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INCOME TAXES (TABLES) | 12 Months Ended
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Dec. 31, 2015
INCOME TAXES [Abstract] |
SCHEDULE OF INCOME TAX EXPENSE AND NET TAX ASSETS | The following table provides an analysis of our income tax expense and net tax assets:
| Year ended December 31, | 2015 |  | 2014 |  | 2013 |
| Current income tax expense |  |  |  |  |  |
| United States | $ | 4,927 |  |  | $ | 8,411 |  |  | $ | 12,466 |  |
| Europe | 144 |  |  | 16,582 |  |  | 9,039 |  |
| Other | 5 |  |  | 1 |  |  | — |  |
| Deferred income tax expense (benefit) |  |  |  |  |  |
| United States | (267 | ) |  | 1,313 |  |  | (13,976 | ) |
| Europe | (1,781 | ) |  | (399 | ) |  | (526 | ) |
| Other | — |  |  | — |  |  | (1 | ) |
| Total income tax expense | $ | 3,028 |  |  | $ | 25,908 |  |  | $ | 7,002 |  |
| Net current tax receivables (payables) | $ | (69 | ) |  | $ | (11,203 | ) |  | $ | 5,689 |  |
| Net deferred tax assets | 104,762 |  |  | 89,405 |  |  | 80,258 |  |
| Net tax assets | $ | 104,693 |  |  | $ | 78,202 |  |  | $ | 85,947 |  |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The significant components of our deferred tax assets and liabilities were as follows:
| At December 31, | 2015 |  | 2014 |
| Deferred tax assets: |  |  |  |
| Discounting of loss reserves | $ | 50,928 |  |  | $ | 59,852 |  |
| Unearned premiums | 40,861 |  |  | 39,661 |  |
| Net unrealized losses on investments | 2,161 |  |  | — |  |
| Operating and capital loss carryforwards | 36,080 |  |  | 26,016 |  |
| Accruals not currently deductible | 58,042 |  |  | 44,082 |  |
| Other investment adjustments and impairments | 917 |  |  | 4,001 |  |
| Tax credits | 12,961 |  |  | 15,412 |  |
| Other deferred tax assets | 2,261 |  |  | 1,324 |  |
| Deferred tax assets before valuation allowance | 204,211 |  |  | 190,348 |  |
| Valuation allowance | (40,331 | ) |  | (34,094 | ) |
| Deferred tax assets net of valuation allowance | 163,880 |  |  | 156,254 |  |
| Deferred tax liabilities: |  |  |  |
| Deferred acquisition costs | (41,170 | ) |  | (37,712 | ) |
| Net unrealized gains on investments | — |  |  | (12,792 | ) |
| Amortization of intangible assets and goodwill | (11,972 | ) |  | (10,778 | ) |
| Accrued market discounts | — |  |  | (707 | ) |
| Equalization reserves | (4,493 | ) |  | (3,554 | ) |
| Other deferred tax liabilities | (1,483 | ) |  | (1,306 | ) |
| Deferred tax liabilities | (59,118 | ) |  | (66,849 | ) |
| Net deferred tax assets | $ | 104,762 |  |  | $ | 89,405 |  |
SUMMARY OF OPERATING AND CAPITAL LOSS CARRYFORWARDS AND TAX CREDITS | Below is a summary of our total operating and capital loss carryforwards and tax credits:
| At December 31, | 2015 |  | 2014 |
| Operating and Capital Loss Carryforwards(1) |  |  |  |
| Singapore (branch) operating loss carryforward | $ | 102,430 |  |  | $ | 109,871 |  |
| Australia (branch) operating loss carryforward | 121,575 |  |  | 68,357 |  |
| Australia capital loss carryforward | 4,207 |  |  | 4,207 |  |
| United Kingdom operating loss carryforward | 22,002 |  |  | 7,833 |  |
| Switzerland (branch) operating loss carryforward | 378 |  |  | — |  |
| Ireland operating loss carryforward | 3,258 |  |  | — |  |
| Ireland capital loss carryforward | 716 |  |  | 540 |  |
| Tax Credits(1) |  |  |  |
| Ireland foreign tax credit | 6,073 |  |  | 7,647 |  |
| United States alternative minimum tax credit | $ | 6,888 |  |  | $ | 7,765 |  |
(1) | All operating and capital loss carryforwards and tax credits can be carried forward indefinitely.
VALUATION ALLOWANCE ROLL FORWARD | The following table provides an analysis of the movement in our valuation allowance:
| At December 31, | 2015 |  | 2014 |
| Income tax expense: |  |  |  |
| Valuation allowance - beginning of year | $ | 34,865 |  |  | $ | 27,070 |  |
| Operating loss carryforwards | 6,809 |  |  | 3,044 |  |
| Capital loss carryforwards | — |  |  | 1,262 |  |
| Foreign tax credit | (1,573 | ) |  | 3,194 |  |
| Australian CTA and accruals and other foreign rate differentials | 1,001 |  |  | 1,052 |  |
| Change in investment-related items | (771 | ) |  | (757 | ) |
| Valuation allowance - end of year | 40,331 |  |  | 34,865 |  |
| Accumulated other comprehensive income: |  |  |  |
| Valuation allowance - beginning of year | (771 | ) |  | (1,528 | ) |
| Change in investment-related items | 771 |  |  | 757 |  |
| Valuation allowance - end of year | — |  |  | (771 | ) |
| Total valuation allowance - end of year | $ | 40,331 |  |  | $ | 34,094 |  |
EFFECTIVE TAX RATE RECONCILIATION | The following table presents the distribution of income before income taxes between domestic and foreign jurisdictions as well as a reconciliation of the actual income tax rate to the amount computed by applying the effective tax rate of 0% under Bermuda law to income before income taxes:
| Year ended December 31, | 2015 |  | 2014 |  | 2013 |
| Income before income taxes |  |  |  |  |  |
| Bermuda (domestic) | $ | 652,235 |  |  | $ | 690,517 |  |  | $ | 625,490 |  |
| Foreign | (7,576 | ) |  | 139,955 |  |  | 108,977 |  |
| Total income before income taxes | $ | 644,659 |  |  | $ | 830,472 |  |  | $ | 734,467 |  |
| Reconciliation of effective tax rate (% of income before income taxes) |  |  |  |  |  |
| Expected tax rate | 0.0 | % |  | 0.0 | % |  | 0.0 | % |
| Foreign taxes at local expected rates: |  |  |  |  |  |
| United States | 0.8 | % |  | 1.8 | % |  | 2.1 | % |
| Europe | (0.2 | )% |  | 1.5 | % |  | 1.0 | % |
| Other | (0.3 | )% |  | — | % |  | 0.3 | % |
| Valuation allowance | 1.2 | % |  | 1.1 | % |  | (0.7 | )% |
| Net tax exempt income | (0.1 | )% |  | (0.7 | )% |  | (1.3 | )% |
| Other | (0.9 | )% |  | (0.6 | )% |  | (0.4 | )% |
| Actual tax rate | 0.5 | % |  | 3.1 | % |  | 1.0 | % |

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- Definition 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 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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