Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Pre-Tax Income (Loss) and Effective Income Tax Rates

For the three months ended March 31, 2023 and 2022, pre-tax income (loss) attributable to our operations and the corresponding operations’ effective tax rates were as follows:


	For the Three Months Ended March 31,
	2023					2022
(in millions)	Pre-Tax Income (Loss)			Effective Tax Rate		Pre-Tax Income (Loss)		Effective Tax Rate
Bermuda	$	(15.2)		—	%	$	(0.2)	—	%
United States	(7.3)			19.7	%	38.8		21.9	%
United Kingdom	(20.1)			35.4	%	5.0		80.8	%


Barbados	—		(1)	—	%	—		—	%
Brazil	—			—	%	(0.1)		(422.4)	%
United Arab Emirates	0.3			—	%	0.6		—	%
Ireland	—		(1)	—	%	(33.3)		—	%
Italy	—		(1)	—	%	0.1		138.1	%
Malta	—			—	%	1.1		—	%

Pre-tax income (loss)	$	(42.3)		20.1	%	$	12.0	109.7	%

(1)Pre-tax income (loss) for the respective year was less than $0.1 million.

Reconciliation of Difference Between Provision for Income Taxes and Expected Tax Provision at Weighted Average Tax Rate

A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows:


	For the Three Months Ended March 31,
(in millions)		2023			2022
Income tax provision at expected rate		$	(5.4)		$	9.4
Tax effect of:
Nontaxable investment income		—		(1)	(0.1)
Foreign exchange adjustments		(2.6)			0.1
Sale of Brazil and Malta Operations		—			1.6
Change in uncertain tax position liability		—			0.1
Change in valuation allowance		—			(1.8)
Impact of change in tax rate related to Finance Act 2021		(0.5)			0.5
Prior period adjustment		—			2.0
Other		—			1.2
Income tax provision (benefit)		$	(8.5)		$	13.0

(1)Rate impact for the respective year was less than $0.1 million.