Taxation (Tables)

12 Months Ended

Dec. 31, 2023

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,	2023		2022		2021
Domestic
Bermuda	$	2,622,066	$	(672,950)	$	156,031
Foreign
Singapore	64,003		112		4,420
Ireland	1,730		6		101
U.S.	308,768		(367,799)		(92,335)
Australia	7,570		(29,214)		7,148
Switzerland	(22,016)		(72,773)		(106,249)
Luxembourg	(16)		—		—
Canada	2,040		—		—
U.K.	125,915		(76,217)		(83,224)
Income (loss) before taxes	$	3,110,060	$	(1,218,835)	$	(114,108)

Schedule of Components of Income Tax (Expense) Benefit

Income tax (expense) benefit is comprised as follows:



Year ended December 31, 2023	Current		Deferred		Total
Total income tax (expense) benefit	$	(57,422)	$	567,489	$	510,067
Year ended December 31, 2022
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

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,	2023		2022		2021
Expected income tax benefit (expense)	$	(103,963)	$	114,721	$	53,093
Nondeductible expenses	(535)		(508)		(334)
Reinsurance adjustment	4,746		(1,265)		(4,604)
Effect of change in tax rate	(729)		7,461		14,904

Transfer pricing	—		—		224
GAAP to statutory accounting difference	(1,781)		(6,019)		—

U.S. base erosion and anti-abuse tax	—		—		(1,725)
Withholding tax	(1,078)		(2,154)		(1,013)
Recognition of Bermuda net deferred tax asset	593,765		—		—
Change in valuation allowance	45,192		(62,133)		(42,819)
Foreign branch adjustments	(25,908)		11,656		(5,491)
Other	358		(2,740)		(1,567)
Income tax benefit (expense)	$	510,067	$	59,019	$	10,668

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,	2023		2022
Deferred tax assets

Tax loss and credit carryforwards	$	197,498	$	185,741
Unearned premiums	68,408		46,579
Reserve for claims and claim expenses	95,685		39,536
Deferred finance charges	19,442		19,309
Deferred underwriting results	9,373		10,481
Accrued expenses	2,849		2,233
Investments	37,044		71,747
Amortization and depreciation	16,386		11,533
Value of in-force business	167,599		—
Intangible assets	408,654		—
	1,022,938		387,159
Deferred tax liabilities
VOBA	(46,109)		—
Deferred acquisition expenses	(112,157)		(66,536)
Intangible assets	—		(3,830)



	(158,266)		(70,366)
Net deferred tax asset (liability) before valuation allowance	864,672		316,793
Valuation allowance	(213,277)		(193,640)
Net deferred tax asset (liability)	$	651,395	$	123,153