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INCOME TAXES - Summary of Distribution of Income Before Income Taxes and Reconciliation of Income Tax Rate To Effective Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023
Income before income taxes |  |  |  |
Bermuda (domestic) | $ 64,090 | $ 57,777 | $ 147,321 | $ 164,381
Foreign | 188,421 | 120,455 | 375,997 | 209,846
Income before income taxes and interest in income (loss) of equity method investments | $ 252,511 | $ 178,232 | $ 523,318 | $ 374,227
Reconciliation of effective tax rate (% of income before income taxes) |  |  |  |
Expected tax rate | 0.00% | 0.00% | 0.00% | 0.00%
Valuation allowance | (0.10%) | 0.30% | (0.40%) | (0.80%)
Bermuda Economic Transition Adjustment | 0 | 0 | (0.311) | 0
Other | 0.50% | 0.60% | 0.40% | 1.00%
Actual tax rate | 16.10% | 15.50% | (16.10%) | 11.60%
U.S. | Foreign Tax Authority |  |  |  |
Reconciliation of effective tax rate (% of income before income taxes) |  |  |  |
Foreign taxes at local expected rates: | 9.70% | 7.10% | 9.50% | 6.20%
Europe | Foreign Tax Authority |  |  |  |
Reconciliation of effective tax rate (% of income before income taxes) |  |  |  |
Foreign taxes at local expected rates: | 6.00% | 7.50% | 5.50% | 5.20%

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