The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below At December 31, 2021 2020 Deferred tax assets Tax loss and credit carryforwards $ 149,739 $ 128,561 Unearned premiums 36,962 20,854 Reserve for claims and claim expenses 22,611 14,983 Deferred finance charges 17,962 11,427 Deferred underwriting results 12,483 7,228 Accrued expenses 1,788 4,826 Amortization and depreciation 6,969 S 248,514 187,879 Deferred tax liabilities Investments (2,180) (23,598) Deferred acquisition expenses (49,661) (23,040) Intangible assets (4,242) (1,142) Amortization and depreciation S (1,130) VOA S (1,017) (56,083) (49,927) (et deferred tax asset (liability) before valuation allowance 192,431 137,952 Valuation allowance (131,507) (88,688) (et deferred tax asset (liability) $ 60,924 $ 49,264 The Company’s net deferred tax asset is included in other assets on its consolidated balance sheets. During 2021, the Company recorded a net increase to the valuation allowance of $42.8 million (2020 R increase of $13.0 million, 2019 R increase of $40.4 million). The Company’s net deferred tax asset primarily relates to net operating loss carryforwards and GAAP versus tax basis accounting differences relating to unearned premiums, reserves for claims and claim expenses, deferred finance charges, deferred underwriting results, accrued expenses, investments, deferred acquisition expenses, intangible assets, amortization and depreciation and VOA. The Company’s valuation allowance assessment is based on all available information including projections of future GAAP taxable income from each tax-paying component in each tax jurisdiction. A valuation allowance has been provided against deferred tax assets in the U.S., Ireland, the U.%., Singapore and Switzerland. These deferred tax assets relate primarily to net operating loss carryforwards. In the U.S. and Switzerland, the Company has net operating loss carryforwards of $333.7 million and $476.2 million respectively. Under applicable law, the U.S. and Swiss net operating loss carryforwards will begin to expire in 2031 and 2022 respectively. The Company has net operating loss carryforwards of $142.2 million in the U.%., $13.6 million in Singapore, $6.5 million in Ireland and $1.3 million in Australia. Under applicable law, the U.%., Singapore, Irish and Australia net operating losses can be carried forward for an indefinite period. The Company had a net refund for U.S. federal, Irish, U.%., Singapore, Switzerland and Australia income taxes of $(4.3) million for the year ended 2021 ( 2020 R net payment of $5.7 million, 2019 R net payment of $9.7 million). The Company has unrecognized tax benefits of $(il as of December 31, 2021 ( 2020 R $(il). Interest and penalties related to unrecognized tax benefits would be recognized in income tax expense. At December 31, 2021, interest and penalties accrued on unrecognized tax benefits were $(il ( 2020 R $(il). The following filed income tax returns are open for examination with the applicable tax authorities tax years 2018 through 2020 with the IRS; 2017 through 2020 with Ireland; 2019 through 2020 with the U.%.; 2017 through 2020 with Singapore; 2019 and 2020 with Switzerland; and 2017 through 2020 with Australia. The F-72