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INCOME TAXES - Summary of Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020
Income (loss) before income taxes |  |  |
Bermuda (domestic) | $ 236,781 | $ 431,310 | $ (45,951)
Foreign | 8,340 | 249,686 | (86,794)
Total income (loss) before income taxes | $ 245,121 | $ 680,996 | $ (132,745)
Reconciliation of effective tax rate (% of income before income taxes) |  |  |
Expected tax rate | 0.00% | 0.00% | 0.00%
Valuation allowance | 9.50% | (0.50%) | (1.70%)
Other | (0.40%) | 1.40% | (2.10%)
Actual tax rate | 9.00% | 9.20% | 9.30%
U.S. |  |  |
Reconciliation of effective tax rate (% of income before income taxes) |  |  |
Foreign taxes at local expected rates | 0.20% | 4.80% | 5.60%
Europe |  |  |
Reconciliation of effective tax rate (% of income before income taxes) |  |  |
Foreign taxes at local expected rates | 1.90% | 2.00% | 9.20%
Change in enacted tax rate | (2.20%) | 1.50% | (1.70%)
United Kingdom | Minimum |  |  |
Reconciliation of effective tax rate (% of income before income taxes) |  |  |
Change in enacted tax rate |  | 19.00% |
United Kingdom | Maximum |  |  |
Reconciliation of effective tax rate (% of income before income taxes) |  |  |
Change in enacted tax rate |  | 25.00% |
Belgium | Minimum |  |  |
Reconciliation of effective tax rate (% of income before income taxes) |  |  |
Change in enacted tax rate |  | 29.58% |
Belgium | Maximum |  |  |
Reconciliation of effective tax rate (% of income before income taxes) |  |  |
Change in enacted tax rate |  | 25.00% |

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