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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense and Net Tax Assets

The following table provides an analysis of income tax expense (benefit) and net tax assets:

			Year ended December 31,			2023						2022						2021
			Current income tax expense (benefit)
			U.S.			$	12,021					$	11,491					$	35,229
			Europe			32,386						2,366						(6,082)
			Bermuda			291						(147)						—
			Deferred income tax expense (benefit)
			U.S.			(24,042)						(8,147)						(3,369)
			Europe			18,932						16,474						36,606
			Bermuda(1)			(13,272)						—						—
			Total income tax expense (benefit)			$	26,316					$	22,037					$	62,384
			Net current tax receivables			$	78,570					$	46,704					$	27,883
			Net deferred tax assets (liabilities)			72,850						108,220						12,860
			Net tax assets			$	151,420					$	154,924					$	40,743

(1)    Reflects the recognition of a tax benefit in Bermuda on unrealized investment losses included in other comprehensive income (loss) due to the enactment of corporate income tax that will take effect in 2025.

Summary of Deferred Tax Assets and Liabilities

The following table provides details of the significant components of deferred tax assets and liabilities:

			At December 31,			2023						2022
			Deferred tax assets:
			Discounting of net reserves for losses and loss expenses			$	62,316					$	52,992
			Unearned premiums			54,104						56,146
			Net unrealized investments losses			54,395						71,251
			Operating and capital loss carryforwards			100,907						152,896
			Accruals not currently deductible			36,407						42,045
			Tax credits			11,602						7,619
			Other deferred tax assets			4,149						8,590
			Deferred tax assets before valuation allowance			323,880						391,539
			Valuation allowance			(38,711)						(60,069)
			Deferred tax assets net of valuation allowance			285,169						331,470
			Deferred tax liabilities:
			Deferred acquisition costs			(27,109)						(35,211)
			Other investment adjustments and impairments			(7,173)						(20,068)
			Intangible assets			(49,486)						(51,993)
			Equalization reserves			(2,726)						(2,530)
			Acquisition adjustments			(79,466)						(72,351)
			Lloyd’s deferred year of account results			(38,194)						(34,068)
			Other deferred tax liabilities			(8,165)						(7,029)
			Deferred tax liabilities			(212,319)						(223,250)
			Net deferred tax assets (liabilities)			$	72,850					$	108,220

Summary of Tax Credits

The following table summarizes total operating and capital loss carryforwards and tax credits:

			At December 31,			2023						2022
			Operating and Capital Loss Carryforwards(1)
			Singapore operating loss carryforward			$	70,815					$	73,769
			U.K. operating loss carryforward			293,533						415,274
			Ireland operating loss carryforward			78,154						200,822
			Ireland capital loss carryforward			716						716
			Switzerland operating loss carryforward(2)			123,453						187,057
			Tax Credits(1)
			Ireland foreign tax credit			$	6,922					$	655
			U.K. foreign tax credit			2,605						2,372
			U.S. foreign tax credit(3)			2,074						4,592

(1)    At December 31, 2023, the Singapore, U.K., and Ireland operating and capital loss carryforwards and tax credits can be carried forward

(2)    At December 31, 2023, the Swiss net operating losses can be carried forward 7 years of which $123,453 expires 2029.

(3)    At December 31, 2023, the U.S. foreign tax credit can be carried back 1 year and carried forward 10 years of which, $2,074 expires 2032.

Summary of Operating and Capital Loss Carryforwards

The following table summarizes total operating and capital loss carryforwards and tax credits:

			At December 31,			2023						2022
			Operating and Capital Loss Carryforwards(1)
			Singapore operating loss carryforward			$	70,815					$	73,769
			U.K. operating loss carryforward			293,533						415,274
			Ireland operating loss carryforward			78,154						200,822
			Ireland capital loss carryforward			716						716
			Switzerland operating loss carryforward(2)			123,453						187,057
			Tax Credits(1)
			Ireland foreign tax credit			$	6,922					$	655
			U.K. foreign tax credit			2,605						2,372
			U.S. foreign tax credit(3)			2,074						4,592

(1)    At December 31, 2023, the Singapore, U.K., and Ireland operating and capital loss carryforwards and tax credits can be carried forward

(2)    At December 31, 2023, the Swiss net operating losses can be carried forward 7 years of which $123,453 expires 2029.

(3)    At December 31, 2023, the U.S. foreign tax credit can be carried back 1 year and carried forward 10 years of which, $2,074 expires 2032.

Summary of Valuation Allowance Roll Forward

The following table shows an analysis of the movement in the Company's valuation allowance:

			At December 31,			2023						2022
			Income tax expense (benefit):
			Valuation allowance - beginning of year			$	39,782					$	16,918
			Operating loss carryforwards			(8,713)						21,724
			Foreign tax credit			4,184						2,401
			U.K. branch assets and other foreign rate differentials			(3,565)						(1,261)
			Valuation allowance - end of year			$	31,688					$	39,782
			Accumulated other comprehensive income (loss):
			Valuation allowance - beginning of year			$	20,287					$	—
			Change in investment - related items			(13,264)						20,287
			Valuation allowance - end of year			7,023						20,287
			Total valuation allowance - end of year			$	38,711					$	60,069

Summary of Effective Tax Rate Reconciliation

The following table presents the distribution of income before income taxes between domestic and foreign jurisdictions and 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,			2023						2022						2021
			Income (loss) before income taxes
			Bermuda (domestic)			$	213,539					$	236,781					$	431,310
			Foreign			189,067						8,340						249,686
			Total income before income taxes			$	402,606					$	245,121					$	680,996
			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.			(2.5		%)				0.2		%				4.8		%
			Europe			11.9		%				1.9		%				2.0		%
			Valuation allowance			(2.0		%)				9.5		%				(0.5		%)
			Prior year adjustments			1.3		%				(0.3)		%				0.2		%
			Incremental branch taxes			0.9		%				(0.4)		%				1.5		%
			Change in enacted tax rate(1)			(3.3		%)				(2.2		%)				1.5		%
			Other			0.2		%				0.3		%				(0.3		%)
			Actual tax rate			6.5		%				9.0		%				9.2		%

(1)    At December 31, 2023, the change in enacted tax rate represents the enactment of the Bermuda Corporate Income Tax Act of 2023 related to unrealized investment losses included in other comprehensive income (loss). At December 31, 2022, the change in enacted tax rate included a change in the UK tax rate from 19% to 25% and in Belgium from 30% to 25%.

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