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Taxation (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
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 31,202020192018
Domestic
Bermuda
$1,122,261 $861,068 $349,959 
Foreign
Singapore
16,416 (6,334)(3,226)
Ireland
1,315 (388)551 
U.S.
286 102,724 (56,261)
Australia
(1,689)3,390 — 
Switzerland
(40,502)14,255 166 
U.K.
(102,167)(7,233)(28,574)
Income before taxes$995,920 $967,482 $262,615 
Schedule of Components of Income Tax (Expense) Benefit
Income tax (expense) benefit is comprised as follows:
Year ended December 31, 2020CurrentDeferredTotal
Total income tax (expense) benefit$(6,313)$3,451 $(2,862)
Year ended December 31, 2019   
Total income tax expense$(2,128)$(15,087)$(17,215)
Year ended December 31, 2018   
Total income tax (expense) benefit$(1,668)$7,970 $6,302 
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 31,202020192018
Expected income tax benefit (expense)$25,489 $(22,874)$17,697 
Nondeductible expenses5,074 (7,059)(370)
Income tax audit adjustment3,424 — — 
Effect of change in tax rate3,055 (262)(708)
Tax exempt income218 400 944 
Transfer pricing206 2,503 (2,481)
GAAP to statutory accounting difference— 6,553 — 
Non-taxable foreign exchange (losses) gains(7)(4)586 
U.S. base erosion and anti-abuse tax(36)— (1,271)
Withholding tax(1,822)(665)(1,831)
Non-taxable loss on sale of RenaissanceRe UK(6,091)— — 
Change in valuation allowance(13,003)(5,481)(5,255)
Foreign branch adjustments(17,821)7,315 — 
Other(1,548)2,359 (1,009)
Income tax (expense) benefit$(2,862)$(17,215)$6,302 
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 31,20202019
Deferred tax assets
Tax loss and credit carryforwards$128,561 $111,835 
Unearned premiums20,854 17,842 
Reserve for claims and claim expenses14,983 8,984 
Deferred finance charges11,427 10,160 
Deferred underwriting results7,228 4,033 
Accrued expenses4,826 7,196 
 187,879 160,050 
Deferred tax liabilities
Investments(23,598)(6,468)
Deferred acquisition expenses(23,040)(16,296)
Intangible assets(1,142)(2,891)
Amortization and depreciation(1,130)(2,133)
VOBA(1,017)(12,673)
 (49,927)(40,461)
Net deferred tax asset before valuation allowance137,952 119,589 
Valuation allowance(88,688)(75,685)
Net deferred tax asset$49,264 $43,904