Taxation (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income (loss) before income tax expense includes the following components:

	Year Ended December 31,
	2022		2021
	in thousands
United States	$	24,778	$	(44,434)
Foreign	(13,682)		(10,169)
Total	$	11,096	$	(54,603)

Schedule of Components of Income Tax Expense (Benefit)

Total income tax expense (benefit) attributable to income (loss) for the years ended December 31, 2022 and 2021 consists of the following components:

	Year Ended December 31,
	2022		2021
	in thousands
Current:
Federal	$	4,041	$	3,753
State	3		—
Foreign	—		(40)
	$	4,044	$	3,713
Deferred:
Federal	$	2,999	$	3,038
State	(26)		—
Foreign	—		—
	2,973		3,038
Total	$	7,017	$	6,751

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) reflected in the financial statements differs from the tax computed by applying the statutory U.S. federal rate of 21% to "Net income (loss)" before taxes as follows:

	Year Ended December 31,
	2022				2021
	in thousands (except percentages)
Income tax (benefit) expense at statutory rate	$	2,330	21	%	$	(11,467)	21	%
State taxes	(479)		(4)	%	(163)		0	%
Loss not subject to entity-level taxes	8,727		79	%	6,485		(12)	%
Foreign rate differential	(375)		(3)	%	(276)		1	%
Change in valuation allowance	5,647		51	%	2,759		(5)	%
Change in fair value of warrant liability	(8,799)		(79)	%	8,933		(16)	%
Permanent items	852		8	%	477		(1)	%
Other, net	(886)		(8)	%	3		0	%
Income tax expense (benefit)	$	7,017	65	%	$	6,751	(12)	%

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2022 and 2021, the tax effects of temporary differences that give rise to significant portions of the deferred tax provision are as follows:

	December 31,
	2022		2021
	in thousands
Deferred tax assets
Discount on provision for losses and loss adjustment expenses	$	802	$	557
Unearned premiums	9,886		7,345
Accrued professional fees	—		5
Unrealized foreign currency gain	229		70
Excess tax basis	159,337		168,014
Net operating loss ("NOL") and other carryforwards	17,197		6,492
Other	457		315
Gross deferred tax asset	187,908		182,798
Less: valuation allowance	(176,116)		(174,821)
Total net deferred tax assets	$	11,792	$	7,977
Deferred tax liabilities
Deferred acquisition costs	$	(22,542)	$	(17,122)
Excise tax accrual	(1,068)		(1,279)
Unrealized foreign currency gain	(229)		(70)
Unrealized investment gain	(37)		(16)
Intangible assets	(759)		—
Other	(7)		—
Total deferred tax liabilities	$	(24,642)	$	(18,487)
Net deferred tax liability	$	(12,850)	$	(10,510)

Summary of Operating Loss Carryforwards

Of the deferred tax assets, $10.4 million does not expire, and the remaining $6.8 million expires as follows:

	in thousands
2036	$	396
2037	710
2038	848
2039	—
2040	1,153
2041	1,427
2042	$	2,238