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Taxation (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The following is a summary of the Company’s income from continuing operations before taxes allocated between domestic and foreign operations:

	Year ended December 31,	2014				2013				2012
	Domestic
	Bermuda	$	701,476			$	873,103			$	795,378
	Foreign
	United Kingdom	(3,166		)		(12,678		)		(15,404		)
	U.S.	(10,977		)		(20,019		)		(16,467		)
	Ireland	1,549				1,855				3,318
	Singapore	(2,018		)		(1,223		)		13
	Income from continuing operations before taxes	$	686,864			$	841,038			$	766,838

Schedule of Components of Income Tax (Expense) Benefit

Income tax (expense) benefit is comprised as follows:

	Year ended December 31, 2014	Current				Deferred				Total
	Total income tax (expense) benefit	$	(699	)		$	91			$	(608	)
	Year ended December 31, 2013
	Total income tax (expense) benefit	$	(2,005	)		$	313			$	(1,692	)
	Year ended December 31, 2012
	Total income tax (expense) benefit	$	(1,667	)		$	254			$	(1,413	)

Schedule of Effective Income Tax Rate Reconciliation

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:

	Year ended December 31,	2014				2013				2012
	Expected income tax benefit	$	4,725			$	9,930			$	8,889
	Change in valuation allowance	(5,554		)		(8,574		)		(6,212		)
	Other	221				(3,048		)		(4,090		)
	Income tax expense	$	(608	)		$	(1,692	)		$	(1,413	)

Schedule of Deferred Tax Assets and Liabilities

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,	2014				2013
	Deferred tax assets
	Tax loss and credit carryforwards	$	37,933			$	34,429
	Deferred interest expense	17,066				12,608
	Accrued expenses	3,413				1,096
	Amortization and depreciation	1,686				1,730
	Deferred underwriting results	1,586				1,873
	Investments	290				4,694
		61,974				56,430
	Deferred tax liabilities
	Amortization and depreciation	(54		)		(155		)
		(54		)		(155		)
	Net deferred tax asset before valuation allowance	61,920				56,275
	Valuation allowance	(61,660		)		(56,106		)
	Net deferred tax asset (liability)	$	260			$	169

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h)(1)(i))

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