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Income taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit), Continuing Operations

The following table presents the Company’s current and deferred incomes taxes for the years ended December 31, 2019, 2018 and 2017:

	2019				2018				2017
Current tax expense	$	54			$	6,025			$	2,824
Deferred tax expense (benefit)	659				(10,035		)		9,152
	$	713			$	(4,010	)		$	11,976

For the years ended December 31, 2019, 2018 and 2017, the Company recorded income tax expense (benefit), as follows:

	2019				2018				2017
Income tax expense (benefit) related to U.S. and U.K. subsidiaries	$	713			$	(10,035	)		$	9,248
Change in uncertain tax positions	—				(300		)		155
Withholding taxes on certain investment transactions	—				6,325				2,573
	$	713			$	(4,010	)		$	11,976

Schedule of Income before Income Tax, Domestic and Foreign

The following is a summary of the Company’s income (loss) before income tax expense (benefit) by jurisdiction for the years ended December 31, 2019, 2018 and 2017:

	2019				2018				2017
Bermuda	$	197,973			$	(273,697	)		$	266,497
United States	3,245				(47,771		)		27,172
United Kingdom	114				(11		)		78
	$	201,332			$	(321,479	)		$	293,747

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of expected income taxes to income tax expense (benefit) for the years ended December 31, 2019, 2018 and 2017:

	2019				2018				2017
Bermuda (expected tax expense at 0%)	$	—			$	—			$	—
Foreign taxes at local expected rates:
United States	681				(10,032		)		9,510
United Kingdom	22				(2		)		15
Withholding taxes related to dividend and interest income	—				6,325				2,573
Uncertain tax positions	—				(300		)		155
Non-deductible expenses and other	10				(1		)		(277		)
	$	713			$	(4,010	)		$	11,976

Schedule of Deferred Tax Assets and Liabilities

The following table presents the tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities as of December 31, 2019, 2018 and 2017:

	2019				2018				2017
Deferred tax assets:
Discounting of loss and loss adjustment expense reserves	$	786			$	534			$	330
Unearned premiums	1,774				1,567				1,634
Temporary differences in recognition of expenses	1,208				1,247				138
Net operating loss carryforward	9,282				6,798				7,048
Total deferred tax assets	13,050				10,146				9,150
Deferred tax liabilities:
Deferred acquisition costs	1,379				1,490				7,798
Unrealized gains (losses) on investments	3,366				(405		)		2,435
Total deferred tax liabilities	4,745				1,085				10,233
Net deferred tax asset (liability)	$	8,305			$	9,061			$	(1,083	)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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