v3.25.4
TAXATION- Income Tax Reconciliation (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Expected income tax benefit (expense) at Bermuda statutory tax rate $ (602,111) $ (60,684) $ (103,963)
Nontaxable income attributable to noncontrolling interests 137,613    
Subtotal (464,498)    
Nondeductible expenses   (1,671) (535)
Other nontaxable income earned by excluded entities 34,346    
Other 10,605    
Pillar II top-up tax   (16,603) 0
Change in valuation allowance   66,198 45,192
Other adjustments   1,294 358
Effect of changes in tax laws or rates enacted in the current period   (160) (729)
Creditable foreign (non-Bermuda) taxes 32,682    
Reinsurance adjustment   4,384 4,746
GAAP to statutory accounting difference   (1,113) (1,781)
Withholding tax   (1,614) (1,078)
Recognition of Bermuda net deferred tax asset   8,339 593,765
Foreign branch adjustments   (30,998) (25,908)
Income tax benefit (expense) $ (396,332) $ (32,628) $ 510,067
Percent      
Expected income tax benefit (expense) at Bermuda statutory tax rate 15.00%    
Nontaxable income attributable to noncontrolling interests (3.40%)    
Subtotal 11.60%    
Other nontaxable income earned by excluded entities (0.90%)    
Other (0.30%)    
Creditable foreign (non-Bermuda) taxes (0.80%)    
Effective Income Tax Rate Reconciliation, Percent 9.90%    
U.K.      
Amount      
Pillar II top-up tax $ (50,366)    
Change in valuation allowance 40,838    
Other adjustments $ (19,139)    
Percent      
Pillar II top-up tax 1.30%    
Change in valuation allowance (1.00%)    
Other adjustments 0.50%    
Luxembourg      
Amount      
Change in valuation allowance $ 38,827    
Other adjustments $ (3,927)    
Percent      
Change in valuation allowance (1.00%)    
Other adjustments 0.10%    
U.S.      
Amount      
Other foreign jurisdictions $ (35,462)    
Percent      
Other foreign jurisdictions 0.90%    
Switzerland      
Amount      
Other foreign jurisdictions $ (16,565)    
Percent      
Other foreign jurisdictions 0.40%    
Other      
Amount      
Other foreign jurisdictions $ (2,265)    
Percent      
Other foreign jurisdictions 0.10%    
Bermuda      
Amount      
Change in valuation allowance $ 0    
Other adjustments (3,249)    
Effect of changes in tax laws or rates enacted in the current period $ 41,841    
Percent      
Change in valuation allowance 0.00%    
Other adjustments 0.10%    
Effect of changes in tax laws or rates enacted in the current period (1.00%)