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Taxation (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

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

	Year ended December 31,	2019				2018				2017
	Domestic
	Bermuda	$	861,068			$	349,959			$	(262,827	)
	Foreign
	U.S.	102,724				(56,261		)		(11,897		)
	Australia	3,390				—				—
	Switzerland	14,255				166				—
	Ireland	(388		)		551				617
	Singapore	(6,334		)		(3,226		)		(12,421		)
	U.K.	(7,233		)		(28,574		)		(41,656		)
	Income (loss) before taxes	$	967,482			$	262,615			$	(328,184	)

Schedule of Components of Income Tax (Expense) Benefit

Income tax (expense) benefit is comprised as follows:

	Year ended December 31, 2019	Current				Deferred				Total
	Total income tax expense	$	(2,128	)		$	(15,087	)		$	(17,215	)
	Year ended December 31, 2018
	Total income tax (expense) benefit	$	(1,668	)		$	7,970			$	6,302
	Year ended December 31, 2017
	Total income tax expense	$	(844	)		$	(25,643	)		$	(26,487	)

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,	2019				2018				2017
	Expected income tax (expense) benefit	$	(22,874	)		$	17,697			$	14,216
	Nondeductible expenses	(7,059		)		(370		)		(276		)
	Change in valuation allowance	(5,481		)		(5,255		)		(11,718		)
	Withholding tax	(665		)		(1,831		)		(216		)
	Effect of change in tax rate	(262		)		(708		)		(38,083		)
	Non-taxable foreign exchange gains (losses)	(4		)		586				2,574
	Tax exempt income	400				944				3,794
	Transfer pricing	2,503				(2,481		)		(11		)
	GAAP to statutory accounting difference	6,553				—				—
	Foreign branch adjustments	7,315				—				—
	U.S. base erosion and anti-abuse tax	—				(1,271		)		—
	Other	2,359				(1,009		)		3,233
	Income tax (expense) benefit	$	(17,215	)		$	6,302			$	(26,487	)

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,	2019				2018
	Deferred tax assets
	Tax loss and credit carryforwards	$	111,835			$	60,395
	Unearned premiums	14,430				10,108
	Deferred finance charges	10,160				14,646
	Reserve for claims and claim expenses	8,984				17,345
	Accrued expenses	7,196				4,292
	Deferred underwriting results	4,033				3,514
	Premiums receivable	3,412				—
	Investments	—				4,427
		160,050				114,727
	Deferred tax liabilities
	Deferred acquisition expenses	(16,296		)		(11,801		)
	VOBA	(12,673		)		—
	Investments	(6,468		)		—
	Intangible assets	(2,891		)		—
	Amortization and depreciation	(2,133		)		(2,992		)
		(40,461		)		(14,793		)
	Net deferred tax asset before valuation allowance	119,589				99,934
	Valuation allowance	(75,685		)		(35,271		)
	Net deferred tax asset	$	43,904			$	64,663

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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.

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-Name Accounting Standards Codification
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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.

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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.

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

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