.1)
Other(0.9)(0.6)
Deferred tax liabilities, gross(88.7)(131.2)
Deferred tax assets, net before valuation allowance$109.4 $59.8 
Valuation allowance(17.9)(20.7)
Deferred tax asset (liabilities), net$91.5 $39.1 
Net deferred tax assets (liabilities) - United States91.5 39.1 
Deferred tax asset (liabilities), net$91.5 $39.1 
Schedule of Net Operating Loss Carryforwards Amounts by Jurisdiction and Year of Expiration The NOL amounts by jurisdiction and year of expiration are as follows:
(in millions)December 31, 2024Expiration
Net operating loss carryforwards by jurisdiction:
Italy$48.2 Indefinite
United Kingdom$10.0 Indefinite
United States$240.1 2025-2044
Schedule of Unrecognized Tax Benefits
The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2024 and 2023:
(in millions)20242023
Balance at January 1$— $4.6 
Additions for tax positions of prior years— — 
Reductions for tax positions of prior years— (1.0)
Reductions based on settlements with taxing authorities— (2.4)
Expiration of statute of limitations— (1.2)
Balance at December 31$— $—