v3.3.1.900

Taxation (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of income before taxes and income tax expense

Income before taxes and income tax expense for the years ended December 31, 2015, 2014 and 2013 was as follows:

For the Year Ended December 31,		2015				2014				2013
Income before income taxes – Domestic (Bermuda)		$	134,012			$	117,780			$	125,926
Loss before income taxes – Foreign (U.S. and others)		(7,690		)		(14,083		)		(21,207		)
Total income before income taxes		$	126,322			$	103,697			$	104,719
Current tax expense – Domestic (Bermuda)		$	—			$	—			$	—
Current tax expense – Foreign (U.S. and others)		780				945				873
Total current tax expense		780				945				873
Deferred tax expense – Domestic (Bermuda)		—				—				—
Deferred tax expense – Foreign (U.S. and others)		1,258				1,219				990
Total deferred tax expense		1,258				1,219				990
Total income tax expense		$	2,038			$	2,164			$	1,863

Schedule of effective income tax rate reconciliation

The following table is a reconciliation of the actual income tax rate for the years ended December 31, 2015, 2014 and 2013 to the amount computed by applying the effective tax rate of 0.0% under Bermuda law to income before income taxes:

For the Year Ended December 31,		2015				2014				2013
Income before income taxes		$	126,322			$	103,697			$	104,719
Income tax expense		2,038				2,164				1,863
Net income		$	124,284			$	101,533			$	102,856
Reconciliation of effective tax rate (% of income before income taxes)
Bermuda tax rate		—		%		—		%		—		%
U.S. taxes at statutory rates		(2.2		)%		(7.3		)%		(8.7		)%
Valuation allowance in respect of U.S. taxes		3.2		%		8.5		%		9.8		%
Other jurisdictions		0.6		%		0.9		%		0.7		%
Actual tax rate		1.6		%		2.1		%		1.8		%

Schedule of deferred tax assets and liabilities

The significant components of our deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows:

December 31,		2015				2014
Deferred tax assets:
Net operating losses		$	60,147			$	54,524
Unearned premiums		9,459				8,860
Discounting of net loss and LAE reserves		11,756				12,250
Net unrealized losses on investments		4,374				—
Accruals not currently deductible		109				1,994
Amortization of intangibles		2,796				3,021
OTTI		1,198				827
Others		543				1,043
Deferred tax assets before valuation allowance		90,382				82,519
Valuation allowance		78,845				65,743
Deferred tax assets, net		11,537				16,776
Deferred tax liabilities:
Deferred commission and other acquisition expenses		10,664				10,119
Indefinite lived intangible		1,750				2,870
Amortization of goodwill		8,319				7,158
Net unrealized gains on investment		—				4,831
Others		866				1,789
Deferred tax liabilities		21,599				26,767
Net deferred tax liability		$	10,062			$	9,991

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- References

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- Definition

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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