Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	331.4	$	299.5
Deferred ceding commission	13.3		8.5
Net unearned premium	8.6		6.6
Stock-based compensation	5.5		5.3
Lease liabilities	4.3		4.7
Depreciation and amortization	3.3		1.4
Charitable contribution	2.3		2.0
Unrealized loss on investments	—		0.9
Startup costs	0.4		0.5
Total gross deferred tax assets	369.1		329.4
Deferred tax liabilities:
Right-of-use assets	(2.5)		(2.4)
Deferred acquisition costs	(2.5)		(1.8)
Unrealized gain on investments	(0.1)		—
Other	—		(2.8)
Total gross deferred tax liabilities	(5.1)		(7.0)
Valuation allowance	(364.0)		(322.4)
Total deferred tax assets, net	$	—	$	—

Loss before income tax

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

	December 31,
	2024		2023		2022
United States	$	(170.3)	$	(208.5)	$	(225.5)
Foreign	(33.6)		(21.3)		(69.3)
Total	$	(203.9)	$	(229.8)	$	(294.8)

Income tax expense

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

	December 31,
	2024		2023		2022
Current:
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	(1.7)		7.1		3.0
Total current	(1.7)		7.1		3.0
Deferred:
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	—		—		—
Total deferred	—		—		—
Total income tax expense	$	(1.7)	$	7.1	$	3.0

Unrecognized tax benefits roll forward

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

Balance at December 31, 2023	$	13.3
Decrease on tax positions for prior years	(6.9)
Increase on tax positions for current year	3.3
Settlements with taxing authorities	—
Reduction due to lapse of the applicable statute of limitations	—
Balance at December 31, 2024	$	9.7

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,
	2024		2023		2022
Income at US statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	3.1	%	2.0	%	2.5	%
Permanent differences	(4.5)	%	(5.0)	%	(3.7)	%
Return to provision	0.1	%	—	%	—	%
Foreign rate differential	0.4	%	0.3	%	0.2	%
Valuation allowance	(21.0)	%	(19.1)	%	(18.1)	%
Uncertain tax position	1.8	%	(2.3)	%	(2.7)	%
Other	(0.1)	%	—	%	(0.2)	%
Total income taxes	0.8	%	(3.1)	%	(1.0)	%