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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
SCHEDULE OF INCOME TAX EXPENSE AND NET TAX ASSETS | The following table provides an analysis of income tax expense and net tax assets:
| Year ended December 31, | 2019 |  | 2018 |  | 2017 |
| Current income tax expense (benefit) |  |  |  |  |  |
| U.S. | $ | 12,601 |  |  | $ | (5,401 | ) |  | $ | (6,207 | ) |
| Europe | 22,425 |  |  | 10,409 |  |  | 10,249 |  |
| Other | 469 |  |  | 51 |  |  | — |  |
| Deferred income tax expense (benefit) |  |  |  |  |  |
| U.S. | 17,665 |  |  | 15,288 |  |  | 18,495 |  |
| Europe | (29,468 | ) |  | (49,833 | ) |  | (30,079 | ) |
| Total income tax expense (benefit) | $ | 23,692 |  |  | $ | (29,486 | ) |  | $ | (7,542 | ) |
| Net current tax receivables (payables) | $ | 13,130 |  |  | $ | 9,683 |  |  | $ | (639 | ) |
| Net deferred tax assets | 18,621 |  |  | 39,775 |  |  | 4,438 |  |
| Net tax assets | $ | 31,751 |  |  | $ | 49,458 |  |  | $ | 3,799 |  |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The following table provides details of the significant components of deferred tax assets and liabilities:
| At December 31, | 2019 |  | 2018 |
| 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 | — |  |  | 11,438 |  |
| Operating and capital loss carryforwards(1) | 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 | ) |  | — |  |
| 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 |  |
(1) | At December 31, 2019 and 2018, the total operating loss carryforwards includes Lloyd's deferred year of account losses of $50 million and $68 million, respectively.
SUMMARY OF TAX CREDITS | The following table summarizes total operating and capital loss carryforwards and tax credits:
| At December 31, | 2019 |  | 2018 |
| Operating and Capital Loss Carryforwards(1) |  |  |  |
| Singapore (branch) operating loss carryforward | $ | 103,899 |  |  | $ | 79,445 |  |
| U.K. operating loss carryforward(2) | 431,374 |  |  | 413,504 |  |
| Ireland operating loss carryforward | 9,064 |  |  | 12,756 |  |
| U.S. operating loss carryforward | — |  |  | 15,062 |  |
| Ireland capital loss carryforward | 716 |  |  | 716 |  |
| Tax Credits(1) |  |  |  |
| Ireland foreign tax credit | $ | 2,092 |  |  | $ | 2,248 |  |
| U.S. alternative minimum tax credit | — |  |  | 6,026 |  |
| U.K. tax credit | 864 |  |  | 398 |  |
(1) | At December 31, 2019, all remaining operating and capital loss carryforwards and tax credits can be carried forward indefinitely.
(2) | At December 31, 2019 and 2018, the U.K. operating loss carryforward includes Lloyd's deferred year of account losses of $293 million and $403 million, respectively.
SUMMARY OF OPERATING AND CAPITAL LOSS CARRYFORWARDS | The following table summarizes total operating and capital loss carryforwards and tax credits:
| At December 31, | 2019 |  | 2018 |
| Operating and Capital Loss Carryforwards(1) |  |  |  |
| Singapore (branch) operating loss carryforward | $ | 103,899 |  |  | $ | 79,445 |  |
| U.K. operating loss carryforward(2) | 431,374 |  |  | 413,504 |  |
| Ireland operating loss carryforward | 9,064 |  |  | 12,756 |  |
| U.S. operating loss carryforward | — |  |  | 15,062 |  |
| Ireland capital loss carryforward | 716 |  |  | 716 |  |
| Tax Credits(1) |  |  |  |
| Ireland foreign tax credit | $ | 2,092 |  |  | $ | 2,248 |  |
| U.S. alternative minimum tax credit | — |  |  | 6,026 |  |
| U.K. tax credit | 864 |  |  | 398 |  |
(1) | At December 31, 2019, all remaining operating and capital loss carryforwards and tax credits can be carried forward indefinitely.
(2) | At December 31, 2019 and 2018, the U.K. operating loss carryforward includes Lloyd's deferred year of account losses of $293 million and $403 million, respectively.
VALUATION ALLOWANCE ROLL FORWARD | The following table shows an analysis of the movement in the Company's valuation allowance:
| At December 31, | 2019 |  | 2018 |
| Income tax expense: |  |  |  |
| Valuation allowance - beginning of year | $ | 13,891 |  |  | $ | 16,157 |  |
| Operating loss carryforwards | 2,445 |  |  | 198 |  |
| Foreign tax credit | (114 | ) |  | (1,359 | ) |
| U.K. branch assets and other foreign rate differentials | 2,338 |  |  | (205 | ) |
| U.S. alternative minimum tax credits | — |  |  | (900 | ) |
| Valuation allowance - end of year | $ | 18,560 |  |  | $ | 13,891 |  |
| Accumulated other comprehensive income: |  |  |  |
| Valuation allowance - beginning of year | 5,064 |  |  | — |  |
| Change in investment - related items | (5,064 | ) |  | 5,064 |  |
| Valuation allowance - end of year | — |  |  | 5,064 |  |
| Total valuation allowance - end of year | $ | 18,560 |  |  | $ | 18,955 |  |
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, | 2019 |  | 2018 |  | 2017 |
| Income (loss) before income taxes |  |  |  |  |  |
| Bermuda (domestic) | $ | 179,418 |  |  | $ | 181,597 |  |  | $ | (188,420 | ) |
| Foreign | 167,747 |  |  | (168,062 | ) |  | (188,091 | ) |
| Total income (loss) before income taxes | $ | 347,165 |  |  | $ | 13,535 |  |  | $ | (376,511 | ) |
| 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. | 8.1 | % |  | 65.7 | % |  | 6.6 | % |
| Europe | 0.4 | % |  | (289.7 | )% |  | 5.8 | % |
| Other | — | % |  | 0.0 | % |  | 0.3 | % |
| Valuation allowance | 1.3 | % |  | (13.4 | )% |  | — | % |
| Net tax exempt income | — | % |  | (3.3 | )% |  | 0.1 | % |
| Change in U.S. enacted tax rate | — | % |  | 0.0 | % |  | (11.1 | )% |
| Change in European enacted tax rate | — | % |  | 16.9 | % |  | — | % |
| Other | (3.0 | )% |  | 5.9 | % |  | 0.3 | % |
| Actual tax rate | 6.8 | % |  | (217.9 | )% |  | 2.0 | % |

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