Taxation (Tables)

12 Months Ended

Dec. 31, 2015

Income tax expense for the years ended December 31, 2015, 2014 and 2013 was as follows (in thousands of U.S. dollars):



	2015			2014			2013
Current income tax expense
U.S.	$	81,066		$	51,615		$	55,993
Non U.S.	95,720			184,367			73,599
Total current income tax expense	$	176,786		$	235,982		$	129,592
Deferred income tax (benefit) expense
U.S.	$	(59,624	)	$	20,410		$	(13,693	)
Non U.S.	(44,125		)	(17,636		)	(70,886		)
Total deferred income tax (benefit) expense	$	(103,749	)	$	2,774		$	(84,579	)
Unrecognized tax expense (benefit)
U.S.	$	—		$	—		$	(335	)
Non U.S.	6,627			750			3,738
Total unrecognized tax expense	$	6,627		$	750		$	3,403
Total income tax expense
U.S.	$	21,442		$	72,025		$	41,965
Non U.S.	58,222			167,481			6,451
Total income tax expense	$	79,664		$	239,506		$	48,416

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Income before taxes attributable to the Company’s domestic and foreign operations and a reconciliation of the actual income tax rate to the amount computed by applying the effective tax rate of 0% under Bermuda (the Company’s domicile) law to income before taxes was as follows for the years ended December 31, 2015, 2014 and 2013 (in thousands of U.S. dollars):



	2015			2014		2013
Domestic (Bermuda)	$	(63,603	)	$	686,538	$	611,900
Foreign	250,417			621,081		109,958
Income before taxes	$	186,814		$	1,307,619	$	721,858

Reconciliation of effective tax rate



Reconciliation of effective tax rate (% of income before taxes)
Expected tax rate	0.0	%	0.0	%	0.0	%
Foreign taxes at local expected tax rates	58.3		15.8		5.1
Impact of foreign exchange gains (losses)	1.1		2.2		(1.1	)
Unrecognized tax expense	3.5		0.1		0.5
Tax-exempt income and expenses not deductible	(8.0	)	(2.2	)	(0.9	)
Impact of enacted changes in tax laws	0.3		—		1.8
Foreign branch tax	(26.8	)	1.4		(1.4	)
Ceding commissions	(0.7	)	1.8		(0.4	)
Valuation allowance	15.2		(0.6	)	1.3
Other	(0.3	)	(0.2	)	1.8
Actual tax rate	42.6	%	18.3	%	6.7	%

Significant components of net deferred tax assets and liabilities

Significant components of the net deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows (in thousands of U.S. dollars):



	2015			2014
Deferred tax assets
Discounting of loss reserves and adjustment to life policy reserves	$	61,712		$	77,117
Foreign tax credit carryforwards	94,560			57,186
Tax loss carryforwards	28,663			35,384
Unearned premiums	23,319			23,230
Other deferred tax assets	49,545			32,431
	257,799			225,348
Valuation allowance	(94,176		)	(68,115		)
Deferred tax assets	163,623			157,233
Deferred tax liabilities
Deferred acquisition costs	48,759			54,718
Goodwill and other intangibles	85,185			93,416
Equalization reserves	55,715			77,383
Unrealized appreciation and timing differences on investments	23,240			85,873
Other deferred tax liabilities	54,715			51,385
Deferred tax liabilities	267,614			362,775
Net deferred tax liabilities	$	(103,991	)	$	(205,542	)

Schedule Of Net Tax Assets And Liabilities Table [Text Block]

The components of net tax assets and liabilities at December 31, 2015 and 2014 were as follows (in thousands of U.S. dollars):



	2015			2014
Net tax assets	$	102,596		$	6,876
Net tax liabilities	(218,652		)	(240,989		)
Net tax liabilities	$	(116,056	)	$	(234,113	)



	2015			2014
Net current tax assets (liabilities)	$	11,773		$	(9,739	)
Net deferred tax liabilities	(103,991		)	(205,542		)
Net unrecognized tax benefit	(23,838		)	(18,832		)
Net tax liabilities	$	(116,056	)	$	(234,113	)

Total amount of unrecognized tax benefits

The total amount of unrecognized tax benefits for the years ended December 31, 2015, 2014 and 2013 was as follows (in thousands of U.S. dollars):



	January 1, 2015		Changes in tax positions taken during a prior period		Tax positions taken during the current period		Change as a result of a lapse of the statute of limitations			Impact of the change in foreign currency exchange rates			December 31, 2015
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	18,266	$	29	$	8,683	$	(3,039	)	$	(1,684	)	$	22,255
Interest and penalties recognized on the above	566		716		261		(24		)	64			1,583
Total unrecognized tax benefits, including interest and penalties	$	18,832	$	745	$	8,944	$	(3,063	)	$	(1,620	)	$	23,838



	January 1, 2014		Changes in tax positions taken during a prior period		Tax positions taken during the current period		Change as a result of a lapse of the statute of limitations			Impact of the change in foreign currency exchange rates			December 31, 2014
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	19,353	$	1,338	$	5,142	$	(5,197	)	$	(2,370	)	$	18,266
Interest and penalties recognized on the above	1,215		259		—		(792		)	(116		)	566
Total unrecognized tax benefits, including interest and penalties	$	20,568	$	1,597	$	5,142	$	(5,989	)	$	(2,486	)	$	18,832



	January 1, 2013		Changes in tax positions taken during a prior period			Tax positions taken during the current period		Change as a result of a lapse of the statute of limitations			Impact of the change in foreign currency exchange rates		December 31, 2013
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	15,784	$	(5,038	)	$	10,164	$	(2,102	)	$	545	$	19,353
Interest and penalties recognized on the above	800		507			51		(179		)	36		1,215
Total unrecognized tax benefits, including interest and penalties	$	16,584	$	(4,531	)	$	10,215	$	(2,281	)	$	581	$	20,568