Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of net deferred tax assets

The components of the net deferred tax assets are as follows ($ in millions):

	December 31,
	2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	92.7	$	62.1
Deferred ceding commission	4.8		—
Charitable contribution	4.7		0.3
Stock-based compensation	3.8		0.4
Net unearned premium	1.4		2.9
Startup costs	0.9		1.0
Other	0.3		0.1
Total gross deferred tax assets	108.6		66.8
Deferred tax liabilities:
Deferred acquisition costs	(0.8)		(0.4)
Depreciation and amortization	(0.9)		(0.4)
Total gross deferred tax liabilities	(1.7)		(0.8)
Valuation allowance	(106.9)		(66.0)
Total deferred tax assets, net	$	—	$	—

(Loss) income before tax

(Loss) income before tax consists of the following ($ in millions):

	December 31,
	2020		2019		2018
United States	$	(123.6)	$	(109.5)	$	(53.0)
Foreign	2.8		1.6		0.4
Total	$	(120.8)	$	(107.9)	$	(52.6)

Income tax expense

Income tax expense consists of the following ($ in millions):

	December 31,
	2020		2019		2018
Current:
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	1.5		0.6		0.3
Total current	1.5		0.6		0.3
Deferred:
Federal	$	—	$	—	—
State	—		—		—
Foreign	—		—		—
Total deferred	—		—		—
Total income tax expense	$	1.5	$	0.6	$	0.3

Effective income tax rate reconciliation

A reconciliation of the Company's statutory income tax rate to the Company's effective income tax rate is as follows:

	December 31,
	2020		2019		2018
Income at US statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	12.8	%	13.9	%	12.0	%
Permanent differences	(1.2)	%	(1.7)	%	(1.4)	%
Tax law change	—	%	—		0.5	%
Foreign rate differential	0.2	%	0.1	%	—	%
Valuation allowance	(33.9)	%	(33.9)	%	(33.6)	%
Other	(0.1)	%	—		0.9	%
Total income taxes	(1.2)	%	(0.6)	%	(0.6)	%