1965 Corvette 375 hp engine vs 425 hp

I am struggling to identify the difference here. Are these essentially identical?

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From what I know. The 375hp 396 produces 425+ horsepower. GM derated the engine for insurance reasons.

Someone showed me a barn-stored 375hp 396 and I was drooling over it, but I don’t have a car to put it in.

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Insurance companies aren’t stupid. If a certain type of car keeps getting in accidents they aren’t just going to go “aw shucks, we just keep losing money on these,” and keep issuing policies at the same rate as before.

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In 1965, the 375hp engine was the L84 327 and the 425hp engine was the L78 396