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Income Taxes
9 Months Ended
Sep. 30, 2020
Income Taxes [Abstract]  
Income Taxes
18.
 
INCOME TAXES
 
The Company
 
is domiciled
 
in Bermuda
 
and has
 
significant subsidiaries
 
and/or branches
 
in Canada,
 
Ireland,
Singapore, Switzerland, the
 
United Kingdom, and
 
the United States.
 
The Company’s Bermuda
 
domiciled
subsidiaries are exempt
 
from income taxation
 
under Bermuda law
 
until 2035.
 
The Company’s
 
non-Bermudian
subsidiaries and branches are subject to income taxation at varying rates
 
in their respective domiciles.
 
The Company generally applies the estimated
 
Annualized Effective Tax
 
Rate (“AETR”)
 
approach for calculating its
tax provision
 
for interim
 
periods as prescribed
 
by ASC 740-270,
 
Interim Reporting.
 
Under the AETR
 
approach,
the estimated annualized
 
effective tax
 
rate is applied
 
to the interim
 
year-to-date pre-tax
 
income/loss to
determine the
 
income tax
 
expense or
 
benefit for
 
the year-to-date
 
period.
 
The tax
 
expense or
 
benefit for
 
the
quarter represents the
 
difference between
 
the year-to-date
 
tax expense or
 
benefit for the
 
current year-to-date
period less such amount for
 
the immediately preceding year-to-date
 
period.
 
Management considers the impact
of all known
 
events in its
 
estimation of the
 
Company’s annual pre
 
-tax income/loss and
 
annualized effective
 
tax
rate.