Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	299.5	$	262.2
Deferred ceding commission	8.5		8.6
Net unearned premium	6.6		5.3
Stock-based compensation	5.3		3.7
Lease liabilities	4.7		5.6
Charitable contributions	2.0		1.6
Depreciation and amortization	1.4		—
Unrealized loss on investments	0.9		5.5
Startup costs	0.5		0.5
Other	—		—
Total gross deferred tax assets	329.4		293.0
Deferred tax liabilities:
Right-of-use assets	(2.4)		(3.8)
Deferred acquisition costs	(1.8)		(1.4)
Depreciation and amortization	—		(1.0)
Other	(2.8)		(3.8)
Total gross deferred tax liabilities	(7.0)		(10.0)
Valuation allowance	(322.4)		(283.0)
Total deferred tax assets, net	$	—	$	—

Loss before tax

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

	December 31,
	2023		2022		2021
United States	$	(208.5)	$	(225.5)	$	(240.3)
Foreign	(21.3)		(69.3)		6.7
Total	$	(229.8)	$	(294.8)	$	(233.6)

Income tax expense

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

	December 31,
	2023		2022		2021
Current:
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	7.1		3.0		7.7
Total current	7.1		3.0		7.7
Deferred:
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	—		—		—
Total deferred	—		—		—
Total income tax expense	$	7.1	$	3.0	$	7.7

Unrecognized tax benefits roll forward

believes it is reasonably possible that our unrecognized tax benefits could increase or decrease within the next 12 months.

Balance at December 31, 2022	$	8.0
Increase (decrease) on tax positions for prior years	0.4
Increase (decrease) on tax positions for current year	4.9
Settlements with taxing authorities	—
Reduction due to lapse of the applicable statute of limitations	—
Balance at December 31, 2023	$	13.3

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,
	2023		2022		2021
Income at US statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	2.0	%	2.5	%	(8.4)	%
Permanent differences	(5.0)	%	(3.7)	%	(1.7)	%
Return to provision	—	%	—	%	(0.9)	%
Foreign rate differential	0.3	%	0.2	%	0.6	%
Valuation allowance	(19.1)	%	(18.1)	%	(13.7)	%
Uncertain tax position	(2.3)	%	(2.7)	%	—	%
Other	—	%	(0.2)	%	(0.2)	%
Total income taxes	(3.1)	%	(1.0)	%	(3.3)	%