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Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (the "Act") which will apply a corporate income tax of 15% for fiscal years beginning on or after January 1, 2025. The Act includes a provision referred to as the economic transition adjustment, which is intended to provide a fair and equitable transition into the tax regime. Pursuant to the Act and subsequently issued guidance, the Company recorded a net deferred tax asset of $163 million in the three months ended March 31, 2024 which it expects to utilize mainly over a 10-year period. The Company expects to incur increased taxes in Bermuda beginning in 2025.

The following table provides an analysis of income tax expense (benefit):
Three months ended March 31,20242023
Current income tax expense (benefit)
U.S.$21,498 $10,905 
Europe5,528 3,174 
Bermuda
— 199 
Deferred income tax expense (benefit)
U.S.2,745 70 
Europe8,280 1,548 
Bermuda
(162,705)— 
Total income tax expense (benefit)$(124,654)$15,896 
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:
Three months ended March 31,20242023
Income before income taxes
Bermuda (domestic)$83,231$106,604
Foreign187,57489,388
 Total income before income taxes$270,805$195,992
Reconciliation of effective tax rate (% of income before income taxes)
Expected tax rate— %— %
Foreign taxes at local expected rates:
U.S.9.2 %5.4 %
Europe5.0 %3.2 %
Valuation allowance(0.7 %)(1.8 %)
Bermuda Economic Transition Adjustment
(60.1 %)— %
Other0.6 %1.3 %
Actual tax rate(46.0 %)8.1 %