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INCOME TAXES
 6 Months Ended
Jun. 30, 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 $nil and $163 million for the three and six months ended June 30, 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 tables provide an analysis of income tax expense (benefit):
Three months ended June 30,20242023
Current income tax expense (benefit)
U.S.$29,794 $23,479 
Europe4,402 5,346 
Bermuda
— — 
Deferred income tax expense (benefit)
U.S.(5,005)(10,715)
Europe11,356 9,448 
Bermuda
— — 
Total income tax expense (benefit)$40,547 $27,558 

Six months ended June 30,20242023
Current income tax expense (benefit)
U.S.$51,293 $34,383 
Europe9,930 8,520 
Bermuda
— 199 
Deferred income tax expense (benefit)
U.S.(2,260)(10,644)
Europe19,635 10,996 
Bermuda
(162,705)— 
Total income tax expense (benefit)$(84,107)$43,454 
The following tables present 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 June 30,20242023
Income before income taxes
Bermuda (domestic)$64,090$57,777
Foreign188,421120,455
 Total income before income taxes$252,511$178,232
Reconciliation of effective tax rate (% of income before income taxes)
Expected tax rate— %— %
Foreign taxes at local expected rates:
U.S.9.7 %7.1 %
Europe6.0 %7.5 %
Valuation allowance(0.1 %)0.3 %
Bermuda Economic Transition Adjustment
— %— %
Other0.5 %0.6 %
Actual tax rate16.1 %15.5 %

Six months ended June 30,20242023
Income before income taxes
Bermuda (domestic)$147,321$164,381
Foreign375,997209,846
 Total income before income taxes$523,318$374,227
Reconciliation of effective tax rate (% of income before income taxes)
Expected tax rate— %— %
Foreign taxes at local expected rates:
U.S.9.5 %6.2 %
Europe5.5 %5.2 %
Valuation allowance(0.4 %)(0.8 %)
Bermuda Economic Transition Adjustment(31.1 %)— %
Other0.4 %1.0 %
Actual tax rate(16.1 %)11.6 %