Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	127.4	$	92.7
Deferred ceding commission	7.8		4.8
Lease liabilities	3.4		—
Net unearned premium	2.6		1.4
Stock-based compensation	2.4		3.8
Charitable contribution	0.9		4.7
Startup costs	0.7		0.9
Other	0.6		0.3
Total gross deferred tax assets	145.8		108.6
Deferred tax liabilities:
Right-of-use assets	(3.3)		—
Depreciation and amortization	(2.2)		(0.9)
Deferred acquisition costs	(1.3)		(0.8)
Total gross deferred tax liabilities	(6.8)		(1.7)
Valuation allowance	(139.0)		(106.9)
Total deferred tax assets, net	$	—	$	—

(Loss) income before tax

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

	December 31,
	2021		2020		2019
United States	$	(240.3)	$	(123.6)	$	(109.5)
Foreign	6.7		2.8		1.6
Total	$	(233.6)	$	(120.8)	$	(107.9)

Income tax expense

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

	December 31,
	2021		2020		2019
Current:
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	7.7		1.5		0.6
Total current	7.7		1.5		0.6
Deferred:
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	—		—		—
Total deferred	—		—		—
Total income tax expense	$	7.7	$	1.5	$	0.6

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,
	2021		2020		2019
Income at US statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	(8.4)	%	12.8	%	13.9	%
Permanent differences	(1.7)	%	(1.2)	%	(1.7)	%
Return to provision	(0.9)	%	—	%	—	%
Foreign rate differential	0.6	%	0.2	%	0.1	%
Valuation allowance	(13.7)	%	(33.9)	%	(33.9)	%
Other	(0.2)	%	(0.1)	%	—	%
Total income taxes	(3.3)	%	(1.2)	%	(0.6)	%