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TAXATION (Tables)

12 Months Ended

Dec. 31, 2024

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,			2024						2023						2022
			Domestic
			Bermuda			$	2,704,721					$	2,622,066					$	(672,950)
			Foreign
			Singapore			61,570						64,003						112
			Ireland			2,650						1,730						6
			U.S.			93,606						308,768						(367,799)
			Australia			14,487						7,570						(29,214)
			Switzerland			57,585						(22,016)						(72,773)
			Luxembourg			(50)						(16)						—
			Canada			(3,501)						2,040						—
			U.K.			62,092						125,915						(76,217)
			Income (loss) before taxes			$	2,993,160					$	3,110,060					$	(1,218,835)

Schedule of Components of Income Tax (Expense) Benefit

Income tax benefit (expense) is comprised as follows:

			Income tax benefit (expense)			Current						Deferred						Total
			Year ended December 31, 2024			$	(56,718)					$	24,090					$	(32,628)
			Year ended December 31, 2023			$	(57,422)					$	567,489					$	510,067
			Year ended December 31, 2022			$	(3,078)					$	62,097					$	59,019

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,			2024						2023						2022
			Expected income tax benefit (expense)			$	(60,684)					$	(103,963)					$	114,721
			Nondeductible expenses			(1,671)						(535)						(508)
			Reinsurance adjustment			4,384						4,746						(1,265)
			Effect of change in tax rate			(160)						(729)						7,461
			OECD Pillar Two global minimum tax			(16,603)						—						—
			GAAP to statutory accounting difference			(1,113)						(1,781)						(6,019)
			Withholding tax			(1,614)						(1,078)						(2,154)
			Recognition of Bermuda net deferred tax asset			8,339						593,765						—
			Change in valuation allowance			66,198						45,192						(62,133)
			Foreign branch adjustments			(30,998)						(25,908)						11,656
			Other			1,294						358						(2,740)
			Income tax benefit (expense)			$	(32,628)					$	510,067					$	59,019

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,			2024						2023
			Deferred tax assets
			Intangible assets			$	420,143					$	408,654
			Value of in-force business			167,599						167,599
			Tax loss carryforwards			152,864						197,498
			Reserve for claims and claim expenses			131,121						95,685
			Unearned premiums			59,441						68,408
			Amortization and depreciation			23,877						16,386
			Deferred finance charges			17,832						19,442
			Accrued expenses			4,336						2,849
			Investments			2,687						37,044
			Deferred underwriting results			1,548						9,373
						981,448						1,022,938
			Deferred tax liabilities
			Deferred acquisition expenses			(125,347)						(112,157)
			VOBA			(17,540)						(46,109)
			Deferred revenue			(8,685)						—
			U.S. tax accounting method change			(7,312)						—
						(158,884)						(158,266)
			Net deferred tax asset (liability) before valuation allowance			822,564						864,672
			Valuation allowance			(147,079)						(213,277)
			Net deferred tax asset (liability)			$	675,485					$	651,395

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-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.

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-Section 50
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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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-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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

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-Topic 235
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-Name Accounting Standards Codification
-Section S99
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