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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
SCHEDULE OF INCOME TAX EXPENSE AND NET TAX ASSETS | An analysis of income tax expense and net tax assets is shown in the following table:
| Year ended December 31, | 2018 |  | 2017 |  | 2016 |
| Current income tax expense (benefit) |  |  |  |  |  |
| U.S. | $ | (5,401 | ) |  | $ | (6,207 | ) |  | $ | 606 |  |
| Europe | 10,409 |  |  | 10,249 |  |  | 7,451 |  |
| Other | 51 |  |  | — |  |  | — |  |
| Deferred income tax expense (benefit) |  |  |  |  |  |
| U.S. | 15,288 |  |  | 18,495 |  |  | (1,829 | ) |
| Europe | (49,833 | ) |  | (30,079 | ) |  | 112 |  |
| Total income tax expense (benefit) | $ | (29,486 | ) |  | $ | (7,542 | ) |  | $ | 6,340 |  |
| Net current tax receivables (payables) | $ | 9,683 |  |  | $ | (639 | ) |  | $ | 3,540 |  |
| Net deferred tax assets | 39,775 |  |  | 4,438 |  |  | 103,313 |  |
| Net tax assets | $ | 49,458 |  |  | $ | 3,799 |  |  | $ | 106,853 |  |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The significant components of deferred tax assets and liabilities were as follows:
| At December 31, | 2018 |  | 2017 |
| Deferred tax assets: |  |  |  |
| Discounting of net reserves for losses and loss expenses | $ | 37,440 |  |  | $ | 27,804 |  |
| Unearned premiums | 40,447 |  |  | 25,188 |  |
| Net unrealized investments losses | 11,438 |  |  | — |  |
| Operating and capital loss carryforwards(1) | 83,850 |  |  | 53,095 |  |
| Accruals not currently deductible | 32,589 |  |  | 31,560 |  |
| Tax credits | 8,672 |  |  | 29,929 |  |
| Other deferred tax assets | 9,195 |  |  | 15,047 |  |
| Deferred tax assets before valuation allowance | 223,631 |  |  | 182,623 |  |
| Valuation allowance | (18,955 | ) |  | (16,157 | ) |
| Deferred tax assets net of valuation allowance | 204,676 |  |  | 166,466 |  |
| Deferred tax liabilities: |  |  |  |
| Deferred acquisition costs | (39,745 | ) |  | (24,249 | ) |
| Net unrealized investments gains | — |  |  | (8,033 | ) |
| Amortization of VOBA, intangible assets and goodwill | (49,097 | ) |  | (85,296 | ) |
| Equalization reserves | (22,069 | ) |  | (23,274 | ) |
| Other deferred tax liabilities | (53,990 | ) |  | (21,176 | ) |
| Deferred tax liabilities | (164,901 | ) |  | (162,028 | ) |
| Net deferred tax assets | $ | 39,775 |  |  | $ | 4,438 |  |
(1) | At December 31, 2018 and 2017, the total operating loss carryforwards includes Lloyd's deferred year of account losses of $68 million and $19 million, respectively.
SUMMARY OF TAX CREDITS | Total operating and capital loss carryforwards and tax credits are summarized in the following table:
| At December 31, | 2018 |  | 2017 |
| Operating and Capital Loss Carryforwards(1) |  |  |  |
| Singapore (branch) operating loss carryforward | $ | 79,445 |  |  | $ | 77,467 |  |
| U.K. operating loss carryforward(2) | 413,504 |  |  | 126,839 |  |
| Ireland operating loss carryforward | 12,756 |  |  | — |  |
| U.S. operating loss carryforward | 15,062 |  |  | 115,236 |  |
| Ireland capital loss carryforward | 716 |  |  | 716 |  |
| Tax Credits(1) |  |  |  |
| Ireland foreign tax credit | $ | 2,248 |  |  | $ | 3,566 |  |
| U.S. alternative minimum tax credit(3) | 6,026 |  |  | 12,052 |  |
| U.K. tax credit | 398 |  |  | 14,310 |  |
(1) | All operating and capital loss carryforwards and tax credits can be carried forward indefinitely with the exception of the U.S. net operating loss, which will expire in 2037.
(2) | At December 31, 2018 and 2017, the U.K. operating loss carryforward includes Lloyd's deferred year of account losses of $403 million and $113 million, respectively.
(3) | As a result of U.S. tax reform, all alternative minimum tax credits will be refunded by tax year 2021.
SUMMARY OF OPERATING AND CAPITAL LOSS CARRYFORWARDS | Total operating and capital loss carryforwards and tax credits are summarized in the following table:
| At December 31, | 2018 |  | 2017 |
| Operating and Capital Loss Carryforwards(1) |  |  |  |
| Singapore (branch) operating loss carryforward | $ | 79,445 |  |  | $ | 77,467 |  |
| U.K. operating loss carryforward(2) | 413,504 |  |  | 126,839 |  |
| Ireland operating loss carryforward | 12,756 |  |  | — |  |
| U.S. operating loss carryforward | 15,062 |  |  | 115,236 |  |
| Ireland capital loss carryforward | 716 |  |  | 716 |  |
| Tax Credits(1) |  |  |  |
| Ireland foreign tax credit | $ | 2,248 |  |  | $ | 3,566 |  |
| U.S. alternative minimum tax credit(3) | 6,026 |  |  | 12,052 |  |
| U.K. tax credit | 398 |  |  | 14,310 |  |
(1) | All operating and capital loss carryforwards and tax credits can be carried forward indefinitely with the exception of the U.S. net operating loss, which will expire in 2037.
(2) | At December 31, 2018 and 2017, the U.K. operating loss carryforward includes Lloyd's deferred year of account losses of $403 million and $113 million, respectively.
(3) | As a result of U.S. tax reform, all alternative minimum tax credits will be refunded by tax year 2021.
VALUATION ALLOWANCE ROLL FORWARD | An analysis of the movement in the Company's valuation allowance is shown in the following table:
| At December 31, | 2018 |  | 2017 |
| Income tax expense: |  |  |  |
| Valuation allowance - beginning of year | $ | 16,157 |  |  | $ | 41,100 |  |
| Operating loss carryforwards | 198 |  |  | (27,116 | ) |
| Foreign tax credit | (1,359 | ) |  | 267 |  |
| U.K. branch assets and other foreign rate differentials | (205 | ) |  | 1,006 |  |
| U.S. alternative minimum tax credits | (900 | ) |  | 900 |  |
| Valuation allowance - end of year | $ | 13,891 |  |  | $ | 16,157 |  |
| Accumulated other comprehensive income: |  |  |  |
| Valuation allowance - beginning of year | — |  |  | — |  |
| Change in investment - related items | 5,064 |  |  | — |  |
| Valuation allowance - end of year | 5,064 |  |  | — |  |
| Total valuation allowance - end of year | $ | 18,955 |  |  | $ | 16,157 |  |
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, | 2018 |  | 2017 |  | 2016 |
| Income (loss) before income taxes |  |  |  |  |  |
| Bermuda (domestic) | $ | 181,597 |  |  | $ | (188,420 | ) |  | $ | 469,306 |  |
| Foreign | (168,062 | ) |  | (188,091 | ) |  | 50,402 |  |
| Total income before income taxes | $ | 13,535 |  |  | $ | (376,511 | ) |  | $ | 519,708 |  |
| 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: |  |  |  |  |  |
| U.S. | 65.7 | % |  | 6.6 | % |  | (0.6 | )% |
| Europe | (289.7 | )% |  | 5.8 | % |  | 1.5 | % |
| Other | — | % |  | 0.3 | % |  | — | % |
| Valuation allowance | (13.4 | )% |  | — | % |  | 0.2 | % |
| Net tax exempt income | (3.3 | )% |  | 0.1 | % |  | (0.2 | )% |
| Change in U.S. enacted tax rate | — | % |  | (11.1 | )% |  | — | % |
| Change in European enacted tax rate | 16.9 | % |  | — | % |  | — | % |
| Other | 5.9 | % |  | 0.3 | % |  | 0.3 | % |
| Actual tax rate | (217.9 | )% |  | 2.0 | % |  | 1.2 | % |

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