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INCOME TAXES (TABLES)

12 Months Ended

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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INCOME TAXES [Abstract]

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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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