Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Net income before tax is split between the Group’s operating jurisdictions based on the jurisdiction of tax residence:

	2023		2022		2021
United Kingdom	$	1,687.4	$	72.6	$	33.4
Bermuda	341.2		(0.3)		40.0
Republic of Ireland	18.6		3.9		5.5
U.S.	—		—		(0.2)
Belgium	—		3.9		—
Total	$	2,047.2	$	80.1	$	78.7

Schedule of Components of Income Tax Expense (Benefit)

The Group income tax (expense)/benefit for the years ended December 31, 2023, 2022, and 2021 was as follows:

	2023		2022		2021
Current tax expense	$	(1.2)	$	(28.2)	$	(26.8)
Deferred tax benefit (excluding rate change)	86.2		10.4		17.8
Rate change on deferred tax	0.3		—		8.6
Income tax benefit/(expense)	$	85.3	$	(17.8)	$	(0.4)

	2023		2022		2021
Income tax benefit/(expense) allocated to net income	$	85.3	$	(17.8)	$	(0.4)
Income tax (expense)/benefit allocated to other comprehensive income	(9.7)		8.1		2.4
Total income tax benefit/(expense) allocated to comprehensive income	$	75.6	$	(9.7)	$	2.0

	2023
	Income/(loss) before income taxes		Current tax benefit/(expense)		Deferred tax benefit/(expense)		Total income tax benefit/(expense)
United Kingdom	$	1,687.4	$	0.2	$	(3.8)	$	(3.6)
Bermuda	341.2		—		90.0		90.0
Republic of Ireland	18.6		(1.4)		0.3		(1.1)
Total	$	2,047.2	$	(1.2)	$	86.5	$	85.3

	2022
	Income/(loss) before income taxes		Current tax expense		Deferred tax benefit/(expense)		Total income tax expense
United Kingdom	$	72.6	$	(25.4)	$	10.6	$	(14.8)
Bermuda	(0.3)		—		—		—
Republic of Ireland	3.9		(0.4)		(0.2)		(0.6)
Belgium	3.9		(2.4)		—		(2.4)
Total	$	80.1	$	(28.2)	$	10.4	$	(17.8)

	2021
	Income/(loss) before income taxes		Current tax expense		Deferred tax benefit/(expense)		Total income tax benefit/(expense)
United Kingdom	$	33.4	$	(26.3)	$	26.9	$	0.6
Bermuda	40.0		—		—		—
Republic of Ireland	5.5		(0.5)		(0.5)		(1.0)
U.S.	(0.2)		—		—		—
Total	$	78.7	$	(26.8)	$	26.4	$	(0.4)

Schedule of Effective Income Tax Rate Reconciliation

	2023		2022		2021
Expected income tax expense at the weighted average U.K. income tax rate of 23.5% (2022 and 2021: 19%)	$	(481.6)	$	(14.6)	$	(14.9)
Reconciling items
Disallowable expenses	(2.2)		(7.1)		(2.7)
Net gain on distribution of Fidelis MGU not subject to income taxes	394.1		—		—
Enactment of Bermuda income tax	90.0		—		—
Other income not subject to income taxes	0.3		0.3		0.1
Adjustments in respect of prior year	2.3		0.1		0.1
Effects of changes to U.K. tax rates	0.3		—		8.6
Impact of differences in tax rates	82.3		2.8		8.1
Change in valuation allowance	—		—		(0.5)
Foreign currency transactions	(0.2)		0.7		0.8
Income tax benefit/(expense)	$	85.3	$	(17.8)	$	(0.4)

Schedule of Deferred Tax Assets and Liabilities

The components of the Group’s net deferred tax asset at December 31, 2023 and 2022 are as follows:

	2023		2022
Deferred tax assets:
Intangible assets	$	104.4	$	—
Net operating loss carryforwards	37.6		43.0
Other temporary differences	3.4		0.5
Available-for-sale investments	—		9.1
Share based payments	1.3		8.3
Discounting of net loss reserves	9.1		—
Corporate interest restriction carryforwards	0.1		1.5
Total deferred tax assets	155.9		62.4
Deferred tax liabilities:
Deferred policy acquisition costs	(23.5)		—
Fixed assets	(1.2)		(1.7)
Total deferred tax liabilities	(24.7)		(1.7)
Valuation allowance	(2.2)		(2.2)
Net deferred tax asset	$	129.0	$	58.5

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:

	2023		2022
Balance, beginning of year	$	—	$	—
Additions based on tax positions related to the current year	75.0		—
Balance, end of year	$	75.0	$	—