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Taxation (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Components of income tax expense
Income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 
202320222021
Current income tax expense
U.S.$40,840 $93,906 $31,216 
Non U.S.11,621 20,622 18,293 
Total current income tax expense
$52,461 $114,528 $49,509 
Deferred income tax (benefit) expense
U.S.$8,048 $(14,428)$(9,404)
Non U.S.(390,065)(60,138)61 
Total deferred income tax (benefit) expense$(382,017)$(74,566)$(9,343)
Unrecognized tax expense (benefit)
U.S.$— $— $— 
Non U.S.1,632 1,933 (199)
Total unrecognized tax expense (benefit)$1,632 $1,933 $(199)
Total income tax (benefit) expense
U.S.$48,888 $79,478 $21,812 
Non U.S.(376,812)(37,583)18,155 
Total income tax (benefit) expense
$(327,924)$41,895 $39,967 
Income before taxes attributable to domestic and foreign operations
Income (loss) 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 (loss) before taxes was as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands of U.S. dollars):
202320222021
Domestic (Bermuda)$772,926 $(95,063)$631,852 
Foreign1,217,269 (802,794)172,303 
Income (loss) before taxes
$1,990,195 $(897,857)$804,155 
Reconciliation of effective tax rate
Reconciliation of effective tax rate (% of income (loss) before taxes)
Expected tax rate0.0 %0.0 %0.0 %
Foreign taxes at local expected tax rates12.4 15.3 6.7 
Impact of foreign exchange gains or losses(1.1)(0.3)(0.1)
Unrecognized tax expense (benefit)
0.1 (0.2)— 
Tax-exempt income and expenses not deductible(3.8)0.2 (0.3)
Foreign branch tax2.0 4.1 0.1 
Valuation allowance(4.3)(20.8)0.6 
Tax legislation change
(21.9)— (0.3)
Other0.1 (3.0)(1.7)
Actual tax rate(16.5)%(4.7)%5.0 %
Components of net tax assets and liabilities
The components of net tax assets and liabilities at December 31, 2023 and 2022 were as follows (in thousands of U.S. dollars):
December 31, 2023December 31, 2022
Net tax assets$563,368 $160,634 
Net tax liabilities(57,584)(38,576)
Net tax assets$505,784 $122,058 
 
December 31, 2023December 31, 2022
Net current tax assets$109,538 $108,836 
Net deferred tax assets (liabilities)408,884 23,931 
Net unrecognized tax benefit(12,638)(10,709)
Net tax assets$505,784 $122,058 
Significant components of net deferred tax assets and liabilities Significant components of the net deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows (in thousands of U.S. dollars):
December 31, 2023December 31, 2022
Deferred tax assets
Foreign tax credit carryforwards$176,904 $211,023 
Tax loss carryforwards104,546 123,597 
Unearned premiums44,878 46,029 
Coinsurance funds held
6,237 — 
Unrealized depreciation and timing differences on investments96,108 170,720 
Bermuda economic transition adjustment
487,265 — 
Other deferred tax assets45,019 37,424 
$960,957 $588,793 
Valuation allowance(325,150)(386,525)
Deferred tax assets$635,807 $202,268 
Deferred tax liabilities
Deferred acquisition costs$94,144 $92,459 
Goodwill and other intangibles55,067 55,882 
Coinsurance reserves
16,065 — 
Discounting of loss reserves and adjustment to life policy reserves44,406 7,928 
Equalization reserves13,732 8,235 
Other deferred tax liabilities3,509 13,833 
Deferred tax liabilities$226,923 $178,337 
Net deferred tax assets
$408,884 $23,931 
Total amount of unrecognized tax benefits
The total amount of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands of U.S. dollars): 
202320222021
Balance at January 1$10,709 $9,276 $10,272 
Changes in tax positions taken during a prior year4,773 1,933 (200)
Settlements
(2,547)— — 
Impact of the change in foreign currency exchange rates(297)(500)(796)
Balance at December 31$12,638 $10,709 $9,276