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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
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, | 2024 |  | 2023 |  | 2022 |
| Current income tax expense (benefit) |  |  |  |  |  |
| U.S. | $ | 84,255 |  |  | $ | 12,021 |  |  | $ | 11,491 |  |
| Europe | 19,260 |  |  | 32,386 |  |  | 2,366 |  |
| Bermuda | 3,425 |  |  | 291 |  |  | (147) |  |
| Deferred income tax expense (benefit) |  |  |  |  |  |
| U.S. | 716 |  |  | (24,042) |  |  | (8,147) |  |
| Europe | 7,290 |  |  | 18,932 |  |  | 16,474 |  |
| Bermuda(1) | (170,541) |  |  | (13,272) |  |  | — |  |
| Total income tax expense (benefit) | $ | (55,595) |  |  | $ | 26,316 |  |  | $ | 22,037 |  |
| Net current tax receivables | $ | 42,991 |  |  | $ | 78,570 |  |  | $ | 46,704 |  |
| Net deferred tax assets (liabilities) | 278,474 |  |  | 72,850 |  |  | 108,220 |  |
| Net tax assets | $ | 321,465 |  |  | $ | 151,420 |  |  | $ | 154,924 |  |
(1) Reflects the recognition of a tax benefit related to the Bermuda ETA, offset by a partial reversal of the 2023 tax benefit on unrealized investment losses included in other comprehensive income (loss) due to the enactment of corporate income tax, effective January 1, 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, | 2024 |  | 2023 |
| Deferred tax assets: |  |  |  |
| Discounting of net reserves for losses and loss expenses | $ | 66,338 |  |  | $ | 62,316 |  |
| Unearned premiums | 62,656 |  |  | 54,104 |  |
| Net unrealized investments losses | 36,536 |  |  | 54,395 |  |
| Operating and capital loss carryforwards | 75,864 |  |  | 100,907 |  |
| Accruals not currently deductible | 36,253 |  |  | 36,407 |  |
| Tax credits | 2,414 |  |  | 11,602 |  |
| Bermuda economic transition adjustment | 176,923 |  |  | — |  |
| Other deferred tax assets | 3,681 |  |  | 4,149 |  |
| Deferred tax assets before valuation allowance | 460,665 |  |  | 323,880 |  |
| Valuation allowance | (19,829) |  |  | (38,711) |  |
| Deferred tax assets net of valuation allowance | 440,836 |  |  | 285,169 |  |
| Deferred tax liabilities: |  |  |  |
| Deferred acquisition costs | (35,401) |  |  | (27,109) |  |
| Other investment adjustments and impairments | (7,933) |  |  | (7,173) |  |
| Intangible assets | (47,355) |  |  | (49,486) |  |
| Depreciation and amortization | (7,586) |  |  | (1,140) |  |
| Equalization reserves | (2,347) |  |  | (2,726) |  |
| Acquisition adjustments (1) | — |  |  | (79,466) |  |
| Lloyd’s deferred year of account results | (51,770) |  |  | (38,194) |  |
| Other deferred tax liabilities | (9,970) |  |  | (7,025) |  |
| Deferred tax liabilities | (162,362) |  |  | (212,319) |  |
| Net deferred tax assets (liabilities) | $ | 278,474 |  |  | $ | 72,850 |  |
(1) During the year ended December 31, 2024, the Company assessed that certain deferred tax assets and deferred tax liabilities related to acquisitions were no longer required.
Summary of Tax Credits | The following table summarizes total operating and capital loss carryforwards and tax credits:
| At December 31, | 2024 |  | 2023 |
| Operating and Capital Loss Carryforwards(1) |  |  |  |
| Singapore operating loss carryforward | $ | 91,924 |  |  | $ | 70,815 |  |
| U.K. operating loss carryforward | 216,928 |  |  | 293,533 |  |
| U.K. capital loss carryforward | 93 |  |  | — |  |
| Ireland operating loss carryforward | 27 |  |  | 78,154 |  |
| Ireland capital loss carryforward | 1,372 |  |  | 716 |  |
| Switzerland operating loss carryforward(2) | 68,573 |  |  | 123,453 |  |
| U.S. capital loss carryforward(3) | 59,434 |  |  | — |  |
| Tax Credits(1) |  |  |  |
| Ireland foreign tax credit | $ | 333 |  |  | $ | 6,922 |  |
| U.K. foreign tax credit | 504 |  |  | 2,605 |  |
| U.S. foreign tax credit(4) | 1,577 |  |  | 2,074 |  |
(1) At December 31, 2024, the Singapore, U.K., and Ireland operating and capital loss carryforwards and tax credits can be carried forward indefinitely. (2) At December 31, 2024, the Swiss net operating loss carryforwards expire in 2029. (3) At December 31, 2024, the U.S. capital loss carryforwards expire in 2029. (4) At December 31, 2024, the U.S. foreign tax credits expire in 2032.
Summary of Operating and Capital Loss Carryforwards | The following table summarizes total operating and capital loss carryforwards and tax credits:
| At December 31, | 2024 |  | 2023 |
| Operating and Capital Loss Carryforwards(1) |  |  |  |
| Singapore operating loss carryforward | $ | 91,924 |  |  | $ | 70,815 |  |
| U.K. operating loss carryforward | 216,928 |  |  | 293,533 |  |
| U.K. capital loss carryforward | 93 |  |  | — |  |
| Ireland operating loss carryforward | 27 |  |  | 78,154 |  |
| Ireland capital loss carryforward | 1,372 |  |  | 716 |  |
| Switzerland operating loss carryforward(2) | 68,573 |  |  | 123,453 |  |
| U.S. capital loss carryforward(3) | 59,434 |  |  | — |  |
| Tax Credits(1) |  |  |  |
| Ireland foreign tax credit | $ | 333 |  |  | $ | 6,922 |  |
| U.K. foreign tax credit | 504 |  |  | 2,605 |  |
| U.S. foreign tax credit(4) | 1,577 |  |  | 2,074 |  |
(1) At December 31, 2024, the Singapore, U.K., and Ireland operating and capital loss carryforwards and tax credits can be carried forward indefinitely. (2) At December 31, 2024, the Swiss net operating loss carryforwards expire in 2029. (3) At December 31, 2024, the U.S. capital loss carryforwards expire in 2029. (4) At December 31, 2024, the U.S. foreign tax credits expire in 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, | 2024 |  | 2023 |
| Income tax expense (benefit): |  |  |  |
| Valuation allowance - beginning of year | $ | 31,688 |  |  | $ | 39,782 |  |
| Operating loss carryforwards | (6,572) |  |  | (8,713) |  |
| Foreign tax credit | (6,589) |  |  | 4,184 |  |
| U.K. branch assets and other foreign rate differentials | (1,567) |  |  | (3,565) |  |
| Capital loss carryforwards and impaired investments | 261 |  |  | — |  |
| Valuation allowance - end of year | $ | 17,221 |  |  | $ | 31,688 |  |
| Accumulated other comprehensive income (loss): |  |  |  |
| Valuation allowance - beginning of year | $ | 7,023 |  |  | $ | 20,287 |  |
| Change in investment - related items | (4,415) |  |  | (13,264) |  |
| Valuation allowance - end of year | 2,608 |  |  | 7,023 |  |
| Total valuation allowance - end of year | $ | 19,829 |  |  | $ | 38,711 |  |
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, | 2024 |  | 2023 |  | 2022 |
| Income (loss) before income taxes |  |  |  |  |  |
| Bermuda (domestic) | $ | 323,688 |  |  | $ | 213,539 |  |  | $ | 236,781 |  |
| Foreign | 702,503 |  |  | 189,067 |  |  | 8,340 |  |
| Total income before income taxes | $ | 1,026,191 |  |  | $ | 402,606 |  |  | $ | 245,121 |  |
| 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. | 8.4 | % |  | (2.5 | %) |  | 0.2 | % |
| Europe | 6.0 | % |  | 11.9 | % |  | 1.9 | % |
| Valuation allowance | (1.4 | %) |  | (2.0 | %) |  | 9.5 | % |
| Prior year adjustments | (1.5 | %) |  | 1.3 | % |  | (0.3 | %) |
| Incremental branch taxes | 1.1 | % |  | 0.9 | % |  | (0.4 | %) |
| Change in enacted tax rate(1) | (1.9 | %) |  | (3.3 | %) |  | (2.2 | %) |
| Bermuda economic transition adjustment | (17.2 | %) |  | — | % |  | — | % |
| Change in unrealized investment gain/(loss) | 0.6 | % |  | — | % |  | — | % |
| Withholding tax | 0.3 | % |  | — | % |  | — | % |
| Other | 0.2 | % |  | 0.2 | % |  | 0.3 | % |
| Actual tax rate | (5.4 | %) |  | 6.5 | % |  | 9.0 | % |
(1) At December 31, 2024, the change in enacted tax rate represents the rate change related to deferred tax assets and deferred tax liabilities on acquisition adjustments no longer required. 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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