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INCOME TAXES - Summary of Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021
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 | 0.00% | 0.00% | 0.00% |
Valuation allowance | (1.40%) | (2.00%) | 9.50% |
Prior year adjustments | (1.50%) | 1.30% | (0.30%) |
Incremental branch taxes | 1.10% | 0.90% | (0.40%) |
Change in enacted tax rate | (1.90%) | (3.30%) | (2.20%) |
Bermuda economic transition adjustment | (17.20%) | 0.00% | 0.00% |
Change in unrealized investment gain/(loss) | 0.60% | 0.00% | 0.00% |
Withholding tax | 0.30% | 0.00% | 0.00% |
Other | 0.20% | 0.20% | 0.30% |
Actual tax rate | (5.40%) | 6.50% | 9.00% |
U.S. |  |  |  |
Reconciliation of effective tax rate (% of income before income taxes) |  |  |  |
Foreign taxes at local expected rates | 8.40% | (2.50%) | 0.20% |
Europe |  |  |  |
Reconciliation of effective tax rate (% of income before income taxes) |  |  |  |
Foreign taxes at local expected rates | 6.00% | 11.90% | 1.90% |
United Kingdom |  |  |  |
Reconciliation of effective tax rate (% of income before income taxes) |  |  |  |
Expected tax rate |  |  | 25.00% | 19.00%
Belgium |  |  |  |
Reconciliation of effective tax rate (% of income before income taxes) |  |  |  |
Expected tax rate |  |  | 25.00% | 30.00%

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