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INCOME TAXES - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017
--- | --- | --- | ---
Deferred tax assets: |  |  |
Discounting of net reserves for losses and loss expenses | $ 40,523 | $ 37,440 |
Unearned premiums | 42,709 | 40,447 |
Net unrealized investments losses | 0 | 11,438 |
Operating and capital loss carryforwards | 85,901 | 83,850 |
Accruals not currently deductible | 29,705 | 32,589 |
Tax credits | 2,956 | 8,672 |
Other deferred tax assets | 14,355 | 9,195 |
Deferred tax assets before valuation allowance | 216,149 | 223,631 |
Valuation allowance | (18,560) | (18,955) |
Deferred tax assets net of valuation allowance | 197,589 | 204,676 |
Deferred tax liabilities: |  |  |
Deferred acquisition costs | (38,320) | (39,745) |
Net unrealized investments gains | (30,434) | 0 |
Intangible assets | (44,199) | (49,097) |
Equalization reserves | (2,825) | (22,069) |
Other deferred tax liabilities | (63,190) | (53,990) |
Deferred tax liabilities | (178,968) | (164,901) |
Net deferred tax assets | 18,621 | 39,775 | $ 4,438
Lloyd's |  |  |
Deferred tax assets: |  |  |
Operating and capital loss carryforwards | $ 50,000 | $ 68,000 |

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