Taxation (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Income before Income Tax, Domestic and Foreign

The following is a summary of the Company’s income (loss) before taxes allocated between domestic and foreign operations:



Year ended December 31,	2022		2021		2020
Domestic
Bermuda	$	(672,950)	$	156,031	$	1,122,261
Foreign
Singapore	112		4,420		16,416
Ireland	6		101		1,315
U.S.	(367,799)		(92,335)		286
Australia	(29,214)		7,148		(1,689)
Switzerland	(72,773)		(106,249)		(40,502)
U.K.	(76,217)		(83,224)		(102,167)
Income (loss) before taxes	$	(1,218,835)	$	(114,108)	$	995,920

Schedule of Components of Income Tax (Expense) Benefit

Income tax (expense) benefit is comprised as follows:



Year ended December 31, 2022	Current		Deferred		Total
Total income tax (expense) benefit	$	(3,078)	$	62,097	$	59,019
Year ended December 31, 2021
Total income tax (expense) benefit	$	(992)	$	11,660	$	10,668
Year ended December 31, 2020
Total income tax (expense) benefit	$	(6,313)	$	3,451	$	(2,862)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows:



Year ended December 31,	2022		2021		2020
Expected income tax benefit (expense)	$	114,721	$	53,093	$	25,489
Nondeductible expenses	(508)		(334)		5,074
Reinsurance adjustment	(1,265)		(4,604)		—
Income tax audit adjustment	—		—		3,424
Effect of change in tax rate	7,461		14,904		3,055

Transfer pricing	—		224		206
GAAP to statutory accounting difference	(6,019)		—		—

U.S. base erosion and anti-abuse tax	—		(1,725)		(36)
Withholding tax	(2,154)		(1,013)		(1,822)
Non-taxable loss on sale of RenaissanceRe UK	—		—		(6,091)
Change in valuation allowance	(62,133)		(42,819)		(13,003)
Foreign branch adjustments	11,656		(5,491)		(17,821)
Other	(2,740)		(1,567)		(1,337)
Income tax benefit (expense)	$	59,019	$	10,668	$	(2,862)

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:



At December 31,	2022		2021
Deferred tax assets
Tax loss and credit carryforwards	$	185,741	$	149,739
Unearned premiums	46,579		36,962
Reserve for claims and claim expenses	39,536		22,611
Deferred finance charges	19,309		17,962
Deferred underwriting results	10,481		12,483
Accrued expenses	2,233		1,788

Investments	71,747		—
Amortization and depreciation	11,533		6,969
	387,159		248,514
Deferred tax liabilities
Investments	—		(2,180)
Deferred acquisition expenses	(66,536)		(49,661)
Intangible assets	(3,830)		(4,242)



	(70,366)		(56,083)
Net deferred tax asset (liability) before valuation allowance	316,793		192,431
Valuation allowance	(193,640)		(131,507)
Net deferred tax asset (liability)	$	123,153	$	60,924