Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Deferred and Current Tax Assets (Liabilities)

	As of
	March 31, 2024		December 31, 2023
	(in millions)
Net deferred tax assets (liabilities)	$	256	$	250
Net current tax assets (liabilities)	(39)		(9)

Effective Tax Rate Reconciliation

A reconciliation of the difference between the provision for income taxes and the expected tax provision at statutory rates in taxable jurisdictions is presented below.

Effective Tax Rate Reconciliation  

	First Quarter
	2024			2023
	(in millions)
Expected tax provision (benefit)	$	23		$	20
Tax-exempt interest	(2)			(3)
NCI	(1)			(3)
State taxes	2			3
Foreign taxes	5			5
Global minimum tax	5			—
Stock based compensation	—			1
Other	(1)			—
Total provision (benefit) for income taxes	$	31		$	23
Effective tax rate	21.4		%	19.1		%

Pretax Income (Loss) by Tax Jurisdiction

The following tables present pre-tax income and revenue by jurisdiction.

Pre-tax Income (Loss) by Tax Jurisdiction

	First Quarter
	2024		2023
	(in millions)
U.S.	$	129	$	108
Bermuda	30		25
U.K.	(11)		(11)
France	(4)		(2)
Total	$	144	$	120

Revenue by Tax Jurisdiction

Revenue by Tax Jurisdiction

	First Quarter
	2024		2023
	(in millions)
U.S.	$	204	$	235
Bermuda	36		35
U.K.	6		13
France	(1)		—
Total	$	245	$	283