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INCOME TAXES - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022
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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 | 0 |
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) | 0 | (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 | $ 108,220

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