International General Insurance (IGIC) 20-F 1 Apr 22 2021 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2021shares
Document Information Line Items
Entity Registrant Name	International General Insurance Holdings Ltd.
Trading Symbol	IGIC
Document Type	20-F
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	48,880,441
Amendment Flag	false
Entity Central Index Key	0001794338
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-39255
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	74 Abdel Hamid Sharaf Street
Entity Address, Postal Zip Code	P.O. Box 941428
Entity Address, City or Town	Amman 11194
Entity Address, Country	JO
Title of 12(b) Security	Common shares, $0.01 par value per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Accounting Standard	International Financial Reporting Standards
Auditor Name	Ernst & Young LLP
Auditor Location	London, United Kingdom
Auditor Firm ID	1438
Business Contact
Document Information Line Items
Entity Address, Address Line One	74 Abdel Hamid Sharaf Street
Entity Address, Postal Zip Code	P.O. Box 941428
Entity Address, City or Town	Amman 11194
Entity Address, Country	JO
Contact Personnel Name	Rawan Alsulaiman
City Area Code	+962
Local Phone Number	6 562 2009
Contact Personnel Email Address	Rawan.Alsulaiman@iginsure.com

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 242,146	$ 133,439
Term deposits	179,966	172,212
Insurance receivables	179,345	166,605
Investments	470,222	438,087
Investments in associates	5,693	11,583
Reinsurance share of outstanding claims	182,248	187,485
Reinsurance share of unearned premiums	64,124	50,077
Deferred excess of loss premiums	17,238	17,095
Deferred policy acquisition costs	64,842	55,172
Deferred tax assets	471
Other assets	9,942	9,562
Investment properties	16,308	20,012
Property, premises and equipment	14,859	13,168
Intangible assets	4,321	4,710
TOTAL ASSETS	1,451,725	1,279,207
LIABILITIES
Gross outstanding claims	575,899	492,255
Gross unearned premiums	328,726	277,268
Insurance payables	89,519	83,461
Other liabilities	29,039	20,491
Derivative financial liability	12,938	13,628
Deferred tax liabilities	14	55
Unearned commissions	13,725	11,038
TOTAL LIABILITIES	1,049,860	898,196
EQUITY
Common shares at par value	489	486
Share premium	159,545	157,677
Foreign currency translation reserve	992	(349)
Fair value reserve	8,215	18,160
Retained earnings	232,624	205,037
TOTAL EQUITY	401,865	381,011
TOTAL LIABILITIES AND EQUITY	$ 1,451,725	$ 1,279,207

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of cash flows [abstract]
Gross written premiums	$ 545,582	$ 467,273	$ 349,292
Reinsurers’ share of insurance premiums	(162,973)	(128,863)	(97,139)
Net written premiums	382,609	338,410	252,153
Change in unearned premiums	(51,458)	(71,054)	(37,959)
Reinsurers’ share of change in unearned premiums	14,047	16,160	1,350
Net change in unearned premiums	(37,411)	(54,894)	(36,609)
Net premiums earned	345,198	283,516	215,544
Claims and claim adjustment expenses	(203,366)	(213,963)	(159,824)
Reinsurers’ share of claims	27,174	62,291	41,761
Net claims and claim adjustment expenses	(176,192)	(151,672)	(118,063)
Commissions earned	23,035	16,053	13,930
Policy acquisition costs	(86,201)	(70,543)	(59,366)
Net policy acquisition expenses	(63,166)	(54,490)	(45,436)
Net underwriting results	105,840	77,354	52,045
General and administrative expenses	(58,946)	(46,923)	(39,266)
Net investment income	16,034	9,967	13,374
Share of loss from associates	(7,248)	(1,479)	(376)
Impairment loss on insurance receivables	(5,181)	(2,861)	(629)
Other revenues	1,844	372	1,428
Other expenses	(2,693)	(1,892)	(2,195)
Listing related expenses		(3,366)	(4,832)
Change in fair value of derivative financial liability	690	(4,418)
Gain (loss) on foreign exchange	(4,897)	2,572	5,704
Profit before tax	45,443	29,326	25,253
Income tax	(1,747)	(2,075)	(1,688)
Profit for the year	$ 43,696	$ 27,251	$ 23,565
Earnings per share
Basic and diluted earnings per share attributable to equity holders (US Dollars) (in Dollars per share)	$ 0.89	$ 0.59	$ 0.69

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Income [Abstract]
Profit for the year	$ 43,696	$ 27,251	$ 23,565
Other comprehensive income to be reclassified to profit or loss in subsequent periods
Net change in fair value reserve during the year for bonds at fair value through other comprehensive income, net of tax	(9,240)	11,481	4,209
Currency translation differences	1,341	(16)	(38)
Changes in allowance for expected credit losses transferred to income statement	114	135	(23)
Other comprehensive income which will not be reclassified to profit or loss in subsequent periods
Net change in fair value reserve during the year for equities at fair value through other comprehensive income	(819)	(71)	(866)
Realized gain on sale of equities at fair value through other comprehensive income		2,341
Other comprehensive income for the year	(8,604)	13,870	3,282
Total comprehensive income for the year	$ 35,092	$ 41,121	$ 26,847

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Profit before tax	$ 45,443	$ 29,326	$ 25,253
Adjustments for:
Depreciation and amortization	3,563	2,612	1,956
Impairment loss on insurance receivables	5,181	2,861	629
Impairment of goodwill	41
Loss on disposal of property, premises and equipment	60		26
Realized gain on sale of financial assets at FVTPL	(396)	(1,599)	(947)
Fair value loss (gain) on investment properties	1,300	2,007	304
Realized loss (gain) on sale of investment properties	8	213	(679)
Loss (gain) on revaluation of financial assets at FVTPL	(3,089)	241	(1,591)
Loss on sale of bonds at fair value through OCI	88	411	629
Expected credit loss on financial assets	180	264	(36)
Share of loss from associates	7,248	1,479	376
Lease interest expense	358	203	108
Interest income	(14,049)	(12,169)	(10,866)
Share-based payment expense	1,871	450
Change in fair value of derivative financial liability	(690)	4,418
Net foreign exchange differences	4,897	(2,572)	(5,704)
Cash from operations before working capital changes	52,014	28,145	9,458
Working capital adjustments
Term deposits	(7,754)	(52,459)	(44,426)
Insurance receivables	(20,005)	(55,870)	(3,523)
Purchase of financial assets at FVTPL	(6,470)	(9,400)	(14,906)
Purchase of bonds through OCI	(159,041)	(237,528)	(109,955)
Proceeds from maturity of financial assets at amortized cost	169	133	500
Proceeds from sale/maturity of bonds at fair value through OCI	116,963	71,050	67,193
Proceeds from sale of financial assets at FVTPL	5,727	10,073	9,616
Reinsurance share of outstanding claims	5,237	(11,273)	11,353
Reinsurance share of unearned premiums	(14,047)	(16,160)	(1,350)
Deferred excess of loss premiums	(143)	(1,922)	(2,724)
Deferred policy acquisition costs	(9,670)	(13,459)	(5,309)
Other assets	1,150	(175)	(1,944)
Interest received	15,043	10,536	10,117
Additions to investment property	(36)	(74)	(745)
Proceeds from sale of investment property	1,120	3,526	6,063
Gross outstanding claims	83,644	79,202	28,673
Gross unearned premiums	51,458	71,054	37,959
Insurance payables	6,058	29,917	20,510
Other liabilities	8,013	3,447	3,943
Unearned commissions	2,687	2,128	900
Net cash flows from (used in) operating activities before tax	132,117	(89,109)	21,403
Income tax paid	(2,328)	(1,465)
Net cash flows from (used in) operating activities after tax	129,789	(90,574)	21,403
INVESTING ACTIVITIES
Purchases of property, premises and equipment	(1,486)	(344)	(443)
Proceeds from sale of premises and equipment			22
Acquisition of a subsidiary, net of cash acquired	(146)
Purchases of intangible assets	(859)	(1,561)	(613)
Net cash flows used in investing activities	(2,491)	(1,905)	(1,034)
FINANCING ACTIVITIES
Cash injection in connection with Business Combination		120,821
Consideration paid to shareholders as deemed settlement for shares		(80,000)
Dividends paid	(16,109)	(4,360)	(10,816)
Treasury shares			(5,053)
Lease liabilities payments	(783)	(796)	(606)
Net cash flows (used in) from financing activities	(16,892)	35,665	(16,475)
NET CHANGE IN CASH AND CASH EQUIVALENTS	110,406	(56,814)	3,894
Net foreign exchange differences	(1,699)	(2,207)	3,834
Cash and cash equivalents at the beginning of the year	133,439	192,460	184,732
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	$ 242,146	$ 133,439	$ 192,460

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Issued share capital	Common shares at par value	Additional paid in capital	Share premium	Treasury shares	Foreign currency translation reserve	Fair value reserve	Retained earnings	Total
Balance at Dec. 31, 2018	$ 143,376		$ 2,773		$ (15,050)	$ (295)	$ 954	$ 169,407	$ 301,165
Profit for the year								23,565	23,565
Other comprehensive income						(38)	3,320		3,282
Total comprehensive income						(38)	3,320	23,565	26,847
Purchase of treasury shares – (note 20)					(5,053)				(5,053)
Cash dividends (note 21)								(10,816)	(10,816)
Balance at Dec. 31, 2019	143,376		2,773		(20,103)	(333)	4,274	182,156	312,143
Profit for the year								27,251	27,251
Other comprehensive income						(16)	13,886		13,870
Total comprehensive income						(16)	13,886	27,251	41,121
Issuance of shares in connection with Business Combination (note 19) and (note 33) – at par value of USD 0.01		485							485
Deemed distribution to shareholders in connection with Business Combination (note 33)				(80,000)					(80,000)
Business Combination elimination adjustments (note 33)	(143,376)		(2,773)	237,228	20,103			(10)	111,172
Issuance of Restricted Shares Awards (note 32)		1		449					450
Cash dividends (note 21)								(4,360)	(4,360)
Balance at Dec. 31, 2020		486		157,677		(349)	18,160	205,037	381,011
Profit for the year								43,696	43,696
Other comprehensive income						1,341	(9,945)		(8,604)
Total comprehensive income						1,341	(9,945)	43,696	35,092
Issuance of Restricted Shares Awards (note 32)		3		1,868					1,871
Cash dividends (note 21)								(16,109)	(16,109)
Balance at Dec. 31, 2021		$ 489		$ 159,545		$ 992	$ 8,215	$ 232,624	$ 401,865

Corporate Information

Corporate Information	12 Months Ended
	Dec. 31, 2021
Corporate Information [Abstract]
CORPORATE INFORMATION	1. CORPORATE INFORMATION International General Insurance Holdings Ltd. (“the Company”) is an exempted limited liability company registered and incorporated in Bermuda under the Companies Act of 1981 on 28 October 2019. The principal activities of the Company are to invest in companies engaged in the business of insurance and reinsurance. The Company’s registered office is at Clarendon House, 2 Church Street, Hamilton, HM11, Bermuda. On 17 March 2020, the definitive business agreement between International General Insurance Holdings Limited — Dubai (“IGI”) and Tiberius Acquisition Corp. (NASDAQ: TIBR) (“Tiberius”), a publicly traded special purpose acquisition company, and certain related parties, was effective. As a result of the completion of the Business Combination, the Company became a new public company listed on the Nasdaq Capital Market under the symbol “IGIC” and owned by the former stockholders of Tiberius and the former shareholders of IGI and each of IGI and Tiberius became the Company’s subsidiaries. The transaction is accounted for as a continuation of IGI. Under this method of accounting, while the Company is the legal acquirer of both IGI and Tiberius, IGI has been identified as the accounting acquirer of Tiberius for accounting purposes. This determination was primarily based on IGI comprising the ongoing operations of the combined company, IGI’s senior management comprising the senior management of the combined company, and the former owners and management of IGI having control of the board of directors of the Company following the consummation of the transaction by virtue of being able to appoint a majority of the directors of the combined company. As Tiberius does not meet the definition of a business as defined in IFRS 3 — Business Combinations (“IFRS 3”), the purchase of the shares of the former owners of Tiberius is not within the scope of IFRS 3 and is accounted for as a share -based -based The Company and its subsidiaries (together “the Group”) operate in the Bermuda, United Kingdom, Jordan, Morocco, Malaysia, Malta, United Arab Emirates and the Cayman Islands. The consolidated financial statements were authorized for issue in accordance with a resolution of the Board of Directors on 31 March 2022.

Basis of Preparation

Basis of Preparation	12 Months Ended
	Dec. 31, 2021
Basis Of Preparation [Abstract]
BASIS OF PREPARATION	2. BASIS OF PREPARATION The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been presented in United States Dollars “USD” which is also the Group’s functional currency. All values are rounded to the nearest thousand (USD ‘000), except when otherwise indicated. The consolidated financial statements are prepared on a going concern basis under the historical cost convention modified to include the measurement at fair value of financial assets and investment properties at fair value through profit or loss, financial assets at fair value through other comprehensive income and derivative financial liability. Financial assets measured at fair value through profit and loss include quoted funds, alternative investments and quoted equities. Financial assets at fair value through other comprehensive income include quoted and unquoted equities. On 30 January 2020, the World Health Organization declared the outbreak of coronavirus (“COVID -19 Following measures announced by the Government in March 2020, the directors implemented aspects of the Group’s business continuity plan (BCP), specifically requiring staff at all levels and in all functions to work remotely wherever practicable, and to limit the need for gatherings of staff so far as possible. The Group’s IT facilities have ensured that all of the Group’s operations have been maintained allowing the Group to function as normal. The directors expect that these operational changes will continue to be required, even as employees have been allowed to return to their offices following Government advice. The full extent to which the COVID -19 -19 Management has performed a COVID -19 -19 This analysis indicates that the Group’s solvency position is and will likely remain within the Group’s “Capital Management Framework” targets, allowing the Group to exceed its regulatory capital requirements without the need for mitigating management actions. Management believes that the preparation of the Group’s financial statements on a going concern basis remains appropriate and that the Group will continue to meet its regulatory solvency requirements and liabilities with sufficient liquidity. Based on the current analyses, the Group is well positioned to experience a manageable impact from COVID -19 -19 -19 With respect to claims administration, the Group has not evidenced a discernible impact on the reporting and settlement of claims, as the third -party Basis of consolidation The financial statements of the subsidiaries are prepared for the same period and amended where required to be compliant with the Group’s accounting policies. The consolidated financial statements comprise the financial statements of International General Insurance Holdings Ltd. and its subsidiaries as at 31 December 2021. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • • • When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • • • The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra -group Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. All intercompany transactions, balances and unrealized gains and losses on transactions between Group companies are eliminated in full. The Group has the following subsidiaries and branches: Country of incorporation Activity Ownership 2021 2020 International General Insurance Holdings Limited United Arab Emirates Reinsurance and insurance 100 % 100 % Tiberius Acquisition Corporation United States of America Special purpose acquisition company 100 % 100 % The following entities are wholly owned by the subsidiary International General Insurance Holdings Limited: I.G.I Underwriting/Jordan “Exempted” Jordan Underwriting agency 100 % 100 % North Star Underwriting Limited United Kingdom Underwriting agency 100 % 100 % International General Insurance Co. Ltd. Bermuda Reinsurance and insurance 100 % 100 % The following entities are wholly owned subsidiaries and branches by International General Insurance Co. Ltd.: Subsidiaries: International General Insurance Company (UK) Limited United Kingdom Reinsurance and insurance 100 % 100 % International General Insurance Company (Dubai) Ltd. United Arab Emirates Insurance intermediation and insurance management 100 % 100 % International General Insurance Company (Europe) SE* Malta Reinsurance and insurance 100 % — Specialty Malls Investment Company Jordan Real estate properties development and lease 100 % 100 % IGI Services Ltd Cayman Islands Owning and chartering aircraft 100 % 100 % Branches: International General Insurance Company Ltd. – Labuan Branch Malaysia Reinsurance and insurance 100 % 100 % * International General Insurance Company (Europe) SE was acquired by the Group on 25 June 2021 (note 34). Changes in accounting policies The accounting policies used in the preparation of the consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements for the year ended 31 December 2020. There are no new standards or amendments effective in 2021 that have a material impact on the Group’s consolidated financial statements. Standards issued but not yet effective IFRS 17 Insurance Contracts IFRS 17 provides a comprehensive model for insurance contracts covering the recognition and measurement and presentation and disclosure of insurance contracts and replaces IFRS 4 — Insurance Contracts. The standard applies to all types of insurance contracts (i.e. life, non -life -insurance The new standard will be effective for annual periods beginning on or after 1 January 2023 with comparative figures required. Early application is permitted provided that the entity also applies IFRS 9 on or before the date it first applies IFRS 17. The Group will be voluntarily changing its basis of accounting from IFRS to the Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) and will present its consolidated financial statements in U.S. GAAP effective 1 January, 2023 (the “first reporting period”). Accordingly, the Group is currently in the process of evaluating the potential transitional impact of such change and its first application of U.S. GAAP. As a result, the Group has discontinued the process of implementing IFRS 17. Summary of significant accounting policies Cash and cash equivalents Cash and cash equivalents consist of cash on hand, bank balances, and short -term Term deposits The term deposits are interest bearing bank deposits with original maturity over 3 months. Insurance receivables Insurance receivables are recognized when due and are measured on initial recognition at the fair value of the consideration to be received. The Group uses a provision matrix to calculate expected credit losses for insurance receivables. The provision rates are based on days past due and not based on groupings of various policy holder’s segments that have similar default loss -patterns Financial assets a) Initial recognition and measurement Financial assets are classified, at initial recognition, at cost and subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss (FVTPL). The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Financial instruments are initially recognized on the trade date measured at their fair value. Except for financial assets recorded at FVTPL, transaction costs are added to this amount. The Group classifies all of its financial assets based on the business model for managing the assets and the asset’s contractual terms. The categories include the following: • • • i) Bonds and debt instruments measured at amortized cost Bonds and debt instruments are held at amortized cost if both of the following conditions are met: • • The details of these conditions are outlined below. Business model assessment The Group determines its business model at the level that best reflects how it manages groups of financial assets to achieve its business objective. The Group holds financial assets to generate returns and provide a capital base to provide for settlement of claims as they arise. The Group considers the timing, amount and volatility of cash flow requirements to support insurance liability portfolios in determining the business model for the assets as well as the potential to maximize return for shareholders and future business development. The Group business model is not assessed on an instrument -by-instrument • • • • The business model assessment is based on reasonably expected scenarios without taking ‘worst case’ or ‘stress case’ scenarios into account. If cash flows after initial recognition are realized in a way that is different from the Group original expectations, the Group does not change the classification of the remaining financial assets held in that business model but incorporates such information when assessing newly originated or newly purchased financial assets going forward. The SPPI test As a second step of its classification process the Group assesses the contractual terms to identify whether they meet the SPPI test. ‘Principal’ for the purpose of this test is defined as the fair value of the financial asset at initial recognition and may change over the life of the financial asset (for example, if there are repayments of principal or amortization of the premium/discount). The most significant elements of interest within a debt arrangement are typically the consideration for the time value of money and credit risk. To make the SPPI assessment, the Group applies judgement and considers relevant factors such as the currency in which the financial asset is denominated, and the period for which the interest rate is set. Bonds and debt instruments measured at fair value through other comprehensive income The Group applies this category under IFRS 9 for debt instruments measured at FVOCI when both of the following conditions are met: • • Bonds and debt instruments in this category are those that are intended to be held to collect contractual cash flows and which may be sold in response to needs for liquidity or in response to changes in market conditions. ii) Financial assets measured at fair value through profit or loss (Quoted funds, alternative investments and quoted equities) Financial assets in this category are those assets which have been either designated by management upon initial recognition or are mandatorily required to be measured at fair value under IFRS 9. Management designates an instrument as FVTPL that otherwise meet the requirements to be measured at amortized cost or at FVOCI only if it eliminates, or significantly reduces, an accounting mismatch that would otherwise arise. Financial assets with contractual cash flows not representing solely payment of principal and interest are mandatorily required to be measured at FVTPL. Financial assets at FVTPL are subsequently measured at fair value. Changes in fair value are recognized in the consolidated statement of income. Interest income is recognized using the effective interest method. Dividend income from equity investments measured at FVTPL is recognized in the consolidated statement of income when the right to the payment has been established. iii) Financial assets measured at fair value through other comprehensive income (Quoted and unquoted equities) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 “Financial Instruments: Presentation”, and are not held for trading. The classification is determined on an instrument -by-instrument Financial assets measured at fair value through other comprehensive income include equities investments. Equity investments classified as financial assets measured at fair value through other comprehensive income are those, which are not classified as financial assets measured at fair value through profit or loss. iv) Reclassification of financial assets and liabilities The Group does not reclassify its financial assets subsequent to their initial recognition, apart from the exceptional circumstances in which the Group terminates a business line or changes its business model for managing financial assets. A change in Group business model will occur only when Group management determines change as a result of external or internal changes which are significant to the Group operations. Reclassifications shall all be recorded prospectively from the reclassification date. b) Subsequent measurement For purposes of subsequent measurement, financial assets in the scope of IFRS 9 are classified in four categories: • • • • i) Financial assets at amortized cost (bonds, debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in the consolidated statement of income when the asset is derecognized, modified, or impaired. The Group’s debt instruments at amortized cost includes investments in unquoted debt instruments. ii) Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the consolidated statement of income and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to the consolidated statement of income. The Group’s debt instruments at fair value through OCI includes investments in quoted debt instruments. iii) Financial assets designated at fair value through OCI (equity instruments) Gains and losses on these financial assets are never recycled to the consolidated statement of income. Dividends are recognized as investment income in the consolidated statement of income when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its unquoted equity investments and some quoted equity investments under this category. iv) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognized in the consolidated statement of income. This category includes quoted funds, alternative investments and quoted equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on quoted equity investments are also recognized as investment income in the consolidated statement of income when the right of payment has been established. c) Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: • • -through d) Impairment of financial assets in scope of IFRS 9 The Group recognizes an allowance for expected credit losses (ECLs) for debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms, if any. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 -months -month For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. The Group’s debt instruments at fair value through OCI comprise solely of quoted bonds that are graded in the top investment category by accredited rating agencies and, therefore, are considered to be low credit risk investments. It is the Group’s policy to measure ECLs on such instruments on a 12 -month The ECLs for debt instruments measured at FVOCI do not reduce the carrying amount of these financial assets in the statement of financial position, which remains at fair value. Instead, an amount equal to the allowance that would arise if the assets were measured at amortized cost is recognized in OCI with a corresponding charge to the consolidated statement of income. The accumulated gain recognized in OCI is recycled to the consolidated statement of income upon derecognition of the assets. The Group considers a financial asset in default when contractual payments are 30 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial assets are written off either partially or in their entirety only when the Group has stopped pursuing the recovery. If the amount to be written off is greater than the accumulated loss allowance, the difference is first treated as an addition to the allowance that is then applied against the gross carrying amount. Any subsequent recoveries are credited to credit loss expense. There were no write -offs For cash flow purposes the Group classifies the cash flow for the acquisition and disposal of financial assets as operating cash flows, as the purchases of these investments is funded from the net cash flows associated with the origination of insurance and investment contracts and payment of benefits and claims incurred for such insurance contracts, which are respectively treated under operating activities. Derivative financial instruments Derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrants are accounted for as derivative financial instruments (a financial liability) as they give the holder the right to obtain a variable number of common (ordinary) shares, dependent on the characteristics of the Warrant holder and the occurrence of some uncertain future events that are not within the control of the Group. The Warrants shall lapse and expire after five years from the closing of the Business Combination transaction (note 33). Any gains or losses arising from changes in the fair value of derivatives are taken directly to the consolidated statement of income (within profit and loss) as the Group has not designated derivative financial instruments under hedging arrangements. Investments in associates The Group’s investment in its associates is accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence, and which is neither a subsidiary nor a joint venture. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. Under the equity method, the investment in the associate is carried in the consolidated statement of financial position at cost plus post -acquisition Profits or losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The share of profit or loss of the associate is shown on the face of the consolidated statement of income. This is profit attributable to equity holders of the associate and, therefore, is profit after tax and non -controlling The financial statements of the associate are prepared for the same reporting period as the Group. Where necessary, adjustments are made to bring its accounting policies in line with the Group’s. After application of the equity method, the Group determines whether it is necessary to recognize an additional impairment loss on the Group’s investments in associates. The Group determines at each reporting date, whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount in the ‘share of profit or loss of an associate’ in the consolidated statement of income. Upon loss of significant influence over the associate, the Group measures and recognizes any remaining investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the remaining investment and proceeds from disposal is recognized in consolidated statement of income. The associates’ functional currency is the currency of a hyperinflationary economy and is adjusted in terms of the measuring unit current at the end of the reporting period. As the presentation currency of the Group is that of a non -hyperinflationary -monetary -monetary All the amounts in the associates’ financial statements (assets, liabilities, equity items, income, and expenses) are translated at the closing rate of the current year. Gains or losses on the net monetary position are recognised in profit or loss. Investment properties Investment properties are measured initially at cost, including transaction costs. The carrying amount includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met; and excludes the costs of day to day servicing of an investment property. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment properties are included in the consolidated statement of income in the period in which they arise. The fair value of the investment properties is determined by management and in doing so management considers the valuation performed by third parties who are specialists in valuing these types of investment properties. Investment properties are derecognized when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in the consolidated statement of income in the period of derecognition. The amount of consideration to be included in the gain or loss arising from the derecognition of investment property is determined in accordance with the requirements for determining the transaction price in IFRS 15. Transfers are made to or from investment property only when there is a change in use. For a transfer from investment property to owner occupied property, the deemed cost for subsequent accounting is the fair value at the date of change in use. If owner occupied property becomes an investment property, the Group accounts for such property in accordance with the policy stated under property, plant and equipment up to the date of change in use. Property, premises and equipment Property, premises and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight -line Years Office buildings 20 Aircraft 12.5 Office furniture 5 Computers 3 Equipment 4 Leasehold improvements 5 Vehicles 5 Right-of-use assets 2 – 7 An item of property, premises and equipment and any significant part initially recognized, is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of income when the asset is derecognized. The assets’ residual values, useful lives and method of depreciation are reviewed and adjusted if appropriate at each financial year -end Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the consolidated statement of income in the expense category that is consistent with the function of the intangible assets. An intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of income. Intangible assets include computer software and software licenses. These intangible assets are amortized on a straight -line Work in progress assets Work in progress assets are stated at cost and include other direct costs and it is not depreciated until it is available for intended use. Provisions Provisions are recognized when the Group has an obligation (legal or constructive) as a result of a past event, and the costs to settle the obligation are both probable and able to be reliably measured. Treasury shares Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in the consolidated statement of income on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in share premium. Gross written premiums Gross written premiums comprise the total premiums receivable for the whole period of cover provided by contracts entered into during the accounting period. They are recognized on the date on which the policy commences. Premiums include any adjustments arising in the accounting period for premiums receivable in respect of business written in prior accounting periods. Rebates that form part of the premium rate, such as no -claim Unearned premiums are those proportions of premiums written in a year that relate to periods of risk after the reporting date. Unearned premiums are calculated on a pro rata basis. The proportion attributable to subsequent periods is deferred as a provision for unearned premiums. Reinsurance premiums Reinsurance premiums comprise the total premiums payable for the reinsurance cover provided by retrocession contracts entered into during the year and are recognized on the date on which the policy incepts. Premiums include any adjustments arising in the accounting period in respect of reinsurance contracts incepting in prior accounting periods. Unearned reinsurance premiums are those proportions of premiums written in a year that relate to periods of risk after the reporting date. Unearned reinsurance premiums are deferred over the term of the underlying direct insurance policies for risks -attaching Claims Claims, comprising amounts payable to contract holders and third parties and related loss adjustment expenses, net of salvage and other recoveries, are charged to income as incurred. Claims comprise the estimated amounts payable, in respect of claims reported to the Group and those not reported at the consolidated statement of financial position date. The Group generally estimates its claims based on appointed loss adjusters or leading underwriters’ recommendations. In addition, a provision based on management’s judgement and the Group’s prior experience is maintained for the cost of settling claims incurred but not reported at the consolidated statement of financial position date. Policy acquisition costs and commissions earned Policy acquisition costs and commission earned represent commissions paid and received in relation to the acquisition and renewal of insurance and retrocession contracts which are deferred and expensed over the same period over which the corresponding premiums are recognised in accordance with the earning pattern of the underlying contract.

Cash at Banks

Cash at Banks	12 Months Ended
	Dec. 31, 2021
Cash at Banks [Abstract]
CASH AT BANKS	3. CASH AT BANKS (a) CASH AND CASH EQUIVALENTS 2021 2020 USD ‘000 USD ‘000 Cash and bank balances* 205,866 120,303 Deposits with original maturities of three months or less 36,280 13,136 242,146 133,439 * This item includes restricted cash in the amount of USD 5,400 thousand placed in a trust account in favor of the National Association of Insurance Commissioners (NAIC) to secure policyholders’ obligations in relation to US surplus and excess lines business licensed effective 1 April 2020 (31 December 2020: USD 5,400 thousand). In addition, this item includes a restricted call deposit (a deposit with original maturity over three months and less than one year) in the amount of USD 5,000 thousand (31 December 2020: USD 5,000 thousand) placed in favor of the Group as collateral against reinsurance arrangements. The interest earned on this deposit is recognised as a liability and transferred to the reinsurance company on a semi -annual (b) TERM DEPOSITS 2021 2020 USD ‘000 USD ‘000 Deposits with original maturities over three months and less than one year 136,278 138,510 Deposits with original maturities over one year 43,688 33,702 179,966 172,212 The deposits are denominated in US Dollars and other US Dollars pegged currencies. All deposits earned interest in the range between 0.4% - 3 - 4 three

Insurance Receivables

Insurance Receivables	12 Months Ended
	Dec. 31, 2021
Insurance Receivables [Abstract]
INSURANCE RECEIVABLES	4. INSURANCE RECEIVABLES 2021 2020 USD ‘000 USD ‘000 Receivables from insurance companies and intermediaries 193,701 175,840 Less: Expected credit losses on insurance receivables (14,356 ) (9,235 ) 179,345 166,605 The movement in the expected credit losses is as follows: 2021 2020 USD ‘000 USD ‘000 Opening balance 9,235 6,394 Provision for the year 5,181 2,861 Write-offs (60 ) (20 ) Ending balance 14,356 9,235 Insurance receivables are non -interest

Investments

Investments	12 Months Ended
	Dec. 31, 2021
Investments [Abstract]
INVESTMENTS	5. INVESTMENTS The details of the Group’s financial investments for the years 2021 and 2020 are as follows: 2021 Amortized Fair value Fair value Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 Unquoted bonds* 2,934 — — 2,934 Quoted bonds — 418,445 — 418,445 Quoted funds and alternative investments — — 14,377 14,377 Quoted equities** — 13,721 14,162 27,883 Unquoted equities*** — 7,046 — 7,046 Expected credit losses and impairment (463 ) — — (463 ) 2,471 439,212 28,539 470,222 2020 Amortized cost Fair value Fair value Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 Unquoted bonds* 3,103 — — 3,103 Quoted bonds — 390,918 — 390,918 Quoted funds and alternative investments — — 9,791 9,791 Quoted equities — 14,935 12,989 27,924 Unquoted equities*** — 6,748 — 6,748 Expected credit losses and impairment (397 ) — — (397 ) 2,706 412,601 22,780 438,087 The movement on the expected credit losses and impairment provision for the bonds at amortized cost is as follows: 2021 2020 USD ‘000 USD ‘000 Opening balance 397 268 Addition of provision for investment held at amortized cost 66 129 Ending balance 463 397 The addition of provision for bonds at FVTOCI for the year 2021 of USD 114 thousand (note 23) does not change the carrying amount of these investments (which are measured at fair value but gives rise to an equal and opposite gain in OCI). * This includes an investment in an unquoted bond denominated in JOD (USD pegged currency) issued by ‘Specialized Investment Compound Co.’ a local company based in Jordan with a maturity date of 22 February 2016. The said company is currently under liquidation, due to which 85% of original bond holdings with nominal value amounting to USD 1,236 thousand were not paid on that maturity date. This bond is backed up by collateral in the form of real estate properties. However, the Group management has provided USD 441 thousand to cover any potential impairment in the value of the collateral held against said investment by discounting the expected future cash flows generated from the underlying bond collaterals which mainly represent rental income. ** In 2020, the Group has sold part of its holdings in a quoted equity at fair value through OCI to take advantage of the increase in the market value of the investee. The quoted equities were purchased in 2011 and held as a long -term *** The Group has two unquoted equity investments under level 3 designated at fair value through OCI valued at USD 6,614 thousand (2020: USD 6,314 thousand) and USD 432 thousand (2020: USD 434 thousand). As at 31 December 2021 and 2020, the Group has measured the fair value of the unquoted investment valued at USD 6,614 thousand (2020: USD 6,314 thousand) by adopting a market valuation approach namely ‘multiples -based -based As at 31 December 2021, the Group has measured the fair value of the unquoted investment valued at USD 432 thousand (31 December 2020: USD 434 thousand), by adopting a market valuation approach namely ‘multiples -based -based -end There are no active markets for these investments. The table below shows the sensitivity of the fair value of Level 3 financial assets as at 31 December 2021, 2020 and 2019: % Positive Negative Valuation variables USD ‘000 USD ‘000 2021 +/- 10 663 (663) Market multiples applied to a range of financial performance measures**** 2020 +/- 10 701 (701) Market multiples applied to a range of financial performance measures And market multiples applied to implied value in a recent official sale offer 2019 +/- 10 574 (574) Market multiples applied to a range of financial performance measures **** As at 31 December 2021, the fair value measurement of the unquoted equity investment valued at USD 6,614 thousand (2020: USD 6,314 thousand) (2019: USD 5,261 thousand) was based on a combination of valuation multiples, with greater weight given to price to book value multiple. This has implied an equity value range of USD 7,277 thousand to USD 5,951 thousand (2020: USD 5,612 thousand to USD 7,015 thousand) (2019: USD 5,110 thousand to USD 5,561 thousand).

Investments in Associates

Investments in Associates	12 Months Ended
	Dec. 31, 2021
Investments in Associates [Abstract]
INVESTMENTS IN ASSOCIATES	6. INVESTMENTS IN ASSOCIATES The Group holds 32.7% equity ownership interest in companies registered in Lebanon as shown below, the investments in associated companies are accounted for using the equity method: Country of Ownership 2021 2020 Star Rock SAL Lebanon Lebanon 32.7 % 32.7 % Sina SAL Lebanon Lebanon 32.7 % 32.7 % Silver Rock SAL Lebanon Lebanon 32.7 % 32.7 % Golden Rock SAL Lebanon Lebanon 32.7 % 32.7 % Movement on investments in associates is as follows: 2021 2020 USD ‘000 USD ‘000 Opening balance 11,583 13,062 Opening balance adjustments for hyperinflation and effect of movements in exchange rates recognised in other comprehensive income 1,358 — Adjusted opening balance 12,941 13,062 Share of associated companies’ financial results (227 ) (79 ) Investment properties fair value adjustment (7,021 ) (1,902 ) Reversal of provision for contingent liabilities — 502 Share of loss from associates (7,248 ) (1,479 ) Ending balance 5,693 11,583 The inflation in Lebanon has increased significantly in 2021, and the underlying quantitative and qualitative indicators following the deteriorating economic conditions and currency controls support the conclusion that Lebanon is a hyperinflationary economy. Accordingly, for the purpose of the Group’s consolidated financial statements, the associates’ financial statements (which are based on historical cost approach, except for the investment properties which are measured at fair value) have been adjusted to be expressed in terms of the measuring unit current at the end of the reporting period by applying a general price index. The following tables include summarized information of the Group’s investments in associates for each year presented. This information is presented on a 100% basis and reflects the adjustments made by the Group to the associated companies’ own results in applying the equity method of accounting. Adjustments to the carrying amounts are recognized for changes in the Group’s proportionate interests in the associates arising from changes in the associates’ equity that have not been recognized in the associates’ profit or loss. Changes include those arising from the revaluation of investment properties of the associates and provisions related to the income tax and social security contingencies that may arise on the associates. 2021 Star Sina Silver Golden Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Current assets 7 11 3 344 365 Non-current assets 1,870 1,287 2,091 13,538 18,786 Current liabilities (120 ) (148 ) (29 ) (182 ) (479 ) Non-current liabilities (152 ) (152 ) (151 ) (805 ) (1,260 ) Net assets 1,605 998 1,914 12,895 17,412 The Group’s share of net assets 525 326 626 4,216 5,693 2020 Star Sina Silver Golden Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Current assets 102 40 85 935 1,162 Non-current assets 4,328 3,290 4,694 28,932 41,244 Current liabilities (1,816 ) (2,209 ) (403 ) (2,555 ) (6,983 ) Net assets 2,614 1,121 4,376 27,312 35,423 The Group’s share of net assets 855 367 1,431 8,930 11,583 The following table includes summarized information of the Group’s share of loss from associates for years 2021, 2020 and 2019. 2021 Star Sina Silver Golden Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Associates’ revenues and results: Revenues 11 — 2 422 435 Net loss (2,456 ) (2,007 ) (2,608 ) (15,095 ) (22,166 ) The Group’s share of loss (803 ) (656 ) (853 ) (4,936 ) (7,248 ) 2020 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Associates’ revenues and results: Revenues 47 4 41 750 842 Net loss (492 ) (340 ) (620 ) (3,071 ) (4,523 ) The Group’s share of loss (161 ) (111 ) (203 ) (1,004 ) (1,479 ) 2019 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Associates’ revenues and results: Revenues 72 61 112 1,038 1,283 Net loss (207 ) (115 ) (98 ) (730 ) (1,150 ) The Group’s share of loss (67 ) (38 ) (32 ) (239 ) (376 ) The associates’ main business is investing in investment properties located in Beirut, Lebanon. The investment properties of the associates are stated at fair value to bring the associated companies’ accounting policies in line with that of the Group’s. The fair values of the investment properties have been determined by management and in doing so, management has considered valuation performed by third party specialist. The valuation model used was in accordance with that recommended by the International Valuation Standards Committee. The investment properties are valued using the sales comparison approach. Under the sales comparison approach, a property’s fair value is estimated based on comparable transactions. The sales comparison approach is based upon the principle of substitution under which a potential buyer will not pay more for the property than it will cost to buy a comparable substitute property. The unit of comparison applied by the Group is the price per square meter (sqm) which represents the significant unobservable input used in the valuation process. The real estate market in Lebanon has changed significantly since the onset of the financial crisis that affected the country. Due to the relatively limited information available under the prevailing market conditions, and as a result of artificial demand created by investors outside the professional real estate development industry, who primarily aim to divest from cash assets into more secure holdings, prices found on the market are uncertain. Furthermore, since the majority of property owners are only accepting payments in US Dollars and not in local Lebanese currency, demand for commercial buildings has dropped considerably. Accordingly, prices found on the market at year end 2021, including achieved sales prices, are only indicative and may not hold if the market were to be corrected. All the investment properties generated rental income during the current year and the prior years, except for Sina SAL which did not generate rental income during 2021. The sensitivity of the Group’s consolidated statement of income for the years 2021, 2020 and 2019 to the change in the price used for the valuation of the investment properties owned by the associates was as follows: % Impact on Impact on USD ‘000 USD ‘000 2021 +/ – 20 1,511 (1,511 ) 2020 1,773 (1,773 ) 2019 7,269 (7,269 )

Outstanding Claims

Outstanding Claims	12 Months Ended
	Dec. 31, 2021
Outstanding Claims [Abstract]
OUTSTANDING CLAIMS	7. OUTSTANDING CLAIMS Movement in outstanding claims 2021 2020 2019 Gross Reinsurers’ Net Gross Reinsurers’ Net Gross Reinsurers’ Net USD USD USD USD USD USD USD USD USD At the beginning of the year Reported claims 312,334 (160,373 ) 151,961 292,722 (163,191 ) 129,531 285,770 (170,125 ) 115,645 Claims incurred but not reported 179,921 (27,112 ) 152,809 120,331 (13,021 ) 107,310 98,610 (17,440 ) 81,170 492,255 (187,485 ) 304,770 413,053 (176,212 ) 236,841 384,380 (187,565 ) 196,815 Claims paid (119,722 ) 32,411 (87,311 ) (134,761 ) 51,018 (83,743 ) (131,151 ) 53,114 (78,037 ) Provided during the year related to current accident year 257,233 (64,926 ) 192,307 225,950 (68,135 ) 157,815 150,799 (26,444 ) 124,355 (Released) provided during the year related to previous accident years (53,867 ) 37,752 (16,115 ) (11,987 ) 5,844 (6,143 ) 9,025 (15,317 ) (6,292 ) At the end of the year 575,899 (182,248 ) 393,651 492,255 (187,485 ) 304,770 413,053 (176,212 ) 236,841 At the end of the year Reported claims 306,946 (120,323 ) 186,623 312,334 (160,373 ) 151,961 292,722 (163,191 ) 129,531 Claims incurred but not reported 268,953 (61,925 ) 207,028 179,921 (27,112 ) 152,809 120,331 (13,021 ) 107,310 575,899 (182,248 ) 393,651 492,255 (187,485 ) 304,770 413,053 (176,212 ) 236,841 Claims development The following tables show the estimate of cumulative incurred claims, including both reported claims and claims incurred but not reported for each successive accident year at each statement of financial position date, together with cumulative payments to date. Gross of reinsurance, the claims development table is as follows: All 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD At end of accident year 94,376 122,323 128,498 133,595 159,549 152,384 174,601 175,094 278,298 196,709 150,799 225,950 257,233 One year later 75,295 108,523 106,567 119,425 155,958 114,972 160,100 173,369 309,258 219,593 143,093 219,794 — Two years later 67,119 105,943 100,764 108,557 148,161 101,352 149,533 167,695 317,053 213,655 126,522 — — Three years later 68,497 100,572 110,286 110,046 142,309 92,846 145,921 158,572 317,778 191,253 — — — Four years later 68,217 99,513 114,464 103,996 133,917 88,210 142,926 162,210 311,662 — — — — Five years later 67,909 101,599 110,266 104,541 132,992 85,621 142,478 162,215 — — — — — Six years later 67,807 100,199 111,774 103,167 130,844 83,183 141,758 — — — — — — Seven years later 67,614 100,303 110,644 97,918 130,616 82,709 — — — — — — — Eight years later 68,115 100,073 111,028 97,998 130,374 — — — — — — — — Nine years later 68,950 100,120 111,198 98,088 — — — — — — — — — Ten years later 68,882 99,972 109,706 — — — — — — — — — — Eleven years later 69,169 100,497 — — — — — — — — — — — Twelve years later 68,881 — — — — — — — — — — — — Current estimate of cumulative claims incurred 240,860 68,881 100,497 109,706 98,088 130,374 82,709 141,758 162,215 311,662 191,253 126,522 219,794 257,233 2,241,552 Cumulative payments to date 239,391 68,278 100,188 103,590 95,657 129,783 82,488 136,793 154,033 279,011 114,862 77,459 64,824 19,296 1,665,653 Gross liability included in the consolidated statement of financial position 575,899 Net of reinsurance, the claims development table is as follows: All 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD At end of accident year 63,259 71,380 76,231 100,119 123,553 115,851 92,893 98,771 110,341 94,266 124,355 157,815 192,307 One year later 52,099 63,488 60,555 88,131 121,694 90,078 86,991 94,055 117,163 105,797 115,739 155,639 — Two years later 46,911 62,020 59,556 78,090 120,600 79,209 79,846 90,077 116,435 108,521 100,104 — — Three years later 48,882 58,897 60,662 81,521 117,084 73,250 75,311 85,366 113,949 112,970 — — — Four years later 48,707 58,182 62,272 77,268 109,460 70,070 73,132 89,184 112,040 — — — — Five years later 48,310 60,146 59,826 77,798 107,701 66,693 72,641 89,230 — — — — — Six years later 48,348 58,648 60,329 76,773 107,500 65,626 71,945 — — — — — — Seven years later 48,194 58,726 58,084 71,644 107,269 65,482 — — — — — — — Eight years later 48,713 58,540 57,329 71,620 107,059 — — — — — — — — Nine years later 49,446 58,590 57,425 71,745 — — — — — — — — — Ten years later 49,437 58,460 57,398 — — — — — — — — — — Eleven years later 49,697 58,859 — — — — — — — — — — — Twelve years later 49,404 — — — — — — — — — — — — Current estimate of cumulative claims incurred 148,610 49,404 58,859 57,398 71,745 107,059 65,482 71,945 89,230 112,040 112,970 100,104 155,639 192,307 1,392,792 Cumulative payments to date 147,326 48,851 58,590 55,232 69,469 106,523 64,658 68,751 82,223 94,196 80,419 62,814 44,025 16,064 999,141 Net liability included in the consolidated statement of financial position 393,651

Unearned Premiums

Unearned Premiums	12 Months Ended
	Dec. 31, 2021
Unearned Premiums [Abstract]
UNEARNED PREMIUMS	8. UNEARNED PREMIUMS 2021 2020 2019 Gross Reinsurers’ Net Gross Reinsurers’ Net Gross Reinsurers’ Net USD USD USD USD USD USD USD USD USD Opening balance 277,268 (50,077 ) 227,191 206,214 (33,917 ) 172,297 168,255 (32,567 ) 135,688 Premiums written 545,582 (162,973 ) 382,609 467,273 (128,863 ) 338,410 349,292 (97,139 ) 252,153 Premiums earned (494,124 ) 148,926 (345,198 ) (396,219 ) 112,703 (283,516 ) (311,333 ) 95,789 (215,544 ) 328,726 (64,124 ) 264,602 277,268 (50,077 ) 227,191 206,214 (33,917 ) 172,297

Defferred Excess of Loss Premiu

Defferred Excess of Loss Premiums	12 Months Ended
	Dec. 31, 2021
Defferred Excess of Loss Premiums [Abstract]
DEFFERRED EXCESS OF LOSS PREMIUMS	9. DEFFERRED EXCESS OF LOSS PREMIUMS The movement in deferred excess of loss premiums in the consolidated statement of financial position is as follows: 2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Opening balance 17,095 15,173 12,449 Additions 38,207 40,726 37,492 Charged to consolidated statement of income under reinsures’ share of insurance premiums (38,064 ) (38,804 ) (34,768 ) Ending balance 17,238 17,095 15,173

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	12 Months Ended
	Dec. 31, 2021
Deferred Policy Acquisition Costs Text Blcok [Abstract]
DEFERRED POLICY ACQUISITION COSTS	10. DEFERRED POLICY ACQUISITION COSTS 2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Opening balance 55,172 41,713 36,404 Acquisition costs during the year 95,871 84,002 64,675 Charged to consolidated statement of income (86,201 ) (70,543 ) (59,366 ) Ending balance 64,842 55,172 41,713

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2021
Disclosure of other current assets [text block] [Abstract]
OTHER ASSETS	11. OTHER ASSETS 2021 2020 USD ‘000 USD ‘000 Accrued interest income 4,924 4,213 Prepaid expenses 1,746 1,978 Refundable deposits 123 121 Employees receivables 4 7 Funds held in trust accounts 2,818 2,103 Income tax receivables 130 120 Trade receivables 9 13 Investments proceeds receivables — 894 Others 188 113 9,942 9,562 The carrying values of the other assets above as at years ending 31 December 2021 and 2020 approximate fair value.

Investment Properties

Investment Properties	12 Months Ended
	Dec. 31, 2021
Investment Properties [Abstract]
INVESTMENT PROPERTIES	12. INVESTMENT PROPERTIES The following table includes summarized information of the Group’s investment properties: 2021 Commercial Lands* Total USD ‘000 USD ‘000 USD ‘000 Opening balance 18,168 1,844 20,012 Additions 36 — 36 Sale of investment properties — (1,128 ) (1,128 ) Transfer to property, premises and equipment (1,312 ) — (1,312 ) Fair value adjustment (note 23) (1,209 ) (91 ) (1,300 ) Ending balance 15,683 625 16,308 2020 Commercial Lands* Total USD ‘000 USD ‘000 USD ‘000 Opening balance 20,063 5,649 25,712 Additions 32 42 74 Sale of investment properties — (3,739 ) (3,739 ) Fair value adjustment (note 23) (1,899 ) (108 ) (2,007 ) Foreign currency adjustment (28 ) — (28 ) Ending balance 18,168 1,844 20,012 * Lands amounting to USD 625 thousand as at 31 December 2021 (2020: USD 1,844 thousand) are registered in the name of a former Director. The Group has obtained a proxy and has full control over these investment properties (note 27). In 2021, the Group sold a number of plots with total carrying value of USD 1,128 thousand (2020: USD 3,739 thousand) and recognized a loss of USD 8 thousand (2020: loss of USD 213 thousand). The fair values of investment properties have been determined by management and in doing so has considered a valuation performed by third parties who are specialists in valuing these types of investment properties. The valuation model used was in accordance with that recommended by the International Valuation Standards Committee. The investment properties are valued using the sales comparison approach. Under the sales comparison approach, a property’s fair value is estimated based on comparable transactions. The sales comparison approach is based upon the principle of substitution under which a potential buyer will not pay more for the property than it will cost to buy a comparable substitute property. The management believes that this valuation technique falls under level 3 of the fair value hierarchy since investment properties market is not very active. The sensitivity of the Group financial statements to the change in the price used for the valuation of the investment properties was as the following: % Price per Impact on Impact on USD USD ‘000 USD ‘000 Commercial building 2021 +/ – 10 875 1,565 (1,565 ) 2020 1,016 1,816 (1,816 ) 2019 1,122 2,006 (2,006 ) % Price per Impact on Impact on USD USD ‘000 USD ‘000 Lands 2021 +/ – 10 168 62 (62 ) 2020 189 184 (184 ) 2019 203 565 (565 )

Property, Premises and Equipmen

Property, Premises and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Premises and Equipment [Abstract]
PROPERTY, PREMISES AND EQUIPMENT	13. PROPERTY, PREMISES AND EQUIPMENT Office Aircraft Office Computers Equipment Leasehold Vehicles Work in Right of Total USD USD USD USD USD USD USD USD USD USD Cost At 1 January 2021 2,681 11,290 1,678 1,862 293 1,419 1,011 76 4,035 24,345 Additions 4 — 103 160 12 98 — 1,109 1,269 2,755 Transfers 1,311 — 116 94 2 838 — (1,050 ) — 1,311 Disposals — — (101 ) (22 ) (3 ) (69 ) — — — (195 ) At 31 December 2021 3,996 11,290 1,796 2,094 304 2,286 1,011 135 5,304 28,216 Depreciation At 1 January 2021 923 3,615 1,440 1,605 284 1,318 871 — 1,121 11,177 Deprecation for the year 35 903 42 186 6 102 47 — 994 2,315 Disposals — — (75 ) (22 ) (3 ) (35 ) — — — (135 ) At 31 December 2021 958 4,518 1,407 1,769 287 1,385 918 — 2,115 13,357 Net carrying amount At 31 December 2021 3,038 6,772 389 325 17 901 93 135 3,189 14,859 Cost At 1 January 2020 2,679 11,290 1,652 1,646 291 1,411 1,011 9 1,925 21,914 Additions 22 — 26 210 2 8 — 76 2,012 2,356 Transfers — — — 9 — — — (9 ) — — Disposals — — — (3 ) — — — — — (3 ) Adjustments (20 ) — — — — — — — 98 78 At 31 December 2020 2,681 11,290 1,678 1,862 293 1,419 1,011 76 4,035 24,345 Depreciation At 1 January 2020 894 2,709 1,383 1,436 282 1,250 814 — 411 9,179 Deprecation for the year 29 906 57 172 2 68 57 — 584 1,875 Disposals — — — (3 ) — — — — — (3 ) Adjustments — — — — — — — — 126 126 At 31 December 2020 923 3,615 1,440 1,605 284 1,318 871 — 1,121 11,177 Net carrying amount At 31 December 2020 1,758 7,675 238 257 9 101 140 76 2,914 13,168 The depreciation of the aircraft for the year ended 31 December 2021 amounting to USD 903 thousand (2020: USD 906 thousand) (2019: USD 903 thousand) was allocated proportionally between the other expenses and general and administrative expenses based on the flight hours of chartered trips and business -related 2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Property, premises and equipment depreciation charge for the year 2,315 1,875 1,907 Intangible assets amortization charge for the year (note 14) 1,248 737 49 Aircraft depreciation allocated to listing transaction deferred cost — — (73 ) Aircraft depreciation allocated to other expenses (note 24) (750 ) (632 ) (595 ) Total depreciation and amortization allocated to G&A (note 22) 2,813 1,980 1,288 Fully depreciated property, premises and equipment still in use amounted to USD 5,467 thousand as at 31 December 2021 (2020: USD 5,408 thousand).

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2021
Disclosure of intangible assets [text block] [Abstract]
INTANGIBLE ASSETS	14. INTANGIBLE ASSETS 2021 2020 Computer software/ licenses Work in progress Goodwill Total Computer software/ licenses Work in progress* Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Cost Beginning balance 6,584 — — 6,584 1,191 3,832 5,023 Additions 853 6 41 900 1,423 138 1,561 Transfers — — — — 3,970 (3,970 ) — Ending balance 7,437 6 41 7,484 6,584 — 6,584 Amortization and impairment Beginning balance 1,874 — — 1,874 1,137 — 1,137 Additions 1,248 — — 1,248 737 — 737 Impairment loss (note 34) — — 41 41 Ending balance 3,122 — 41 3,163 1,874 — 1,874 Net carrying amount 4,315 6 — 4,321 4,710 — 4,710 * Effective 1 April 2020, the Group has fully implemented a new core insurance system and transferred the work in progress amount to the software and licenses account within intangible assets.

Insurance Payables

Insurance Payables	12 Months Ended
	Dec. 31, 2021
Disclosure of insurance contracts [text block] [Abstract]
INSURANCE PAYABLES	15. INSURANCE PAYABLES 2021 2020 USD ‘000 USD ‘000 Payables due to insurance companies and intermediaries 5,004 2,593 Reinsurers – amounts due in respect of ceded premium 84,515 80,868 89,519 83,461

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2021
Disclosure of other liabilities [text block] [Abstract]
OTHER LIABILITIES	16. OTHER LIABILITIES 2021 2020 USD ‘000 USD ‘000 Accounts payable 11,259 5,011 Accrued expenses and other accruals 12,773 10,970 Lease liabilities* 3,753 2,954 Income tax payable 1,254 1,556 29,039 20,491 * 2021 2020 USD ‘000 USD ‘000 Opening balance 2,954 1,563 Additions 1,269 2,012 Interest expense (note 22) 358 203 Payments (783 ) (796 ) Foreign currency adjustment (45 ) (28 ) Ending balance 3,753 2,954 Current 1,001 761 Non-current 2,752 2,193 The Group used discount rates ranging between 1.5% – 4.1% (2020: 1.5% – 4.1%) and the amount of the undiscounted lease liabilities was USD 4,142 thousand as at 31 December 2021 (2020: USD 3,169 thousand).

Derviative Financial Liability

Derviative Financial Liability	12 Months Ended
	Dec. 31, 2021
Derviative Financial Liability [Abstract]
DERVIATIVE FINANCIAL LIABILITY	17. DERVIATIVE FINANCIAL LIABILITY In connection with the Business Combination (note 33), the Group issued 17,250,000 warrants, including (i) 12,750,000 warrants issued to former stockholders of Tiberius (the “Public Warrants”) and (ii) 4,500,000 warrants that were issued in exchange for 4,000,000 Tiberius warrants transferred to Wasef Jabsheh and 500,000 Tiberius warrants transferred to Argo Re Ltd., a Bermuda exempted company (the “Private Warrants”). No Public or Private Warrants (together, the “Warrants”) have been exercised or redeemed since originally issued and until the date of these consolidated financial statements. Upon initial recognition, the fair value of the Warrants has been determined using a combination of a market approach and valuation technique used by an independent third -party e 33) The Private Warrants are registered for resale on the Group’s registration statement on Form F -3 The Public Warrants and Private Warrants have similar terms, with differences in a few features. The Private Warrants include transfer restrictions, but if they are transferred to an unrelated party then the Private Warrants become identical to Public Warrants. Accordingly, the Private Warrants are valued based on the fair value of the Public Warrants which are listed on Nasdaq. The table below illustrates the movement on the Warrants during the year: 2021 2020 USD ‘000 USD ‘000 Fair value of Warrants at the beginning of the period / Initial recognition of Warrants at the close of the Business Combination 13,628 9,210 Change in fair value for the year (690 ) 4,418 Fair value of Warrants at the end of the year 12,938 13,628

Unearned Commissions

Unearned Commissions	12 Months Ended
	Dec. 31, 2021
Unearned Commissions Explanatory [Abstract]
UNEARNED COMMISSIONS	18. UNEARNED COMMISSIONS The movement in unearned commissions in the consolidated statement of financial position is as follows: 2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 As at 1 January 11,038 8,910 8,010 Commissions received 25,722 18,181 14,830 Commissions earned (23,035 ) (16,053 ) (13,930 ) As at 31 December 13,725 11,038 8,910

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
EQUITY	19. EQUITY Common shares Under the Amended and Restated Bye -laws The following table sets out the number of common shares issued and outstanding as at 31 December 2021 and 2020: 2021 No. of shares Par value USD ‘000 Common shares (par value of USD 0.01) 45,471,084 455 Earnout shares* (par value of USD 0.01) 3,012,500 30 Restricted shares awards (par value of USD 0.01) (note 32) 396,857 4 48,880,441 489 2020 No. of shares Par value USD ‘000 Common shares (par value of USD 0.01) 45,426,251 455 Earnout shares* (par value of USD 0.01) 3,012,500 30 Restricted shares awards (par value of USD 0.01) (note 32) 134,500 1 48,573,251 486 * The Earnout Shares are subject to vesting at stock prices ranges from USD 11.50 to 15.25. The Earnout Shares are considered outstanding shares and have dividend and voting rights, however, the Earnout Shares are non -transferable Fair value reserve The movement of this item is as follows: 2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Balance at the beginning of the year 18,160 4,274 954 Net change in fair value reserve during the year for bonds at fair value through OCI, net of tax (9,240 ) 11,481 4,209 Net change in fair value reserve during the year for equities at fair value through OCI (819 ) (71 ) (866 ) Realized gain on sale of equities at fair value through other comprehensive income — 2,341 — ECL charge (release) transferred to consolidated statement of income 114 135 (23 ) Balance at the end of the year 8,215 18,160 4,274 Foreign currency translation reserve The foreign currency translation reserve is used to record the exchange difference arising from the translation of the financial statements of foreign subsidiaries and associates to the Group’s functional currency.

Treasury Shares

Treasury Shares	12 Months Ended
	Dec. 31, 2021
Treasury Shares [Abstract]
TREASURY SHARES	20. TREASURY SHARES The former general shareholders of International General Insurance Holdings Limited — Dubai approved in its extraordinary meeting dated 24 November 2013 the purchase of the company’s own shares up to 15% of the issued shares and to be treated as treasury shares in accordance with the applicable DIFC laws and regulations. Pursuant to the above authorization, 2,350 thousand treasury shares were purchased during 2019 which were recorded at an amount of USD 5,053 thousand. Total treasury shares amount as at 31 December 2019 was USD 20,103 thousand (note 27). During 2020, Treasury shares were eliminated as part of the Business Combination Agreement.

Cash Dividends

Cash Dividends	12 Months Ended
	Dec. 31, 2021
Cash Dividends [Abstract]
CASH DIVIDENDS	21. CASH DIVIDENDS Cash dividends declared and paid: The Board of Directors resolved to pay the following dividends for the years 2021, 2020 and 2019: — On 12 August 2021: USD 7,821 thousand (Dividend per share: USD 0.16) — On 25 March 2021: USD 8,288 thousand (Dividend per share: USD 0.17) — On 13 August 2020: USD 4,360 thousand (Dividend per share: USD 0.09) — On 21 March 2019: USD 5,455 thousand (Dividend per share excluding treasury shares: USD 0.04) — On 22 August 2019: USD 5,361 thousand (Dividend per share excluding treasury shares: USD 0.04) There are no cash dividends declared but not paid as at 31 December 2021, 2020 and 2019.

General and Administrative Expe

General and Administrative Expenses	12 Months Ended
	Dec. 31, 2021
General and Administrative Expenses [Abstract]
GENERAL AND ADMINISTRATIVE EXPENSES	22. GENERAL AND ADMINISTRATIVE EXPENSES 2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Human resources expenses 36,184 29,955 26,700 Business promotion, travel and entertainment 1,358 1,349 3,340 Statutory, advisory and rating 9,938 6,174 3,463 Information technology and software 3,123 2,719 1,872 Office operation 1,270 1,518 1,460 Depreciation and amortization (note 13) 2,813 1,980 1,288 Impairment of goodwill (note 34) 41 — — Interest expense arising from lease liabilities (note 16) 358 203 108 Bank charges 128 122 137 Corporate expenses 3,733 2,903 898 58,946 46,923 39,266

Net Investment Income

Net Investment Income	12 Months Ended
	Dec. 31, 2021
Net Investment Income [Abstract]
NET INVESTMENT INCOME	23. NET INVESTMENT INCOME 2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Interest income 14,049 12,169 10,866 Dividends from equities at FVTOCI 78 128 721 Dividends from equities at FVTPL 705 562 391 Realized gains and losses on investments Realized loss on sale of bonds at FVTOCI (88 ) (411 ) (629 ) Realized gain on sale of FVTPL equities and mutual funds 396 1,599 947 Unrealized gains and losses on investments Unrealized gain (loss) on revaluation of financial assets at FVTPL 3,089 (241 ) 1,591 Gains and losses from investments in properties Realized (loss) gain on sale of investment properties (8 ) (213 ) 679 Fair value (loss) gain on investment properties (note 12) (1,300 ) (2,007 ) (304 ) Rental income 163 190 203 Impairment and expected credit losses on investments Expected credit loss on financial assets at FVOCI (114 ) (135 ) 23 Expected credit loss on financial assets at amortized cost (66 ) (129 ) 13 Investments custodian fees and other investments expenses (870 ) (1,545 ) (1,127 ) 16,034 9,967 13,374

Other Revenues (Expenses)

Other Revenues (Expenses)	12 Months Ended
	Dec. 31, 2021
Disclosure of other operating income (expense) [text block] [Abstract]
OTHER REVENUES (EXPENSES)	24. OTHER REVENUES (EXPENSES) 2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Other revenues: Chartered flights revenue 1,844 372 1,428 1,844 372 1,428 Other expenses: Aircraft operational cost (1,883 ) (1,260 ) (1,574 ) Aircraft depreciation expense (note 13) (750 ) (632 ) (595 ) Loss on disposal of property, premises and equipment (60 ) — (26 ) (2,693 ) (1,892 ) (2,195 )

Listing Related Expenses

Listing Related Expenses	12 Months Ended
	Dec. 31, 2021
Listing Related Expenses [Abstract]
LISTING RELATED EXPENSES	25. LISTING RELATED EXPENSES Transaction costs incurred by the Group during 2020 and 2019 mainly consist of professional fees (legal, accounting, etc.) and other miscellaneous cost that are directly related to the listing transaction. Transaction costs amounting to USD 3,366 thousand were charged to the consolidated statement of income for the year ended 31 December 2020 (2019: USD 4,832 thousand).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	26. COMMITMENTS AND CONTINGENCIES As of the date of the consolidated financial statements, the Group is contingently liable for the following: • • • -binding Litigations The Group was engaged in an arbitration proceeding at 31 December 2020 with certain reinsurers represented by an underwriting agent (“agent”) with respect to certain matters related to the Group’s outward reinsurance programme for the years 2012 to 2017. The Group commenced the arbitration proceeding with the agent for these reinsurers after they failed to make payment of approximately USD 5.7 million which the Group believes is due from them (based on figures as at 30 June 2019). As at 31 December 2020, the Group was seeking to recover approximately USD 15.3 million from the reinsurers, plus interest and legal costs. In response, the agent alleged that certain matters were not adequately disclosed and was seeking to void the policies. The Group believes that the allegations were without merit and committed to vigorously defend itself in this matter. Accordingly, no provision for any liability was recorded in the prior year consolidated financial statements as at 31 December 2020. The arbitration hearing was scheduled for April 2021. Before the start of the final hearing in April 2021, the matters under arbitration were resolved (and the arbitration discontinued) between the Group and reinsurers. The outward reinsurance policies remain in full force and effect. The resolution has no material impact on the Group’s business, results of operations or financial condition.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2021
Related Parties [Abstract]
RELATED PARTIES	27. RELATED PARTIES Related parties represent major shareholders, associates, directors and key management personnel of the Group and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Group’s management. • -term -term Nil -term -based Post completion of the Business Combination, the Group has reviewed its list of ‘key management personnel’ in accordance with IAS 24 (Related Party Disclosures) requirements and accordingly considered the persons who were named as executive officers of the company with Nasdaq as ‘Key management personnel’. Those officers have the authority and responsibility for planning, directing, and controlling the activities of the Group. In addition, they represent the Group’s executive committee which acts in the capacity of chief operating decision maker (note 31). • Nil Nil • • • • • •

Taxation

Taxation	12 Months Ended
	Dec. 31, 2021
Taxation [Abstract]
TAXATION	28. TAXATION The components of income tax expense are as follows: 2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Current income tax: Current income tax charge 2,052 2,374 704 Adjustments in respect of current income tax of prior years 97 (7 ) — Deferred tax: Origination and reversal of temporary differences (402 ) (292 ) 1,247 Effect of tax rate change — — (131 ) Adjustment in respect of prior years — — (132 ) Income tax charge for the year 1,747 2,075 1,688 The income tax expense appearing in the consolidated statement of income relate to the following subsidiaries: 2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Income tax expense for IGI Labuan – current year 71 66 — Corporate tax for IGI Casablanca (Representative Office) – current year 7 6 4 Income tax credits for North Star Underwriting Limited – current year (21 ) (9 ) — Income tax expense for IGI UK – current year 1,995 2,311 700 Income tax credit for IGI UK – prior years 97 (7 ) — Addition of deferred tax assets IGI Europe (347 ) — 984 Release of deferred tax liabilities for IGI UK (55 ) (292 ) — Income tax charge for the year 1,747 2,075 1,688 • • • An increase from the current 19% UK corporation tax rate to 25%, effective from 1 April 2023, was announced in the Budget on 3 March 2021 and enacted on 10 June 2021. As a result, UK deferred tax balances have been revalued to take this rate change into account, where relevant. • -exempt • • -exempt • • Reconciliation of tax expense and the accounting profit multiplied by the applicable tax rate is as follows: 2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 The Group profit before tax 45,443 29,326 25,253 Less: Profit related to non-taxable subsidiaries (36,022 ) (17,108 ) (15,380 ) Profit before tax for entities subject to corporate taxation 9,421 12,218 9,873 Profit multiplied by the standard rate of tax in the UK of 19% (2020:19%) (2019: 19%) 1,790 2,322 1,876 Net disallowed expenditure (71 ) (34 ) 50 Non-UK expenses not deductible for tax purposes/income not taxable 67 — — Fixed asset temporary differences not recognized for deferred tax 1 14 18 Other temporary differences not recognized for deferred tax 28 9 3 Adjustment in respect of prior years 97 (7 ) (132 ) Income tax credits for North Star Underwriting Limited – current year — (9 ) — IGI Labuan and IGI Casablanca current year tax charges 78 72 4 Other movements 1 — — Release of deferred tax liabilities for IGI UK (55 ) (292 ) — Effect of rate change to 17% — — (131 ) Difference in corporation tax rates (189 ) — — Income tax charge for the year 1,747 2,075 1,688 The following is the movement on the deferred tax assets: 2021 2020 USD ‘000 USD ‘000 Balance at beginning of the year — — Deferred tax assets resulting from acquisition of IGI Europe 124 — Addition of deferred tax assets for IGI Europe 347 — Ending balance 471 — The following is the movement on the deferred tax liabilities: 2021 2020 USD ‘000 USD ‘000 Balance at beginning of the year (55 ) (347 ) Release of deferred tax liabilities for IGI UK 55 292 Addition of deferred tax liabilities related to the change in fair value of bonds at fair value through OCI for IGI UK (14 ) — Ending balance (14 ) (55 ) The deferred tax liabilities amounting to USD 55 thousand as of 31 December 2020 (2021: Nil) are in respect to an adjustment processed to the income of IGI UK using prevailing tax rates.

Risk Management

Risk Management	12 Months Ended
	Dec. 31, 2021
Risk Management [Abstract]
RISK MANAGEMENT	29. RISK MANAGEMENT The risks faced by the Group and the way these risks are mitigated by management are summarized below. Insurance risk Insurance risk includes the risks of inappropriate underwriting, ineffective management of underwriting, inadequate controls over exposure management in relation to catastrophic events and insufficient reserves for losses including claims incurred but not reported. To manage this risk, the Group’s underwriting function is conducted in accordance with a number of technical analytical protocols which include defined underwriting authorities, guidelines by class of business, rate monitoring and underwriting peer reviews. The Group purchases reinsurance as part of its risk mitigation programmer. Reinsurance ceded is placed on both a proportional and non — proportional basis. The proportional reinsurance is quota — share reinsurance which is taken out to reduce the overall exposure of the Group to certain classes of business. Non — proportional reinsurance is primarily excess — of — loss reinsurance designed to mitigate the Group’s net exposure to catastrophe losses and large claims. Retention limits for the excess — of — loss reinsurance vary by class of business. Also, a significant portion of the reinsurance is affected under the facultative reinsurance contracts to cover a single risk exposure. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision and are in accordance with the reinsurance contracts. Although the Group has reinsurance arrangements, it is not relieved of its direct obligations to its policyholders and thus a credit exposure exists with respect to ceded insurance, to the extent that any reinsurer is unable to meet its obligations assumed under such reinsurance agreements. The Group’s placement of reinsurance is diversified such that it is neither dependent on a single reinsurer nor are the operations of the Group substantially dependent upon any single reinsurance contract. The Group has in place effective exposure management systems. Aggregate exposure is modelled and tested against different stress scenarios to ensure adherence to the Group’s overall risk appetite and alignment with reinsurance programs and underwriting strategies. Loss reserve estimates are inherently uncertain. Reserves for unpaid losses are the largest single component of the liabilities of the Group. Actual losses that differ from the provisions, or revisions in the estimates, can have a material impact on future earnings and the statement of financial position. The Group has an in house experienced actuarial function who reviews and monitors the reserving policy and its implementation at quarterly intervals. They work closely with the underwriting and claims team to ensure an understanding of the Group’s exposure and loss experience. In addition, the Group receives external independent analysis of its reserve requirements on an annual basis. In order to minimize financial exposure arising from large claims, the Group, in the normal course of business, enters into contracts with other parties for reinsurance purposes. Such reinsurance arrangements provide for greater diversification of business, allow management to control exposure to potential losses arising from large risks, and provide additional capacity for growth. A significant portion of the reinsurance is affected under treaty, facultative and excess -of-loss Geographical concentration of risks The Group’s insurance risk based on geographical concentration of risk is illustrated in the table below: 2021 2020 2019 Gross Concentration Gross Concentration Gross Concentration USD ‘000 % USD ‘000 % USD ‘000 % Africa 27,749 5 20,956 5 16,492 5 Asia 55,816 10 37,398 8 32,810 9 Australasia 23,454 4 19,104 4 15,185 4 Caribbean Islands 30,244 6 15,964 3 8,334 2 Central America 28,166 5 37,442 8 37,732 11 Europe 48,780 9 59,972 13 37,328 11 Middle East 53,564 10 48,401 10 36,883 11 North America 32,773 6 22,553 5 4,281 1 South America 20,718 4 20,548 4 11,051 3 UK 197,090 36 158,381 34 115,863 33 Worldwide 27,228 5 26,554 6 33,333 10 545,582 467,273 349,292 Line of business concentration of risk The Group’s insurance risk based on line of business concentration is illustrated in the table below: 2021 2020 2019 Gross Concentration Gross Concentration Gross Concentration USD ‘000 % USD ‘000 % USD ‘000 % Casualty 190,038 35 157,487 34 110,082 32 Financial Institutions 36,176 6 39,442 8 28,989 8 Marine Liability 3,339 1 4,613 1 2,731 1 Inherent Defects Insurance 9,978 2 8,935 2 9,173 3 Energy 104,015 19 91,742 19 72,109 21 Property 79,085 14 69,912 15 46,137 13 Engineering 31,137 6 17,924 4 11,531 3 Aviation 20,348 4 23,002 5 19,183 6 Ports & Terminals 29,600 5 25,875 6 22,361 6 Political Violence 9,263 2 8,271 2 8,297 2 Marine Cargo 5,091 1 752 — 713 — Contingency 3,498 1 — — — — Reinsurance 24,014 4 19,318 4 17,986 5 545,582 467,273 349,292 Sensitivities The analysis below shows the estimated impact on gross and net insurance contracts claims liabilities and on profit before tax, of potential reserve deviations on ultimate claims development at gross and net level from that reported in the statement of financial position as at 31 December 2021 and 2020. In selecting the volatility factors, the Group has illustrated the sensitivity of the net claims to a standard variation in the gross outstanding claims. The choices of variation (7.5% and 5%) are illustrative but are consistent with what the Group would consider representative of a reasonable potential for variation. The illustrated variations do not represent limits of the potential variation and actual variation could significantly vary from the illustrated values. Gross Loss Impact of Impact of Impact of Impact of Impact of Impact of % USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 2021 7.5 41,368 (41,368 ) 30,063 (30,061 ) (30,063 ) 30,061 2021 5 27,579 (27,579 ) 20,043 (20,040 ) (20,043 ) 20,040 2020 7.5 36,919 (36,919 ) 22,859 (22,857 ) (22,859 ) 22,857 2020 5 24,613 (24,613 ) 15,240 (15,237 ) (15,240 ) 15,237 Financial risk The Group’s principal financial instruments are financial assets at fair value through OCI, financial assets at fair value through profit or loss, financial assets at amortized cost, receivables arising from insurance, investments in associates, investment properties and reinsurance contracts, and cash and cash equivalents. The Group does not enter into derivative transactions. The main risks arising from the Group’s financial instruments are interest rate risk, foreign currency risk, credit risk, market price risk and liquidity risk. The board reviews and agrees policies for managing each of these risks and they are summarized below. Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect future profitability or the fair values of financial instruments. The Group is exposed to interest rate risk on certain of its investments and cash and cash equivalents. The Group limits interest rate risk by monitoring changes in interest rates in the currencies in which its cash and interest -bearing Details of maturities of the major classes of financial assets are as follows: Less 1 to 5 years More than 5 years Non-interest- bearing items Total Effective USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 (%) 2021 – Financial assets at FVTPL — — — 28,539 28,539 — Financial assets at FVOCI 43,978 261,293 113,174 20,767 439,212 2.48 Financial assets at amortized cost 2,471 — — — 2,471 5.99 Cash and term deposits 368,024 54,088 — — 422,112 1.06 414,473 315,381 113,174 49,306 892,334 2020 – Financial assets at FVTPL — — — 22,780 22,780 — Financial assets at FVOCI 102,617 181,349 106,952 21,683 412,601 2.53 Financial assets at amortized cost 2,706 — — — 2,706 5.86 Cash and term deposits 261,549 44,102 — — 305,651 1.43 366,872 225,451 106,952 44,463 743,738 The following table demonstrates the sensitivity of consolidated statement of income to reasonably possible changes in interest rates, with all other variables held constant. The sensitivity of the consolidated statement of income is the effect of the assumed changes in interest rates on the Group’s profit before tax for the year, based on the floating rate financial assets and financial liabilities held at 31 December. Decrease Effect on profit/Equity before tax USD ‘000 2021 -25 (1,593 ) -50 (3,186 ) 2020 -25 (1,435 ) -50 (2,870 ) The effect of increases in interest rates are expected to be equal and opposite to the effects of the decreases shown above. Foreign currency risk Foreign currency risk is the risk that the fair value of future cash flows of financial instruments will fluctuate because of changes in foreign currency exchange rates. The Group is exposed to currency risk mainly on insurance written premiums and incurred claims that are denominated in a currency other than the Group functional currency. The currencies in which these transactions are primarily denominated are Sterling (GBP) and Euro (EUR). As a significant portion of the Group’s transactions are denominated in USD, this reduces currency risk. Intra Group transactions are primarily denominated in USD. Part of the Group’s monetary assets and liabilities are denominated in a currency other than the functional currency of the Group and are subject to risks associated with currency exchange fluctuation. The Group reduces some of this currency exposure by maintaining some of its bank balances in foreign currencies in which some of its insurance payables are denominated. The following table demonstrates the sensitivity to a reasonably possible change in the USD exchange rate, with all other variables held constant, of the Group’s profit before tax (due to changes in the fair value of monetary assets and liabilities). Changes in currency Effect on % USD ‘000 2021 EUR +10 606 GBP +10 (5,567 ) 2020 EUR +10 (777 ) GBP +10 (406 ) The effect of decreases in exchange rates are expected to be equal and opposite to the effects of the increases shown above. Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Group is exposed to credit risk primarily from unpaid insurance receivables and fixed income instruments. The Group has in place credit appraisal policies and procedures for inward business and receivables from insurance transactions are monitored on an ongoing basis to restrict the Group’s exposure to doubtful debts. The Group has in place security standards applicable to all reinsurance purchases and monitors the financial status of all reinsurance debtors at regular intervals. The Group’s portfolio of fixed income investments is managed by the Investments Committee in accordance with the investment policy established by the board of directors which has various credit standards for investments in fixed income securities. Reinsurance and fixed income investments are monitored for the occurrence of a downgrade or other changes that might cause them to fall below the Group’s security standards. If this occurs, management takes appropriate action to mitigate any loss to the Group. The Group’s bank balances are maintained with a range of international and local banks in accordance with limits set by the board of directors. There are no significant concentrations of credit risk within the Group. The table below provides information regarding the credit risk exposure of the Group by classifying assets according to the Group’s credit rating of counterparties: Investment Non-investment In course of Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 2021 FVOCI – debts securities 418,240 205 — 418,445 Financial assets at amortized cost — 1,979 492 2,471 Insurance receivables — 113,294 66,051 179,345 Reinsurance share of outstanding claims 181,379 869 — 182,248 Deferred excess of loss premiums — 17,238 — 17,238 Cash and cash equivalents 220,095 22,051 — 242,146 Term deposits 130,860 49,106 — 179,966 950,574 204,742 66,543 1,221,859 Investment Non-investment In course of Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 2020 FVOCI – debts securities 389,250 1,668 — 390,918 Financial assets at amortized cost — 1,982 724 2,706 Insurance receivables — 110,618 55,987 166,605 Reinsurance share of outstanding claims 186,851 634 — 187,485 Deferred excess of loss premiums — 17,095 — 17,095 Cash and cash equivalents 110,915 22,524 — 133,439 Term deposits 124,283 47,929 — 172,212 811,299 202,450 56,711 1,070,460 For assets to be classified as ‘past due and impaired’ contractual payments are in arrears for more than 30 days for the debt instruments and 360 days for insurance receivables an impairment adjustment is recorded in the consolidated statement of income for this or when collectability of the amount is otherwise assessed as being doubtful. When the credit exposure is adequately secured, arrears more than 360 days might still be classified as ‘past due but not impaired’, with no impairment adjustment recorded. The schedule below shows the distribution of bonds and debt securities with fixed interest rate according to the international agencies classification: Rating grade Bonds Unquoted Total USD ‘000 USD ‘000 USD ‘000 2021 AAA 3,363 — 3,363 AA 20,803 — 20,803 A 220,258 — 220,258 BBB 166,789 — 166,789 BB 7,027 — 7,027 B 205 — 205 Not rated — 2,471 2,471 Total 418,445 2,471 420,916 Rating grade Bonds Unquoted Total USD ‘000 USD ‘000 USD ‘000 2020 AAA 44,616 — 44,616 AA 29,296 — 29,296 A 191,135 — 191,135 BBB 115,049 — 115,049 BB 9,154 — 9,154 B 210 — 210 Not rated 1,458 2,706 4,164 Total 390,918 2,706 393,624 The schedule below shows the geographical distribution of bonds and debt securities with fixed interest rate: Country Total USD ‘000 2021 Australia 9,632 Bahrain 4,618 Belgium 1,112 Bermuda 2,301 Canada 8,384 China 51,664 Finland 2,951 France 11,266 Germany 17,483 India 3,206 Japan 11,951 Jordan 2,471 KSA 15,042 Kuwait 3,464 Luxembourg 687 Malaysia 6,574 Mexico 2,326 Netherlands 5,051 Oman 1,122 Qatar 47,700 Russia* 1,948 Singapore 3,069 South Korea 7,635 Spain 1,377 Sweden 2,528 Switzerland 5,063 Taiwan 2,991 UAE 18,388 UK 51,049 USA 113,308 Virgin Islands (British) 4,555 Total 420,916 * On 24 February 2022 the Russian Federation launched a full -scale -term Country Total USD ‘000 2020 Australia 6,109 Bahrain 4,648 Bermuda 5,249 Canada 14,791 China 19,504 Finland 1,016 France 4,615 Germany 18,698 Hong Kong 1,905 India 3,278 Japan 12,259 Jordan 2,707 South Korea 7,239 KSA 15,383 Kuwait 1,035 Luxembourg 715 Malaysia 1,447 Marshall Islands 129 Mexico 1,102 Netherlands 10,775 Oman 1,085 Qatar 27,984 Singapore 5,294 Spain 3,793 Sweden 1,060 Switzerland 1,889 Taiwan 3,097 UAE 9,793 UK 52,033 USA 153,349 Virgin Islands (British) 1,643 Total 393,624 Market price risk Market price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual security, or its issuer, or factors affecting all securities traded in the market. The Group’s equity price risk exposure relates to financial assets whose values will fluctuate as a result of changes in market prices. The following table demonstrates the sensitivity of the profit for the period and the cumulative changes in fair value to reasonably possible changes in equity prices, with all other variables held constant. The effect of decreases in equity prices is expected to be equal and opposite to the effect of the increases shown. Change in Effect on Effect on USD ‘000 USD ‘000 2021 Amman Stock Exchange +5 % 40 40 Saudi Stock Exchange +5 % — 511 Qatar Stock Exchange +5 % 23 23 Abu Dhabi Security Exchange +5 % 76 76 New York Stock Exchange +5 % 175 202 Kuwait Stock Exchange +5 % — 9 London Stock Exchange +5 % 330 382 Other quoted +5 % 782 871 Change in Effect on Effect on USD ‘000 USD ‘000 2020 Amman Stock Exchange +5 % 46 46 Saudi Stock Exchange +5 % — 590 Qatar Stock Exchange +5 % 25 25 Abu Dhabi Security Exchange +5 % 52 52 New York Stock Exchange +5 % 149 170 Kuwait Stock Exchange +5 % — 5 London Stock Exchange +5 % 312 294 Other quoted +5 % 554 635 The Group also has unquoted investments carried at fair value determined based on valuation techniques as per level 3 of fair value hierarchy. The Group limits market risk by maintaining a diversified portfolio and by monitoring of developments in equity markets. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its commitments associated with insurance contracts and financial liabilities as they fall due. The Group continually monitors its cash and investments to ensure that the Group meets its liquidity requirements. The Group’s asset allocation is designed to enable insurance liabilities to be met with current assets. All liabilities are non -interest The table below summarizes the maturity profile of the Group’s financial liabilities at 31 December based on contractual undiscounted payments: Less than More than Total USD ‘000 USD ‘000 USD ‘000 2021 Gross outstanding claims 210,691 365,208 575,899 Gross unearned premiums 251,691 77,035 328,726 Insurance payables 84,519 5,000 89,519 Other liabilities 26,357 3,071 29,428 Derivative financial liability* — 12,938 12,938 Unearned commissions 12,285 1,440 13,725 Total liabilities 585,543 464,692 1,050,235 2020 Gross outstanding claims 210,536 281,719 492,255 Gross unearned premiums 222,124 55,144 277,268 Insurance payables 78,461 5,000 83,461 Other liabilities 18,298 2,419 20,717 Derivative financial liability* — 13,628 13,628 Unearned commissions 10,012 1,026 11,038 Total liabilities 539,431 358,936 898,367 * There is no contractual obligation to settle the Warrants in cash. Maturity analysis of assets and liabilities The table below shows analysis of assets and liabilities analyzed according to when they are expected to be recovered or settled: 2021 Less than More than No term Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 ASSETS Cash and cash equivalents 231,746 10,400 — 242,146 Term deposits 136,278 43,688 — 179,966 Insurance receivables 171,132 8,213 — 179,345 Investments 44,470 376,446 49,306 470,222 Investments in associates — — 5,693 5,693 Reinsurance share of outstanding claims 71,199 111,049 — 182,248 Reinsurance share of unearned premiums 59,235 4,889 64,124 Deferred excess of loss premiums 17,206 32 — 17,238 Deferred policy acquisition costs 43,785 21,057 64,842 Deferred tax assets 45 426 — 471 Other assets 9,942 — — 9,942 Investment properties — — 16,308 16,308 Property, premises and equipment — 14,859 — 14,859 Intangible assets — 4,321 — 4,321 TOTAL ASSETS 785,038 595,380 71,307 1,451,725 LIABILITIES AND EQUITY LIABILITIES Gross outstanding claims 210,691 365,208 — 575,899 Gross unearned premiums 251,691 77,035 — 328,726 Insurance payables 84,519 5,000 — 89,519 Other liabilities 26,287 2,752 — 29,039 Derivative financial liability — 12,938 — 12,938 Deferred tax liabilities — 14 — 14 Unearned commissions 12,285 1,440 — 13,725 TOTAL LIABILITIES 585,473 464,387 — 1,049,860 EQUITY Common shares at par value — — 489 489 Share premium — — 159,545 159,545 Foreign currency translation reserve — — 992 992 Fair value reserve — — 8,215 8,215 Retained earnings — — 232,624 232,624 TOTAL EQUITY — — 401,865 401,865 TOTAL LIABILITIES AND EQUITY 585,473 464,387 401,865 1,451,725 2020 Less than More than No term Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 ASSETS Cash and cash equivalents 128,039 5,400 — 133,439 Term deposits 133,510 38,702 — 172,212 Insurance receivables 164,778 1,827 — 166,605 Investments 105,323 288,301 44,463 438,087 Investments in associates — — 11,583 11,583 Reinsurance share of outstanding claims 83,210 104,275 — 187,485 Reinsurance share of unearned premiums 47,186 2,891 — 50,077 Deferred excess of loss premiums 17,095 — — 17,095 Deferred policy acquisition costs 39,266 15,906 — 55,172 Other assets 9,562 — — 9,562 Investment properties — — 20,012 20,012 Property, premises and equipment — 13,168 — 13,168 Intangible assets — 4,710 — 4,710 TOTAL ASSETS 727,969 475,180 76,058 1,279,207 LIABILITIES AND EQUITY LIABILITIES Gross outstanding claims 210,536 281,719 — 492,255 Gross unearned premiums 222,124 55,144 — 277,268 Insurance payables 78,461 5,000 — 83,461 Other liabilities 18,298 2,193 — 20,491 Derivative financial liability — 13,628 — 13,628 Deferred tax liabilities 55 — — 55 Unearned commissions 10,012 1,026 — 11,038 TOTAL LIABILITIES 539,486 358,710 — 898,196 EQUITY Common shares at par value — — 486 486 Share premium — — 157,677 157,677 Foreign currency translation reserve — — (349 ) (349 ) Fair value reserve — — 18,160 18,160 Retained earnings — — 205,037 205,037 TOTAL EQUITY — — 381,011 381,011 TOTAL LIABILITIES AND EQUITY 539,486 358,710 381,011 1,279,207 Capital management The Group manages its capital by ‘Enterprise Risk Management’ techniques, using a dynamic financial analysis model. The Asset Liability match is reviewed and monitored on a regular basis to maintain a strong credit rating and healthy capital adequacy ratios to support its business objectives and maximize shareholders’ value. Adjustments to capital levels are made in light of changes in market conditions and risk characteristics of the Group’s activities. Capital comprises issued share capital, common shares, share premium, additional paid in capital, treasury shares, foreign currency translation reserve, fair value reserve, and retained earnings and is measured at USD 401,865 thousand as at 31 December 2021 (2020: USD 381,011 thousand). The capital requirements imposed on the Group’s regulated entities are as follows: International General Insurance Co. Ltd (Bermuda) The Bermuda Insurance Act 1978 and Related Regulations (the Act) requires the Company to meet a minimum solvency margin. The Company has met the minimum solvency margin requirement at 31 December 2021 and 2020. In addition, a minimum liquidity ratio must be maintained whereby relevant assets, as defined by the Act, must exceed 75% of relevant liabilities. This ratio was met at 31 December 2021 and 2020. Under the Insurance Act, the Company is subject to capital requirements calculated using the Bermuda Solvency and Capital Requirement model (“BSCR model”), which is a standardized statutory risk -based -ons International General Insurance Company (UK) Limited The Company is regulated by the Prudential Regulation Authority and is subject to insurance solvency regulations which specify the minimum amount and type of capital that must be held in addition to the insurance liabilities. Since 1 January 2016 the Company has been subject to the Solvency II regime and is required to meet a Solvency Coverage Ratio (SCR) which is calibrated to seek to ensure a 99.5% confidence of the ability to meet its obligations over a 12 -month The Company has met all requirements for the years ended 31 December 2021 and 2020. International General Insurance Company Ltd. Labuan Branch The Branch is subjected to minimum capital requirements under the Labuan Financial Services and Securities Act 2010. The Branch monitors and ensures its capital is within the minimum solvency margins requirements under the Labuan Financial Services and Securities Act 2010 at all times. If there are any, large event which will affect the Branch’s ability to maintain solvency margins requirements, the Branch will notify the head office to cash call in advance. As at 31 December 2021 and 2020, the Branch met the minimum solvency margin requirements. International General Insurance Company (Europe) SE The Company is regulated by the Malta Financial Services Authority. The company is subject to the Solvency II regime and is required to meet a Solvency Coverage Ratio (SCR) which is calibrated to seek to ensure a 99.5% confidence of the ability to meet its obligations over a 12 -month The Company has met all requirements for the year ended 31 December 2021. Fair value The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques: Level 1: Level 2: Level 3: 2021 Level 1 Level 2 Level 3 Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 Assets measured at fair value: FVTPL 14,162 14,377 — 28,539 Quoted equities at FVOCI 13,721 — — 13,721 Quoted bonds at FVOCI 356,141 62,304 — 418,445 Unquoted equities at FVOCI * — — 7,046 7,046 Investment properties — — 16,308 16,308 384,024 76,681 23,354 484,059 Liabilities measured at fair value: Derivative financial liability — 12,938 — 12,938 The Group’s management has refined the criteria utilized for determining which financial assets should be allocated to level 1. Accordingly, USD 14,377 thousand and USD 62,304 thousand of financial assets through profit or loss and quoted bonds at fair value through other comprehensive income, respectively, were transferred out of level 1 to level 2. Derivative financial liability was transferred from level 1 to level 2 due to lack of sufficient trading volume as at December 2020 Level 1 Level 2 Level 3 Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 Assets measured at fair value: FVTPL 22,780 — — 22,780 Quoted equities at FVOCI 14,935 — — 14,935 Quoted bonds at FVOCI 390,918 — — 390,918 Unquoted equities at FVOCI * — — 6,748 6,748 Investment properties — — 20,012 20,012 428,633 — 26,760 455,393 Liabilities measured at fair value: Derivative financial liability 13,628 — — 13,628 There were no transfers between levels during the year ended 31 December 2020. * Reconciliation of fair value of the unquoted equities under level 3 fair value hierarchy is as follows: 2021 2020 USD ‘000 USD ‘000 Balance at the beginning of the year 6,748 5,794 Purchases — 1,503 Total gains (losses) recognized in OCI 298 (549 ) Balance at the end of the year 7,046 6,748

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2021
Basic and diluted earnings per share [Abstract]
EARNINGS PER SHARE	30. earnings per share Basic earnings per share represents the profits attributable to the ordinary shareholders divided by the weighted average number of common shares outstanding during the periods. Diluted earnings per share represents the profits attributable to the ordinary shareholders divided by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. As at 31 December 2021, the Earnout Shares and Restricted Shares Awards were unvested, however, since these shares contain a nonforfeitable rights to dividends, whether paid or unpaid, they are considered as participating securities and hence included in the computation of both basic and diluted earnings per share. At the closing of the Business Combination the Company issued 17,250,000 warrants, including (i) 12,750,000 warrants issued to former stockholders of Tiberius and (ii) 4,500,000 warrants that were issued in exchange for 4,000,000 Tiberius warrants transferred to Wasef Jabsheh and 500,000 Tiberius warrants transferred to Argo Re Ltd., a Bermuda exempted company (note 17 and 33). The Warrants were not included in the calculation of the diluted earnings per shares, as the average market price of ordinary shares during the period has not exceeded the exercise price of the Warrants and therefore their effect would be antidilutive. The following table shows the calculation of the basic and diluted earnings per share for the years ended 31 December 2021, 2020 and 2019. The following table reflects the income and share data used in the basic and diluted EPS calculations: 2021 2020 2019 Profit for the year (USD ‘000) 43,696 27,251 23,565 Less: profit attributable to the Earnout Shares (USD ‘000) 2,693 1,690 — Less: profit attributable to the Restricted Shares Awards 355 75 — Net profit available to common shareholders (USD ‘000) 40,648 25,486 23,565 Weighted average number of shares – basic and diluted 45,470,961 43,047,915 34,292,263 Basic and diluted earnings per share (USD) 0.89 0.59 0.69

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Information [Abstract]
SEGMENT INFORMATION	31. SEGMENT INFORMATION The Group’s chief operating decision maker (“CODM”) is the Executive Committee, which periodically reviews financial information at the business line level. Each of the business lines in which the Group operates are considered operating segments. The Group has aggregated operating segments into the following reporting segments for the purposes of its consolidated financial statements: 1. Specialty Long tail (comprising business lines with underwriting risks assumed in form of liability insurance and of a long -term 2. Specialty Short tail (comprising business lines with underwriting risks assumed in the form of property and specialty line insurance and of short -term 3. Reinsurance which covers the inward reinsurance treaty and is a single operating segment The Group is of the view that the quantitative and qualitative aspects of the aggregated operating segments are similar in nature for all periods presented. In evaluating the appropriateness of aggregating operating segments, the key indicators considered included but were not limited to: (i) nature of products, (ii) similarities of customer base, products, underwriting processes and outward reinsurance processes, (iii) regulatory environments and (iv) distribution methods. Segment performance is evaluated based on net underwriting results and is measured consistently with the overall net underwriting results in the consolidated financial statements. The Group also has general and administrative expenses, net investment income, share of profit (loss) from associates, gain/loss on foreign exchange, impairment loss on insurance receivables, other expenses/revenues, listing related expenses, change in fair value of derivative financial liability and tax expense. These financial items are presented under “Corporate and Other” in the tables below as the Group does not allocate them to individual reporting segments. Following a review of the Group’s segment information, comparative amounts have been reclassified from those previously reported in 2020 and 2019. The effect of this change is an increase in net underwriting results of the specialty long tail segment by USD 2,008 thousand (2019: decrease of USD 1,653 thousand) and a corresponding decrease in the specialty short tail segment’s net underwriting results. a) Segment disclosure for the Group’s consolidated operations is as follows: 2021 Total Specialty Specialty Reinsurance Sub Total Corporate USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Underwriting revenues Gross written premiums 239,531 282,037 24,014 545,582 — 545,582 Reinsurer’s share of insurance premiums (61,808 ) (101,165 ) — (162,973 ) — (162,973 ) Net written premiums 177,723 180,872 24,014 382,609 — 382,609 Net change in unearned premiums (10,209 ) (26,865 ) (337 ) (37,411 ) — (37,411 ) Net premiums earned 167,514 154,007 23,677 345,198 — 345,198 Underwriting deductions Net policy acquisition (30,498 ) (28,766 ) (3,902 ) (63,166 ) — (63,166 ) Net claims and claim adjustment expenses (86,196 ) (72,599 ) (17,397 ) (176,192 ) — (176,192 ) Net underwriting results 50,820 52,642 2,378 105,840 — 105,840 General and administrative expenses — — — — (58,946 ) (58,946 ) Net investment income — — — — 16,034 16,034 Share of loss from associates — — — — (7,248 ) (7,248 ) Impairment loss on insurance receivables — — — — (5,181 ) (5,181 ) Other revenues — — — — 1,844 1,844 Other expenses — — — — (2,693 ) (2,693 ) Change in fair value of derivative financial liability — — — — 690 690 Loss on foreign exchange — — — — (4,897 ) (4,897 ) Profit (loss) before tax 50,820 52,642 2,378 105,840 (60,397 ) 45,443 Income tax — — — — (1,747 ) (1,747 ) Profit for the year 50,820 52,642 2,378 105,840 (62,144 ) 43,696 2020 Total Specialty Specialty Reinsurance Sub Total Corporate USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Underwriting revenues Gross written premiums 210,477 237,478 19,318 467,273 — 467,273 Reinsurer’s share of insurance premiums (37,182 ) (91,681 ) — (128,863 ) — (128,863 ) Net written premiums 173,295 145,797 19,318 338,410 — 338,410 Net change in unearned premiums (31,880 ) (22,588 ) (426 ) (54,894 ) — (54,894 ) Net premiums earned 141,415 123,209 18,892 283,516 — 283,516 Underwriting deductions Net policy acquisition (27,079 ) (24,316 ) (3,095 ) (54,490 ) — (54,490 ) Net claims and claim adjustment expenses (88,776 ) (56,614 ) (6,282 ) (151,672 ) — (151,672 ) Net underwriting results 25,560 42,279 9,515 77,354 — 77,354 General and administrative expenses — — — — (46,923 ) (46,923 ) Net investment income — — — — 9,967 9,967 Share of loss from associates — — — — (1,479 ) (1,479 ) Impairment loss on insurance receivables — — — — (2,861 ) (2,861 ) Other revenues — — — — 372 372 Other expenses — — — — (1,892 ) (1,892 ) Listing related expenses — — — — (3,366 ) (3,366 ) Change in fair value of derivative financial liability — — — — (4,418 ) (4,418 ) Gain on foreign exchange — — — — 2,572 2,572 Profit (loss) before tax 25,560 42,279 9,515 77,354 (48,028 ) 29,326 Income tax — — — — (2,075 ) (2,075 ) Profit for the year 25,560 42,279 9,515 77,354 (50,103 ) 27,251 2019 Total Specialty Specialty Reinsurance Sub Total Corporate USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Underwriting revenues Gross written premiums 150,975 180,331 17,986 349,292 — 349,292 Reinsurer’s share of insurance premiums (21,970 ) (75,169 ) — (97,139 ) — (97,139 ) Net written premiums 129,005 105,162 17,986 252,153 — 252,153 Net change in unearned premiums (30,753 ) (5,609 ) (247 ) (36,609 ) — (36,609 ) Net premiums earned 98,252 99,553 17,739 215,544 — 215,544 Underwriting deductions Net policy acquisition (21,907 ) (20,533 ) (2,996 ) (45,436 ) — (45,436 ) Net claims and claim adjustment expenses (61,667 ) (41,858 ) (14,538 ) (118,063 ) — (118,063 ) Net underwriting results 14,678 37,162 205 52,045 — 52,045 General and administrative expenses — — — — (39,266 ) (39,266 ) Net investment income — — — — 13,374 13,374 Share of loss from associates — — — — (376 ) (376 ) Impairment loss on insurance receivables — — — — (629 ) (629 ) Other revenues — — — — 1,428 1,428 Other expenses — — — — (2,195 ) (2,195 ) Listing related expenses — — — — (4,832 ) (4,832 ) Gain on foreign exchange — — — — 5,704 5,704 Profit (loss) before tax 14,678 37,162 205 52,045 (26,792 ) 25,253 Income tax — — — — (1,688 ) (1,688 ) Profit for the year 14,678 37,162 205 52,045 (28,480 ) 23,565 b) Non — current operating assets information by geography for years ended 31 December 2021 and 2020 are as follows: 2021 2020 USD ‘000 USD ‘000 Middle East 32,165 34,631 North Africa 301 72 UK 2,968 3,112 Asia 31 75 Europe 23 — 35,488 37,890 Non -current

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2021
Share-Based Payments [Abstract]
SHARE-BASED PAYMENTS	32. SHARE-BASED PAYMENTS On 3 June 2020, the Board of Directors approved the Group’s share -based — Options to buy Common Shares (“Stock Options”), which may be either incentive stock options (“Incentive Stock Options” or “ISOs”) qualified under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), or non -qualified -Qualified — Share appreciation rights (“SARs”) (including tandem, non -tandem — Restricted shares awards (“Restricted Shares Awards”); — Performance awards denominated in Common Shares or cash (“Performance Awards”); — Other share -based -Based — Other cash -based -Based On 30 September 2020, the Board of Directors approved the grant of 134,500 restricted shares (the “Restricted Shares Awards”) to certain participants (designated employees) with the following salient features: Grant date 7 October 2020 First vesting date (tranche 1) 2 January 2021 Second vesting date (tranche 2) 2 January 2022 Third vesting date (tranche 3) 2 January 2023 Total number of restricted shares awards 134,500 Number of restricted shares awards vesting each period 44,833 Grant date fair value (USD) 7.896 On 16 February 2021, the Board of Directors approved the grant of 180,000 restricted shares to certain participants (designated employees) with the following salient features: Grant date 16 February 2021 First vesting date (tranche 1) 2 January 2022 Second vesting date (tranche 2) 2 January 2023 Third vesting date (tranche 3) 2 January 2024 Total number of restricted shares awards 180,000 Number of restricted shares awards vesting each period 60,000 Grant date fair value (USD) 7.940 On 31 March 2021, the Board of Directors approved the grant of 132,190 restricted shares to Wasef Jabsheh (designated employee) with the following salient features: Grant date 31 March 2021 First vesting date (tranche 1) 2 January 2022 Second vesting date (tranche 2) 2 January 2023 Third vesting date (tranche 3) 2 January 2024 Total number of restricted shares awards 132,190 Number of restricted shares awards vesting each period 44,063 Grant date fair value (USD) 8.170 Grant date fair values represent the closing quoted prices of the Company’s share on Nasdaq on the dates when awards were officially communicated to the participants and shall be applicable for all the three vesting tranches. Participant’s continued service with the Company or any of its Subsidiaries on each applicable vesting date is the only vesting condition to be met. There is no other performance related condition attached to the vesting of shares. The movement on the number of restricted shares during the year is as follows: 2021 2020 Balance at 1 January 134,500 — Restricted shares granted 312,190 134,500 Restricted shares vested (44,833 ) — Restricted shares forfeited (5,000 ) — Balance at end of the year 396,857 134,500 The Company has applied the graded vesting method in recognition of share -based Number of earnout shares to be considered for accounting purposes at year end for each tranche are as follow: Grant Days from Earn out Earn out Earn out Total 31 December 2021 7 October 2020 grant 451 1,019 33,635 18,627 53,281 16 February 2021 grant 319 59,626 27,901 18,211 105,738 31 March 2021 grant 276 43,746 18,914 12,065 74,725 Total 104,391 80,450 48,903 233,744 31 December 2020 7 October 2020 grant 88 43,814 8,511 4,714 57,039 Accordingly, total earnout shares of 233,744 at 31 December 2021 (2020: 57,039) are measured at the shares grant date fair value to arrive at expense recognized for the share based payment. For the year ended 31 December 2021, share -based

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2021
Business combination [Abstract]
BUSINESS COMBINATION	33. BUSINESS COMBINATION On 17 March 2020, the definitive business agreement between International General Insurance Holdings Limited — Dubai (“IGI”) and Tiberius Acquisition Corp. (NASDAQ: TIBR) (“Tiberius”), a publicly traded special purpose acquisition company, and certain related parties, was effective (the “Business Combination”). As a result of the completion of the Business Combination, the Company became a new public company owned by the former stockholders of Tiberius and the former shareholders of IGI. Consequently, IGI and Tiberius became the Company’s subsidiaries. Furthermore, in accordance with the Business Combination, USD 80,000 thousand of the transaction consideration was paid in cash to IGI former shareholders and accounted for as an adjustment against share premium in the consolidated statement of changes in equity. At the closing of the Business Combination, the Company: 1) Issued (1) 29,759,999 common shares to former shareholders of IGI in exchange for their IGI shares and (2) 18,687,307 common shares to former stockholders of Tiberius, including (I) 9,339,924 common shares issued in exchange for public shares of Tiberius common stock that remained outstanding and not redeemed immediately prior to the closing of the Business Combination, (ii) 4,132,500 common shares issued in exchange for Tiberius founder shares, including 3,012,500 common shares (“Earnout Shares”) subject to vesting at prices ranging from USD 11.50 to USD 15.25 per share, (iii) 2,900,000 common shares issued in exchange for shares of Tiberius common stock that were issued to certain investors in a private placement pursuant to forward purchase agreements, and (iv) 2,314,883 common shares issued in exchange for shares of Tiberius common stock that were issued to certain investors in a private placement. In connection with the finalization of the purchase price under the Business Combination Agreement, all escrow shares issued to former shareholders of IGI were released from escrow and 8,555 Simultaneously with the execution of the Business Combination, out of total Earnout Shares issued to Tiberius founder shareholders, 1,170,348 The following table sets out the number of common shares issued in connection with the Business Combination: 2020 No. of Par value USD ‘000 Common shares issued to former shareholders of IGI 29,751,444 298 Common shares issued to former stockholders of Tiberius * 15,674,807 157 Unvested shares transferred to certain former shareholders of IGI 1,170,348 12 Unvested Tiberius Founder shares 1,842,152 18 48,438,751 485 * This item Includes 1,120,000 -up 2) In addition, on 17 March 2020 the Company issued 17,250,000 warrants, including (a) 12,750,000 warrants issued to former stockholders of Tiberius and (ii) 4,500,000 warrants that were issued in exchange for 4,000,000 Tiberius warrants transferred to Wasef Jabsheh and 500,000 Tiberius warrants transferred to Argo Re Ltd., a Bermuda exempted company (note 17). 3) Eliminated IGI issued share capital in the amount of USD 143,376 thousand that ceased to exist upon consummation of the Business Combination. 4) Eliminated IGI treasury shares in the amount of USD 20,103 thousand. 5) Eliminated IGI additional paid in capital in the amount of USD 2,773 thousand. 6) Adjusted the share premium as a result of the issuance of the common shares and warrants. Accounting for the Business Combination The transaction is accounted for as a continuation of International General Insurance Holdings Limited — Dubai (“IGI”). Under this method of accounting, while the Company is the legal acquirer of both IGI and Tiberius, IGI has been identified as the accounting acquirer of Tiberius for accounting purposes. This determination was primarily based on IGI comprising the ongoing operations of the combined company, IGI senior management comprising the senior management of the combined company, and the former owners and management of IGI having control of the board of directors following the consummation of the transaction by virtue of being able to appoint a majority of the directors of the combined company. As Tiberius does not meet the definition of a business as defined in IFRS 3 — Business Combinations (“IFRS 3”), the purchase of the shares of the former owners of Tiberius is not within the scope of IFRS 3 and is accounted for as a share -based -based Fair value measurement of the equity instruments issued in connection with the Business Combination In connection with the business combination, equity instruments that were issued as a share -based (a) Quoted common shares (b) Founder shares subject to a one year lock -up (c) Earnout shares subject to vesting at differential price range Under IFRS -mentioned In order to assess the appropriateness of using the closing quoted market price of Tiberius common stock on Nasdaq as a representative of the fair value of the common shares on the valuation date, management has performed liquidity assessment of Tiberius stock prior to the Business Combination from 11 March 2020 (being the last date of redemption rights available to Tiberius shareholders) until the valuation date. Management does not consider the quoted Tiberius price to be an appropriate representation of fair value based on the illiquidity observed in the quoted price over the period. Instead, management has appointed an independent third -party -To -To For the shares that are subject to one -year For purposes of determining the fair value of the Earnout Shares, a ‘Monte Carlo’ simulation approach was adopted to address the uncertainty of the time at which the shares will vest. In addition, this approach considers the share price as at the closing date, the threshold price, expected volatility (estimated using historical share price movements of comparable companies), expected dividend yield, the risk -free Based on the above, the following table summarizes the fair value of the equity instruments issued to Tiberius stockholders in connection with the Business Combination based on a market approach valuation: 2020 Equity Instruments No. of Fair value per Fair value USD USD ‘000 Common shares 14,554,807 6.85 99,715 Vested Founder shares subject to one year lock-up restriction post Business Combination closing date 1,120,000 6.39 7,156 Unvested Tiberius Founder shares 1,842,152 3.48 6,407 Total Value of Consideration 113,278 Under IFRS Using the fair valuation of the Common Shares (discussed above) as an input, the Public Warrants were valued as ‘American -style The details of Tiberius net assets acquired are shown below: Description USD ‘000 Cash proceeds received 120,821 Less: liabilities assumed in the form of the Public Warrants (12,750,000 Public Warrants at fair value of USD 0.53 per warrant) (6,807 ) Net assets acquired 114,014 The following table illustrates the difference between the total Value of Consideration and net assets acquired at the closing date of the Business Combination. Description USD ‘000 Value of Consideration 113,278 Less: net assets acquired (114,014 ) Bargain (736 ) Listing Related Expenses During the year ended 31 December 2020, the Group incurred listing expenses in the amount of USD 3,366 thousand (31 December 2019: USD 4,832 thousand) which mainly consist of professional fees (legal, accounting, etc.) and other miscellaneous costs that are directly related to the listing transaction.

Acquisition of a Subsidiary

Acquisition of a Subsidiary	12 Months Ended
	Dec. 31, 2021
Acquisition Of A Subsidiarytext Block [Abstract]
ACQUISITION OF A SUBSIDIARY	34. ACQUISITION OF A SUBSIDIARY Following the United Kingdom’s (“UK”) decision to withdraw from the European Union (“EU”) (“Brexit”), the U.K. began a process of “onshoring” EU legislation whereby the UK replicated EU law in UK legislation and regulation and then amended it so that it would be operationally effective following the end of the Brexit transition period on December 31, 2020. As an automatic consequence of the UK’s departure from the EU’s single market, passporting rights to and from the UK ended at the end of the transition period. Passporting is the exercise of the right available to a firm authorised in one European Economic Area (“EEA”) member state to carry on certain activities covered by an EU single market directive in another EEA member state, on the basis of its home state authorisation. For firms based in the UK, this means the loss of access to EU markets. As of the end of the transition period, the Group’s subsidiary in UK has lost its passporting rights in the EU, such that it can no longer write insurance business in EEA countries under the “freedom of services” regime or write insurance business through a place of business in an EEA member state under the “freedom of establishment” regime using the rights contained in the European Council’s Solvency II Directive. In response to Brexit, the Group developed a contingency plan to ensure that it will be able to continue to provide insurance services throughout Europe despite Brexit. To that end, the Group submitted an application and scheme of operations to the Malta Financial Services Authority in November 2020. The application can be used as a change of control application or a full new licensing application. In continuation to the above, the Group acquired 100% of the voting shares of R&Q Epsilon Insurance Company SE (“R&Q Epsilon”), a non -listed The strategy to purchase R&Q Epsilon, as opposed to incorporating a new subsidiary from afresh, was based on operational factors. R&Q Epsilon already had an operational UK based bank account and, given the requirement to use the Xchanging payment platform for broker -based -insuring The acquisition agreement of R&Q Epsilon Insurance Company SE (former company) was fully executed on 25 June 2021 (the “Acquisition Date”) for a purchase consideration of USD 6,200 thousand. The Group accounted for the acquisition of R&Q Epsilon under IFRS 3 “Business Combinations”. The book and fair values of the identifiable assets and liabilities of International General Insurance Company (Europe) SE as at the date of acquisition were: Book value Fair value recognized on acquisition USD ‘000 USD ‘000 Assets Insurance receivables and other assets 184 143 Bank Balances 6,054 6,054 6,238 6,197 Liabilities Insurance payables and other liabilities (38 ) (38 ) (38 ) (38 ) Total identifiable net assets at fair value 6,200 6,159 Goodwill arising on acquisition 41 Purchase consideration transferred 6,200 The movement on the goodwill during the year is as follows 2021 USD ‘000 Balance at the beginning of the year — Goodwill arising from acquisition of a subsidiary 41 Impairment loss (note 22) (41 ) Balance at the end of the year — Goodwill arising on acquisition of former company was fully impaired since the regulatory approval to write business was granted solely on the strength of IGI Europe’s application and business plan submitted to Malta Financial Services Authority. From the date of acquisition, International General Insurance Company (Europe) SE contributed USD 9,768 thousand of gross written premiums and USD 1,181 thousand of net loss to profit before tax of the Group. Analysis of cash flows on acquisition: USD ‘000 Net cash acquired with the subsidiary 6,054 Cash paid (6,200 ) Net cash flow on acquisition (146 ) On 13 July 2021, the Malta Financial Services Authority (“MFSA”) authorised IGI Europe to write insurance and reinsurance business.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Disclosure of events after reporting period [text block] [Abstract]
SUBSEQUENT EVENTS	35. subsequent events On 24 February 2022 the Russian Federation launched a full -scale -term

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of consolidation	Basis of consolidation The financial statements of the subsidiaries are prepared for the same period and amended where required to be compliant with the Group’s accounting policies. The consolidated financial statements comprise the financial statements of International General Insurance Holdings Ltd. and its subsidiaries as at 31 December 2021. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • • • When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • • • The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra -group Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. All intercompany transactions, balances and unrealized gains and losses on transactions between Group companies are eliminated in full. The Group has the following subsidiaries and branches: Country of incorporation Activity Ownership 2021 2020 International General Insurance Holdings Limited United Arab Emirates Reinsurance and insurance 100 % 100 % Tiberius Acquisition Corporation United States of America Special purpose acquisition company 100 % 100 % The following entities are wholly owned by the subsidiary International General Insurance Holdings Limited: I.G.I Underwriting/Jordan “Exempted” Jordan Underwriting agency 100 % 100 % North Star Underwriting Limited United Kingdom Underwriting agency 100 % 100 % International General Insurance Co. Ltd. Bermuda Reinsurance and insurance 100 % 100 % The following entities are wholly owned subsidiaries and branches by International General Insurance Co. Ltd.: Subsidiaries: International General Insurance Company (UK) Limited United Kingdom Reinsurance and insurance 100 % 100 % International General Insurance Company (Dubai) Ltd. United Arab Emirates Insurance intermediation and insurance management 100 % 100 % International General Insurance Company (Europe) SE* Malta Reinsurance and insurance 100 % — Specialty Malls Investment Company Jordan Real estate properties development and lease 100 % 100 % IGI Services Ltd Cayman Islands Owning and chartering aircraft 100 % 100 % Branches: International General Insurance Company Ltd. – Labuan Branch Malaysia Reinsurance and insurance 100 % 100 % * International General Insurance Company (Europe) SE was acquired by the Group on 25 June 2021 (note 34). Changes in accounting policies The accounting policies used in the preparation of the consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements for the year ended 31 December 2020. There are no new standards or amendments effective in 2021 that have a material impact on the Group’s consolidated financial statements. Standards issued but not yet effective IFRS 17 Insurance Contracts IFRS 17 provides a comprehensive model for insurance contracts covering the recognition and measurement and presentation and disclosure of insurance contracts and replaces IFRS 4 — Insurance Contracts. The standard applies to all types of insurance contracts (i.e. life, non -life -insurance The new standard will be effective for annual periods beginning on or after 1 January 2023 with comparative figures required. Early application is permitted provided that the entity also applies IFRS 9 on or before the date it first applies IFRS 17. The Group will be voluntarily changing its basis of accounting from IFRS to the Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) and will present its consolidated financial statements in U.S. GAAP effective 1 January, 2023 (the “first reporting period”). Accordingly, the Group is currently in the process of evaluating the potential transitional impact of such change and its first application of U.S. GAAP. As a result, the Group has discontinued the process of implementing IFRS 17. Summary of significant accounting policies Cash and cash equivalents Cash and cash equivalents consist of cash on hand, bank balances, and short -term Term deposits The term deposits are interest bearing bank deposits with original maturity over 3 months. Insurance receivables Insurance receivables are recognized when due and are measured on initial recognition at the fair value of the consideration to be received. The Group uses a provision matrix to calculate expected credit losses for insurance receivables. The provision rates are based on days past due and not based on groupings of various policy holder’s segments that have similar default loss -patterns Financial assets a) Initial recognition and measurement Financial assets are classified, at initial recognition, at cost and subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss (FVTPL). The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Financial instruments are initially recognized on the trade date measured at their fair value. Except for financial assets recorded at FVTPL, transaction costs are added to this amount. The Group classifies all of its financial assets based on the business model for managing the assets and the asset’s contractual terms. The categories include the following: • • • i) Bonds and debt instruments measured at amortized cost Bonds and debt instruments are held at amortized cost if both of the following conditions are met: • • The details of these conditions are outlined below. Business model assessment The Group determines its business model at the level that best reflects how it manages groups of financial assets to achieve its business objective. The Group holds financial assets to generate returns and provide a capital base to provide for settlement of claims as they arise. The Group considers the timing, amount and volatility of cash flow requirements to support insurance liability portfolios in determining the business model for the assets as well as the potential to maximize return for shareholders and future business development. The Group business model is not assessed on an instrument -by-instrument • • • • The business model assessment is based on reasonably expected scenarios without taking ‘worst case’ or ‘stress case’ scenarios into account. If cash flows after initial recognition are realized in a way that is different from the Group original expectations, the Group does not change the classification of the remaining financial assets held in that business model but incorporates such information when assessing newly originated or newly purchased financial assets going forward. The SPPI test As a second step of its classification process the Group assesses the contractual terms to identify whether they meet the SPPI test. ‘Principal’ for the purpose of this test is defined as the fair value of the financial asset at initial recognition and may change over the life of the financial asset (for example, if there are repayments of principal or amortization of the premium/discount). The most significant elements of interest within a debt arrangement are typically the consideration for the time value of money and credit risk. To make the SPPI assessment, the Group applies judgement and considers relevant factors such as the currency in which the financial asset is denominated, and the period for which the interest rate is set. Bonds and debt instruments measured at fair value through other comprehensive income The Group applies this category under IFRS 9 for debt instruments measured at FVOCI when both of the following conditions are met: • • Bonds and debt instruments in this category are those that are intended to be held to collect contractual cash flows and which may be sold in response to needs for liquidity or in response to changes in market conditions. ii) Financial assets measured at fair value through profit or loss (Quoted funds, alternative investments and quoted equities) Financial assets in this category are those assets which have been either designated by management upon initial recognition or are mandatorily required to be measured at fair value under IFRS 9. Management designates an instrument as FVTPL that otherwise meet the requirements to be measured at amortized cost or at FVOCI only if it eliminates, or significantly reduces, an accounting mismatch that would otherwise arise. Financial assets with contractual cash flows not representing solely payment of principal and interest are mandatorily required to be measured at FVTPL. Financial assets at FVTPL are subsequently measured at fair value. Changes in fair value are recognized in the consolidated statement of income. Interest income is recognized using the effective interest method. Dividend income from equity investments measured at FVTPL is recognized in the consolidated statement of income when the right to the payment has been established. iii) Financial assets measured at fair value through other comprehensive income (Quoted and unquoted equities) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 “Financial Instruments: Presentation”, and are not held for trading. The classification is determined on an instrument -by-instrument Financial assets measured at fair value through other comprehensive income include equities investments. Equity investments classified as financial assets measured at fair value through other comprehensive income are those, which are not classified as financial assets measured at fair value through profit or loss. iv) Reclassification of financial assets and liabilities The Group does not reclassify its financial assets subsequent to their initial recognition, apart from the exceptional circumstances in which the Group terminates a business line or changes its business model for managing financial assets. A change in Group business model will occur only when Group management determines change as a result of external or internal changes which are significant to the Group operations. Reclassifications shall all be recorded prospectively from the reclassification date. b) Subsequent measurement For purposes of subsequent measurement, financial assets in the scope of IFRS 9 are classified in four categories: • • • • i) Financial assets at amortized cost (bonds, debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in the consolidated statement of income when the asset is derecognized, modified, or impaired. The Group’s debt instruments at amortized cost includes investments in unquoted debt instruments. ii) Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the consolidated statement of income and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to the consolidated statement of income. The Group’s debt instruments at fair value through OCI includes investments in quoted debt instruments. iii) Financial assets designated at fair value through OCI (equity instruments) Gains and losses on these financial assets are never recycled to the consolidated statement of income. Dividends are recognized as investment income in the consolidated statement of income when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its unquoted equity investments and some quoted equity investments under this category. iv) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognized in the consolidated statement of income. This category includes quoted funds, alternative investments and quoted equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on quoted equity investments are also recognized as investment income in the consolidated statement of income when the right of payment has been established. c) Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: • • -through d) Impairment of financial assets in scope of IFRS 9 The Group recognizes an allowance for expected credit losses (ECLs) for debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms, if any. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 -months -month For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. The Group’s debt instruments at fair value through OCI comprise solely of quoted bonds that are graded in the top investment category by accredited rating agencies and, therefore, are considered to be low credit risk investments. It is the Group’s policy to measure ECLs on such instruments on a 12 -month The ECLs for debt instruments measured at FVOCI do not reduce the carrying amount of these financial assets in the statement of financial position, which remains at fair value. Instead, an amount equal to the allowance that would arise if the assets were measured at amortized cost is recognized in OCI with a corresponding charge to the consolidated statement of income. The accumulated gain recognized in OCI is recycled to the consolidated statement of income upon derecognition of the assets. The Group considers a financial asset in default when contractual payments are 30 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial assets are written off either partially or in their entirety only when the Group has stopped pursuing the recovery. If the amount to be written off is greater than the accumulated loss allowance, the difference is first treated as an addition to the allowance that is then applied against the gross carrying amount. Any subsequent recoveries are credited to credit loss expense. There were no write -offs For cash flow purposes the Group classifies the cash flow for the acquisition and disposal of financial assets as operating cash flows, as the purchases of these investments is funded from the net cash flows associated with the origination of insurance and investment contracts and payment of benefits and claims incurred for such insurance contracts, which are respectively treated under operating activities. Derivative financial instruments Derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrants are accounted for as derivative financial instruments (a financial liability) as they give the holder the right to obtain a variable number of common (ordinary) shares, dependent on the characteristics of the Warrant holder and the occurrence of some uncertain future events that are not within the control of the Group. The Warrants shall lapse and expire after five years from the closing of the Business Combination transaction (note 33). Any gains or losses arising from changes in the fair value of derivatives are taken directly to the consolidated statement of income (within profit and loss) as the Group has not designated derivative financial instruments under hedging arrangements. Investments in associates The Group’s investment in its associates is accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence, and which is neither a subsidiary nor a joint venture. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. Under the equity method, the investment in the associate is carried in the consolidated statement of financial position at cost plus post -acquisition Profits or losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The share of profit or loss of the associate is shown on the face of the consolidated statement of income. This is profit attributable to equity holders of the associate and, therefore, is profit after tax and non -controlling The financial statements of the associate are prepared for the same reporting period as the Group. Where necessary, adjustments are made to bring its accounting policies in line with the Group’s. After application of the equity method, the Group determines whether it is necessary to recognize an additional impairment loss on the Group’s investments in associates. The Group determines at each reporting date, whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount in the ‘share of profit or loss of an associate’ in the consolidated statement of income. Upon loss of significant influence over the associate, the Group measures and recognizes any remaining investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the remaining investment and proceeds from disposal is recognized in consolidated statement of income. The associates’ functional currency is the currency of a hyperinflationary economy and is adjusted in terms of the measuring unit current at the end of the reporting period. As the presentation currency of the Group is that of a non -hyperinflationary -monetary -monetary All the amounts in the associates’ financial statements (assets, liabilities, equity items, income, and expenses) are translated at the closing rate of the current year. Gains or losses on the net monetary position are recognised in profit or loss. Investment properties Investment properties are measured initially at cost, including transaction costs. The carrying amount includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met; and excludes the costs of day to day servicing of an investment property. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment properties are included in the consolidated statement of income in the period in which they arise. The fair value of the investment properties is determined by management and in doing so management considers the valuation performed by third parties who are specialists in valuing these types of investment properties. Investment properties are derecognized when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in the consolidated statement of income in the period of derecognition. The amount of consideration to be included in the gain or loss arising from the derecognition of investment property is determined in accordance with the requirements for determining the transaction price in IFRS 15. Transfers are made to or from investment property only when there is a change in use. For a transfer from investment property to owner occupied property, the deemed cost for subsequent accounting is the fair value at the date of change in use. If owner occupied property becomes an investment property, the Group accounts for such property in accordance with the policy stated under property, plant and equipment up to the date of change in use. Property, premises and equipment Property, premises and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight -line Years Office buildings 20 Aircraft 12.5 Office furniture 5 Computers 3 Equipment 4 Leasehold improvements 5 Vehicles 5 Right-of-use assets 2 – 7 An item of property, premises and equipment and any significant part initially recognized, is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of income when the asset is derecognized. The assets’ residual values, useful lives and method of depreciation are reviewed and adjusted if appropriate at each financial year -end Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the consolidated statement of income in the expense category that is consistent with the function of the intangible assets. An intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of income. Intangible assets include computer software and software licenses. These intangible assets are amortized on a straight -line Work in progress assets Work in progress assets are stated at cost and include other direct costs and it is not depreciated until it is available for intended use. Provisions Provisions are recognized when the Group has an obligation (legal or constructive) as a result of a past event, and the costs to settle the obligation are both probable and able to be reliably measured. Treasury shares Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in the consolidated statement of income on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in share premium. Gross written premiums Gross written premiums comprise the total premiums receivable for the whole period of cover provided by contracts entered into during the accounting period. They are recognized on the date on which the policy commences. Premiums include any adjustments arising in the accounting period for premiums receivable in respect of business written in prior accounting periods. Rebates that form part of the premium rate, such as no -claim Unearned premiums are those proportions of premiums written in a year that relate to periods of risk after the reporting date. Unearned premiums are calculated on a pro rata basis. The proportion attributable to subsequent periods is deferred as a provision for unearned premiums. Reinsurance premiums Reinsurance premiums comprise the total premiums payable for the reinsurance cover provided by retrocession contracts entered into during the year and are recognized on the date on which the policy incepts. Premiums include any adjustments arising in the accounting period in respect of reinsurance contracts incepting in prior accounting periods. Unearned reinsurance premiums are those proportions of premiums written in a year that relate to periods of risk after the reporting date. Unearned reinsurance premiums are deferred over the term of the underlying direct insurance policies for risks -attaching Claims Claims, comprising amounts payable to contract holders and third parties and related loss adjustment expenses, net of salvage and other recoveries, are charged to income as incurred. Claims comprise the estimated amounts payable, in respect of claims reported to the Group and those not reported at the consolidated statement of financial position date. The Group generally estimates its claims based on appointed loss adjusters or leading underwriters’ recommendations. In addition, a provision based on management’s judgement and the Group’s prior experience is maintained for the cost of settling claims incurred but not reported at the consolidated statement of financial position date. Policy acquisition costs and commissions earned Policy acquisition costs and commission earned represent commissions paid and received in relation to the acquisition and renewal of insurance and retrocession contracts which are deferred and expensed over the same period over which the corresponding premiums are recognised in accordance with the earning pattern of the underlying contract. Liability adequacy test At each statement of financial position date, the Group assesses whether its recognized insurance liabilities are adequate using current estimates of future cash flows under its insurance contracts. If that assessment shows that the carrying amount of its unearned premiums (less related deferred policy acquisition costs) is inadequate in light of estimated future cash flows, the entire deficiency is immediately recognized in income and an unexpired risk provision is created. The Group does not discount its liability for unpaid claims as the Group measures its insurance contract liabilities on an undiscounted basis. Reinsurance The Group cedes insurance risk in the normal course of business for all of its businesses. Reinsurance assets represent balances due from reinsurance companies. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsurer’s policies and are in accordance with the related reinsurance contract. Reinsurance assets are reviewed for impairment at each reporting date, or more frequently, when an indication of impairment arises during the reporting year. Impairment occurs when there is objective evidence as a result of an event that occurred after initial recognition of the reinsurance asset that the Group may not receive all outstanding amounts due under the terms of the contract and the event has a reliably measurable impact on the amounts that the Group will receive from the reinsurer. The impairment loss is recorded in the consolidated statement of income. Gains or losses on buying reinsurance are recognized in the consolidated statement of income immediately at the date of purchase and are not amortized. Ceded reinsurance arrangements do not relieve the Group from its obligations to policyholders. The Group also assumes reinsurance risk in the normal course of business for non -life Premiums and claims are presented on a gross basis for both ceded and assumed reinsurance. Reinsurance assets or liabilities are derecognized when the contractual rights are extinguished or expire or when the contract is transferred to another party. Reinsurance contracts that do not transfer significant insurance risk are accounted for directly through the statement of financial position. These are deposit assets or financial liabilities that are recognized based on the consideration paid or received less any explicit identified premiums or fees to be retained by the reinsured. Excess of loss (XOL) reinsurance The Group purchases reinsuranc
Changes in accounting policies	Changes in accounting policies The accounting policies used in the preparation of the consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements for the year ended 31 December 2020. There are no new standards or amendments effective in 2021 that have a material impact on the Group’s consolidated financial statements. Standards issued but not yet effective IFRS 17 Insurance Contracts IFRS 17 provides a comprehensive model for insurance contracts covering the recognition and measurement and presentation and disclosure of insurance contracts and replaces IFRS 4 — Insurance Contracts. The standard applies to all types of insurance contracts (i.e. life, non -life -insurance The new standard will be effective for annual periods beginning on or after 1 January 2023 with comparative figures required. Early application is permitted provided that the entity also applies IFRS 9 on or before the date it first applies IFRS 17. The Group will be voluntarily changing its basis of accounting from IFRS to the Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) and will present its consolidated financial statements in U.S. GAAP effective 1 January, 2023 (the “first reporting period”). Accordingly, the Group is currently in the process of evaluating the potential transitional impact of such change and its first application of U.S. GAAP. As a result, the Group has discontinued the process of implementing IFRS 17. Summary of significant accounting policies
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consist of cash on hand, bank balances, and short -term
Term deposits	Term deposits The term deposits are interest bearing bank deposits with original maturity over 3 months.
Insurance receivables	Insurance receivables Insurance receivables are recognized when due and are measured on initial recognition at the fair value of the consideration to be received. The Group uses a provision matrix to calculate expected credit losses for insurance receivables. The provision rates are based on days past due and not based on groupings of various policy holder’s segments that have similar default loss -patterns
Financial assets	Financial assets a) Initial recognition and measurement Financial assets are classified, at initial recognition, at cost and subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss (FVTPL). The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. Financial instruments are initially recognized on the trade date measured at their fair value. Except for financial assets recorded at FVTPL, transaction costs are added to this amount. The Group classifies all of its financial assets based on the business model for managing the assets and the asset’s contractual terms. The categories include the following: • • • i) Bonds and debt instruments measured at amortized cost Bonds and debt instruments are held at amortized cost if both of the following conditions are met: • • The details of these conditions are outlined below. Business model assessment The Group determines its business model at the level that best reflects how it manages groups of financial assets to achieve its business objective. The Group holds financial assets to generate returns and provide a capital base to provide for settlement of claims as they arise. The Group considers the timing, amount and volatility of cash flow requirements to support insurance liability portfolios in determining the business model for the assets as well as the potential to maximize return for shareholders and future business development. The Group business model is not assessed on an instrument -by-instrument • • • • The business model assessment is based on reasonably expected scenarios without taking ‘worst case’ or ‘stress case’ scenarios into account. If cash flows after initial recognition are realized in a way that is different from the Group original expectations, the Group does not change the classification of the remaining financial assets held in that business model but incorporates such information when assessing newly originated or newly purchased financial assets going forward. The SPPI test As a second step of its classification process the Group assesses the contractual terms to identify whether they meet the SPPI test. ‘Principal’ for the purpose of this test is defined as the fair value of the financial asset at initial recognition and may change over the life of the financial asset (for example, if there are repayments of principal or amortization of the premium/discount). The most significant elements of interest within a debt arrangement are typically the consideration for the time value of money and credit risk. To make the SPPI assessment, the Group applies judgement and considers relevant factors such as the currency in which the financial asset is denominated, and the period for which the interest rate is set. Bonds and debt instruments measured at fair value through other comprehensive income The Group applies this category under IFRS 9 for debt instruments measured at FVOCI when both of the following conditions are met: • • Bonds and debt instruments in this category are those that are intended to be held to collect contractual cash flows and which may be sold in response to needs for liquidity or in response to changes in market conditions. ii) Financial assets measured at fair value through profit or loss (Quoted funds, alternative investments and quoted equities) Financial assets in this category are those assets which have been either designated by management upon initial recognition or are mandatorily required to be measured at fair value under IFRS 9. Management designates an instrument as FVTPL that otherwise meet the requirements to be measured at amortized cost or at FVOCI only if it eliminates, or significantly reduces, an accounting mismatch that would otherwise arise. Financial assets with contractual cash flows not representing solely payment of principal and interest are mandatorily required to be measured at FVTPL. Financial assets at FVTPL are subsequently measured at fair value. Changes in fair value are recognized in the consolidated statement of income. Interest income is recognized using the effective interest method. Dividend income from equity investments measured at FVTPL is recognized in the consolidated statement of income when the right to the payment has been established. iii) Financial assets measured at fair value through other comprehensive income (Quoted and unquoted equities) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 “Financial Instruments: Presentation”, and are not held for trading. The classification is determined on an instrument -by-instrument Financial assets measured at fair value through other comprehensive income include equities investments. Equity investments classified as financial assets measured at fair value through other comprehensive income are those, which are not classified as financial assets measured at fair value through profit or loss. iv) Reclassification of financial assets and liabilities The Group does not reclassify its financial assets subsequent to their initial recognition, apart from the exceptional circumstances in which the Group terminates a business line or changes its business model for managing financial assets. A change in Group business model will occur only when Group management determines change as a result of external or internal changes which are significant to the Group operations. Reclassifications shall all be recorded prospectively from the reclassification date. b) Subsequent measurement For purposes of subsequent measurement, financial assets in the scope of IFRS 9 are classified in four categories: • • • • i) Financial assets at amortized cost (bonds, debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in the consolidated statement of income when the asset is derecognized, modified, or impaired. The Group’s debt instruments at amortized cost includes investments in unquoted debt instruments. ii) Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the consolidated statement of income and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to the consolidated statement of income. The Group’s debt instruments at fair value through OCI includes investments in quoted debt instruments. iii) Financial assets designated at fair value through OCI (equity instruments) Gains and losses on these financial assets are never recycled to the consolidated statement of income. Dividends are recognized as investment income in the consolidated statement of income when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its unquoted equity investments and some quoted equity investments under this category. iv) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with net changes in fair value recognized in the consolidated statement of income. This category includes quoted funds, alternative investments and quoted equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on quoted equity investments are also recognized as investment income in the consolidated statement of income when the right of payment has been established. c) Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: • • -through d) Impairment of financial assets in scope of IFRS 9 The Group recognizes an allowance for expected credit losses (ECLs) for debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms, if any. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 -months -month For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. The Group’s debt instruments at fair value through OCI comprise solely of quoted bonds that are graded in the top investment category by accredited rating agencies and, therefore, are considered to be low credit risk investments. It is the Group’s policy to measure ECLs on such instruments on a 12 -month The ECLs for debt instruments measured at FVOCI do not reduce the carrying amount of these financial assets in the statement of financial position, which remains at fair value. Instead, an amount equal to the allowance that would arise if the assets were measured at amortized cost is recognized in OCI with a corresponding charge to the consolidated statement of income. The accumulated gain recognized in OCI is recycled to the consolidated statement of income upon derecognition of the assets. The Group considers a financial asset in default when contractual payments are 30 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial assets are written off either partially or in their entirety only when the Group has stopped pursuing the recovery. If the amount to be written off is greater than the accumulated loss allowance, the difference is first treated as an addition to the allowance that is then applied against the gross carrying amount. Any subsequent recoveries are credited to credit loss expense. There were no write -offs For cash flow purposes the Group classifies the cash flow for the acquisition and disposal of financial assets as operating cash flows, as the purchases of these investments is funded from the net cash flows associated with the origination of insurance and investment contracts and payment of benefits and claims incurred for such insurance contracts, which are respectively treated under operating activities. Derivative financial instruments Derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrants are accounted for as derivative financial instruments (a financial liability) as they give the holder the right to obtain a variable number of common (ordinary) shares, dependent on the characteristics of the Warrant holder and the occurrence of some uncertain future events that are not within the control of the Group. The Warrants shall lapse and expire after five years from the closing of the Business Combination transaction (note 33). Any gains or losses arising from changes in the fair value of derivatives are taken directly to the consolidated statement of income (within profit and loss) as the Group has not designated derivative financial instruments under hedging arrangements. Investments in associates The Group’s investment in its associates is accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence, and which is neither a subsidiary nor a joint venture. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. Under the equity method, the investment in the associate is carried in the consolidated statement of financial position at cost plus post -acquisition Profits or losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The share of profit or loss of the associate is shown on the face of the consolidated statement of income. This is profit attributable to equity holders of the associate and, therefore, is profit after tax and non -controlling The financial statements of the associate are prepared for the same reporting period as the Group. Where necessary, adjustments are made to bring its accounting policies in line with the Group’s. After application of the equity method, the Group determines whether it is necessary to recognize an additional impairment loss on the Group’s investments in associates. The Group determines at each reporting date, whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount in the ‘share of profit or loss of an associate’ in the consolidated statement of income. Upon loss of significant influence over the associate, the Group measures and recognizes any remaining investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the remaining investment and proceeds from disposal is recognized in consolidated statement of income. The associates’ functional currency is the currency of a hyperinflationary economy and is adjusted in terms of the measuring unit current at the end of the reporting period. As the presentation currency of the Group is that of a non -hyperinflationary -monetary -monetary All the amounts in the associates’ financial statements (assets, liabilities, equity items, income, and expenses) are translated at the closing rate of the current year. Gains or losses on the net monetary position are recognised in profit or loss. Investment properties Investment properties are measured initially at cost, including transaction costs. The carrying amount includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met; and excludes the costs of day to day servicing of an investment property. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment properties are included in the consolidated statement of income in the period in which they arise. The fair value of the investment properties is determined by management and in doing so management considers the valuation performed by third parties who are specialists in valuing these types of investment properties. Investment properties are derecognized when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in the consolidated statement of income in the period of derecognition. The amount of consideration to be included in the gain or loss arising from the derecognition of investment property is determined in accordance with the requirements for determining the transaction price in IFRS 15. Transfers are made to or from investment property only when there is a change in use. For a transfer from investment property to owner occupied property, the deemed cost for subsequent accounting is the fair value at the date of change in use. If owner occupied property becomes an investment property, the Group accounts for such property in accordance with the policy stated under property, plant and equipment up to the date of change in use. Property, premises and equipment Property, premises and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight -line Years Office buildings 20 Aircraft 12.5 Office furniture 5 Computers 3 Equipment 4 Leasehold improvements 5 Vehicles 5 Right-of-use assets 2 – 7 An item of property, premises and equipment and any significant part initially recognized, is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of income when the asset is derecognized. The assets’ residual values, useful lives and method of depreciation are reviewed and adjusted if appropriate at each financial year -end Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the consolidated statement of income in the expense category that is consistent with the function of the intangible assets. An intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of income. Intangible assets include computer software and software licenses. These intangible assets are amortized on a straight -line Work in progress assets Work in progress assets are stated at cost and include other direct costs and it is not depreciated until it is available for intended use. Provisions Provisions are recognized when the Group has an obligation (legal or constructive) as a result of a past event, and the costs to settle the obligation are both probable and able to be reliably measured. Treasury shares Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in the consolidated statement of income on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in share premium. Gross written premiums Gross written premiums comprise the total premiums receivable for the whole period of cover provided by contracts entered into during the accounting period. They are recognized on the date on which the policy commences. Premiums include any adjustments arising in the accounting period for premiums receivable in respect of business written in prior accounting periods. Rebates that form part of the premium rate, such as no -claim Unearned premiums are those proportions of premiums written in a year that relate to periods of risk after the reporting date. Unearned premiums are calculated on a pro rata basis. The proportion attributable to subsequent periods is deferred as a provision for unearned premiums. Reinsurance premiums Reinsurance premiums comprise the total premiums payable for the reinsurance cover provided by retrocession contracts entered into during the year and are recognized on the date on which the policy incepts. Premiums include any adjustments arising in the accounting period in respect of reinsurance contracts incepting in prior accounting periods. Unearned reinsurance premiums are those proportions of premiums written in a year that relate to periods of risk after the reporting date. Unearned reinsurance premiums are deferred over the term of the underlying direct insurance policies for risks -attaching Claims Claims, comprising amounts payable to contract holders and third parties and related loss adjustment expenses, net of salvage and other recoveries, are charged to income as incurred. Claims comprise the estimated amounts payable, in respect of claims reported to the Group and those not reported at the consolidated statement of financial position date. The Group generally estimates its claims based on appointed loss adjusters or leading underwriters’ recommendations. In addition, a provision based on management’s judgement and the Group’s prior experience is maintained for the cost of settling claims incurred but not reported at the consolidated statement of financial position date. Policy acquisition costs and commissions earned Policy acquisition costs and commission earned represent commissions paid and received in relation to the acquisition and renewal of insurance and retrocession contracts which are deferred and expensed over the same period over which the corresponding premiums are recognised in accordance with the earning pattern of the underlying contract. Liability adequacy test At each statement of financial position date, the Group assesses whether its recognized insurance liabilities are adequate using current estimates of future cash flows under its insurance contracts. If that assessment shows that the carrying amount of its unearned premiums (less related deferred policy acquisition costs) is inadequate in light of estimated future cash flows, the entire deficiency is immediately recognized in income and an unexpired risk provision is created. The Group does not discount its liability for unpaid claims as the Group measures its insurance contract liabilities on an undiscounted basis. Reinsurance The Group cedes insurance risk in the normal course of business for all of its businesses. Reinsurance assets represent balances due from reinsurance companies. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsurer’s policies and are in accordance with the related reinsurance contract. Reinsurance assets are reviewed for impairment at each reporting date, or more frequently, when an indication of impairment arises during the reporting year. Impairment occurs when there is objective evidence as a result of an event that occurred after initial recognition of the reinsurance asset that the Group may not receive all outstanding amounts due under the terms of the contract and the event has a reliably measurable impact on the amounts that the Group will receive from the reinsurer. The impairment loss is recorded in the consolidated statement of income. Gains or losses on buying reinsurance are recognized in the consolidated statement of income immediately at the date of purchase and are not amortized. Ceded reinsurance arrangements do not relieve the Group from its obligations to policyholders. The Group also assumes reinsurance risk in the normal course of business for non -life Premiums and claims are presented on a gross basis for both ceded and assumed reinsurance. Reinsurance assets or liabilities are derecognized when the contractual rights are extinguished or expire or when the contract is transferred to another party. Reinsurance contracts that do not transfer significant insurance risk are accounted for directly through the statement of financial position. These are deposit assets or financial liabilities that are recognized based on the consideration paid or received less any explicit identified premiums or fees to be retained by the reinsured. Excess of loss (XOL) reinsurance The Group purchases reinsurance as part of its risk mitigation programmer. The Group has a non -proportional -of-loss -of-loss The XOL costs are determined at the inception of the reinsurance contract and are payable upfront in the form of ‘Minimum and Deposit Premium’ (MDP) subject to premium adjustment at the end of the contract period. Deferred excess of loss premiums are those proportions of premiums paid during the year that relate to periods of risk after the reporting date. Deferred premiums are calculated on a pro rata basis. Excess of loss reinsurance also includes reinstatement premium and related cash flows within the boundary of the initial reinsurance contract arising from usage of primary reinsurance coverage limit. Reinstatement occurs at predetermined rates without giving reinsurer any right to exit or reprice the contract. This implies expected cash flows related to the reinstatement premium shall be within the boundary of the initial reinsurance contract and are not related to future contracts. Equity settled Share-based payment plan The Group operates an equity -settled -based -based Offsetting Financial assets and financial liabilities are offset, and the net amount reported in the consolidated statement of financial position only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liability simultaneously. Income and expense are not offset in the consolidated statement of income unless required or permitted by any accounting standard or interpretation. Foreign currencies The Group’s consolidated financial statements are presented in United States Dollars, which is also the functional currency of the Group. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange ruling at the reporting date. All differences are taken to the consolidated statement of income. Non -monetary -monetary Group companies The assets and liabilities of foreign operations are translated into United States Dollars at the rate of exchange prevailing at the reporting date and their statements of income are translated at exchange rates prevailing at the date of the transactions. The exchange differences arising on the translation are recognized in the consolidated statement of comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in the consolidated statement of income. Taxation The charge or credit for taxation is based upon the profit or loss for the year and takes into account taxation deferred because of temporary differences between the treatment of certain items for taxation and accounting purposes. Current income tax Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries were the Group operates and generates taxable income. Deferred tax Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credit and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Interest income Interest income included in investment income is recognized as the interest accrues using the effective interest method, under which the rate used exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Dividend income Dividend revenue included in investment income is recognized when the right to receive the payment is established. Other revenues and expenses Other revenues consist of chartered flights revenues which are recognized when the transportation is provided. Related expenses are recognized in the same period as the revenues to which they relate. Leasing The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group app
Derivative financial instruments	Derivative financial instruments Derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Warrants are accounted for as derivative financial instruments (a financial liability) as they give the holder the right to obtain a variable number of common (ordinary) shares, dependent on the characteristics of the Warrant holder and the occurrence of some uncertain future events that are not within the control of the Group. The Warrants shall lapse and expire after five years from the closing of the Business Combination transaction (note 33). Any gains or losses arising from changes in the fair value of derivatives are taken directly to the consolidated statement of income (within profit and loss) as the Group has not designated derivative financial instruments under hedging arrangements.
Investments in associates	Investments in associates The Group’s investment in its associates is accounted for using the equity method of accounting. An associate is an entity in which the Group has significant influence, and which is neither a subsidiary nor a joint venture. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. Under the equity method, the investment in the associate is carried in the consolidated statement of financial position at cost plus post -acquisition Profits or losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The share of profit or loss of the associate is shown on the face of the consolidated statement of income. This is profit attributable to equity holders of the associate and, therefore, is profit after tax and non -controlling The financial statements of the associate are prepared for the same reporting period as the Group. Where necessary, adjustments are made to bring its accounting policies in line with the Group’s. After application of the equity method, the Group determines whether it is necessary to recognize an additional impairment loss on the Group’s investments in associates. The Group determines at each reporting date, whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount in the ‘share of profit or loss of an associate’ in the consolidated statement of income. Upon loss of significant influence over the associate, the Group measures and recognizes any remaining investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the remaining investment and proceeds from disposal is recognized in consolidated statement of income. The associates’ functional currency is the currency of a hyperinflationary economy and is adjusted in terms of the measuring unit current at the end of the reporting period. As the presentation currency of the Group is that of a non -hyperinflationary -monetary -monetary All the amounts in the associates’ financial statements (assets, liabilities, equity items, income, and expenses) are translated at the closing rate of the current year. Gains or losses on the net monetary position are recognised in profit or loss.
Investment properties	Investment properties Investment properties are measured initially at cost, including transaction costs. The carrying amount includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met; and excludes the costs of day to day servicing of an investment property. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment properties are included in the consolidated statement of income in the period in which they arise. The fair value of the investment properties is determined by management and in doing so management considers the valuation performed by third parties who are specialists in valuing these types of investment properties. Investment properties are derecognized when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in the consolidated statement of income in the period of derecognition. The amount of consideration to be included in the gain or loss arising from the derecognition of investment property is determined in accordance with the requirements for determining the transaction price in IFRS 15. Transfers are made to or from investment property only when there is a change in use. For a transfer from investment property to owner occupied property, the deemed cost for subsequent accounting is the fair value at the date of change in use. If owner occupied property becomes an investment property, the Group accounts for such property in accordance with the policy stated under property, plant and equipment up to the date of change in use.
Property, premises and equipment	Property, premises and equipment Property, premises and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight -line Years Office buildings 20 Aircraft 12.5 Office furniture 5 Computers 3 Equipment 4 Leasehold improvements 5 Vehicles 5 Right-of-use assets 2 – 7 An item of property, premises and equipment and any significant part initially recognized, is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of income when the asset is derecognized. The assets’ residual values, useful lives and method of depreciation are reviewed and adjusted if appropriate at each financial year -end
Intangible assets	Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the consolidated statement of income in the expense category that is consistent with the function of the intangible assets. An intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of income. Intangible assets include computer software and software licenses. These intangible assets are amortized on a straight -line Work in progress assets Work in progress assets are stated at cost and include other direct costs and it is not depreciated until it is available for intended use. Provisions Provisions are recognized when the Group has an obligation (legal or constructive) as a result of a past event, and the costs to settle the obligation are both probable and able to be reliably measured. Treasury shares Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in the consolidated statement of income on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in share premium. Gross written premiums Gross written premiums comprise the total premiums receivable for the whole period of cover provided by contracts entered into during the accounting period. They are recognized on the date on which the policy commences. Premiums include any adjustments arising in the accounting period for premiums receivable in respect of business written in prior accounting periods. Rebates that form part of the premium rate, such as no -claim Unearned premiums are those proportions of premiums written in a year that relate to periods of risk after the reporting date. Unearned premiums are calculated on a pro rata basis. The proportion attributable to subsequent periods is deferred as a provision for unearned premiums. Reinsurance premiums Reinsurance premiums comprise the total premiums payable for the reinsurance cover provided by retrocession contracts entered into during the year and are recognized on the date on which the policy incepts. Premiums include any adjustments arising in the accounting period in respect of reinsurance contracts incepting in prior accounting periods. Unearned reinsurance premiums are those proportions of premiums written in a year that relate to periods of risk after the reporting date. Unearned reinsurance premiums are deferred over the term of the underlying direct insurance policies for risks -attaching Claims Claims, comprising amounts payable to contract holders and third parties and related loss adjustment expenses, net of salvage and other recoveries, are charged to income as incurred. Claims comprise the estimated amounts payable, in respect of claims reported to the Group and those not reported at the consolidated statement of financial position date. The Group generally estimates its claims based on appointed loss adjusters or leading underwriters’ recommendations. In addition, a provision based on management’s judgement and the Group’s prior experience is maintained for the cost of settling claims incurred but not reported at the consolidated statement of financial position date. Policy acquisition costs and commissions earned Policy acquisition costs and commission earned represent commissions paid and received in relation to the acquisition and renewal of insurance and retrocession contracts which are deferred and expensed over the same period over which the corresponding premiums are recognised in accordance with the earning pattern of the underlying contract. Liability adequacy test At each statement of financial position date, the Group assesses whether its recognized insurance liabilities are adequate using current estimates of future cash flows under its insurance contracts. If that assessment shows that the carrying amount of its unearned premiums (less related deferred policy acquisition costs) is inadequate in light of estimated future cash flows, the entire deficiency is immediately recognized in income and an unexpired risk provision is created. The Group does not discount its liability for unpaid claims as the Group measures its insurance contract liabilities on an undiscounted basis. Reinsurance The Group cedes insurance risk in the normal course of business for all of its businesses. Reinsurance assets represent balances due from reinsurance companies. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsurer’s policies and are in accordance with the related reinsurance contract. Reinsurance assets are reviewed for impairment at each reporting date, or more frequently, when an indication of impairment arises during the reporting year. Impairment occurs when there is objective evidence as a result of an event that occurred after initial recognition of the reinsurance asset that the Group may not receive all outstanding amounts due under the terms of the contract and the event has a reliably measurable impact on the amounts that the Group will receive from the reinsurer. The impairment loss is recorded in the consolidated statement of income. Gains or losses on buying reinsurance are recognized in the consolidated statement of income immediately at the date of purchase and are not amortized. Ceded reinsurance arrangements do not relieve the Group from its obligations to policyholders. The Group also assumes reinsurance risk in the normal course of business for non -life Premiums and claims are presented on a gross basis for both ceded and assumed reinsurance. Reinsurance assets or liabilities are derecognized when the contractual rights are extinguished or expire or when the contract is transferred to another party. Reinsurance contracts that do not transfer significant insurance risk are accounted for directly through the statement of financial position. These are deposit assets or financial liabilities that are recognized based on the consideration paid or received less any explicit identified premiums or fees to be retained by the reinsured. Excess of loss (XOL) reinsurance The Group purchases reinsurance as part of its risk mitigation programmer. The Group has a non -proportional -of-loss -of-loss The XOL costs are determined at the inception of the reinsurance contract and are payable upfront in the form of ‘Minimum and Deposit Premium’ (MDP) subject to premium adjustment at the end of the contract period. Deferred excess of loss premiums are those proportions of premiums paid during the year that relate to periods of risk after the reporting date. Deferred premiums are calculated on a pro rata basis. Excess of loss reinsurance also includes reinstatement premium and related cash flows within the boundary of the initial reinsurance contract arising from usage of primary reinsurance coverage limit. Reinstatement occurs at predetermined rates without giving reinsurer any right to exit or reprice the contract. This implies expected cash flows related to the reinstatement premium shall be within the boundary of the initial reinsurance contract and are not related to future contracts. Equity settled Share-based payment plan The Group operates an equity -settled -based -based Offsetting Financial assets and financial liabilities are offset, and the net amount reported in the consolidated statement of financial position only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liability simultaneously. Income and expense are not offset in the consolidated statement of income unless required or permitted by any accounting standard or interpretation. Foreign currencies The Group’s consolidated financial statements are presented in United States Dollars, which is also the functional currency of the Group. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange ruling at the reporting date. All differences are taken to the consolidated statement of income. Non -monetary -monetary Group companies The assets and liabilities of foreign operations are translated into United States Dollars at the rate of exchange prevailing at the reporting date and their statements of income are translated at exchange rates prevailing at the date of the transactions. The exchange differences arising on the translation are recognized in the consolidated statement of comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in the consolidated statement of income. Taxation The charge or credit for taxation is based upon the profit or loss for the year and takes into account taxation deferred because of temporary differences between the treatment of certain items for taxation and accounting purposes. Current income tax Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries were the Group operates and generates taxable income. Deferred tax Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credit and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Interest income Interest income included in investment income is recognized as the interest accrues using the effective interest method, under which the rate used exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Dividend income Dividend revenue included in investment income is recognized when the right to receive the payment is established. Other revenues and expenses Other revenues consist of chartered flights revenues which are recognized when the transportation is provided. Related expenses are recognized in the same period as the revenues to which they relate. Leasing The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short -term -value -of-use Right-of-use assets The Group recognizes right -of-use -of-use The Group has included the right -of-use The cost of right -of-use -of-use -line -of-use Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in -substance The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in -substance The Group has included the lease obligations arising from the lease contracts within the other liabilities in the consolidated statement of financial position (note 16). Short-term leases and leases of low-value assets The Group applies the short -term -term -value -term -value -line Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: In the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non -financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between Levels in the hierarchy by re -assessing The Group’s management determines the policies and procedures for both recurring fair value measurement, such as unquoted available for sale financial assets. At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be re -measured -assessed For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. Segment reporting Reporting segments and segment measures are explained and disclosed in note 31 Segment information. Listing related Expenses Listing transaction related costs are charged to the consolidated statement of income as incurred. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non -controlling -controlling -related The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non -controlling -assesses After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash -generating Where goodwill has been allocated to a cash -generating -generating Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Judgements In the process of applying the Group’s accounting policies, management has made the following judgements, apart from those involving estimations, which have the most significant effect in the amounts recognized in the consolidated financial statements: Classification of investments Financial assets are classified, at initial recognition, at cost and subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. Determining the lease term of contracts with renewal options The Group determines the lease term as the non -cancellable The Group has the option, under some of its leases to lease the assets for additional terms. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. The Group considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). The Group included the renewal period as part of the lease term for leases of property, premises and equipment due to the significance of these assets to its operations. These leases have a short non -cancellable Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Valuation of insurance contract liabilities Considerable judgement by management is required in the estimation of amounts due to contract holders arising from claims made under insurance contracts. Such estimates are necessarily based on assumptions about several factors involving varying, and possibly significant, degrees of judgement and uncertainty and actual results may differ from management’s estimates resulting in future changes in estimated liabilities. In particular, estimates have to be made for both the expected ultimate cost of claims reported and the expected ultimate cost of claims incurred but not yet reported (IBNR) at the consolidated statement of financial position date. The primary technique adopted by management in estimating the cost of notified and IBNR claims is that of using past claim settlement trends to predict future claims settlement trends. Claims requiring court or arbitration decisions are estimated individually. Independent loss adjustors normally estimate property claims. Management reviews its provisions for claims incurred, and claims incurred but not reported, on a quarterly basis. Similar judgements, estimates and assumptions are employed in the assessment of adequacy of provisions for unearned premiums. Judgement is also required in determining whether the pattern of insurance service provided by a contract requires amortization of unearned premiums on a basis other than time apportionment. Total carrying amount of insurance contract liabilities as at year ended 31 December 2021 was USD 575,899 thousand (2020: USD 492,255 thousand). As at 31 December 2021, gross incurred but not reported claims (IBNR) amounted to USD 268,953 thousand (2020: USD 179,921 thousand) out of the total insurance contract liabilities. Valuation of investment properties Investment properties amounted to USD 16,308 thousand as at 31 December 2021 (2020: USD 20,012 thousand) and are stated at fair value. Management has determined the fair value and in doing so has considered valuation performed by a third -party Valuation of investment properties of the associates Investment in associates amounted to USD 5,693 thousand as at December Expected credit loss for insurance receivables The Group uses a provision matrix to calculate ECLs for insurance receivables. The provision rates are based on days past due for groupings of various policy holder’s segments that have similar default patterns. -looking
Work in progress assets	Work in progress assets Work in progress assets are stated at cost and include other direct costs and it is not depreciated until it is available for intended use.
Provisions	Provisions Provisions are recognized when the Group has an obligation (legal or constructive) as a result of a past event, and the costs to settle the obligation are both probable and able to be reliably measured.
Treasury shares	Treasury shares Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in the consolidated statement of income on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in share premium.
Gross written premiums	Gross written premiums Gross written premiums comprise the total premiums receivable for the whole period of cover provided by contracts entered into during the accounting period. They are recognized on the date on which the policy commences. Premiums include any adjustments arising in the accounting period for premiums receivable in respect of business written in prior accounting periods. Rebates that form part of the premium rate, such as no -claim Unearned premiums are those proportions of premiums written in a year that relate to periods of risk after the reporting date. Unearned premiums are calculated on a pro rata basis. The proportion attributable to subsequent periods is deferred as a provision for unearned premiums.
Reinsurance premiums	Reinsurance premiums Reinsurance premiums comprise the total premiums payable for the reinsurance cover provided by retrocession contracts entered into during the year and are recognized on the date on which the policy incepts. Premiums include any adjustments arising in the accounting period in respect of reinsurance contracts incepting in prior accounting periods. Unearned reinsurance premiums are those proportions of premiums written in a year that relate to periods of risk after the reporting date. Unearned reinsurance premiums are deferred over the term of the underlying direct insurance policies for risks -attaching
Claims	Claims Claims, comprising amounts payable to contract holders and third parties and related loss adjustment expenses, net of salvage and other recoveries, are charged to income as incurred. Claims comprise the estimated amounts payable, in respect of claims reported to the Group and those not reported at the consolidated statement of financial position date. The Group generally estimates its claims based on appointed loss adjusters or leading underwriters’ recommendations. In addition, a provision based on management’s judgement and the Group’s prior experience is maintained for the cost of settling claims incurred but not reported at the consolidated statement of financial position date.
Policy acquisition costs and commissions earned	Policy acquisition costs and commissions earned Policy acquisition costs and commission earned represent commissions paid and received in relation to the acquisition and renewal of insurance and retrocession contracts which are deferred and expensed over the same period over which the corresponding premiums are recognised in accordance with the earning pattern of the underlying contract.
Liability adequacy test	Liability adequacy test At each statement of financial position date, the Group assesses whether its recognized insurance liabilities are adequate using current estimates of future cash flows under its insurance contracts. If that assessment shows that the carrying amount of its unearned premiums (less related deferred policy acquisition costs) is inadequate in light of estimated future cash flows, the entire deficiency is immediately recognized in income and an unexpired risk provision is created. The Group does not discount its liability for unpaid claims as the Group measures its insurance contract liabilities on an undiscounted basis.
Reinsurance	Reinsurance The Group cedes insurance risk in the normal course of business for all of its businesses. Reinsurance assets represent balances due from reinsurance companies. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsurer’s policies and are in accordance with the related reinsurance contract. Reinsurance assets are reviewed for impairment at each reporting date, or more frequently, when an indication of impairment arises during the reporting year. Impairment occurs when there is objective evidence as a result of an event that occurred after initial recognition of the reinsurance asset that the Group may not receive all outstanding amounts due under the terms of the contract and the event has a reliably measurable impact on the amounts that the Group will receive from the reinsurer. The impairment loss is recorded in the consolidated statement of income. Gains or losses on buying reinsurance are recognized in the consolidated statement of income immediately at the date of purchase and are not amortized. Ceded reinsurance arrangements do not relieve the Group from its obligations to policyholders. The Group also assumes reinsurance risk in the normal course of business for non -life Premiums and claims are presented on a gross basis for both ceded and assumed reinsurance. Reinsurance assets or liabilities are derecognized when the contractual rights are extinguished or expire or when the contract is transferred to another party. Reinsurance contracts that do not transfer significant insurance risk are accounted for directly through the statement of financial position. These are deposit assets or financial liabilities that are recognized based on the consideration paid or received less any explicit identified premiums or fees to be retained by the reinsured.
Excess of loss (XOL) reinsurance	Excess of loss (XOL) reinsurance The Group purchases reinsurance as part of its risk mitigation programmer. The Group has a non -proportional -of-loss -of-loss The XOL costs are determined at the inception of the reinsurance contract and are payable upfront in the form of ‘Minimum and Deposit Premium’ (MDP) subject to premium adjustment at the end of the contract period. Deferred excess of loss premiums are those proportions of premiums paid during the year that relate to periods of risk after the reporting date. Deferred premiums are calculated on a pro rata basis. Excess of loss reinsurance also includes reinstatement premium and related cash flows within the boundary of the initial reinsurance contract arising from usage of primary reinsurance coverage limit. Reinstatement occurs at predetermined rates without giving reinsurer any right to exit or reprice the contract. This implies expected cash flows related to the reinstatement premium shall be within the boundary of the initial reinsurance contract and are not related to future contracts.
Equity settled Share-based payment plan	Equity settled Share-based payment plan The Group operates an equity -settled -based -based
Offsetting	Offsetting Financial assets and financial liabilities are offset, and the net amount reported in the consolidated statement of financial position only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liability simultaneously. Income and expense are not offset in the consolidated statement of income unless required or permitted by any accounting standard or interpretation.
Foreign currencies	Foreign currencies The Group’s consolidated financial statements are presented in United States Dollars, which is also the functional currency of the Group. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange ruling at the reporting date. All differences are taken to the consolidated statement of income. Non -monetary -monetary Group companies The assets and liabilities of foreign operations are translated into United States Dollars at the rate of exchange prevailing at the reporting date and their statements of income are translated at exchange rates prevailing at the date of the transactions. The exchange differences arising on the translation are recognized in the consolidated statement of comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in the consolidated statement of income.
Taxation	Taxation The charge or credit for taxation is based upon the profit or loss for the year and takes into account taxation deferred because of temporary differences between the treatment of certain items for taxation and accounting purposes. Current income tax Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries were the Group operates and generates taxable income. Deferred tax Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credit and unused tax losses can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Interest income	Interest income Interest income included in investment income is recognized as the interest accrues using the effective interest method, under which the rate used exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.
Dividend income	Dividend income Dividend revenue included in investment income is recognized when the right to receive the payment is established.
Other revenues and expenses	Other revenues and expenses Other revenues consist of chartered flights revenues which are recognized when the transportation is provided. Related expenses are recognized in the same period as the revenues to which they relate.
Leasing	Leasing The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short -term -value -of-use
Right-of-use assets	Right-of-use assets The Group recognizes right -of-use -of-use The Group has included the right -of-use The cost of right -of-use -of-use -line -of-use Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in -substance The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in -substance The Group has included the lease obligations arising from the lease contracts within the other liabilities in the consolidated statement of financial position (note 16). Short-term leases and leases of low-value assets The Group applies the short -term -term -value -term -value -line Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: In the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non -financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between Levels in the hierarchy by re -assessing The Group’s management determines the policies and procedures for both recurring fair value measurement, such as unquoted available for sale financial assets. At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be re -measured -assessed For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. Segment reporting Reporting segments and segment measures are explained and disclosed in note 31 Segment information. Listing related Expenses Listing transaction related costs are charged to the consolidated statement of income as incurred. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non -controlling -controlling -related The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non -controlling -assesses After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash -generating Where goodwill has been allocated to a cash -generating -generating Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Judgements In the process of applying the Group’s accounting policies, management has made the following judgements, apart from those involving estimations, which have the most significant effect in the amounts recognized in the consolidated financial statements: Classification of investments Financial assets are classified, at initial recognition, at cost and subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. Determining the lease term of contracts with renewal options The Group determines the lease term as the non -cancellable The Group has the option, under some of its leases to lease the assets for additional terms. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. The Group considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). The Group included the renewal period as part of the lease term for leases of property, premises and equipment due to the significance of these assets to its operations. These leases have a short non -cancellable Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Valuation of insurance contract liabilities Considerable judgement by management is required in the estimation of amounts due to contract holders arising from claims made under insurance contracts. Such estimates are necessarily based on assumptions about several factors involving varying, and possibly significant, degrees of judgement and uncertainty and actual results may differ from management’s estimates resulting in future changes in estimated liabilities. In particular, estimates have to be made for both the expected ultimate cost of claims reported and the expected ultimate cost of claims incurred but not yet reported (IBNR) at the consolidated statement of financial position date. The primary technique adopted by management in estimating the cost of notified and IBNR claims is that of using past claim settlement trends to predict future claims settlement trends. Claims requiring court or arbitration decisions are estimated individually. Independent loss adjustors normally estimate property claims. Management reviews its provisions for claims incurred, and claims incurred but not reported, on a quarterly basis. Similar judgements, estimates and assumptions are employed in the assessment of adequacy of provisions for unearned premiums. Judgement is also required in determining whether the pattern of insurance service provided by a contract requires amortization of unearned premiums on a basis other than time apportionment. Total carrying amount of insurance contract liabilities as at year ended 31 December 2021 was USD 575,899 thousand (2020: USD 492,255 thousand). As at 31 December 2021, gross incurred but not reported claims (IBNR) amounted to USD 268,953 thousand (2020: USD 179,921 thousand) out of the total insurance contract liabilities. Valuation of investment properties Investment properties amounted to USD 16,308 thousand as at 31 December 2021 (2020: USD 20,012 thousand) and are stated at fair value. Management has determined the fair value and in doing so has considered valuation performed by a third -party Valuation of investment properties of the associates Investment in associates amounted to USD 5,693 thousand as at December Expected credit loss for insurance receivables The Group uses a provision matrix to calculate ECLs for insurance receivables. The provision rates are based on days past due for groupings of various policy holder’s segments that have similar default patterns. -looking
Lease liabilities	Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in -substance The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in -substance The Group has included the lease obligations arising from the lease contracts within the other liabilities in the consolidated statement of financial position (note 16).
Short-term leases and leases of low-value assets	Short-term leases and leases of low-value assets The Group applies the short -term -term -value -term -value -line Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: In the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non -financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between Levels in the hierarchy by re -assessing The Group’s management determines the policies and procedures for both recurring fair value measurement, such as unquoted available for sale financial assets. At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be re -measured -assessed For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. Segment reporting Reporting segments and segment measures are explained and disclosed in note 31 Segment information. Listing related Expenses Listing transaction related costs are charged to the consolidated statement of income as incurred. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non -controlling -controlling -related The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non -controlling -assesses After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash -generating Where goodwill has been allocated to a cash -generating -generating Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Judgements In the process of applying the Group’s accounting policies, management has made the following judgements, apart from those involving estimations, which have the most significant effect in the amounts recognized in the consolidated financial statements: Classification of investments Financial assets are classified, at initial recognition, at cost and subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. Determining the lease term of contracts with renewal options The Group determines the lease term as the non -cancellable The Group has the option, under some of its leases to lease the assets for additional terms. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. The Group considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). The Group included the renewal period as part of the lease term for leases of property, premises and equipment due to the significance of these assets to its operations. These leases have a short non -cancellable Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Valuation of insurance contract liabilities Considerable judgement by management is required in the estimation of amounts due to contract holders arising from claims made under insurance contracts. Such estimates are necessarily based on assumptions about several factors involving varying, and possibly significant, degrees of judgement and uncertainty and actual results may differ from management’s estimates resulting in future changes in estimated liabilities. In particular, estimates have to be made for both the expected ultimate cost of claims reported and the expected ultimate cost of claims incurred but not yet reported (IBNR) at the consolidated statement of financial position date. The primary technique adopted by management in estimating the cost of notified and IBNR claims is that of using past claim settlement trends to predict future claims settlement trends. Claims requiring court or arbitration decisions are estimated individually. Independent loss adjustors normally estimate property claims. Management reviews its provisions for claims incurred, and claims incurred but not reported, on a quarterly basis. Similar judgements, estimates and assumptions are employed in the assessment of adequacy of provisions for unearned premiums. Judgement is also required in determining whether the pattern of insurance service provided by a contract requires amortization of unearned premiums on a basis other than time apportionment. Total carrying amount of insurance contract liabilities as at year ended 31 December 2021 was USD 575,899 thousand (2020: USD 492,255 thousand). As at 31 December 2021, gross incurred but not reported claims (IBNR) amounted to USD 268,953 thousand (2020: USD 179,921 thousand) out of the total insurance contract liabilities. Valuation of investment properties Investment properties amounted to USD 16,308 thousand as at 31 December 2021 (2020: USD 20,012 thousand) and are stated at fair value. Management has determined the fair value and in doing so has considered valuation performed by a third -party Valuation of investment properties of the associates Investment in associates amounted to USD 5,693 thousand as at December Expected credit loss for insurance receivables The Group uses a provision matrix to calculate ECLs for insurance receivables. The provision rates are based on days past due for groupings of various policy holder’s segments that have similar default patterns. -looking
Fair values	Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: In the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non -financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between Levels in the hierarchy by re -assessing The Group’s management determines the policies and procedures for both recurring fair value measurement, such as unquoted available for sale financial assets. At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be re -measured -assessed For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
Segment reporting	Segment reporting Reporting segments and segment measures are explained and disclosed in note 31 Segment information.
Listing related Expenses	Listing related Expenses Listing transaction related costs are charged to the consolidated statement of income as incurred.
Business combinations and goodwill	Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non -controlling -controlling -related The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non -controlling -assesses After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash -generating Where goodwill has been allocated to a cash -generating -generating
Significant accounting judgements, estimates and assumptions	Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
Judgements	Judgements In the process of applying the Group’s accounting policies, management has made the following judgements, apart from those involving estimations, which have the most significant effect in the amounts recognized in the consolidated financial statements:
Classification of investments	Classification of investments Financial assets are classified, at initial recognition, at cost and subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.
Determining the lease term of contracts with renewal options	Determining the lease term of contracts with renewal options The Group determines the lease term as the non -cancellable The Group has the option, under some of its leases to lease the assets for additional terms. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. The Group considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). The Group included the renewal period as part of the lease term for leases of property, premises and equipment due to the significance of these assets to its operations. These leases have a short non -cancellable
Estimates and assumptions	Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.
Valuation of insurance contract liabilities	Valuation of insurance contract liabilities Considerable judgement by management is required in the estimation of amounts due to contract holders arising from claims made under insurance contracts. Such estimates are necessarily based on assumptions about several factors involving varying, and possibly significant, degrees of judgement and uncertainty and actual results may differ from management’s estimates resulting in future changes in estimated liabilities. In particular, estimates have to be made for both the expected ultimate cost of claims reported and the expected ultimate cost of claims incurred but not yet reported (IBNR) at the consolidated statement of financial position date. The primary technique adopted by management in estimating the cost of notified and IBNR claims is that of using past claim settlement trends to predict future claims settlement trends. Claims requiring court or arbitration decisions are estimated individually. Independent loss adjustors normally estimate property claims. Management reviews its provisions for claims incurred, and claims incurred but not reported, on a quarterly basis. Similar judgements, estimates and assumptions are employed in the assessment of adequacy of provisions for unearned premiums. Judgement is also required in determining whether the pattern of insurance service provided by a contract requires amortization of unearned premiums on a basis other than time apportionment. Total carrying amount of insurance contract liabilities as at year ended 31 December 2021 was USD 575,899 thousand (2020: USD 492,255 thousand). As at 31 December 2021, gross incurred but not reported claims (IBNR) amounted to USD 268,953 thousand (2020: USD 179,921 thousand) out of the total insurance contract liabilities.
Valuation of investment properties	Valuation of investment properties Investment properties amounted to USD 16,308 thousand as at 31 December 2021 (2020: USD 20,012 thousand) and are stated at fair value. Management has determined the fair value and in doing so has considered valuation performed by a third -party
Valuation of investment properties of the associates	Valuation of investment properties of the associates Investment in associates amounted to USD 5,693 thousand as at December
Expected credit loss for insurance receivables	Expected credit loss for insurance receivables The Group uses a provision matrix to calculate ECLs for insurance receivables. The provision rates are based on days past due for groupings of various policy holder’s segments that have similar default patterns. The provision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward -looking -looking The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of policy holder’s actual default in the future. In its ECL models, the Group relies on a range of forward -looking • • In determining impairment of financial assets, judgement is required in the estimation of the amount and timing of future cash flows as well as an assessment of whether the credit risk on the financial asset has increased significantly since initial recognition and incorporation of forward -looking The Group considers insurance receivables in default when contractual payments are 360 days past due, and in doing so management considers but does not depend only on the age of the relevant accounts receivable. The adequacy of the Group’s past estimates as well as the high turnover ratio of receivables are also considered as main factors in evaluating the collectability of insurance receivables, especially in regions where the Group has experienced historical trends of slow collection such as the Middle East and Africa. Even in such regions, however, the Group has typically ultimately recovered the due premiums in full. The Group has in place credit appraisal policies for written business. The Group monitors and follows up on receivables for insurance transactions on an ongoing basis. Wherever, as a result of this formal chasing process, management determines that the settlement of a receivable is not probable, a notice of cancellation (NOC) will be issued within 30 – 60 days from the premium past due date. If the premium due is not paid within the NOC period, the insurance policy will be cancelled ab initio. The Group does not pay claims on policies where the policyholder is past due on premium payments, except for cases where the policyholder’s broker confirms that the due premium is in the process of being collected. Total expected credit losses on insurance receivables as at year ended 31 December 2021 was USD 14,356 thousand (2020: USD 9,235 thousand).
Ultimate premiums	Ultimate premiums In addition to reported premium income, the Group also includes an estimate for pipeline premiums representing amount due on business written but not yet reported. This is based on management’s judgement of market conditions and historical data using premium development patterns evident from active underwriting years to predict ultimate premiums trends at the close of the fiscal period. Estimated pipeline premiums as at year ended 31 December 2021 was USD 1,379 thousand (2020: USD 3,249 thousand).

Basis of Preparation (Tables)

Basis of Preparation (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of basis of preparation of financial statements [text block] [Abstract]
Schedule of subsidiaries	Country of incorporation Activity Ownership 2021 2020 International General Insurance Holdings Limited United Arab Emirates Reinsurance and insurance 100 % 100 % Tiberius Acquisition Corporation United States of America Special purpose acquisition company 100 % 100 % The following entities are wholly owned by the subsidiary International General Insurance Holdings Limited: I.G.I Underwriting/Jordan “Exempted” Jordan Underwriting agency 100 % 100 % North Star Underwriting Limited United Kingdom Underwriting agency 100 % 100 % International General Insurance Co. Ltd. Bermuda Reinsurance and insurance 100 % 100 % The following entities are wholly owned subsidiaries and branches by International General Insurance Co. Ltd.: Subsidiaries: International General Insurance Company (UK) Limited United Kingdom Reinsurance and insurance 100 % 100 % International General Insurance Company (Dubai) Ltd. United Arab Emirates Insurance intermediation and insurance management 100 % 100 % International General Insurance Company (Europe) SE* Malta Reinsurance and insurance 100 % — Specialty Malls Investment Company Jordan Real estate properties development and lease 100 % 100 % IGI Services Ltd Cayman Islands Owning and chartering aircraft 100 % 100 % Branches: International General Insurance Company Ltd. – Labuan Branch Malaysia Reinsurance and insurance 100 % 100 %
Schedule of estimated useful lives of the right of use assets	Years Office buildings 20 Aircraft 12.5 Office furniture 5 Computers 3 Equipment 4 Leasehold improvements 5 Vehicles 5 Right-of-use assets 2 – 7

Cash at Banks (Tables)

Cash at Banks (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of cash and bank balances at central banks [text block] [Abstract]
Schedule of cash and cash equivalents	2021 2020 USD ‘000 USD ‘000 Cash and bank balances* 205,866 120,303 Deposits with original maturities of three months or less 36,280 13,136 242,146 133,439
Schedule of term deposits	2021 2020 USD ‘000 USD ‘000 Deposits with original maturities over three months and less than one year 136,278 138,510 Deposits with original maturities over one year 43,688 33,702 179,966 172,212

Insurance Receivables (Tables)

Insurance Receivables (Tables)	12 Months Ended
	Dec. 31, 2021
Insurance Receivables [Abstract]
Schedule of insurance receivables	2021 2020 USD ‘000 USD ‘000 Receivables from insurance companies and intermediaries 193,701 175,840 Less: Expected credit losses on insurance receivables (14,356 ) (9,235 ) 179,345 166,605
Schedule of movement in the expected credit losses	2021 2020 USD ‘000 USD ‘000 Opening balance 9,235 6,394 Provision for the year 5,181 2,861 Write-offs (60 ) (20 ) Ending balance 14,356 9,235

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of investments accounted for using equity method [text block] [Abstract]
Schedule of group financial investments	2021 Amortized Fair value Fair value Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 Unquoted bonds* 2,934 — — 2,934 Quoted bonds — 418,445 — 418,445 Quoted funds and alternative investments — — 14,377 14,377 Quoted equities** — 13,721 14,162 27,883 Unquoted equities*** — 7,046 — 7,046 Expected credit losses and impairment (463 ) — — (463 ) 2,471 439,212 28,539 470,222 2020 Amortized cost Fair value Fair value Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 Unquoted bonds* 3,103 — — 3,103 Quoted bonds — 390,918 — 390,918 Quoted funds and alternative investments — — 9,791 9,791 Quoted equities — 14,935 12,989 27,924 Unquoted equities*** — 6,748 — 6,748 Expected credit losses and impairment (397 ) — — (397 ) 2,706 412,601 22,780 438,087
Schedule of expected credit losses and impairment provision for the bonds	2021 2020 USD ‘000 USD ‘000 Opening balance 397 268 Addition of provision for investment held at amortized cost 66 129 Ending balance 463 397
Schedule of fair value of level 3 financial assets	% Positive Negative Valuation variables USD ‘000 USD ‘000 2021 +/- 10 663 (663) Market multiples applied to a range of financial performance measures**** 2020 +/- 10 701 (701) Market multiples applied to a range of financial performance measures And market multiples applied to implied value in a recent official sale offer 2019 +/- 10 574 (574) Market multiples applied to a range of financial performance measures

Investments in Associates (Tabl

Investments in Associates (Tables)	12 Months Ended
	Dec. 31, 2021
Descrption Of Accounting Policy For Investments In Associates [Abstract]
Schedule of investments in associated companies equity method	Country of Ownership 2021 2020 Star Rock SAL Lebanon Lebanon 32.7 % 32.7 % Sina SAL Lebanon Lebanon 32.7 % 32.7 % Silver Rock SAL Lebanon Lebanon 32.7 % 32.7 % Golden Rock SAL Lebanon Lebanon 32.7 % 32.7 %
Schedule of movement on investments in associates	2021 2020 USD ‘000 USD ‘000 Opening balance 11,583 13,062 Opening balance adjustments for hyperinflation and effect of movements in exchange rates recognised in other comprehensive income 1,358 — Adjusted opening balance 12,941 13,062 Share of associated companies’ financial results (227 ) (79 ) Investment properties fair value adjustment (7,021 ) (1,902 ) Reversal of provision for contingent liabilities — 502 Share of loss from associates (7,248 ) (1,479 ) Ending balance 5,693 11,583
Schedule of summarized information of the Group's investments in associates for each year presented	2021 Star Sina Silver Golden Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Current assets 7 11 3 344 365 Non-current assets 1,870 1,287 2,091 13,538 18,786 Current liabilities (120 ) (148 ) (29 ) (182 ) (479 ) Non-current liabilities (152 ) (152 ) (151 ) (805 ) (1,260 ) Net assets 1,605 998 1,914 12,895 17,412 The Group’s share of net assets 525 326 626 4,216 5,693 2020 Star Sina Silver Golden Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Current assets 102 40 85 935 1,162 Non-current assets 4,328 3,290 4,694 28,932 41,244 Current liabilities (1,816 ) (2,209 ) (403 ) (2,555 ) (6,983 ) Net assets 2,614 1,121 4,376 27,312 35,423 The Group’s share of net assets 855 367 1,431 8,930 11,583
Schedule of group's share of (loss) profit from associate	2021 Star Sina Silver Golden Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Associates’ revenues and results: Revenues 11 — 2 422 435 Net loss (2,456 ) (2,007 ) (2,608 ) (15,095 ) (22,166 ) The Group’s share of loss (803 ) (656 ) (853 ) (4,936 ) (7,248 ) 2020 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Associates’ revenues and results: Revenues 47 4 41 750 842 Net loss (492 ) (340 ) (620 ) (3,071 ) (4,523 ) The Group’s share of loss (161 ) (111 ) (203 ) (1,004 ) (1,479 ) 2019 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Associates’ revenues and results: Revenues 72 61 112 1,038 1,283 Net loss (207 ) (115 ) (98 ) (730 ) (1,150 ) The Group’s share of loss (67 ) (38 ) (32 ) (239 ) (376 )
Schedule of the valuation of the investment properties owned by the associates	% Impact on Impact on USD ‘000 USD ‘000 2021 +/ – 20 1,511 (1,511 ) 2020 1,773 (1,773 ) 2019 7,269 (7,269 )

Outstanding Claims (Tables)

Outstanding Claims (Tables)	12 Months Ended
	Dec. 31, 2021
Outstanding Claims [Abstract]
Schedule of outstanding claims	2021 2020 2019 Gross Reinsurers’ Net Gross Reinsurers’ Net Gross Reinsurers’ Net USD USD USD USD USD USD USD USD USD At the beginning of the year Reported claims 312,334 (160,373 ) 151,961 292,722 (163,191 ) 129,531 285,770 (170,125 ) 115,645 Claims incurred but not reported 179,921 (27,112 ) 152,809 120,331 (13,021 ) 107,310 98,610 (17,440 ) 81,170 492,255 (187,485 ) 304,770 413,053 (176,212 ) 236,841 384,380 (187,565 ) 196,815 Claims paid (119,722 ) 32,411 (87,311 ) (134,761 ) 51,018 (83,743 ) (131,151 ) 53,114 (78,037 ) Provided during the year related to current accident year 257,233 (64,926 ) 192,307 225,950 (68,135 ) 157,815 150,799 (26,444 ) 124,355 (Released) provided during the year related to previous accident years (53,867 ) 37,752 (16,115 ) (11,987 ) 5,844 (6,143 ) 9,025 (15,317 ) (6,292 ) At the end of the year 575,899 (182,248 ) 393,651 492,255 (187,485 ) 304,770 413,053 (176,212 ) 236,841 At the end of the year Reported claims 306,946 (120,323 ) 186,623 312,334 (160,373 ) 151,961 292,722 (163,191 ) 129,531 Claims incurred but not reported 268,953 (61,925 ) 207,028 179,921 (27,112 ) 152,809 120,331 (13,021 ) 107,310 575,899 (182,248 ) 393,651 492,255 (187,485 ) 304,770 413,053 (176,212 ) 236,841
Schedule of Gross of reinsurance, the claims development	All 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD At end of accident year 94,376 122,323 128,498 133,595 159,549 152,384 174,601 175,094 278,298 196,709 150,799 225,950 257,233 One year later 75,295 108,523 106,567 119,425 155,958 114,972 160,100 173,369 309,258 219,593 143,093 219,794 — Two years later 67,119 105,943 100,764 108,557 148,161 101,352 149,533 167,695 317,053 213,655 126,522 — — Three years later 68,497 100,572 110,286 110,046 142,309 92,846 145,921 158,572 317,778 191,253 — — — Four years later 68,217 99,513 114,464 103,996 133,917 88,210 142,926 162,210 311,662 — — — — Five years later 67,909 101,599 110,266 104,541 132,992 85,621 142,478 162,215 — — — — — Six years later 67,807 100,199 111,774 103,167 130,844 83,183 141,758 — — — — — — Seven years later 67,614 100,303 110,644 97,918 130,616 82,709 — — — — — — — Eight years later 68,115 100,073 111,028 97,998 130,374 — — — — — — — — Nine years later 68,950 100,120 111,198 98,088 — — — — — — — — — Ten years later 68,882 99,972 109,706 — — — — — — — — — — Eleven years later 69,169 100,497 — — — — — — — — — — — Twelve years later 68,881 — — — — — — — — — — — — Current estimate of cumulative claims incurred 240,860 68,881 100,497 109,706 98,088 130,374 82,709 141,758 162,215 311,662 191,253 126,522 219,794 257,233 2,241,552 Cumulative payments to date 239,391 68,278 100,188 103,590 95,657 129,783 82,488 136,793 154,033 279,011 114,862 77,459 64,824 19,296 1,665,653 Gross liability included in the consolidated statement of financial position 575,899 All 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD At end of accident year 63,259 71,380 76,231 100,119 123,553 115,851 92,893 98,771 110,341 94,266 124,355 157,815 192,307 One year later 52,099 63,488 60,555 88,131 121,694 90,078 86,991 94,055 117,163 105,797 115,739 155,639 — Two years later 46,911 62,020 59,556 78,090 120,600 79,209 79,846 90,077 116,435 108,521 100,104 — — Three years later 48,882 58,897 60,662 81,521 117,084 73,250 75,311 85,366 113,949 112,970 — — — Four years later 48,707 58,182 62,272 77,268 109,460 70,070 73,132 89,184 112,040 — — — — Five years later 48,310 60,146 59,826 77,798 107,701 66,693 72,641 89,230 — — — — — Six years later 48,348 58,648 60,329 76,773 107,500 65,626 71,945 — — — — — — Seven years later 48,194 58,726 58,084 71,644 107,269 65,482 — — — — — — — Eight years later 48,713 58,540 57,329 71,620 107,059 — — — — — — — — Nine years later 49,446 58,590 57,425 71,745 — — — — — — — — — Ten years later 49,437 58,460 57,398 — — — — — — — — — — Eleven years later 49,697 58,859 — — — — — — — — — — — Twelve years later 49,404 — — — — — — — — — — — — Current estimate of cumulative claims incurred 148,610 49,404 58,859 57,398 71,745 107,059 65,482 71,945 89,230 112,040 112,970 100,104 155,639 192,307 1,392,792 Cumulative payments to date 147,326 48,851 58,590 55,232 69,469 106,523 64,658 68,751 82,223 94,196 80,419 62,814 44,025 16,064 999,141 Net liability included in the consolidated statement of financial position 393,651

Unearned Premiums (Tables)

Unearned Premiums (Tables)	12 Months Ended
	Dec. 31, 2021
Unearned Premiums [Abstract]
Schedule of unearned premiums	2021 2020 2019 Gross Reinsurers’ Net Gross Reinsurers’ Net Gross Reinsurers’ Net USD USD USD USD USD USD USD USD USD Opening balance 277,268 (50,077 ) 227,191 206,214 (33,917 ) 172,297 168,255 (32,567 ) 135,688 Premiums written 545,582 (162,973 ) 382,609 467,273 (128,863 ) 338,410 349,292 (97,139 ) 252,153 Premiums earned (494,124 ) 148,926 (345,198 ) (396,219 ) 112,703 (283,516 ) (311,333 ) 95,789 (215,544 ) 328,726 (64,124 ) 264,602 277,268 (50,077 ) 227,191 206,214 (33,917 ) 172,297

Defferred Excess of Loss Prem_2

Defferred Excess of Loss Premiums (Tables)	12 Months Ended
	Dec. 31, 2021
Defferred Excess of Loss Premiums [Abstract]
Schedule of deferred excess of loss premiums in the consolidated statement of financial position	2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Opening balance 17,095 15,173 12,449 Additions 38,207 40,726 37,492 Charged to consolidated statement of income under reinsures’ share of insurance premiums (38,064 ) (38,804 ) (34,768 ) Ending balance 17,238 17,095 15,173

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Policy Acquisition Costs Text Blcok [Abstract]
Schedule of deferred policy acquisition costs	2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Opening balance 55,172 41,713 36,404 Acquisition costs during the year 95,871 84,002 64,675 Charged to consolidated statement of income (86,201 ) (70,543 ) (59,366 ) Ending balance 64,842 55,172 41,713

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of other current assets [text block] [Abstract]
Schedule of other assets	2021 2020 USD ‘000 USD ‘000 Accrued interest income 4,924 4,213 Prepaid expenses 1,746 1,978 Refundable deposits 123 121 Employees receivables 4 7 Funds held in trust accounts 2,818 2,103 Income tax receivables 130 120 Trade receivables 9 13 Investments proceeds receivables — 894 Others 188 113 9,942 9,562

Investment Properties (Tables)

Investment Properties (Tables)	12 Months Ended
	Dec. 31, 2021
Investment Properties [Abstract]
Schedule of investment properties	2021 Commercial Lands* Total USD ‘000 USD ‘000 USD ‘000 Opening balance 18,168 1,844 20,012 Additions 36 — 36 Sale of investment properties — (1,128 ) (1,128 ) Transfer to property, premises and equipment (1,312 ) — (1,312 ) Fair value adjustment (note 23) (1,209 ) (91 ) (1,300 ) Ending balance 15,683 625 16,308 2020 Commercial Lands* Total USD ‘000 USD ‘000 USD ‘000 Opening balance 20,063 5,649 25,712 Additions 32 42 74 Sale of investment properties — (3,739 ) (3,739 ) Fair value adjustment (note 23) (1,899 ) (108 ) (2,007 ) Foreign currency adjustment (28 ) — (28 ) Ending balance 18,168 1,844 20,012
Schedule of change in the price used for the valuation of the investment properties	% Price per Impact on Impact on USD USD ‘000 USD ‘000 Commercial building 2021 +/ – 10 875 1,565 (1,565 ) 2020 1,016 1,816 (1,816 ) 2019 1,122 2,006 (2,006 ) % Price per Impact on Impact on USD USD ‘000 USD ‘000 Lands 2021 +/ – 10 168 62 (62 ) 2020 189 184 (184 ) 2019 203 565 (565 )

Property, Premises and Equipm_2

Property, Premises and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Premises and Equipment [Abstract]
Schedule of property, premises and equipment	Office Aircraft Office Computers Equipment Leasehold Vehicles Work in Right of Total USD USD USD USD USD USD USD USD USD USD Cost At 1 January 2021 2,681 11,290 1,678 1,862 293 1,419 1,011 76 4,035 24,345 Additions 4 — 103 160 12 98 — 1,109 1,269 2,755 Transfers 1,311 — 116 94 2 838 — (1,050 ) — 1,311 Disposals — — (101 ) (22 ) (3 ) (69 ) — — — (195 ) At 31 December 2021 3,996 11,290 1,796 2,094 304 2,286 1,011 135 5,304 28,216 Depreciation At 1 January 2021 923 3,615 1,440 1,605 284 1,318 871 — 1,121 11,177 Deprecation for the year 35 903 42 186 6 102 47 — 994 2,315 Disposals — — (75 ) (22 ) (3 ) (35 ) — — — (135 ) At 31 December 2021 958 4,518 1,407 1,769 287 1,385 918 — 2,115 13,357 Net carrying amount At 31 December 2021 3,038 6,772 389 325 17 901 93 135 3,189 14,859 Cost At 1 January 2020 2,679 11,290 1,652 1,646 291 1,411 1,011 9 1,925 21,914 Additions 22 — 26 210 2 8 — 76 2,012 2,356 Transfers — — — 9 — — — (9 ) — — Disposals — — — (3 ) — — — — — (3 ) Adjustments (20 ) — — — — — — — 98 78 At 31 December 2020 2,681 11,290 1,678 1,862 293 1,419 1,011 76 4,035 24,345 Depreciation At 1 January 2020 894 2,709 1,383 1,436 282 1,250 814 — 411 9,179 Deprecation for the year 29 906 57 172 2 68 57 — 584 1,875 Disposals — — — (3 ) — — — — — (3 ) Adjustments — — — — — — — — 126 126 At 31 December 2020 923 3,615 1,440 1,605 284 1,318 871 — 1,121 11,177 Net carrying amount At 31 December 2020 1,758 7,675 238 257 9 101 140 76 2,914 13,168
Schedule of depreciation and amortization	2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Property, premises and equipment depreciation charge for the year 2,315 1,875 1,907 Intangible assets amortization charge for the year (note 14) 1,248 737 49 Aircraft depreciation allocated to listing transaction deferred cost — — (73 ) Aircraft depreciation allocated to other expenses (note 24) (750 ) (632 ) (595 ) Total depreciation and amortization allocated to G&A (note 22) 2,813 1,980 1,288

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of intangible assets [text block] [Abstract]
Schedule of intangible assets accumulated cost and amortization	2021 2020 Computer software/ licenses Work in progress Goodwill Total Computer software/ licenses Work in progress* Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Cost Beginning balance 6,584 — — 6,584 1,191 3,832 5,023 Additions 853 6 41 900 1,423 138 1,561 Transfers — — — — 3,970 (3,970 ) — Ending balance 7,437 6 41 7,484 6,584 — 6,584 Amortization and impairment Beginning balance 1,874 — — 1,874 1,137 — 1,137 Additions 1,248 — — 1,248 737 — 737 Impairment loss (note 34) — — 41 41 Ending balance 3,122 — 41 3,163 1,874 — 1,874 Net carrying amount 4,315 6 — 4,321 4,710 — 4,710 * Effective 1 April 2020, the Group has fully implemented a new core insurance system and transferred the work in progress amount to the software and licenses account within intangible assets.

Insurance Payables (Tables)

Insurance Payables (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of insurance contracts [text block] [Abstract]
Schedule of insurance payables	2021 2020 USD ‘000 USD ‘000 Payables due to insurance companies and intermediaries 5,004 2,593 Reinsurers – amounts due in respect of ceded premium 84,515 80,868 89,519 83,461

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of other liabilities [text block] [Abstract]
Schedule of other liabilities	2021 2020 USD ‘000 USD ‘000 Accounts payable 11,259 5,011 Accrued expenses and other accruals 12,773 10,970 Lease liabilities* 3,753 2,954 Income tax payable 1,254 1,556 29,039 20,491
Schedule of undiscounted lease liabilities	2021 2020 USD ‘000 USD ‘000 Opening balance 2,954 1,563 Additions 1,269 2,012 Interest expense (note 22) 358 203 Payments (783 ) (796 ) Foreign currency adjustment (45 ) (28 ) Ending balance 3,753 2,954 Current 1,001 761 Non-current 2,752 2,193

Derviative Financial Liability

Derviative Financial Liability (Tables)	12 Months Ended
	Dec. 31, 2021
Derviative Financial Liability [Abstract]
Schedule of illustrates the movement on the warrants	2021 2020 USD ‘000 USD ‘000 Fair value of Warrants at the beginning of the period / Initial recognition of Warrants at the close of the Business Combination 13,628 9,210 Change in fair value for the year (690 ) 4,418 Fair value of Warrants at the end of the year 12,938 13,628

Unearned Commissions (Tables)

Unearned Commissions (Tables)	12 Months Ended
	Dec. 31, 2021
Unearned Commissions Explanatory [Abstract]
Schedule of movement in unearned commissions	2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 As at 1 January 11,038 8,910 8,010 Commissions received 25,722 18,181 14,830 Commissions earned (23,035 ) (16,053 ) (13,930 ) As at 31 December 13,725 11,038 8,910

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of the number of common shares issued and outstanding	2021 No. of shares Par value USD ‘000 Common shares (par value of USD 0.01) 45,471,084 455 Earnout shares* (par value of USD 0.01) 3,012,500 30 Restricted shares awards (par value of USD 0.01) (note 32) 396,857 4 48,880,441 489 2020 No. of shares Par value USD ‘000 Common shares (par value of USD 0.01) 45,426,251 455 Earnout shares* (par value of USD 0.01) 3,012,500 30 Restricted shares awards (par value of USD 0.01) (note 32) 134,500 1 48,573,251 486
Schedule of fair value reserve	2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Balance at the beginning of the year 18,160 4,274 954 Net change in fair value reserve during the year for bonds at fair value through OCI, net of tax (9,240 ) 11,481 4,209 Net change in fair value reserve during the year for equities at fair value through OCI (819 ) (71 ) (866 ) Realized gain on sale of equities at fair value through other comprehensive income — 2,341 — ECL charge (release) transferred to consolidated statement of income 114 135 (23 ) Balance at the end of the year 8,215 18,160 4,274

General and Administrative Ex_2

General and Administrative Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of general and administrative expense [text block] [Abstract]
Schedule of general and administrative expenses	2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Human resources expenses 36,184 29,955 26,700 Business promotion, travel and entertainment 1,358 1,349 3,340 Statutory, advisory and rating 9,938 6,174 3,463 Information technology and software 3,123 2,719 1,872 Office operation 1,270 1,518 1,460 Depreciation and amortization (note 13) 2,813 1,980 1,288 Impairment of goodwill (note 34) 41 — — Interest expense arising from lease liabilities (note 16) 358 203 108 Bank charges 128 122 137 Corporate expenses 3,733 2,903 898 58,946 46,923 39,266

Net Investment Income (Tables)

Net Investment Income (Tables)	12 Months Ended
	Dec. 31, 2021
Net Investment Income [Abstract]
Schedule of net investment income	2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Interest income 14,049 12,169 10,866 Dividends from equities at FVTOCI 78 128 721 Dividends from equities at FVTPL 705 562 391 Realized gains and losses on investments Realized loss on sale of bonds at FVTOCI (88 ) (411 ) (629 ) Realized gain on sale of FVTPL equities and mutual funds 396 1,599 947 Unrealized gains and losses on investments Unrealized gain (loss) on revaluation of financial assets at FVTPL 3,089 (241 ) 1,591 Gains and losses from investments in properties Realized (loss) gain on sale of investment properties (8 ) (213 ) 679 Fair value (loss) gain on investment properties (note 12) (1,300 ) (2,007 ) (304 ) Rental income 163 190 203 Impairment and expected credit losses on investments Expected credit loss on financial assets at FVOCI (114 ) (135 ) 23 Expected credit loss on financial assets at amortized cost (66 ) (129 ) 13 Investments custodian fees and other investments expenses (870 ) (1,545 ) (1,127 ) 16,034 9,967 13,374

Other Revenues (Expenses) (Tabl

Other Revenues (Expenses) (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of other operating income (expense) [text block] [Abstract]
Schedule of other revenues expenses	2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Other revenues: Chartered flights revenue 1,844 372 1,428 1,844 372 1,428 Other expenses: Aircraft operational cost (1,883 ) (1,260 ) (1,574 ) Aircraft depreciation expense (note 13) (750 ) (632 ) (595 ) Loss on disposal of property, premises and equipment (60 ) — (26 ) (2,693 ) (1,892 ) (2,195 )

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2021
Taxation [Abstract]
Schedule of components of income tax expense	2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Current income tax: Current income tax charge 2,052 2,374 704 Adjustments in respect of current income tax of prior years 97 (7 ) — Deferred tax: Origination and reversal of temporary differences (402 ) (292 ) 1,247 Effect of tax rate change — — (131 ) Adjustment in respect of prior years — — (132 ) Income tax charge for the year 1,747 2,075 1,688
Schedule of income tax expense appearing in the consolidated statement of income relate	2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 Income tax expense for IGI Labuan – current year 71 66 — Corporate tax for IGI Casablanca (Representative Office) – current year 7 6 4 Income tax credits for North Star Underwriting Limited – current year (21 ) (9 ) — Income tax expense for IGI UK – current year 1,995 2,311 700 Income tax credit for IGI UK – prior years 97 (7 ) — Addition of deferred tax assets IGI Europe (347 ) — 984 Release of deferred tax liabilities for IGI UK (55 ) (292 ) — Income tax charge for the year 1,747 2,075 1,688
Schedule of reconciliation of tax expense and the accounting profit multiplied by the applicable tax rate	2021 2020 2019 USD ‘000 USD ‘000 USD ‘000 The Group profit before tax 45,443 29,326 25,253 Less: Profit related to non-taxable subsidiaries (36,022 ) (17,108 ) (15,380 ) Profit before tax for entities subject to corporate taxation 9,421 12,218 9,873 Profit multiplied by the standard rate of tax in the UK of 19% (2020:19%) (2019: 19%) 1,790 2,322 1,876 Net disallowed expenditure (71 ) (34 ) 50 Non-UK expenses not deductible for tax purposes/income not taxable 67 — — Fixed asset temporary differences not recognized for deferred tax 1 14 18 Other temporary differences not recognized for deferred tax 28 9 3 Adjustment in respect of prior years 97 (7 ) (132 ) Income tax credits for North Star Underwriting Limited – current year — (9 ) — IGI Labuan and IGI Casablanca current year tax charges 78 72 4 Other movements 1 — — Release of deferred tax liabilities for IGI UK (55 ) (292 ) — Effect of rate change to 17% — — (131 ) Difference in corporation tax rates (189 ) — — Income tax charge for the year 1,747 2,075 1,688
Schedule of the movement on the deferred tax assets	2021 2020 USD ‘000 USD ‘000 Balance at beginning of the year — — Deferred tax assets resulting from acquisition of IGI Europe 124 — Addition of deferred tax assets for IGI Europe 347 — Ending balance 471 —
Schedule of the movement on the deferred tax liabilities	2021 2020 USD ‘000 USD ‘000 Balance at beginning of the year (55 ) (347 ) Release of deferred tax liabilities for IGI UK 55 292 Addition of deferred tax liabilities related to the change in fair value of bonds at fair value through OCI for IGI UK (14 ) — Ending balance (14 ) (55 )

Risk Management (Tables)

Risk Management (Tables)	12 Months Ended
	Dec. 31, 2021
Risk Management [Abstract]
Schedule of geographical concentration of risks	2021 2020 2019 Gross Concentration Gross Concentration Gross Concentration USD ‘000 % USD ‘000 % USD ‘000 % Africa 27,749 5 20,956 5 16,492 5 Asia 55,816 10 37,398 8 32,810 9 Australasia 23,454 4 19,104 4 15,185 4 Caribbean Islands 30,244 6 15,964 3 8,334 2 Central America 28,166 5 37,442 8 37,732 11 Europe 48,780 9 59,972 13 37,328 11 Middle East 53,564 10 48,401 10 36,883 11 North America 32,773 6 22,553 5 4,281 1 South America 20,718 4 20,548 4 11,051 3 UK 197,090 36 158,381 34 115,863 33 Worldwide 27,228 5 26,554 6 33,333 10 545,582 467,273 349,292
Schedule of line of business concentration of risk	2021 2020 2019 Gross Concentration Gross Concentration Gross Concentration USD ‘000 % USD ‘000 % USD ‘000 % Casualty 190,038 35 157,487 34 110,082 32 Financial Institutions 36,176 6 39,442 8 28,989 8 Marine Liability 3,339 1 4,613 1 2,731 1 Inherent Defects Insurance 9,978 2 8,935 2 9,173 3 Energy 104,015 19 91,742 19 72,109 21 Property 79,085 14 69,912 15 46,137 13 Engineering 31,137 6 17,924 4 11,531 3 Aviation 20,348 4 23,002 5 19,183 6 Ports & Terminals 29,600 5 25,875 6 22,361 6 Political Violence 9,263 2 8,271 2 8,297 2 Marine Cargo 5,091 1 752 — 713 — Contingency 3,498 1 — — — — Reinsurance 24,014 4 19,318 4 17,986 5 545,582 467,273 349,292
Schedule of sensitivities	Gross Loss Impact of Impact of Impact of Impact of Impact of Impact of % USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 2021 7.5 41,368 (41,368 ) 30,063 (30,061 ) (30,063 ) 30,061 2021 5 27,579 (27,579 ) 20,043 (20,040 ) (20,043 ) 20,040 2020 7.5 36,919 (36,919 ) 22,859 (22,857 ) (22,859 ) 22,857 2020 5 24,613 (24,613 ) 15,240 (15,237 ) (15,240 ) 15,237
Schedule of maturities of the major classes of financial assets	Less 1 to 5 years More than 5 years Non-interest- bearing items Total Effective USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 (%) 2021 – Financial assets at FVTPL — — — 28,539 28,539 — Financial assets at FVOCI 43,978 261,293 113,174 20,767 439,212 2.48 Financial assets at amortized cost 2,471 — — — 2,471 5.99 Cash and term deposits 368,024 54,088 — — 422,112 1.06 414,473 315,381 113,174 49,306 892,334 2020 – Financial assets at FVTPL — — — 22,780 22,780 — Financial assets at FVOCI 102,617 181,349 106,952 21,683 412,601 2.53 Financial assets at amortized cost 2,706 — — — 2,706 5.86 Cash and term deposits 261,549 44,102 — — 305,651 1.43 366,872 225,451 106,952 44,463 743,738
Schedule of sensitivity of the income statement is the effect of the assumed changes in interest rates on the Group's profit for the year	Decrease Effect on profit/Equity before tax USD ‘000 2021 -25 (1,593 ) -50 (3,186 ) 2020 -25 (1,435 ) -50 (2,870 )
Schedule of foreign currency risk due to changes in the fair value of monetary assets and liabilities	Changes in currency Effect on % USD ‘000 2021 EUR +10 606 GBP +10 (5,567 ) 2020 EUR +10 (777 ) GBP +10 (406 )
Schedule of credit risk exposure of the Group by classifying assets according to the Group's credit rating of counterparties	Investment Non-investment In course of Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 2021 FVOCI – debts securities 418,240 205 — 418,445 Financial assets at amortized cost — 1,979 492 2,471 Insurance receivables — 113,294 66,051 179,345 Reinsurance share of outstanding claims 181,379 869 — 182,248 Deferred excess of loss premiums — 17,238 — 17,238 Cash and cash equivalents 220,095 22,051 — 242,146 Term deposits 130,860 49,106 — 179,966 950,574 204,742 66,543 1,221,859 Investment Non-investment In course of Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 2020 FVOCI – debts securities 389,250 1,668 — 390,918 Financial assets at amortized cost — 1,982 724 2,706 Insurance receivables — 110,618 55,987 166,605 Reinsurance share of outstanding claims 186,851 634 — 187,485 Deferred excess of loss premiums — 17,095 — 17,095 Cash and cash equivalents 110,915 22,524 — 133,439 Term deposits 124,283 47,929 — 172,212 811,299 202,450 56,711 1,070,460
Schedule of distribution of bonds and debt securities with fixed interest rate	Rating grade Bonds Unquoted Total USD ‘000 USD ‘000 USD ‘000 2021 AAA 3,363 — 3,363 AA 20,803 — 20,803 A 220,258 — 220,258 BBB 166,789 — 166,789 BB 7,027 — 7,027 B 205 — 205 Not rated — 2,471 2,471 Total 418,445 2,471 420,916 Rating grade Bonds Unquoted Total USD ‘000 USD ‘000 USD ‘000 2020 AAA 44,616 — 44,616 AA 29,296 — 29,296 A 191,135 — 191,135 BBB 115,049 — 115,049 BB 9,154 — 9,154 B 210 — 210 Not rated 1,458 2,706 4,164 Total 390,918 2,706 393,624
Schedule of geographical distribution of bonds and debt securities with fixed interest rate	Country Total USD ‘000 2021 Australia 9,632 Bahrain 4,618 Belgium 1,112 Bermuda 2,301 Canada 8,384 China 51,664 Finland 2,951 France 11,266 Germany 17,483 India 3,206 Japan 11,951 Jordan 2,471 KSA 15,042 Kuwait 3,464 Luxembourg 687 Malaysia 6,574 Mexico 2,326 Netherlands 5,051 Oman 1,122 Qatar 47,700 Russia* 1,948 Singapore 3,069 South Korea 7,635 Spain 1,377 Sweden 2,528 Switzerland 5,063 Taiwan 2,991 UAE 18,388 UK 51,049 USA 113,308 Virgin Islands (British) 4,555 Total 420,916 Country Total USD ‘000 2020 Australia 6,109 Bahrain 4,648 Bermuda 5,249 Canada 14,791 China 19,504 Finland 1,016 France 4,615 Germany 18,698 Hong Kong 1,905 India 3,278 Japan 12,259 Jordan 2,707 South Korea 7,239 KSA 15,383 Kuwait 1,035 Luxembourg 715 Malaysia 1,447 Marshall Islands 129 Mexico 1,102 Netherlands 10,775 Oman 1,085 Qatar 27,984 Singapore 5,294 Spain 3,793 Sweden 1,060 Switzerland 1,889 Taiwan 3,097 UAE 9,793 UK 52,033 USA 153,349 Virgin Islands (British) 1,643 Total 393,624
Schedule of demonstrates the sensitivity of the profit for the period and the cumulative changes in fair value to reasonably possible changes in equity prices	Change in Effect on Effect on USD ‘000 USD ‘000 2021 Amman Stock Exchange +5 % 40 40 Saudi Stock Exchange +5 % — 511 Qatar Stock Exchange +5 % 23 23 Abu Dhabi Security Exchange +5 % 76 76 New York Stock Exchange +5 % 175 202 Kuwait Stock Exchange +5 % — 9 London Stock Exchange +5 % 330 382 Other quoted +5 % 782 871 Change in Effect on Effect on USD ‘000 USD ‘000 2020 Amman Stock Exchange +5 % 46 46 Saudi Stock Exchange +5 % — 590 Qatar Stock Exchange +5 % 25 25 Abu Dhabi Security Exchange +5 % 52 52 New York Stock Exchange +5 % 149 170 Kuwait Stock Exchange +5 % — 5 London Stock Exchange +5 % 312 294 Other quoted +5 % 554 635
Schedule of maturity profile of the Group's financial liabilities	Less than More than Total USD ‘000 USD ‘000 USD ‘000 2021 Gross outstanding claims 210,691 365,208 575,899 Gross unearned premiums 251,691 77,035 328,726 Insurance payables 84,519 5,000 89,519 Other liabilities 26,357 3,071 29,428 Derivative financial liability* — 12,938 12,938 Unearned commissions 12,285 1,440 13,725 Total liabilities 585,543 464,692 1,050,235 2020 Gross outstanding claims 210,536 281,719 492,255 Gross unearned premiums 222,124 55,144 277,268 Insurance payables 78,461 5,000 83,461 Other liabilities 18,298 2,419 20,717 Derivative financial liability* — 13,628 13,628 Unearned commissions 10,012 1,026 11,038 Total liabilities 539,431 358,936 898,367
Schedule of maturity analysis of assets and liabilities	2021 Less than More than No term Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 ASSETS Cash and cash equivalents 231,746 10,400 — 242,146 Term deposits 136,278 43,688 — 179,966 Insurance receivables 171,132 8,213 — 179,345 Investments 44,470 376,446 49,306 470,222 Investments in associates — — 5,693 5,693 Reinsurance share of outstanding claims 71,199 111,049 — 182,248 Reinsurance share of unearned premiums 59,235 4,889 64,124 Deferred excess of loss premiums 17,206 32 — 17,238 Deferred policy acquisition costs 43,785 21,057 64,842 Deferred tax assets 45 426 — 471 Other assets 9,942 — — 9,942 Investment properties — — 16,308 16,308 Property, premises and equipment — 14,859 — 14,859 Intangible assets — 4,321 — 4,321 TOTAL ASSETS 785,038 595,380 71,307 1,451,725 LIABILITIES AND EQUITY LIABILITIES Gross outstanding claims 210,691 365,208 — 575,899 Gross unearned premiums 251,691 77,035 — 328,726 Insurance payables 84,519 5,000 — 89,519 Other liabilities 26,287 2,752 — 29,039 Derivative financial liability — 12,938 — 12,938 Deferred tax liabilities — 14 — 14 Unearned commissions 12,285 1,440 — 13,725 TOTAL LIABILITIES 585,473 464,387 — 1,049,860 EQUITY Common shares at par value — — 489 489 Share premium — — 159,545 159,545 Foreign currency translation reserve — — 992 992 Fair value reserve — — 8,215 8,215 Retained earnings — — 232,624 232,624 TOTAL EQUITY — — 401,865 401,865 TOTAL LIABILITIES AND EQUITY 585,473 464,387 401,865 1,451,725 2020 Less than More than No term Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 ASSETS Cash and cash equivalents 128,039 5,400 — 133,439 Term deposits 133,510 38,702 — 172,212 Insurance receivables 164,778 1,827 — 166,605 Investments 105,323 288,301 44,463 438,087 Investments in associates — — 11,583 11,583 Reinsurance share of outstanding claims 83,210 104,275 — 187,485 Reinsurance share of unearned premiums 47,186 2,891 — 50,077 Deferred excess of loss premiums 17,095 — — 17,095 Deferred policy acquisition costs 39,266 15,906 — 55,172 Other assets 9,562 — — 9,562 Investment properties — — 20,012 20,012 Property, premises and equipment — 13,168 — 13,168 Intangible assets — 4,710 — 4,710 TOTAL ASSETS 727,969 475,180 76,058 1,279,207 LIABILITIES AND EQUITY LIABILITIES Gross outstanding claims 210,536 281,719 — 492,255 Gross unearned premiums 222,124 55,144 — 277,268 Insurance payables 78,461 5,000 — 83,461 Other liabilities 18,298 2,193 — 20,491 Derivative financial liability — 13,628 — 13,628 Deferred tax liabilities 55 — — 55 Unearned commissions 10,012 1,026 — 11,038 TOTAL LIABILITIES 539,486 358,710 — 898,196 EQUITY Common shares at par value — — 486 486 Share premium — — 157,677 157,677 Foreign currency translation reserve — — (349 ) (349 ) Fair value reserve — — 18,160 18,160 Retained earnings — — 205,037 205,037 TOTAL EQUITY — — 381,011 381,011 TOTAL LIABILITIES AND EQUITY 539,486 358,710 381,011 1,279,207
Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques	2021 Level 1 Level 2 Level 3 Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 Assets measured at fair value: FVTPL 14,162 14,377 — 28,539 Quoted equities at FVOCI 13,721 — — 13,721 Quoted bonds at FVOCI 356,141 62,304 — 418,445 Unquoted equities at FVOCI * — — 7,046 7,046 Investment properties — — 16,308 16,308 384,024 76,681 23,354 484,059 Liabilities measured at fair value: Derivative financial liability — 12,938 — 12,938 2020 Level 1 Level 2 Level 3 Total USD ‘000 USD ‘000 USD ‘000 USD ‘000 Assets measured at fair value: FVTPL 22,780 — — 22,780 Quoted equities at FVOCI 14,935 — — 14,935 Quoted bonds at FVOCI 390,918 — — 390,918 Unquoted equities at FVOCI * — — 6,748 6,748 Investment properties — — 20,012 20,012 428,633 — 26,760 455,393 Liabilities measured at fair value: Derivative financial liability 13,628 — — 13,628
Schedule of hierarchy for determining and disclosing the fair value	2021 2020 USD ‘000 USD ‘000 Balance at the beginning of the year 6,748 5,794 Purchases — 1,503 Total gains (losses) recognized in OCI 298 (549 ) Balance at the end of the year 7,046 6,748

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Basic and diluted earnings per share [Abstract]
Schedule of basic and diluted EPS	2021 2020 2019 Profit for the year (USD ‘000) 43,696 27,251 23,565 Less: profit attributable to the Earnout Shares (USD ‘000) 2,693 1,690 — Less: profit attributable to the Restricted Shares Awards 355 75 — Net profit available to common shareholders (USD ‘000) 40,648 25,486 23,565 Weighted average number of shares – basic and diluted 45,470,961 43,047,915 34,292,263 Basic and diluted earnings per share (USD) 0.89 0.59 0.69

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of operating segments [text block] [Abstract]
Schedule of consolidated operations	2021 Total Specialty Specialty Reinsurance Sub Total Corporate USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Underwriting revenues Gross written premiums 239,531 282,037 24,014 545,582 — 545,582 Reinsurer’s share of insurance premiums (61,808 ) (101,165 ) — (162,973 ) — (162,973 ) Net written premiums 177,723 180,872 24,014 382,609 — 382,609 Net change in unearned premiums (10,209 ) (26,865 ) (337 ) (37,411 ) — (37,411 ) Net premiums earned 167,514 154,007 23,677 345,198 — 345,198 Underwriting deductions Net policy acquisition (30,498 ) (28,766 ) (3,902 ) (63,166 ) — (63,166 ) Net claims and claim adjustment expenses (86,196 ) (72,599 ) (17,397 ) (176,192 ) — (176,192 ) Net underwriting results 50,820 52,642 2,378 105,840 — 105,840 General and administrative expenses — — — — (58,946 ) (58,946 ) Net investment income — — — — 16,034 16,034 Share of loss from associates — — — — (7,248 ) (7,248 ) Impairment loss on insurance receivables — — — — (5,181 ) (5,181 ) Other revenues — — — — 1,844 1,844 Other expenses — — — — (2,693 ) (2,693 ) Change in fair value of derivative financial liability — — — — 690 690 Loss on foreign exchange — — — — (4,897 ) (4,897 ) Profit (loss) before tax 50,820 52,642 2,378 105,840 (60,397 ) 45,443 Income tax — — — — (1,747 ) (1,747 ) Profit for the year 50,820 52,642 2,378 105,840 (62,144 ) 43,696 2020 Total Specialty Specialty Reinsurance Sub Total Corporate USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Underwriting revenues Gross written premiums 210,477 237,478 19,318 467,273 — 467,273 Reinsurer’s share of insurance premiums (37,182 ) (91,681 ) — (128,863 ) — (128,863 ) Net written premiums 173,295 145,797 19,318 338,410 — 338,410 Net change in unearned premiums (31,880 ) (22,588 ) (426 ) (54,894 ) — (54,894 ) Net premiums earned 141,415 123,209 18,892 283,516 — 283,516 Underwriting deductions Net policy acquisition (27,079 ) (24,316 ) (3,095 ) (54,490 ) — (54,490 ) Net claims and claim adjustment expenses (88,776 ) (56,614 ) (6,282 ) (151,672 ) — (151,672 ) Net underwriting results 25,560 42,279 9,515 77,354 — 77,354 General and administrative expenses — — — — (46,923 ) (46,923 ) Net investment income — — — — 9,967 9,967 Share of loss from associates — — — — (1,479 ) (1,479 ) Impairment loss on insurance receivables — — — — (2,861 ) (2,861 ) Other revenues — — — — 372 372 Other expenses — — — — (1,892 ) (1,892 ) Listing related expenses — — — — (3,366 ) (3,366 ) Change in fair value of derivative financial liability — — — — (4,418 ) (4,418 ) Gain on foreign exchange — — — — 2,572 2,572 Profit (loss) before tax 25,560 42,279 9,515 77,354 (48,028 ) 29,326 Income tax — — — — (2,075 ) (2,075 ) Profit for the year 25,560 42,279 9,515 77,354 (50,103 ) 27,251 2019 Total Specialty Specialty Reinsurance Sub Total Corporate USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 Underwriting revenues Gross written premiums 150,975 180,331 17,986 349,292 — 349,292 Reinsurer’s share of insurance premiums (21,970 ) (75,169 ) — (97,139 ) — (97,139 ) Net written premiums 129,005 105,162 17,986 252,153 — 252,153 Net change in unearned premiums (30,753 ) (5,609 ) (247 ) (36,609 ) — (36,609 ) Net premiums earned 98,252 99,553 17,739 215,544 — 215,544 Underwriting deductions Net policy acquisition (21,907 ) (20,533 ) (2,996 ) (45,436 ) — (45,436 ) Net claims and claim adjustment expenses (61,667 ) (41,858 ) (14,538 ) (118,063 ) — (118,063 ) Net underwriting results 14,678 37,162 205 52,045 — 52,045 General and administrative expenses — — — — (39,266 ) (39,266 ) Net investment income — — — — 13,374 13,374 Share of loss from associates — — — — (376 ) (376 ) Impairment loss on insurance receivables — — — — (629 ) (629 ) Other revenues — — — — 1,428 1,428 Other expenses — — — — (2,195 ) (2,195 ) Listing related expenses — — — — (4,832 ) (4,832 ) Gain on foreign exchange — — — — 5,704 5,704 Profit (loss) before tax 14,678 37,162 205 52,045 (26,792 ) 25,253 Income tax — — — — (1,688 ) (1,688 ) Profit for the year 14,678 37,162 205 52,045 (28,480 ) 23,565
Schedule of non-current operating assets information by geography	2021 2020 USD ‘000 USD ‘000 Middle East 32,165 34,631 North Africa 301 72 UK 2,968 3,112 Asia 31 75 Europe 23 — 35,488 37,890

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of share-based payment arrangements [text block] [Abstract]
Schedule of restricted shares awards	Grant date 7 October 2020 First vesting date (tranche 1) 2 January 2021 Second vesting date (tranche 2) 2 January 2022 Third vesting date (tranche 3) 2 January 2023 Total number of restricted shares awards 134,500 Number of restricted shares awards vesting each period 44,833 Grant date fair value (USD) 7.896 Grant date 16 February 2021 First vesting date (tranche 1) 2 January 2022 Second vesting date (tranche 2) 2 January 2023 Third vesting date (tranche 3) 2 January 2024 Total number of restricted shares awards 180,000 Number of restricted shares awards vesting each period 60,000 Grant date fair value (USD) 7.940 Grant date 31 March 2021 First vesting date (tranche 1) 2 January 2022 Second vesting date (tranche 2) 2 January 2023 Third vesting date (tranche 3) 2 January 2024 Total number of restricted shares awards 132,190 Number of restricted shares awards vesting each period 44,063 Grant date fair value (USD) 8.170
Schedule of restricted shares	2021 2020 Balance at 1 January 134,500 — Restricted shares granted 312,190 134,500 Restricted shares vested (44,833 ) — Restricted shares forfeited (5,000 ) — Balance at end of the year 396,857 134,500
Schedule of earnout shares	Grant Days from Earn out Earn out Earn out Total 31 December 2021 7 October 2020 grant 451 1,019 33,635 18,627 53,281 16 February 2021 grant 319 59,626 27,901 18,211 105,738 31 March 2021 grant 276 43,746 18,914 12,065 74,725 Total 104,391 80,450 48,903 233,744 31 December 2020 7 October 2020 grant 88 43,814 8,511 4,714 57,039

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of business combinations [text block] [Abstract]
Schedule of common shares issued in Business combination	2020 No. of Par value USD ‘000 Common shares issued to former shareholders of IGI 29,751,444 298 Common shares issued to former stockholders of Tiberius * 15,674,807 157 Unvested shares transferred to certain former shareholders of IGI 1,170,348 12 Unvested Tiberius Founder shares 1,842,152 18 48,438,751 485
Schedule of fair value of the equity instruments	2020 Equity Instruments No. of Fair value per Fair value USD USD ‘000 Common shares 14,554,807 6.85 99,715 Vested Founder shares subject to one year lock-up restriction post Business Combination closing date 1,120,000 6.39 7,156 Unvested Tiberius Founder shares 1,842,152 3.48 6,407 Total Value of Consideration 113,278
Schedule of tiberius net assets acquired	Description USD ‘000 Cash proceeds received 120,821 Less: liabilities assumed in the form of the Public Warrants (12,750,000 Public Warrants at fair value of USD 0.53 per warrant) (6,807 ) Net assets acquired 114,014
Schedule of fair value of the equity instruments	Description USD ‘000 Value of Consideration 113,278 Less: net assets acquired (114,014 ) Bargain (736 )

Acquisition of a Subsidiary (Ta

Acquisition of a Subsidiary (Tables)	12 Months Ended
	Dec. 31, 2021
Acquisition Of A Subsidiarytext Block [Abstract]
Schedule of goodwill	Book value Fair value recognized on acquisition USD ‘000 USD ‘000 Assets Insurance receivables and other assets 184 143 Bank Balances 6,054 6,054 6,238 6,197 Liabilities Insurance payables and other liabilities (38 ) (38 ) (38 ) (38 ) Total identifiable net assets at fair value 6,200 6,159 Goodwill arising on acquisition 41 Purchase consideration transferred 6,200
Schedule of goodwill	2021 USD ‘000 Balance at the beginning of the year — Goodwill arising from acquisition of a subsidiary 41 Impairment loss (note 22) (41 ) Balance at the end of the year —
Schedule of cash flows on acquisition	USD ‘000 Net cash acquired with the subsidiary 6,054 Cash paid (6,200 ) Net cash flow on acquisition (146 )

Basis of Preparation (Details)

Basis of Preparation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of basis of preparation of financial statements [text block] [Abstract]
Maturity term	3 months
Computer software	5 years
Lease term	12 months
Low-value lease assets	$ 5
Total carrying amount of insurance contract liabilities	575,899	$ 492,255
Gross incurred but not reported claims	268,953	179,921
Amount of investment properties	16,308	20,012
Investment amount	5,693	11,583
Total expected credit losses on insurance receivables	14,356	9,235
Estimated pipeline premiums	$ 1,379	$ 3,249

Basis of Preparation (Details)

Basis of Preparation (Details) - Schedule of subsidiaries		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
International General Insurance Holdings Limited [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation		United Arab Emirates
Activity		Reinsurance and insurance
Ownership		100.00%	100.00%
Tiberius Acquisition Corporation [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation		United States of America
Activity		Special purpose acquisition company
Ownership		100.00%	100.00%
I.G.I Underwriting /Jordan “Exempted” [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation		Jordan
Activity		Underwriting agency
Ownership		100.00%	100.00%
North Star Underwriting Limited [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation		United Kingdom
Activity		Underwriting agency
Ownership		100.00%	100.00%
International General Insurance Co. Ltd. [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation		Bermuda
Activity		Reinsurance and insurance
Ownership		100.00%	100.00%
International General Insurance Company (UK) Limited [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation		United Kingdom
Activity		Reinsurance and insurance
Ownership		100.00%	100.00%
International General Insurance Company (Dubai) Ltd. [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation		United Arab Emirates
Activity		Insurance intermediation and insurance management
Ownership		100.00%	100.00%
International General Insurance Company (Europe) SE [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation	[1]	Malta
Activity	[1]	Reinsurance and insurance
Ownership	[1]	100.00%
Specialty Malls Investment Company [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation		Jordan
Activity		Real estate properties development and lease
Ownership		100.00%	100.00%
IGI Services Ltd [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation		Cayman Islands
Activity		Owning and chartering aircraft
Ownership		100.00%	100.00%
International General Insurance Company Ltd. - Labuan Branch [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation		Malaysia
Activity		Reinsurance and insurance
Ownership		100.00%	100.00%
[1]	International General Insurance Company (Europe) SE was acquired by the Group on 25 June 2021 (note 34).

Basis of Preparation (Details_2

Basis of Preparation (Details) - Schedule of estimated useful lives of the right of use assets	12 Months Ended
	Dec. 31, 2021
Basis of Preparation (Details) - Schedule of estimated useful lives of the right of use assets [Line Items]
Office buildings	20 years
Aircraft	12 years 6 months
Office furniture	5 years
Computers	3 years
Equipment	4 years
Leasehold improvements	5 years
Vehicles	5 years
Bottom of range [Member]
Basis of Preparation (Details) - Schedule of estimated useful lives of the right of use assets [Line Items]
Right-of-use assets	2 years
Top of range [Member]
Basis of Preparation (Details) - Schedule of estimated useful lives of the right of use assets [Line Items]
Right-of-use assets	7 years

Cash at Banks (Details)

Cash at Banks (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash at Banks (Details) [Line Items]
Cash amount	$ 5,400	$ 5,400
Deposit amount	$ 5,000	$ 5,000
Bottom of range [member]
Cash at Banks (Details) [Line Items]
Deposits earned interest, percentage	0.40%	0.20%
Held for varying periods	3 months
Top of range [member]
Cash at Banks (Details) [Line Items]
Deposits earned interest, percentage	3.00%	4.50%
Held for varying periods	5 years

Cash at Banks (Details) - Sched

Cash at Banks (Details) - Schedule of cash and cash equivalents - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of cash and cash equivalents [Abstract]
Cash and bank balances	$ 205,866	$ 120,303
Deposits with original maturities of three months or less	36,280	13,136
Total cash and cash equivalents	$ 242,146	$ 133,439

Cash at Banks (Details) - Sch_2

Cash at Banks (Details) - Schedule of term deposits - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of term deposits [Abstract]
Deposits with original maturities over three months and less than one year	$ 136,278	$ 138,510
Deposits with original maturities over one year	43,688	33,702
Total term deposits	$ 179,966	$ 172,212

Insurance Receivables (Details)

Insurance Receivables (Details) - Schedule of insurance receivables - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of insurance receivables [Abstract]
Receivables from insurance companies and intermediaries	$ 193,701	$ 175,840
Less: Expected credit losses on insurance receivables	(14,356)	(9,235)
Total insurance receivables	$ 179,345	$ 166,605

Insurance Receivables (Detail_2

Insurance Receivables (Details) - Schedule of movement in the expected credit losses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of movement in the expected credit losses [Abstract]
Opening balance	$ 9,235	$ 6,394
Provision for the year	5,181	2,861
Write-offs	(60)	(20)
Ending balance	$ 14,356	$ 9,235

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments (Details) [Line Items]
Allowance for bonds at FVTOCI	$ 114
Investments maturity	’ a local company based in Jordan with a maturity date of 22 February 2016.
Investment liquidation, percent	85.00%
Nominal value	$ 1,236
Potential impairment	441
Fair value	3,859
Fair value changes	2,341
Unquoted investment	432	$ 434
Equity investment value	6,614	6,314	$ 5,261
Bottom of range [member]
Investments (Details) [Line Items]
Implied an equity value	7,277	5,612	5,110
Top of range [member]
Investments (Details) [Line Items]
Implied an equity value	5,951	7,015	$ 5,561
Unquoted equity investments 1 [Member]
Investments (Details) [Line Items]
Designated at fair value through OCI	6,614	6,314
Unquoted equity investments 2 [member]
Investments (Details) [Line Items]
Designated at fair value through OCI	432	434
Unquoted equity investments 3 [Member]
Investments (Details) [Line Items]
Designated at fair value through OCI	$ 6,614	$ 6,314

Investments (Details) - Schedul

Investments (Details) - Schedule of group financial investments - USD ($) $ in Thousands		Dec. 31, 2021		Dec. 31, 2020
Investments (Details) - Schedule of group financial investments [Line Items]
Unquoted bonds	[1]	$ 2,934		$ 3,103
Quoted bonds		418,445		390,918
Quoted funds and alternative investments		14,377		9,791
Quoted equities		27,883	[2]	27,924
Unquoted equities	[3]	7,046		6,748
Expected credit losses and impairment		(463)		(397)
Total		470,222		438,087
Amortized cost [Member]
Investments (Details) - Schedule of group financial investments [Line Items]
Unquoted bonds	[1]	2,934		3,103
Quoted bonds
Quoted funds and alternative investments
Quoted equities			[2]
Unquoted equities	[3]
Expected credit losses and impairment		(463)		(397)
Total		2,471		2,706
Fair value through other comprehensive income [Member]
Investments (Details) - Schedule of group financial investments [Line Items]
Unquoted bonds	[1]
Quoted bonds		418,445		390,918
Quoted funds and alternative investments
Quoted equities		13,721	[2]	14,935
Unquoted equities	[3]	7,046		6,748
Expected credit losses and impairment
Total		439,212		412,601
Fair value through profit or loss [Member]
Investments (Details) - Schedule of group financial investments [Line Items]
Unquoted bonds	[1]
Quoted bonds
Quoted funds and alternative investments		14,377		9,791
Quoted equities		14,162	[2]	12,989
Unquoted equities	[3]
Expected credit losses and impairment
Total		$ 28,539		$ 22,780
[1]	This includes an investment in an unquoted bond denominated in JOD (USD pegged currency) issued by ‘Specialized Investment Compound Co.’ a local company based in Jordan with a maturity date of 22 February 2016. The said company is currently under liquidation, due to which 85% of original bond holdings with nominal value amounting to USD 1,236 thousand were not paid on that maturity date.This bond is backed up by collateral in the form of real estate properties. However, the Group management has provided USD 441 thousand to cover any potential impairment in the value of the collateral held against said investment by discounting the expected future cash flows generated from the underlying bond collaterals which mainly represent rental income.
[2]	In 2020, the Group has sold part of its holdings in a quoted equity at fair value through OCI to take advantage of the increase in the market value of the investee. The quoted equities were purchased in 2011 and held as a long-term investment. Upon disposal, the fair value of the sold share was USD 3,859 thousand and the cumulative fair value change of USD 2,341 thousand remained in the fair value reserve.
[3]	The Group has two unquoted equity investments under level 3 designated at fair value through OCI valued at USD 6,614 thousand (2020: USD 6,314 thousand) and USD 432 thousand (2020: USD 434 thousand). As at 31 December 2021 and 2020, the Group has measured the fair value of the unquoted investment valued at USD 6,614 thousand (2020: USD 6,314 thousand) by adopting a market valuation approach namely ‘multiples-based valuation’ whereby earnings-based multiples of comparable companies were considered for the valuation.

Investments (Details) - Sched_2

Investments (Details) - Schedule of expected credit losses and impairment provision for the bonds - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of expected credit losses and impairment provision for the bonds [Abstract]
Opening balance	$ 397	$ 268
Addition of provision for investment held at amortized cost	66	129
Ending balance	$ 463	$ 397

Investments (Details) - Sched_3

Investments (Details) - Schedule of fair value of level 3 financial assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Schedule of fair value of level 3 financial assets [Abstract]
Sensitivity of fair value of financial assets percentage	10.00%	10.00%		10.00%
Positive impact	$ 663	$ 701		$ 574
Negative impact	$ (663)	$ (701)		$ (574)
Valuation variables	Market multiples applied to a range of financial performance measures****	Market multiples applied to a range of financial performance measures And market multiples applied to implied value in a recent official sale offer	[1]	Market multiples applied to a range of financial performance measures
[1]	As at 31 December 2021, the fair value measurement of the unquoted equity investment valued at USD 6,614 thousand (2020: USD 6,314 thousand) (2019: USD 5,261 thousand) was based on a combination of valuation multiples, with greater weight given to price to book value multiple. This has implied an equity value range of USD 7,277 thousand to USD 5,951 thousand (2020: USD 5,612 thousand to USD 7,015 thousand) (2019: USD 5,110 thousand to USD 5,561 thousand).

Investments in Associates (Deta

Investments in Associates (Details)	12 Months Ended
	Dec. 31, 2021
Descrption Of Accounting Policy For Investments In Associates [Abstract]
Equity ownership interest percentage	32.70%
Percentage of basis and reflects adjustments made by the Group	100.00%

Investments in Associates (De_2

Investments in Associates (Details) - Schedule of investments in associated companies equity method	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Star Rock SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of investments in associated companies equity method [Line Items]
Country of incorporation	Lebanon
Ownership	32.70%	32.70%
Sina SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of investments in associated companies equity method [Line Items]
Country of incorporation	Lebanon
Ownership	32.70%	32.70%
Silver Rock SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of investments in associated companies equity method [Line Items]
Country of incorporation	Lebanon
Ownership	32.70%	32.70%
Golden Rock SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of investments in associated companies equity method [Line Items]
Country of incorporation	Lebanon
Ownership	32.70%	32.70%

Investments in Associates (De_3

Investments in Associates (Details) - Schedule of movement on investments in associates - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of movement on investments in associates [Abstract]
Opening balance	$ 11,583	$ 13,062
Opening balance adjustments for hyperinflation and effect of movements in exchange rates recognised in other comprehensive income	1,358
Adjusted opening balance	12,941	13,062
Share of associated companies’ financial results	(227)	(79)
Investment properties fair value adjustment	(7,021)	(1,902)
Reversal of provision for contingent liabilities		502
Share of loss from associates	(7,248)	(1,479)	$ (376)
Ending balance	$ 5,693	$ 11,583	$ 13,062

Investments in Associates (De_4

Investments in Associates (Details) - Schedule of summarized information of the Group's investments in associates for each year presented - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments in Associates (Details) - Schedule of summarized information of the Group's investments in associates for each year presented [Line Items]
Current assets	$ 365	$ 1,162
Non-current assets	18,786	41,244
Current liabilities	(479)	(6,983)
Non-current liabilities	(1,260)
Net assets	17,412	35,423
The Group’s share of net assets	5,693	11,583
Star Rock SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of summarized information of the Group's investments in associates for each year presented [Line Items]
Current assets	7	102
Non-current assets	1,870	4,328
Current liabilities	(120)	(1,816)
Non-current liabilities	(152)
Net assets	1,605	2,614
The Group’s share of net assets	525	855
Sina SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of summarized information of the Group's investments in associates for each year presented [Line Items]
Current assets	11	40
Non-current assets	1,287	3,290
Current liabilities	(148)	(2,209)
Non-current liabilities	(152)
Net assets	998	1,121
The Group’s share of net assets	326	367
Silver Rock SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of summarized information of the Group's investments in associates for each year presented [Line Items]
Current assets	3	85
Non-current assets	2,091	4,694
Current liabilities	(29)	(403)
Non-current liabilities	(151)
Net assets	1,914	4,376
The Group’s share of net assets	626	1,431
Golden Rock SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of summarized information of the Group's investments in associates for each year presented [Line Items]
Current assets	344	935
Non-current assets	13,538	28,932
Current liabilities	(182)	(2,555)
Non-current liabilities	(805)
Net assets	12,895	27,312
The Group’s share of net assets	$ 4,216	$ 8,930

Investments in Associates (De_5

Investments in Associates (Details) - Schedule of group's share of (loss) profit from associate - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Associates’ revenues and results:
Revenues	$ 435	$ 842	$ 1,283
Net loss	(22,166)	(4,523)	(1,150)
The Group’s share of loss	(7,248)	(1,479)	(376)
Star Rock SAL Lebanon [Member]
Associates’ revenues and results:
Revenues	11	47	72
Net loss	(2,456)	(492)	(207)
The Group’s share of loss	(803)	(161)	(67)
Sina SAL Lebanon [Member]
Associates’ revenues and results:
Revenues		4	61
Net loss	(2,007)	(340)	(115)
The Group’s share of loss	(656)	(111)	(38)
Silver Rock SAL Lebanon [Member]
Associates’ revenues and results:
Revenues	2	41	112
Net loss	(2,608)	(620)	(98)
The Group’s share of loss	(853)	(203)	(32)
Golden Rock SAL Lebanon [Member]
Associates’ revenues and results:
Revenues	422	750	1,038
Net loss	(15,095)	(3,071)	(730)
The Group’s share of loss	$ (4,936)	$ (1,004)	$ (239)

Investments in Associates (De_6

Investments in Associates (Details) - Schedule of the valuation of the investment properties owned by the associates - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments in Associates (Details) - Schedule of the valuation of the investment properties owned by the associates [Line Items]
Sensitivity of fair value of financial assets %	20.00%	20.00%	20.00%
Impact on consolidated statement of income for the increase in price per square meter [Member]
Investments in Associates (Details) - Schedule of the valuation of the investment properties owned by the associates [Line Items]
Impact on consolidated statement of income for the increase in price per square meter	$ 1,511	$ 1,773	$ 7,269
Impact on consolidated statement of income for the decrease in price per square meter [Member]
Investments in Associates (Details) - Schedule of the valuation of the investment properties owned by the associates [Line Items]
Impact on consolidated statement of income for the decrease in price per square meter	$ (1,511)	$ (1,773)	$ (7,269)

Outstanding Claims (Details) -

Outstanding Claims (Details) - Schedule of outstanding claims - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gross [Member]
Outstanding Claims (Details) - Schedule of outstanding claims [Line Items]
Reported claims	$ 312,334	$ 292,722	$ 285,770
Claims incurred but not reported	179,921	120,331	98,610
Total movement in outstanding claims	492,255	413,053	384,380
Claims paid	(119,722)	(134,761)	(131,151)
Provided during the year related to current accident year	257,233	225,950	150,799
(Released) provided during the year related to previous accident years	(53,867)	(11,987)	9,025
At the end of the year	575,899	492,255	413,053
Reported claims	306,946	312,334	292,722
Claims incurred but not reported	268,953	179,921	120,331
Reported claims, net	575,899	492,255	413,053
Reinsurers' share [Member]
Outstanding Claims (Details) - Schedule of outstanding claims [Line Items]
Reported claims	(160,373)	(163,191)	(170,125)
Claims incurred but not reported	(27,112)	(13,021)	(17,440)
Total movement in outstanding claims	(187,485)	(176,212)	(187,565)
Claims paid	32,411	51,018	53,114
Provided during the year related to current accident year	(64,926)	(68,135)	(26,444)
(Released) provided during the year related to previous accident years	37,752	5,844	(15,317)
At the end of the year	(182,248)	(187,485)	(176,212)
Reported claims	(120,323)	(160,373)	(163,191)
Claims incurred but not reported	(61,925)	(27,112)	(13,021)
Reported claims, net	(182,248)	(187,485)	(176,212)
Net [Member]
Outstanding Claims (Details) - Schedule of outstanding claims [Line Items]
Reported claims	151,961	129,531	115,645
Claims incurred but not reported	152,809	107,310	81,170
Total movement in outstanding claims	304,770	236,841	196,815
Claims paid	(87,311)	(83,743)	(78,037)
Provided during the year related to current accident year	192,307	157,815	124,355
(Released) provided during the year related to previous accident years	(16,115)	(6,143)	(6,292)
At the end of the year	393,651	304,770	236,841
Reported claims	186,623	151,961	129,531
Claims incurred but not reported	207,028	152,809	107,310
Reported claims, net	$ 393,651	$ 304,770	$ 236,841

Outstanding Claims (Details) _2

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development - USD ($) $ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

Gross of reinsurance [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

Current estimate of cumulative claims incurred

$ 2,241,552

Cumulative payments to date

1,665,653

Gross liability included in the consolidated statement of financial position

575,899

Gross of reinsurance [Member] | 2009 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

$ 94,376

One year later

75,295

Two years later

67,119

Three years later

68,497

Four years later

68,217

Five years later

67,909

Six years later

67,807

Seven years later

67,614

Eight years later

68,115

Nine years later

68,950

Ten years later

68,882

Eleven years later

69,169

Twelve years later

68,881

Current estimate of cumulative claims incurred

68,881

Cumulative payments to date

68,278

Gross of reinsurance [Member] | 2010 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

$ 122,323

One year later

108,523

Two years later

105,943

Three years later

100,572

Four years later

99,513

Five years later

101,599

Six years later

100,199

Seven years later

100,303

Eight years later

100,073

Nine years later

100,120

Ten years later

99,972

Eleven years later

100,497

Twelve years later

Current estimate of cumulative claims incurred

100,497

Cumulative payments to date

100,188

Gross of reinsurance [Member] | 2011 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

$ 128,498

One year later

106,567

Two years later

100,764

Three years later

110,286

Four years later

114,464

Five years later

110,266

Six years later

111,774

Seven years later

110,644

Eight years later

111,028

Nine years later

111,198

Ten years later

109,706

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

109,706

Cumulative payments to date

103,590

Gross of reinsurance [Member] | 2012 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

$ 133,595

One year later

119,425

Two years later

108,557

Three years later

110,046

Four years later

103,996

Five years later

104,541

Six years later

103,167

Seven years later

97,918

Eight years later

97,998

Nine years later

98,088

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

98,088

Cumulative payments to date

95,657

Gross of reinsurance [Member] | 2013 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

$ 159,549

One year later

155,958

Two years later

148,161

Three years later

142,309

Four years later

133,917

Five years later

132,992

Six years later

130,844

Seven years later

130,616

Eight years later

130,374

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

130,374

Cumulative payments to date

129,783

Gross of reinsurance [Member] | 2014 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

$ 152,384

One year later

114,972

Two years later

101,352

Three years later

92,846

Four years later

88,210

Five years later

85,621

Six years later

83,183

Seven years later

82,709

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

82,709

Cumulative payments to date

82,488

Gross of reinsurance [Member] | 2015 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

$ 174,601

One year later

160,100

Two years later

149,533

Three years later

145,921

Four years later

142,926

Five years later

142,478

Six years later

141,758

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

141,758

Cumulative payments to date

136,793

Gross of reinsurance [Member] | 2016 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

$ 175,094

One year later

173,369

Two years later

167,695

Three years later

158,572

Four years later

162,210

Five years later

162,215

Six years later

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

162,215

Cumulative payments to date

154,033

Gross of reinsurance [Member] | 2017 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

$ 278,298

One year later

309,258

Two years later

317,053

Three years later

317,778

Four years later

311,662

Five years later

Six years later

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

311,662

Cumulative payments to date

279,011

Gross of reinsurance [Member] | 2018 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

$ 196,709

One year later

219,593

Two years later

213,655

Three years later

191,253

Four years later

Five years later

Six years later

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

191,253

Cumulative payments to date

114,862

Gross of reinsurance [Member] | 2019 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

$ 150,799

One year later

143,093

Two years later

126,522

Three years later

Four years later

Five years later

Six years later

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

126,522

Cumulative payments to date

77,459

Gross of reinsurance [Member] | 2020 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

$ 225,950

One year later

219,794

Two years later

Three years later

Four years later

Five years later

Six years later

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

219,794

Cumulative payments to date

64,824

Gross of reinsurance [Member] | 2021 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

257,233

One year later

Two years later

Three years later

Four years later

Five years later

Six years later

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

257,233

Cumulative payments to date

19,296

Gross of reinsurance [Member] | All prior years [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

Current estimate of cumulative claims incurred

240,860

Cumulative payments to date

239,391

Net of reinsurance [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

Current estimate of cumulative claims incurred

1,392,792

Cumulative payments to date

999,141

Net liability included in the consolidated statement of financial position

393,651

Net of reinsurance [Member] | 2009 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

63,259

One year later

52,099

Two years later

46,911

Three years later

48,882

Four years later

48,707

Five years later

48,310

Six years later

48,348

Seven years later

48,194

Eight years later

48,713

Nine years later

49,446

Ten years later

49,437

Eleven years later

49,697

Twelve years later

49,404

Current estimate of cumulative claims incurred

49,404

Cumulative payments to date

$ 48,851

Net of reinsurance [Member] | 2010 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

71,380

One year later

63,488

Two years later

62,020

Three years later

58,897

Four years later

58,182

Five years later

60,146

Six years later

58,648

Seven years later

58,726

Eight years later

58,540

Nine years later

58,590

Ten years later

58,460

Eleven years later

58,859

Twelve years later

Current estimate of cumulative claims incurred

58,859

Cumulative payments to date

$ 58,590

Net of reinsurance [Member] | 2011 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

76,231

One year later

60,555

Two years later

59,556

Three years later

60,662

Four years later

62,272

Five years later

59,826

Six years later

60,329

Seven years later

58,084

Eight years later

57,329

Nine years later

57,425

Ten years later

57,398

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

57,398

Cumulative payments to date

$ 55,232

Net of reinsurance [Member] | 2012 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

100,119

One year later

88,131

Two years later

78,090

Three years later

81,521

Four years later

77,268

Five years later

77,798

Six years later

76,773

Seven years later

71,644

Eight years later

71,620

Nine years later

71,745

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

71,745

Cumulative payments to date

$ 69,469

Net of reinsurance [Member] | 2013 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

123,553

One year later

121,694

Two years later

120,600

Three years later

117,084

Four years later

109,460

Five years later

107,701

Six years later

107,500

Seven years later

107,269

Eight years later

107,059

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

107,059

Cumulative payments to date

$ 106,523

Net of reinsurance [Member] | 2014 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

115,851

One year later

90,078

Two years later

79,209

Three years later

73,250

Four years later

70,070

Five years later

66,693

Six years later

65,626

Seven years later

65,482

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

65,482

Cumulative payments to date

$ 64,658

Net of reinsurance [Member] | 2015 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

92,893

One year later

86,991

Two years later

79,846

Three years later

75,311

Four years later

73,132

Five years later

72,641

Six years later

71,945

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

71,945

Cumulative payments to date

$ 68,751

Net of reinsurance [Member] | 2016 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

98,771

One year later

94,055

Two years later

90,077

Three years later

85,366

Four years later

89,184

Five years later

89,230

Six years later

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

89,230

Cumulative payments to date

$ 82,223

Net of reinsurance [Member] | 2017 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

110,341

One year later

117,163

Two years later

116,435

Three years later

113,949

Four years later

112,040

Five years later

Six years later

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

112,040

Cumulative payments to date

$ 94,196

Net of reinsurance [Member] | 2018 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

94,266

One year later

105,797

Two years later

108,521

Three years later

112,970

Four years later

Five years later

Six years later

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

112,970

Cumulative payments to date

$ 80,419

Net of reinsurance [Member] | 2019 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

124,355

One year later

115,739

Two years later

100,104

Three years later

Four years later

Five years later

Six years later

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

100,104

Cumulative payments to date

$ 62,814

Net of reinsurance [Member] | 2020 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

157,815

One year later

155,639

Two years later

Three years later

Four years later

Five years later

Six years later

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

155,639

Cumulative payments to date

$ 44,025

Net of reinsurance [Member] | 2021 [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

At end of accident year

192,307

One year later

Two years later

Three years later

Four years later

Five years later

Six years later

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

192,307

Cumulative payments to date

16,064

Net of reinsurance [Member] | All prior years [Member]

Outstanding Claims (Details) - Schedule of Gross of reinsurance, the claims development [Line Items]

Current estimate of cumulative claims incurred

148,610

Cumulative payments to date

$ 147,326

Unearned Premiums (Details) - S

Unearned Premiums (Details) - Schedule of unearned premiums - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gross [Member]
Unearned Premiums (Details) - Schedule of unearned premiums [Line Items]
Opening balance	$ 277,268	$ 206,214	$ 168,255
Premiums written	545,582	467,273	349,292
Premiums earned	(494,124)	(396,219)	(311,333)
Total	328,726	277,268	206,214
Reinsurers’ Share [Member]
Unearned Premiums (Details) - Schedule of unearned premiums [Line Items]
Opening balance	(50,077)	(33,917)	(32,567)
Premiums written	(162,973)	(128,863)	(97,139)
Premiums earned	148,926	112,703	95,789
Total	(64,124)	(50,077)	(33,917)
Net [Member]
Unearned Premiums (Details) - Schedule of unearned premiums [Line Items]
Opening balance	227,191	172,297	135,688
Premiums written	382,609	338,410	252,153
Premiums earned	(345,198)	(283,516)	(215,544)
Total	$ 264,602	$ 227,191	$ 172,297

Defferred Excess of Loss Prem_3

Defferred Excess of Loss Premiums (Details) - Schedule of deferred excess of loss premiums in the consolidated statement of financial position - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of deferred excess of loss premiums in the consolidated statement of financial position [Abstract]
Opening balance	$ 17,095	$ 15,173	$ 12,449
Additions	38,207	40,726	37,492
Charged to consolidated statement of income under reinsures’ share of insurance premiums	(38,064)	(38,804)	(34,768)
Ending balance	$ 17,238	$ 17,095	$ 15,173

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs (Details) - Schedule of deferred policy acquisition costs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of deferred policy acquisition costs [Abstract]
Opening balance	$ 55,172	$ 41,713	$ 36,404
Acquisition costs during the year	95,871	84,002	64,675
Charged to consolidated statement of income	(86,201)	(70,543)	(59,366)
Ending balance	$ 64,842	$ 55,172	$ 41,713

Other Assets (Details) - Schedu

Other Assets (Details) - Schedule of other assets - Other assets [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other Assets (Details) - Schedule of other assets [Line Items]
Accrued interest income	$ 4,924	$ 4,213
Prepaid expenses	1,746	1,978
Refundable deposits	123	121
Employees receivables	4	7
Funds held in trust accounts	2,818	2,103
Income tax receivables	130	120
Trade receivables	9	13
Investments proceeds receivables		894
Others	188	113
Total other assets	$ 9,942	$ 9,562

Investment Properties (Details)

Investment Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Investment Properties [Abstract]
Land amount	$ 625	$ 1,844
Total carrying value	1,128	3,739
Recognized a loss	$ 8	$ 213

Investment Properties (Detail_2

Investment Properties (Details) - Schedule of investment properties - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Investment Properties (Details) - Schedule of investment properties [Line Items]
Opening balance		$ 20,012	$ 25,712
Additions		36	74
Sale of investment properties		(1,128)	(3,739)
Transfer to property, premises and equipment		(1,312)
Fair value adjustment (note 23)		(1,300)	(2,007)
Foreign currency adjustment			(28)
Ending balance		16,308	20,012
Commercial building [Member]
Investment Properties (Details) - Schedule of investment properties [Line Items]
Opening balance		18,168	20,063
Additions		36	32
Sale of investment properties
Transfer to property, premises and equipment		(1,312)
Fair value adjustment (note 23)		(1,209)	(1,899)
Foreign currency adjustment			(28)
Ending balance		15,683	18,168
Lands [Member]
Investment Properties (Details) - Schedule of investment properties [Line Items]
Opening balance	[1]	1,844	5,649
Additions	[1]		42
Sale of investment properties	[1]	(1,128)	(3,739)
Transfer to property, premises and equipment	[1]
Fair value adjustment (note 23)	[1]	(91)	(108)
Foreign currency adjustment	[1]
Ending balance	[1]	$ 625	$ 1,844
[1]	Lands amounting to USD 625 thousand as at 31 December 2021 (2020: USD 1,844 thousand) are registered in the name of a former Director. The Group has obtained a proxy and has full control over these investment properties (note 27).

Investment Properties (Detail_3

Investment Properties (Details) - Schedule of change in the price used for the valuation of the investment properties - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Buildings [member]
Investment Properties (Details) - Schedule of change in the price used for the valuation of the investment properties [Line Items]
Price per square meter	$ 875	$ 1,016	$ 1,122
Impact on statement of income for the increase in price per square meter	1,565	1,816	2,006
Impact on statement of income for the decrease in price per square meter	(1,565)	(1,816)	(2,006)
Land [member]
Investment Properties (Details) - Schedule of change in the price used for the valuation of the investment properties [Line Items]
Price per square meter	168	189	203
Impact on statement of income for the increase in price per square meter	62	184	565
Impact on statement of income for the decrease in price per square meter	$ (62)	$ (184)	$ (565)

Property, Premises and Equipm_3

Property, Premises and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Premises and Equipment (Details) [Line Items]
Deprecation for the year	$ 2,315	$ 1,875
Depreciated property, premises and equipment	5,467	5,408
Aircraft [Member]
Property, Premises and Equipment (Details) [Line Items]
Deprecation for the year	$ 903	$ 906	$ 903

Property, Premises and Equipm_4

Property, Premises and Equipment (Details) - Schedule of property, premises and equipment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cost
Beginning balance	$ 24,345	$ 21,914
Additions	2,755	2,356
Transfers	1,311
Disposals	(195)	(3)
Adjustments		78
Ending balance	28,216	24,345	$ 21,914
Depreciation
Beginning balance	11,177	9,179
Deprecation for the year	2,315	1,875
Disposals	(135)	(3)
Adjustments		126
Ending balance	13,357	11,177	9,179
Net carrying amount
Net carrying amount, ending balance	14,859	13,168
Right of Use Assets [Member]
Cost
Beginning balance	4,035	1,925
Additions	1,269	2,012
Transfers
Disposals
Adjustments		98
Ending balance	5,304	4,035	1,925
Depreciation
Beginning balance	1,121	411
Deprecation for the year	994	584
Disposals
Adjustments		126
Ending balance	2,115	1,121	411
Net carrying amount
Net carrying amount, ending balance	3,189	2,914
Office Buildings [Member]
Cost
Beginning balance	2,681	2,679
Additions	4	22
Transfers	1,311
Disposals
Adjustments		(20)
Ending balance	3,996	2,681	2,679
Depreciation
Beginning balance	923	894
Deprecation for the year	35	29
Disposals
Adjustments
Ending balance	958	923	894
Net carrying amount
Net carrying amount, ending balance	3,038	1,758
Aircraft [Member]
Cost
Beginning balance	11,290	11,290
Additions
Transfers
Disposals
Adjustments
Ending balance	11,290	11,290	11,290
Depreciation
Beginning balance	3,615	2,709
Deprecation for the year	903	906	903
Disposals
Adjustments
Ending balance	4,518	3,615	2,709
Net carrying amount
Net carrying amount, ending balance	6,772	7,675
Office Furniture [Member]
Cost
Beginning balance	1,678	1,652
Additions	103	26
Transfers	116
Disposals	(101)
Adjustments
Ending balance	1,796	1,678	1,652
Depreciation
Beginning balance	1,440	1,383
Deprecation for the year	42	57
Disposals	(75)
Adjustments
Ending balance	1,407	1,440	1,383
Net carrying amount
Net carrying amount, ending balance	389	238
Computers [Member]
Cost
Beginning balance	1,862	1,646
Additions	160	210
Transfers	94	9
Disposals	(22)	(3)
Adjustments
Ending balance	2,094	1,862	1,646
Depreciation
Beginning balance	1,605	1,436
Deprecation for the year	186	172
Disposals	(22)	(3)
Adjustments
Ending balance	1,769	1,605	1,436
Net carrying amount
Net carrying amount, ending balance	325	257
Equipment [Member]
Cost
Beginning balance	293	291
Additions	12	2
Transfers	2
Disposals	(3)
Adjustments
Ending balance	304	293	291
Depreciation
Beginning balance	284	282
Deprecation for the year	6	2
Disposals	(3)
Adjustments
Ending balance	287	284	282
Net carrying amount
Net carrying amount, ending balance	17	9
Leasehold Improvements [Member]
Cost
Beginning balance	1,419	1,411
Additions	98	8
Transfers	838
Disposals	(69)
Adjustments
Ending balance	2,286	1,419	1,411
Depreciation
Beginning balance	1,318	1,250
Deprecation for the year	102	68
Disposals	(35)
Adjustments
Ending balance	1,385	1,318	1,250
Net carrying amount
Net carrying amount, ending balance	901	101
Vehicles [Member]
Cost
Beginning balance	1,011	1,011
Additions
Transfers
Disposals
Adjustments
Ending balance	1,011	1,011	1,011
Depreciation
Beginning balance	871	814
Deprecation for the year	47	57
Disposals
Adjustments
Ending balance	918	871	814
Net carrying amount
Net carrying amount, ending balance	93	140
Work In Progress [Member]
Cost
Beginning balance	76	9
Additions	1,109	76
Transfers	(1,050)	(9)
Disposals
Adjustments
Ending balance	135	76	9
Depreciation
Beginning balance
Deprecation for the year
Disposals
Adjustments
Ending balance
Net carrying amount
Net carrying amount, ending balance	$ 135	$ 76

Property, Premises and Equipm_5

Property, Premises and Equipment (Details) - Schedule of depreciation and amortization - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of depreciation and amortization [Abstract]
Property, premises and equipment depreciation charge for the year	$ 2,315	$ 1,875	$ 1,907
Intangible assets amortization charge for the year (note 14)	1,248	737	49
Aircraft depreciation allocated to listing transaction deferred cost			(73)
Aircraft depreciation allocated to other expenses (note 24)	(750)	(632)	(595)
Total depreciation and amortization allocated to G&A (note 22)	$ 2,813	$ 1,980	$ 1,288

Intangible Assets (Details) - S

Intangible Assets (Details) - Schedule of intangible assets accumulated cost and amortization - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		Dec. 31, 2019
Cost
Beginning balance		$ 4,710
Impairment loss (note 34)		41
Ending balance		4,321		4,710
Net carrying amount		4,321		4,710
Cost [Member]
Cost
Beginning balance		6,584		5,023
Additions		900		1,561
Transfers
Ending balance		7,484		6,584		5,023
Amortization and impairment [Member]
Cost
Beginning balance		1,874		1,137
Additions		1,248		737
Impairment loss (note 34)		41
Ending balance		3,163		1,874		1,137
Computer software / licenses [Member]
Cost
Net carrying amount		4,315		4,710
Computer software / licenses [Member] | Cost [Member]
Cost
Beginning balance		6,584	[1]	1,191
Additions		853		1,423
Transfers				3,970
Ending balance		7,437		6,584	[1]	1,191
Computer software / licenses [Member] | Amortization and impairment [Member]
Cost
Beginning balance		1,874		1,137
Additions		1,248		737
Impairment loss (note 34)
Ending balance		3,122		1,874		1,137
Work in progress [Member]
Cost
Net carrying amount		6			[1]
Work in progress [Member] | Cost [Member]
Cost
Beginning balance	[1]			3,832
Additions		6		138	[1]
Transfers				(3,970)	[1]
Ending balance		6			[1]	3,832	[1]
Work in progress [Member] | Amortization and impairment [Member]
Cost
Beginning balance	[1]
Additions					[1]
Impairment loss (note 34)
Ending balance					[1]		[1]
Goodwill [member]
Cost
Net carrying amount
Goodwill [member] | Cost [Member]
Cost
Beginning balance
Additions		41
Transfers
Ending balance		41
Goodwill [member] | Amortization and impairment [Member]
Cost
Beginning balance
Additions
Impairment loss (note 34)		41
Ending balance		$ 41
[1]	Effective 1 April 2020, the Group has fully implemented a new core insurance system and transferred the work in progress amount to the software and licenses account within intangible assets.

Insurance Payables (Details) -

Insurance Payables (Details) - Schedule of insurance payables - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of insurance payables [Abstract]
Payables due to insurance companies and intermediaries	$ 5,004	$ 2,593
Reinsurers – amounts due in respect of ceded premium	84,515	80,868
Insurance payables	$ 89,519	$ 83,461

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities (Details) [Line Items]
Undiscounted lease liabilities (in Dollars)	$ 4,142	$ 3,169
Bottom of range [member]
Other Liabilities (Details) [Line Items]
Discount rates	1.50%	1.50%
Top of range [member]
Other Liabilities (Details) [Line Items]
Discount rates	4.10%	4.10%

Other Liabilities (Details) - S

Other Liabilities (Details) - Schedule of lease liabilities - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Schedule of lease liabilities [Abstract]
Accounts payable		$ 11,259	$ 5,011
Accrued expenses and other accruals		12,773	10,970
Lease liabilities	[1]	3,753	2,954
Income tax payable		1,254	1,556
Total other liabilities		$ 29,039	$ 20,491
[1]	Set out below are the carrying amount of the Group’s lease liabilities and the movement during the year:

Other Liabilities (Details) -_2

Other Liabilities (Details) - Schedule of undiscounted lease liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of undiscounted lease liabilities [Abstract]
Opening balance	$ 2,954	$ 1,563
Ending balance	3,753	2,954
Additions	1,269	2,012
Interest expense	358	203
Payments	(783)	(796)
Foreign currency adjustment	(45)	(28)
Current	1,001	761
Non-current	$ 2,752	$ 2,193

Derviative Financial Liabilit_2

Derviative Financial Liability (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Derviative Financial Liability (Details) [Line Items]
Estimated fair value of the warrants	$ 9,210,000
Public Warrants [Member]
Derviative Financial Liability (Details) [Line Items]
Warrant	17,250,000
Warrants issued	12,750,000
Private Warrants [Member]
Derviative Financial Liability (Details) [Line Items]
Warrant	4,500,000
Wasef Jabsheh [Member] | Private Warrants [Member]
Derviative Financial Liability (Details) [Line Items]
Tiberius warrants	4,000,000
Argo Re Ltd [Member] | Private Warrants [Member]
Derviative Financial Liability (Details) [Line Items]
Tiberius warrants	$ 500,000

Derviative Financial Liabilit_3

Derviative Financial Liability (Details) - Schedule of illustrates the movement on the Warrants - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of illustrates the movement on the Warrants [Abstract]
Fair value of Warrants at the beginning of the period / Initial recognition of Warrants at the close of the Business Combination	$ 13,628	$ 9,210
Change in fair value for the year	(690)	4,418
Fair value of Warrants at the end of the year	$ 12,938	$ 13,628

Unearned Commissions (Details)

Unearned Commissions (Details) - Schedule of movement in unearned commissions - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of movement in unearned commissions [Abstract]
As at 1 January	$ 11,038	$ 8,910	$ 8,010
Commissions received	25,722	18,181	14,830
Commissions earned	(23,035)	(16,053)	(13,930)
As at 31 December	$ 13,725	$ 11,038	$ 8,910

Equity (Details)

Equity (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2019
Equity (Details) [Line Items]
Common share, share authorized	750,000,000	1,000
Common share, par value (in Dollars per share)	$ 0.01	$ 0.01
Preference shares, share authorized	100,000,000	1,000
Preference shares, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, share outstanding		1
Common shares, share issued	48,880,441
Common share, share outstanding	48,573,251
Common shares subject to vesting	3,012,500
Bottom of range [Member]
Equity (Details) [Line Items]
Earnout shares are subject to vesting at stock prices (in Dollars per share)	$ 11.5
Top of range [member]
Equity (Details) [Line Items]
Earnout shares are subject to vesting at stock prices (in Dollars per share)	$ 15.25

Equity (Details) - Schedule of

Equity (Details) - Schedule of the number of common shares issued and outstanding - USD ($) $ in Thousands	Dec. 31, 2021		Mar. 31, 2021	Feb. 16, 2021	Dec. 31, 2020
Schedule of the number of common shares issued and outstanding [Abstract]
Common shares (par value of USD 0.01), No. of shares	45,471,084				45,426,251
Common shares (par value of USD 0.01), Par value	$ 455				$ 455
Earnout shares (par value of USD 0.01), No. of shares	3,012,500	[1]			3,012,500
Earnout shares (par value of USD 0.01), par value	$ 30	[1]			$ 30
Restricted shares awards (par value of USD 0.01) (note 32), No. of shares	396,857		132,190	180,000	134,500
Restricted shares awards (par value of USD 0.01) (note 32), par value	$ 4				$ 1
Total shares, No. of shares	48,880,441				48,573,251
Total shares, Par value	$ 489				$ 486
[1]	The Earnout Shares are subject to vesting at stock prices ranges from USD 11.50 to 15.25. The Earnout Shares are considered outstanding shares and have dividend and voting rights, however, the Earnout Shares are non-transferable by their holders until they vest and, if the Earnout Shares do not vest on or prior to 17 March 2028, they will be cancelled by the Company.

Equity (Details) - Schedule o_2

Equity (Details) - Schedule of the number of common shares issued and outstanding (Parentheticals) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Schedule of the number of common shares issued and outstanding [Abstract]
Common shares, par value	$ 0.01	$ 0.01
Earnout shares, par value	0.01	0.01
Restricted shares awards, par value	$ 0.01	$ 0.01

Equity (Details) - Schedule o_3

Equity (Details) - Schedule of fair value reserve - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of fair value reserve [Abstract]
Balance at the beginning of the year	$ 18,160	$ 4,274	$ 954
Net change in fair value reserve during the year for bonds at fair value through OCI, net of tax	(9,240)	11,481	4,209
Net change in fair value reserve during the year for equities at fair value through OCI	(819)	(71)	(866)
Realized gain on sale of equities at fair value through other comprehensive income		2,341
ECL charge (release) transferred to consolidated statement of income	114	135	(23)
Balance at the end of the year	$ 8,215	$ 18,160	$ 4,274

Treasury Shares (Details)

Treasury Shares (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 24, 2013	Dec. 31, 2019
Disclosure of treasury shares [text block] [Abstract]
Percentage of owned shares	15.00%
Treasury shares, authorized (in Shares)		2,350
Total treasury shares amount		$ 5,053
Business combination amount		$ 20,103

Cash Dividends (Details)

Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 12, 2021	Aug. 13, 2020	Mar. 25, 2021	Aug. 22, 2019	Mar. 21, 2019
Disclosure of dividends [text block] [Abstract]
Dividend paid	$ 7,821	$ 4,360	$ 8,288	$ 5,361	$ 5,455
Dividend per share	$ 0.16	$ 0.09	$ 0.17
Dividend per share excluding treasury shares				$ 0.04	$ 0.04

General and Administrative Ex_3

General and Administrative Expenses (Details) - Schedule of general and administrative expenses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of general and administrative expenses [Abstract]
Human resources expenses	$ 36,184	$ 29,955	$ 26,700
Business promotion, travel and entertainment	1,358	1,349	3,340
Statutory, advisory and rating	9,938	6,174	3,463
Information technology and software	3,123	2,719	1,872
Office operation	1,270	1,518	1,460
Depreciation and amortization (note 13)	2,813	1,980	1,288
Impairment of goodwill (note 34)	41
Interest expense arising from lease liabilities (note 16)	358	203	108
Bank charges	128	122	137
Corporate expenses	3,733	2,903	898
General and administrative expenses , total	$ 58,946	$ 46,923	$ 39,266

Net Investment Income (Details)

Net Investment Income (Details) - Schedule of net investment income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of net investment income [Abstract]
Interest income	$ 14,049	$ 12,169	$ 10,866
Dividends from equities at FVTOCI	78	128	721
Dividends from equities at FVTPL	705	562	391
Realized gains and losses on investments
Realized loss on sale of bonds at FVTOCI	(88)	(411)	(629)
Realized gain on sale of FVTPL equities and mutual funds	396	1,599	947
Unrealized gains and losses on investments
Unrealized gain (loss) on revaluation of financial assets at FVTPL	3,089	(241)	1,591
Gains and losses from investments in properties
Realized (loss) gain on sale of investment properties	(8)	(213)	679
Fair value (loss) gain on investment properties (note 12)	(1,300)	(2,007)	(304)
Rental income	163	190	203
Impairment and expected credit losses on investments
Expected credit loss on financial assets at FVOCI	(114)	(135)	23
Expected credit loss on financial assets at amortized cost	(66)	(129)	13
Investments custodian fees and other investments expenses	(870)	(1,545)	(1,127)
Net Investment income	$ 16,034	$ 9,967	$ 13,374

Other Revenues (Expenses) (Deta

Other Revenues (Expenses) (Details) - Schedule of other revenues expenses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other revenues:
Chartered flights revenue	$ 1,844	$ 372	$ 1,428
Other revenues	1,844	372	1,428
Other expenses:
Aircraft operational cost	(1,883)	(1,260)	(1,574)
Aircraft depreciation expense (note 13)	(750)	(632)	(595)
Loss on disposal of property, premises and equipment	(60)		(26)
Other expenses	$ (2,693)	$ (1,892)	$ (2,195)

Listing Related Expenses (Detai

Listing Related Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Listing Related Expenses Explanatory [Abstract]
Transaction costs		$ 3,366	$ 4,832

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies [Abstract]
Letters of credit	$ 6,550	$ 7,994
Letter of guarantee	$ 327	$ 321
Legally non-binding agreement, description	In 2021, the Group signed a legally non-binding agreement with the University of California, San Francisco Foundation to contribute an amount of USD 1,250 thousand in five instalments over five years to support cancer research projects. As at 31 December 2021, the Group has paid USD 250 thousand and the remaining four instalments amounted to USD 1,000,000 shall be made equally over the years from 2022 to 2025.
Payment of litigation	$ 5,700
Litigation amount recover from reinsurers	$ 15,300

Related Parties (Details)

Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2021
Related Parties (Details) [Line Items]
Salaries and benefits	$ 7,144	$ 5,764	$ 4,600
Personnel compensation amount	1,352	1,138	297
Long term benefits		887	297
Share-based expenses of long-term benefits	1,352	251
General and administrative expenses			382
Aircraft management fees	244	114	84
Treasury shares, purchase amount			5,053
Treasury shares amount	(5,053)
Transaction arose advance	5,000
Investment properties amount	$ 625	1,844
Business combination issued warrants (in Shares)	4,000,000
Business combination issued warrants transferred (in Shares)	4,000,000
Grant of restricted shares (in Shares)				132,190
Arab Wings Co [Member]
Related Parties (Details) [Line Items]
Amount payable	$ 186
Amount receivable		$ 37
Director [Member]
Related Parties (Details) [Line Items]
Treasury shares, purchase amount			$ 2,350

Taxation (Details)

Taxation (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Dec. 31, 2021	Dec. 31, 2020
Taxation (Details) [Line Items]
Taxation, description	Labuan Business Activity Tax Law has been revised and accordingly, Labuan registered entities can no longer elect to pay the RM20 thousand flat tax rate and instead are subject to 3% tax on the audited net profits. In 2021, IGI Labuan recorded tax expense of USD 71 thousand representing 3% of the audited net profits (2020: USD 66 thousand). In 2019, IGI Labuan has recorded a net loss, and as a result no income tax has been accrued for the year.
Tax rate percentage		10.00%
Operating cost percentage		5.00%
Standard rate, percentage		35.00%
Deferred tax liabilities (in Dollars)		$ 14	$ 55
United Kingdom [Member]
Taxation (Details) [Line Items]
Taxation, description		An increase from the current 19% UK corporation tax rate to 25%, effective from 1 April 2023, was announced in the Budget on 3 March 2021 and enacted on 10 June 2021. As a result, UK deferred tax balances have been revalued to take this rate change into account, where relevant.

Taxation (Details) - Schedule o

Taxation (Details) - Schedule of components of income tax expense - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current income tax:
Current income tax charge	$ 2,052	$ 2,374	$ 704
Adjustments in respect of current income tax of prior years	97	(7)
Deferred tax:
Origination and reversal of temporary differences	(402)	(292)	1,247
Effect of tax rate change			(131)
Adjustment in respect of prior years			(132)
Income tax charge for the year	$ 1,747	$ 2,075	$ 1,688

Taxation (Details) - Schedule_2

Taxation (Details) - Schedule of income tax expense appearing in the consolidated statement of income relate - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of income tax expense appearing in the consolidated statement of income relate [Abstract]
Income tax expense for IGI Labuan – current year	$ 71	$ 66
Corporate tax for IGI Casablanca (Representative Office) – current year	7	6	4
Income tax credits for North Star Underwriting Limited – current year	(21)	(9)
Income tax expense for IGI UK – current year	1,995	2,311	700
Income tax credit for IGI UK – prior years	97	(7)
Addition of deferred tax assets IGI Europe	(347)		984
Release of deferred tax liabilities for IGI UK	(55)	(292)
Income tax charge for the year	$ 1,747	$ 2,075	$ 1,688

Taxation (Details) - Schedule_3

Taxation (Details) - Schedule of reconciliation of tax expense and the accounting profit multiplied by the applicable tax rate - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of reconciliation of tax expense and the accounting profit multiplied by the applicable tax rate [Abstract]
The Group profit before tax	$ 45,443	$ 29,326	$ 25,253
Less: Profit related to non-taxable subsidiaries	(36,022)	(17,108)	(15,380)
Profit before tax for entities subject to corporate taxation	9,421	12,218	9,873
Profit multiplied by the standard rate of tax in the UK of 19% (2020:19%) (2019: 19%)	1,790	2,322	1,876
Net disallowed expenditure	(71)	(34)	50
Non-UK expenses not deductible for tax purposes/income not taxable	67
Fixed asset temporary differences not recognized for deferred tax	1	14	18
Other temporary differences not recognized for deferred tax	28	9	3
Adjustment in respect of prior years	97	(7)	(132)
Income tax credits for North Star Underwriting Limited – current year	(21)	(9)
IGI Labuan and IGI Casablanca current year tax charges	78	72	4
Other movements	1
Release of deferred tax liabilities for IGI UK	(55)	(292)
Effect of rate change to 17%			(131)
Difference in corporation tax rates	(189)
Income tax charge for the year	$ 1,747	$ 2,075	$ 1,688

Taxation (Details) - Schedule_4

Taxation (Details) - Schedule of reconciliation of tax expense and the accounting profit multiplied by the applicable tax rate (Parentheticals)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of reconciliation of tax expense and the accounting profit multiplied by the applicable tax rate [Abstract]
Standard rate of tax in UK	19.00%	19.00%	19.00%
Effect of rate change	17.00%

Taxation (Details) - Schedule_5

Taxation (Details) - Schedule of the movement on the deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of the movement on the deferred tax assets [Abstract]
Balance at beginning of the year
Deferred tax assets resulting from acquisition of IGI Europe	124
Addition of deferred tax assets for IGI Europe	347
Ending balance	$ 471

Taxation (Details) - Schedule_6

Taxation (Details) - Schedule of the movement on the deferred tax liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of the movement on the deferred tax liabilities [Abstract]
Balance at beginning of the year	$ (55)	$ (347)
Release of deferred tax liabilities for IGI UK	55	292
Addition of deferred tax liabilities related to the change in fair value of bonds at fair value through OCI for IGI UK	(14)
Ending balance	$ (14)	$ (55)	$ (347)

Risk Management (Details)

Risk Management (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Risk Management (Details) [Line Items]
Capital management allowance	$ 401,865	$ 381,011
Relevant liabilities, percentage		75.00%
Calibrated seek to ensure, description	99.5%
Percentage of solvency coverage ratio	99.50%
Top of range [member]
Risk Management (Details) [Line Items]
Choices of variation	7.50%
Financial assets	$ 62,304
Bottom of range [member]
Risk Management (Details) [Line Items]
Choices of variation	5.00%
Financial assets	$ 14,377

Risk Management (Details) - Sch

Risk Management (Details) - Schedule of geographical concentration of risks - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 545,582	$ 467,273	$ 349,292
Africa [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 27,749	$ 20,956	$ 16,492
Concentration Percentage	5.00%	5.00%	5.00%
Asia [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 55,816	$ 37,398	$ 32,810
Concentration Percentage	10.00%	8.00%	9.00%
Australasia [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 23,454	$ 19,104	$ 15,185
Concentration Percentage	4.00%	4.00%	4.00%
Caribbean Islands [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 30,244	$ 15,964	$ 8,334
Concentration Percentage	6.00%	3.00%	2.00%
Central America [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 28,166	$ 37,442	$ 37,732
Concentration Percentage	5.00%	8.00%	11.00%
Europe [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 48,780	$ 59,972	$ 37,328
Concentration Percentage	9.00%	13.00%	11.00%
Middle East [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 53,564	$ 48,401	$ 36,883
Concentration Percentage	10.00%	10.00%	11.00%
North America [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 32,773	$ 22,553	$ 4,281
Concentration Percentage	6.00%	5.00%	1.00%
South America [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 20,718	$ 20,548	$ 11,051
Concentration Percentage	4.00%	4.00%	3.00%
UK [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 197,090	$ 158,381	$ 115,863
Concentration Percentage	36.00%	34.00%	33.00%
Worldwide [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 27,228	$ 26,554	$ 33,333
Concentration Percentage	5.00%	6.00%	10.00%

Risk Management (Details) - S_2

Risk Management (Details) - Schedule of line of business concentration of risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 545,582	$ 467,273	$ 349,292
Casualty [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 190,038	$ 157,487	$ 110,082
Concentration Percentage	35.00%	34.00%	32.00%
Financial Institutions [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 36,176	$ 39,442	$ 28,989
Concentration Percentage	6.00%	8.00%	8.00%
Marine Liability [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 3,339	$ 4,613	$ 2,731
Concentration Percentage	1.00%	1.00%	1.00%
Inherent Defects Insurance [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 9,978	$ 8,935	$ 9,173
Concentration Percentage	2.00%	2.00%	3.00%
Energy [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 104,015	$ 91,742	$ 72,109
Concentration Percentage	19.00%	19.00%	21.00%
Property [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 79,085	$ 69,912	$ 46,137
Concentration Percentage	14.00%	15.00%	13.00%
Engineering [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 31,137	$ 17,924	$ 11,531
Concentration Percentage	6.00%	4.00%	3.00%
Aviation [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 20,348	$ 23,002	$ 19,183
Concentration Percentage	4.00%	5.00%	6.00%
Ports & Terminals [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 29,600	$ 25,875	$ 22,361
Concentration Percentage	5.00%	6.00%	6.00%
Political Violence [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 9,263	$ 8,271	$ 8,297
Concentration Percentage	2.00%	2.00%	2.00%
Marine Cargo [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 5,091	$ 752	$ 713
Concentration Percentage	1.00%
Contingency [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 3,498
Concentration Percentage	1.00%
Reinsurance [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 24,014	$ 19,318	$ 17,986
Concentration Percentage	4.00%	4.00%	5.00%

Risk Management (Details) - S_3

Risk Management (Details) - Schedule of sensitivities - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
7.5% [Member]
Risk Management (Details) - Schedule of sensitivities [Line Items]
Gross Loss Sensitivity Factor	7.50%	7.50%
Impact of increase on gross outstanding claims	$ 41,368	$ 36,919
Impact of decrease on gross outstanding claims	(41,368)	(36,919)
Impact of increase on net outstanding claims	30,063	22,859
Impact of decrease on net outstanding claims	(30,061)	(22,857)
Impact of increase on profit before tax	(30,063)	(22,859)
Impact of decrease on profit before tax	$ 30,061	$ 22,857
5.0% [Member]
Risk Management (Details) - Schedule of sensitivities [Line Items]
Gross Loss Sensitivity Factor	5.00%	5.00%
Impact of increase on gross outstanding claims	$ 27,579	$ 24,613
Impact of decrease on gross outstanding claims	(27,579)	(24,613)
Impact of increase on net outstanding claims	20,043	15,240
Impact of decrease on net outstanding claims	(20,040)	(15,237)
Impact of increase on profit before tax	(20,043)	(15,240)
Impact of decrease on profit before tax	$ 20,040	$ 15,237

Risk Management (Details) - S_4

Risk Management (Details) - Schedule of maturities of the major classes of financial assets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Risk Management (Details) - Schedule of maturities of the major classes of financial assets [Line Items]
Financial assets at FVTPL	$ 28,539	$ 22,780
Effective Interest Rate on interest bearing assets, financial assets at FVTPL
Financial assets at FVOCI	$ 439,212	$ 412,601
Effective Interest Rate on interest bearing assets, financial assets at FVOCI	2.48%	2.53%
Financial assets at amortized cost	$ 2,471	$ 2,706
Effective Interest Rate on interest bearing assets, finacial assets at amortized cost	5.99%	5.86%
Cash and term deposits	$ 422,112	$ 305,651
Effective Interest Rate on interest bearing assets, cash, bank balances and term deposits	1.06%	1.43%
Total financial assets	$ 892,334	$ 743,738
Less than 1 year [Member]
Risk Management (Details) - Schedule of maturities of the major classes of financial assets [Line Items]
Financial assets at FVTPL
Financial assets at FVOCI	43,978	102,617
Financial assets at amortized cost	2,471	2,706
Cash and term deposits	368,024	261,549
Total financial assets	414,473	366,872
1 to 5 years [Member]
Risk Management (Details) - Schedule of maturities of the major classes of financial assets [Line Items]
Financial assets at FVTPL
Financial assets at FVOCI	261,293	181,349
Financial assets at amortized cost
Cash and term deposits	54,088	44,102
Total financial assets	315,381	225,451
More than 5 years [Member]
Risk Management (Details) - Schedule of maturities of the major classes of financial assets [Line Items]
Financial assets at FVTPL
Financial assets at FVOCI	113,174	106,952
Financial assets at amortized cost
Cash and term deposits
Total financial assets	113,174	106,952
Non-interest-bearing items [Member]
Risk Management (Details) - Schedule of maturities of the major classes of financial assets [Line Items]
Financial assets at FVTPL	28,539	22,780
Financial assets at FVOCI	20,767	21,683
Financial assets at amortized cost
Cash and term deposits
Total financial assets	$ 49,306	$ 44,463

Risk Management (Details) - S_5

Risk Management (Details) - Schedule of sensitivity of the income statement is the effect of the assumed changes in interest rates on the Group's profit for the year $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Financial liabilities [Member]
Risk Management (Details) - Schedule of sensitivity of the income statement is the effect of the assumed changes in interest rates on the Group's profit for the year [Line Items]
Decrease in basis points	(50)	(50)
Effect on profit/Equity before tax for the year	$ (3,186)	$ (2,870)
Financial assets [Member]
Risk Management (Details) - Schedule of sensitivity of the income statement is the effect of the assumed changes in interest rates on the Group's profit for the year [Line Items]
Decrease in basis points	(25)	(25)
Effect on profit/Equity before tax for the year	$ (1,593)	$ (1,435)

Risk Management (Details) - S_6

Risk Management (Details) - Schedule of foreign currency risk due to changes in the fair value of monetary assets and liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
EUR [Member]
Risk Management (Details) - Schedule of foreign currency risk due to changes in the fair value of monetary assets and liabilities [Line Items]
Changes in currency rate to USD	+10	+10
Effective on profit before tax	$ 606	$ (777)
GBP [Member]
Risk Management (Details) - Schedule of foreign currency risk due to changes in the fair value of monetary assets and liabilities [Line Items]
Changes in currency rate to USD	+10	+10
Effective on profit before tax	$ (5,567)	$ (406)

Risk Management (Details) - S_7

Risk Management (Details) - Schedule of credit risk exposure of the Group by classifying assets according to the Group's credit rating of counterparties - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Risk Management (Details) - Schedule of credit risk exposure of the Group by classifying assets according to the Group's credit rating of counterparties [Line Items]
FVOCI - debts securities	$ 418,445	$ 390,918
Financial assets at amortized cost	2,471	2,706
Insurance receivables	179,345	166,605
Reinsurance share of outstanding claims	182,248	187,485
Deferred excess of loss premiums	17,238	17,095
Cash and cash equivalents	242,146	133,439
Term deposits	179,966	172,212
Total	1,221,859	1,070,460
Investment grade [Member]
Risk Management (Details) - Schedule of credit risk exposure of the Group by classifying assets according to the Group's credit rating of counterparties [Line Items]
FVOCI - debts securities	418,240	389,250
Financial assets at amortized cost
Insurance receivables
Reinsurance share of outstanding claims	181,379	186,851
Deferred excess of loss premiums
Cash and cash equivalents	220,095	110,915
Term deposits	130,860	124,283
Total	950,574	811,299
Non-investment grade (satisfactory) [Member]
Risk Management (Details) - Schedule of credit risk exposure of the Group by classifying assets according to the Group's credit rating of counterparties [Line Items]
FVOCI - debts securities	205	1,668
Financial assets at amortized cost	1,979	1,982
Insurance receivables	113,294	110,618
Reinsurance share of outstanding claims	869	634
Deferred excess of loss premiums	17,238	17,095
Cash and cash equivalents	22,051	22,524
Term deposits	49,106	47,929
Total	204,742	202,450
In course of collection [Member]
Risk Management (Details) - Schedule of credit risk exposure of the Group by classifying assets according to the Group's credit rating of counterparties [Line Items]
FVOCI - debts securities
Financial assets at amortized cost	492	724
Insurance receivables	66,051	55,987
Reinsurance share of outstanding claims
Deferred excess of loss premiums
Cash and cash equivalents
Term deposits
Total	$ 66,543	$ 56,711

Risk Management (Details) - S_8

Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	$ 418,445	$ 390,918
Unquoted bonds	2,471	2,706
Total	420,916	393,624
AAA [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	3,363	44,616
Unquoted bonds
Total	3,363	44,616
AA [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	20,803
Unquoted bonds
Total	20,803
A [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	220,258	191,135
Unquoted bonds
Total	220,258	191,135
BBB [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	166,789	115,049
Unquoted bonds
Total	166,789	115,049
BB [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	7,027
Unquoted bonds
Total	7,027
B [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	205	210
Unquoted bonds
Total	205	210
Not rated [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds		1,458
Unquoted bonds	2,471	2,706
Total	$ 2,471	4,164
AA [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds		29,296
Unquoted bonds
Total		29,296
BB [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds		9,154
Unquoted bonds
Total		$ 9,154

Risk Management (Details) - S_9

Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
2021
Total bonds and debt		$ 420,916	$ 393,624
Australia [Member]
2021
Total bonds and debt		9,632	6,109
Bahrain [Member]
2021
Total bonds and debt		4,618	4,648
Belgium [Member]
2021
Total bonds and debt		1,112
Bermuda [Member]
2021
Total bonds and debt		2,301	5,249
Canada [Member]
2021
Total bonds and debt		8,384	14,791
China [Member]
2021
Total bonds and debt		51,664	19,504
Finland [Member]
2021
Total bonds and debt		2,951	1,016
France [Member]
2021
Total bonds and debt		11,266	4,615
Germany [Member]
2021
Total bonds and debt		17,483	18,698
India [Member]
2021
Total bonds and debt		3,206	3,278
Japan [Member]
2021
Total bonds and debt		11,951	12,259
Jordan [Member]
2021
Total bonds and debt		2,471	2,707
KSA [Member]
2021
Total bonds and debt		15,042	15,383
Kuwait [Member]
2021
Total bonds and debt		3,464	1,035
Luxembourg [Member]
2021
Total bonds and debt		687	715
Malaysia [Member]
2021
Total bonds and debt		6,574	1,447
Mexico [Member]
2021
Total bonds and debt		2,326	1,102
Netherlands [Member]
2021
Total bonds and debt		5,051	10,775
Oman [Member]
2021
Total bonds and debt		1,122	1,085
Qatar [Member]
2021
Total bonds and debt		47,700	27,984
Russia [Member]
2021
Total bonds and debt	[1]	1,948
Singapore [Member]
2021
Total bonds and debt		3,069	5,294
South Korea [Member]
2021
Total bonds and debt		7,635	7,239
Spain [Member]
2021
Total bonds and debt		1,377	3,793
Sweden [Member]
2021
Total bonds and debt		2,528	1,060
Switzerland [Member]
2021
Total bonds and debt		5,063	1,889
Taiwan [Member]
2021
Total bonds and debt		2,991	3,097
UAE [Member]
2021
Total bonds and debt		18,388	9,793
UK [Member]
2021
Total bonds and debt		51,049	52,033
USA [Member]
2021
Total bonds and debt		113,308	153,349
Cayman Island [Member]
2021
Total bonds and debt		$ 4,555
Hong Kong [Member]
2021
Total bonds and debt			1,905
Marshall Islands [Member]
2021
Total bonds and debt			129
Virgin Islands (British) [Member]
2021
Total bonds and debt			$ 1,643
[1]	On 24 February 2022 the Russian Federation launched a full-scale military invasion into Ukraine. This has already led to significant economic and humanitarian consequences for both countries, and the long-term wider impact continues to be unknown as the situation develops. Areas of uncertainty include the impact on global energy prices, financial markets as well as the possible further escalation of the conflict (note 35). Consequently, the fair value of the bond decreased to USD 918 thousand and its credit rating was downgraded from BBB as at 31 December 2021 to B in March 2022.

Risk Management (Details) - _10

Risk Management (Details) - Schedule of demonstrates the sensitivity of the profit for the period and the cumulative changes in fair value to reasonably possible changes in equity prices - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Amman Stock Exchange [Member]
2021
Change in equity price	+5%	+5%
Effect on profit for the year	$ 40	$ 46
Effect on equity	$ 40	$ 46
Saudi Stock Exchange [Member]
2021
Change in equity price	+5%	+5%
Effect on profit for the year
Effect on equity	$ 511	$ 590
Qatar Stock Exchange [Member]
2021
Change in equity price	+5%	+5%
Effect on profit for the year	$ 23	$ 25
Effect on equity	$ 23	$ 25
Abu Dhabi Security Exchange [Member]
2021
Change in equity price	+5%	+5%
Effect on profit for the year	$ 76	$ 52
Effect on equity	$ 76	$ 52
New York Stock Exchange [Member]
2021
Change in equity price	+5%	+5%
Effect on profit for the year	$ 175	$ 149
Effect on equity	$ 202	$ 170
Kuwait Stock Exchange [Member]
2021
Change in equity price	+5%	+5%
Effect on profit for the year
Effect on equity	$ 9	$ 5
London Stock Exchange [Member]
2021
Change in equity price	+5%	+5%
Effect on profit for the year	$ 330	$ 312
Effect on equity	$ 382	$ 294
Other quoted [Member]
2021
Change in equity price	+5%	+5%
Effect on profit for the year	$ 782	$ 554
Effect on equity	$ 871	$ 635

Risk Management (Details) - _11

Risk Management (Details) - Schedule of maturity profile of the Group's financial liabilities - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
2021
Gross outstanding claims		$ 575,899	$ 492,255
Gross unearned premiums		328,726	277,268
Insurance payables		89,519	83,461
Other liabilities		29,428	20,717
Derivative financial liability	[1]	12,938	13,628
Unearned commissions		13,725	11,038
Total liabilities		1,050,235	898,367
Less than one year [Member]
2021
Gross outstanding claims		210,691	210,536
Gross unearned premiums		251,691	222,124
Insurance payables		84,519	78,461
Other liabilities		26,357	18,298
Derivative financial liability	[1]
Unearned commissions		12,285	10,012
Total liabilities		585,543	539,431
More than one year [Member]
2021
Gross outstanding claims		365,208	281,719
Gross unearned premiums		77,035	55,144
Insurance payables		5,000	5,000
Other liabilities		3,071	2,419
Derivative financial liability	[1]	12,938	13,628
Unearned commissions		1,440	1,026
Total liabilities		$ 464,692	$ 358,936
[1]	There is no contractual obligation to settle the Warrants in cash.

Risk Management (Details) - _12

Risk Management (Details) - Schedule of maturity analysis of assets and liabilities - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Less than 1 year [Member]
ASSETS
Cash and cash equivalents	$ 231,746	$ 128,039
Term deposits	136,278	133,510
Insurance receivables	171,132	164,778
Investments	44,470	105,323
Investments in associates
Reinsurance share of outstanding claims	71,199	83,210
Reinsurance share of unearned premiums	59,235	47,186
Deferred excess of loss premiums	17,206	17,095
Deferred policy acquisition costs	43,785	39,266
Deferred tax assets	45
Other assets	9,942	9,562
Investment properties
Property, premises and equipment
Intangible assets
TOTAL ASSETS	785,038	727,969
LIABILITIES AND EQUITY LIABILITIES
Gross outstanding claims	210,691	210,536
Gross unearned premiums	251,691	222,124
Insurance payables	84,519	78,461
Other liabilities	26,287	18,298
Derivative financial liability
Deferred tax liabilities		55
Unearned commissions	12,285	10,012
TOTAL LIABILITIES	585,473	539,486
EQUITY
Foreign currency translation reserve
Fair value reserve
Retained earnings
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY	585,473	539,486
More than one year [Member]
ASSETS
Cash and cash equivalents	10,400	5,400
Term deposits	43,688	38,702
Insurance receivables	8,213	1,827
Investments	376,446	288,301
Investments in associates
Reinsurance share of outstanding claims	111,049	104,275
Reinsurance share of unearned premiums	4,889	2,891
Deferred excess of loss premiums	32
Deferred policy acquisition costs	21,057	15,906
Deferred tax assets	426
Other assets
Investment properties
Property, premises and equipment	14,859	13,168
Intangible assets	4,321	4,710
TOTAL ASSETS	595,380	475,180
LIABILITIES AND EQUITY LIABILITIES
Gross outstanding claims	365,208	281,719
Gross unearned premiums	77,035	55,144
Insurance payables	5,000	5,000
Other liabilities	2,752	2,193
Derivative financial liability	12,938	13,628
Deferred tax liabilities	14
Unearned commissions	1,440	1,026
TOTAL LIABILITIES	464,387	358,710
EQUITY
Foreign currency translation reserve
Fair value reserve
Retained earnings
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY	464,387	358,710
No term [Member]
ASSETS
Cash and cash equivalents
Term deposits
Insurance receivables
Investments	49,306	44,463
Investments in associates	5,693	11,583
Reinsurance share of outstanding claims
Reinsurance share of unearned premiums
Deferred excess of loss premiums
Deferred policy acquisition costs
Deferred tax assets
Other assets
Investment properties	16,308	20,012
Property, premises and equipment
Intangible assets
TOTAL ASSETS	71,307	76,058
LIABILITIES AND EQUITY LIABILITIES
Gross outstanding claims
Gross unearned premiums
Insurance payables
Other liabilities
Derivative financial liability
Deferred tax liabilities
Unearned commissions
TOTAL LIABILITIES
EQUITY
Common shares at par value	489	486
Share premium	159,545	157,677
Foreign currency translation reserve	992	(349)
Fair value reserve	8,215	18,160
Retained earnings	232,624	205,037
TOTAL EQUITY	401,865	381,011
TOTAL LIABILITIES AND EQUITY	401,865	381,011
Total Maturity [Member]
ASSETS
Cash and cash equivalents	242,146	133,439
Term deposits	179,966	172,212
Insurance receivables	179,345	166,605
Investments	470,222	438,087
Investments in associates	5,693	11,583
Reinsurance share of outstanding claims	182,248	187,485
Reinsurance share of unearned premiums	64,124	50,077
Deferred excess of loss premiums	17,238	17,095
Deferred policy acquisition costs	64,842	55,172
Deferred tax assets	471
Other assets	9,942	9,562
Investment properties	16,308	20,012
Property, premises and equipment	14,859	13,168
Intangible assets	4,321	4,710
TOTAL ASSETS	1,451,725	1,279,207
LIABILITIES AND EQUITY LIABILITIES
Gross outstanding claims	575,899	492,255
Gross unearned premiums	328,726	277,268
Insurance payables	89,519	83,461
Other liabilities	29,039	20,491
Derivative financial liability	12,938	13,628
Deferred tax liabilities	14	55
Unearned commissions	13,725	11,038
TOTAL LIABILITIES	1,049,860	898,196
EQUITY
Common shares at par value	489	486
Share premium	159,545	157,677
Foreign currency translation reserve	992	(349)
Fair value reserve	8,215	18,160
Retained earnings	232,624	205,037
TOTAL EQUITY	401,865	381,011
TOTAL LIABILITIES AND EQUITY	$ 1,451,725	$ 1,279,207

Risk Management (Details) - _13

Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Level 1 of fair value hierarchy [Member]
Liabilities measured at fair value:
Derivative financial liability (restated)		$ 13,628
Level 1 of fair value hierarchy [Member] | FVTPL [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	$ 14,162	22,780
Level 1 of fair value hierarchy [Member] | Quoted equities at FVOCI [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	13,721	14,935
Level 1 of fair value hierarchy [Member] | Quoted bonds at FVOCI [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	356,141	390,918
Level 1 of fair value hierarchy [Member] | Unquoted equities at FVOCI [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value			[1]
Level 1 of fair value hierarchy [Member] | Investment properties [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value
Level 1 of fair value hierarchy [Member] | Assets measured at fair value [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	384,024	428,633
Level 2 of fair value hierarchy [Member]
Liabilities measured at fair value:
Derivative financial liability (restated)	12,938
Level 2 of fair value hierarchy [Member] | FVTPL [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	14,377
Level 2 of fair value hierarchy [Member] | Quoted equities at FVOCI [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value
Level 2 of fair value hierarchy [Member] | Quoted bonds at FVOCI [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	62,304
Level 2 of fair value hierarchy [Member] | Unquoted equities at FVOCI [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value			[1]
Level 2 of fair value hierarchy [Member] | Investment properties [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value
Level 2 of fair value hierarchy [Member] | Assets measured at fair value [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	76,681
Fair value of Level 3 financial assets [Member]
Liabilities measured at fair value:
Derivative financial liability (restated)
Fair value of Level 3 financial assets [Member] | FVTPL [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value
Fair value of Level 3 financial assets [Member] | Quoted equities at FVOCI [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value
Fair value of Level 3 financial assets [Member] | Quoted bonds at FVOCI [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value
Fair value of Level 3 financial assets [Member] | Unquoted equities at FVOCI [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	7,046	6,748	[1]
Fair value of Level 3 financial assets [Member] | Investment properties [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	16,308	20,012
Fair value of Level 3 financial assets [Member] | Assets measured at fair value [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	23,354	26,760
Total [Member]
Liabilities measured at fair value:
Derivative financial liability (restated)	12,938	13,628
Total [Member] | FVTPL [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	28,539	22,780
Total [Member] | Quoted equities at FVOCI [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	13,721	14,935
Total [Member] | Quoted bonds at FVOCI [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	418,445	390,918
Total [Member] | Unquoted equities at FVOCI [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	7,046	6,748	[1]
Total [Member] | Investment properties [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	16,308	20,012
Total [Member] | Assets measured at fair value [Member]
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques [Line Items]
Fair value	$ 484,059	$ 455,393
[1]	Reconciliation of fair value of the unquoted equities under level 3 fair value hierarchy is as follows:

Risk Management (Details) - _14

Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value - Fair value of Level 3 financial assets [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value [Line Items]
Balance at the beginning of the year	$ 6,748	$ 5,794
Purchases		1,503
Total gains (losses) recognized in OCI	298	(549)
Balance at the end of the year	$ 7,046	$ 6,748

Earnings Per Share (Details)

Earnings Per Share (Details)	12 Months Ended
	Dec. 31, 2021
Basic and diluted earnings per share [Abstract]
Description of warrants issued	the Company issued 17,250,000 warrants, including (i) 12,750,000 warrants issued to former stockholders of Tiberius and (ii) 4,500,000 warrants that were issued in exchange for 4,000,000 Tiberius warrants transferred to Wasef Jabsheh and 500,000 Tiberius warrants transferred to Argo Re Ltd., a Bermuda exempted company (note 17 and 33).

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of basic and diluted EPS - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of basic and diluted EPS [Abstract]
Profit for the year	$ 43,696	$ 27,251	$ 23,565
Less: profit attributable to the Earnout Shares	2,693	1,690
Less: profit attributable to the Restricted Shares Awards	355	75
Net profit available to common shareholders	$ 40,648	$ 25,486	$ 23,565
Weighted average number of shares – basic and diluted (in Shares)	45,470,961	43,047,915	34,292,263
Basic and diluted earnings per share (in Dollars per share)	$ 0.89	$ 0.59	$ 0.69

Segment Information (Details)

Segment Information (Details)	12 Months Ended
	Dec. 31, 2021
Disclosure of operating segments [text block] [Abstract]
Net underwriting description	The effect of this change is an increase in net underwriting results of the specialty long tail segment by USD 2,008 thousand (2019: decrease of USD 1,653 thousand) and a corresponding decrease in the specialty short tail segment’s net underwriting results.

Segment Information (Details) -

Segment Information (Details) - Schedule of consolidated operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Underwriting revenues
Gross written premiums	$ 545,582	$ 467,273	$ 349,292
Reinsurer’s share of insurance premiums	(162,973)	(128,863)	(97,139)
Net written premiums	382,609	338,410	252,153
Net change in unearned premiums	(37,411)	(54,894)	(36,609)
Net premiums earned	345,198	283,516	215,544
Underwriting deductions
Net policy acquisition expenses	(63,166)	(54,490)	(45,436)
Net claims and claim adjustment expenses	(176,192)	(151,672)	(118,063)
Net underwriting results	105,840	77,354	52,045
General and administrative expenses	(58,946)	(46,923)	(39,266)
Net investment income	16,034	9,967	13,374
Share of loss from associates	(7,248)	(1,479)	(376)
Impairment loss on insurance receivables	(5,181)	(2,861)	(629)
Other revenues	1,844	372	1,428
Other expenses	(2,693)	(1,892)	(2,195)
Listing related expenses		(3,366)	(4,832)
Change in fair value of derivative financial liability	690	(4,418)
Gain (Loss) on foreign exchange	(4,897)	2,572	5,704
Profit (loss) before tax	45,443	29,326	25,253
Income tax	(1,747)	(2,075)	(1,688)
Profit for the year	43,696	27,251	23,565
Specialty Long Tail [Member]
Underwriting revenues
Gross written premiums	239,531	210,477	150,975
Reinsurer’s share of insurance premiums	(61,808)	(37,182)	(21,970)
Net written premiums	177,723	173,295	129,005
Net change in unearned premiums	(10,209)	(31,880)	(30,753)
Net premiums earned	167,514	141,415	98,252
Underwriting deductions
Net policy acquisition expenses	(30,498)	(27,079)	(21,907)
Net claims and claim adjustment expenses	(86,196)	(88,776)	(61,667)
Net underwriting results	50,820	25,560	14,678
General and administrative expenses
Net investment income
Share of loss from associates
Impairment loss on insurance receivables
Other revenues
Other expenses
Listing related expenses
Change in fair value of derivative financial liability
Gain (Loss) on foreign exchange
Profit (loss) before tax	50,820	25,560	14,678
Income tax
Profit for the year	50,820	25,560	14,678
Specialty Short Tail [Member]
Underwriting revenues
Gross written premiums	282,037	237,478	180,331
Reinsurer’s share of insurance premiums	(101,165)	(91,681)	(75,169)
Net written premiums	180,872	145,797	105,162
Net change in unearned premiums	(26,865)	(22,588)	(5,609)
Net premiums earned	154,007	123,209	99,553
Underwriting deductions
Net policy acquisition expenses	(28,766)	(24,316)	(20,533)
Net claims and claim adjustment expenses	(72,599)	(56,614)	(41,858)
Net underwriting results	52,642	42,279	37,162
General and administrative expenses
Net investment income
Share of loss from associates
Impairment loss on insurance receivables
Other revenues
Other expenses
Listing related expenses
Change in fair value of derivative financial liability
Gain (Loss) on foreign exchange
Profit (loss) before tax	52,642	42,279	37,162
Income tax
Profit for the year	52,642	42,279	37,162
Reinsurance [Member]
Underwriting revenues
Gross written premiums	24,014	19,318	17,986
Reinsurer’s share of insurance premiums
Net written premiums	24,014	19,318	17,986
Net change in unearned premiums	(337)	(426)	(247)
Net premiums earned	23,677	18,892	17,739
Underwriting deductions
Net policy acquisition expenses	(3,902)	(3,095)	(2,996)
Net claims and claim adjustment expenses	(17,397)	(6,282)	(14,538)
Net underwriting results	2,378	9,515	205
General and administrative expenses
Net investment income
Share of loss from associates
Impairment loss on insurance receivables
Other revenues
Other expenses
Listing related expenses
Change in fair value of derivative financial liability
Gain (Loss) on foreign exchange
Profit (loss) before tax	2,378	9,515	205
Income tax
Profit for the year	2,378	9,515	205
Sub Total [Member]
Underwriting revenues
Gross written premiums	545,582	467,273	349,292
Reinsurer’s share of insurance premiums	(162,973)	(128,863)	(97,139)
Net written premiums	382,609	338,410	252,153
Net change in unearned premiums	(37,411)	(54,894)	(36,609)
Net premiums earned	345,198	283,516	215,544
Underwriting deductions
Net policy acquisition expenses	(63,166)	(54,490)	(45,436)
Net claims and claim adjustment expenses	(176,192)	(151,672)	(118,063)
Net underwriting results	105,840	77,354	52,045
General and administrative expenses
Net investment income
Share of loss from associates
Impairment loss on insurance receivables
Other revenues
Other expenses
Listing related expenses
Change in fair value of derivative financial liability
Gain (Loss) on foreign exchange
Profit (loss) before tax	105,840	77,354	52,045
Income tax
Profit for the year	105,840	77,354	52,045
Corporate and Other [Member]
Underwriting revenues
Gross written premiums
Reinsurer’s share of insurance premiums
Net written premiums
Net change in unearned premiums
Net premiums earned
Underwriting deductions
Net policy acquisition expenses
Net claims and claim adjustment expenses
Net underwriting results
General and administrative expenses	(58,946)	(46,923)	(39,266)
Net investment income	16,034	9,967	13,374
Share of loss from associates	(7,248)	(1,479)	(376)
Impairment loss on insurance receivables	(5,181)	(2,861)	(629)
Other revenues	1,844	372	1,428
Other expenses	(2,693)	(1,892)	(2,195)
Listing related expenses		(3,366)	(4,832)
Change in fair value of derivative financial liability	690	(4,418)
Gain (Loss) on foreign exchange	(4,897)	2,572	5,704
Profit (loss) before tax	(60,397)	(48,028)	(26,792)
Income tax	(1,747)	(2,075)	(1,688)
Profit for the year	$ (62,144)	$ (50,103)	$ (28,480)

Segment Information (Details)_2

Segment Information (Details) - Schedule of non-current operating assets information by geography - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	$ 35,488	$ 37,890
Middle East [Member]
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	32,165	34,631
North Africa [Member]
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	301	72
UK [Member]
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	2,968	3,112
Asia [Member]
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	31	75
Europe [Member]
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	$ 23

Share-Based Payments (Details)

Share-Based Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Feb. 16, 2021	Sep. 30, 2020
Share-Based Payments (Details) [Line Items]
Restricted shares awards	396,857	134,500	132,190	180,000
Total earnout shares	233,744	57,039
Share-based payments expense (in Dollars)	$ 1,871	$ 450
Board of directors [Member]
Share-Based Payments (Details) [Line Items]
Restricted shares awards					134,500

Share-Based Payments (Details)

Share-Based Payments (Details) - Schedule of restricted shares awards - $ / shares	Mar. 31, 2021	Feb. 16, 2021	Sep. 30, 2020
Share-Based Payments (Details) - Schedule of restricted shares awards [Line Items]
Total number of restricted shares awards		180,000
Number of restricted shares awards vesting each period		60,000
Grant date fair value (USD) (in Dollars per share)		$ 7.94
Restricted Shares Awards [Member]
Share-Based Payments (Details) - Schedule of restricted shares awards [Line Items]
Total number of restricted shares awards			134,500
Number of restricted shares awards vesting each period			44,833
Grant date fair value (USD) (in Dollars per share)			$ 7.896
Wasef Jabsheh [Member]
Share-Based Payments (Details) - Schedule of restricted shares awards [Line Items]
Total number of restricted shares awards	132,190
Number of restricted shares awards vesting each period	44,063
Grant date fair value (USD) (in Dollars per share)	$ 8.17

Share-Based Payments (Details_2

Share-Based Payments (Details) - Schedule of restricted shares - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of restricted shares [Abstract]
Balance at beginning of the year	134,500
Restricted shares granted	312,190	134,500
Restricted shares vested	(44,833)
Restricted shares forfeited	(5,000)
Balance at end of the year	396,857	134,500

Share-Based Payments (Details_3

Share-Based Payments (Details) - Schedule of earnout shares - shares	Dec. 31, 2021	Dec. 31, 2020
30 September 2020 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	53,281
16 February 2021 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	105,738
31 March 2021 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	74,725
Total [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	233,744
30 September 2020 grant one [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares		57,039
Grant [Member] | 30 September 2020 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Grant	7 October 2020 grant
Grant [Member] | 16 February 2021 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Grant	16 February 2021 grant
Grant [Member] | 31 March 2021 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Grant	31 March 2021 grant
Grant [Member] | Total [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Grant
Grant [Member] | 30 September 2020 grant one [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Grant		7 October 2020 grant
Days from grant date [Member] | 30 September 2020 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Days from grant date	451 days
Days from grant date [Member] | 16 February 2021 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Days from grant date	319 days
Days from grant date [Member] | 31 March 2021 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Days from grant date	276 days
Days from grant date [Member] | 30 September 2020 grant one [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Days from grant date		88 days
Earn out shares from first vesting [Member] | 30 September 2020 grant [Member] | Tranche 1 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	1,019
Earn out shares from first vesting [Member] | 16 February 2021 grant [Member] | Tranche 1 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	59,626
Earn out shares from first vesting [Member] | 31 March 2021 grant [Member] | Tranche 1 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	43,746
Earn out shares from first vesting [Member] | Total [Member] | Tranche 1 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	104,391
Earn out shares from first vesting [Member] | 30 September 2020 grant one [Member] | Tranche 1 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares		43,814
Earn out shares from second vesting [Member] | 30 September 2020 grant [Member] | Tranche 2 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	33,635
Earn out shares from second vesting [Member] | 16 February 2021 grant [Member] | Tranche 2 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	27,901
Earn out shares from second vesting [Member] | 31 March 2021 grant [Member] | Tranche 2 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	18,914
Earn out shares from second vesting [Member] | Total [Member] | Tranche 2 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	80,450
Earn out shares from second vesting [Member] | 30 September 2020 grant one [Member] | Tranche 2 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares		8,511
Earn out shares from third vesting [Member] | 30 September 2020 grant [Member] | Tranche 3 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	18,627
Earn out shares from third vesting [Member] | 16 February 2021 grant [Member] | Tranche 3 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	18,211
Earn out shares from third vesting [Member] | 31 March 2021 grant [Member] | Tranche 3 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	12,065
Earn out shares from third vesting [Member] | Total [Member] | Tranche 3 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	48,903
Earn out shares from third vesting [Member] | 30 September 2020 grant one [Member] | Tranche 3 [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares		4,714

Business Combination (Details)

Business Combination (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 17, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Combination (Details) [Line Items]
Business Combination transaction cost	$ 80,000
Business combination, description		1)      Issued (1) 29,759,999 common shares to former shareholders of IGI in exchange for their IGI shares and (2) 18,687,307 common shares to former stockholders of Tiberius, including (I) 9,339,924 common shares issued in exchange for public shares of Tiberius common stock that remained outstanding and not redeemed immediately prior to the closing of the Business Combination, (ii) 4,132,500 common shares issued in exchange for Tiberius founder shares, including 3,012,500 common shares (“Earnout Shares”) subject to vesting at prices ranging from USD 11.50 to USD 15.25 per share, (iii) 2,900,000 common shares issued in exchange for shares of Tiberius common stock that were issued to certain investors in a private placement pursuant to forward purchase agreements, and (iv) 2,314,883 common shares issued in exchange for shares of Tiberius common stock that were issued to certain investors in a private placement.
Description of business combination agreement		In connection with the finalization of the purchase price under the Business Combination Agreement, all escrow shares issued to former shareholders of IGI were released from escrow and 8,555 shares were cancelled. Following the cancellation, the Group has 48,438,751 shares outstanding (including the 3,012,500 unvested shares).
Share subject to business combination		1,120,000
Business combination of warrants, description	the Company issued 17,250,000 warrants, including (a) 12,750,000 warrants issued to former stockholders of Tiberius and (ii) 4,500,000 warrants that were issued in exchange for 4,000,000 Tiberius warrants transferred to Wasef Jabsheh and 500,000 Tiberius warrants transferred to Argo Re Ltd., a Bermuda exempted company (note 17).3)      Eliminated IGI issued share capital in the amount of USD 143,376 thousand that ceased to exist upon consummation of the Business Combination.4)      Eliminated IGI treasury shares in the amount of USD 20,103 thousand.5)      Eliminated IGI additional paid in capital in the amount of USD 2,773 thousand.6)      Adjusted the share premium as a result of the issuance of the common shares and warrants.
Percentage of ownership interest		100.00%
Incurred listing expenses			$ 3,366	$ 4,832
IGI [Member]
Business Combination (Details) [Line Items]
Shares issued		1,170,348

Business Combination (Details)

Business Combination (Details) - Schedule of common shares issued in Business combination $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)shares
Schedule of common shares issued in Business combination [Abstract]
Common shares issued to former shareholders of IGI | shares	29,751,444
Common shares issued to former shareholders of IGI | $	$ 298
Common shares issued to former stockholders of Tiberius * | shares	15,674,807	[1]
Common shares issued to former stockholders of Tiberius * | $	$ 157	[1]
Unvested shares transferred to certain former shareholders of IGI | shares	1,170,348
Unvested shares transferred to certain former shareholders of IGI | $	$ 12
Unvested Tiberius Founder shares | shares	1,842,152
Unvested Tiberius Founder shares | $	$ 18
Number of shares, total | shares	48,438,751
Par value. total amount | $	$ 485
[1]	This item Includes 1,120,000 shares subject to one year lock-up restriction post Business Combination closing date.

Business Combination (Details_2

Business Combination (Details) - Schedule of fair value of the equity instruments $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Schedule of fair value of the equity instruments [Abstract]
No. of shares/warrants Common shares (in Shares) | shares	14,554,807
Fair value per share/warrant Common shares (in Dollars per share) | $ / shares	$ 6.85
Fair value Common shares	$ 99,715
No. of shares/warrants Vested Founder shares subject to one year lock-up restriction post Business Combination closing date (in Shares) | shares	1,120,000
Fair value per share/warrant Vested Founder shares subject to one year lock-up restriction post Business Combination closing date (in Dollars per share) | $ / shares	$ 6.39
Fair value Vested Founder shares subject to one year lock-up restriction post Business Combination closing date	$ 7,156
No. of shares/warrants Unvested Tiberius Founder shares (in Shares) | shares	1,842,152
Fair value per share/warrant Unvested Tiberius Founder shares (in Dollars per share) | $ / shares	$ 3.48
Fair value Unvested Tiberius Founder shares	$ 6,407
Total Value of Consideration	$ 113,278

Business Combination (Details_3

Business Combination (Details) - Schedule of tiberius net assets acquired $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Schedule of tiberius net assets acquired [Abstract]
Cash proceeds received	$ 120,821
Less: liabilities assumed in the form of the Public Warrants (12,750,000 Public Warrants at fair value of USD 0.53 per warrant)	(6,807)
Net assets acquired	$ 114,014

Business Combination (Details_4

Business Combination (Details) - Schedule of tiberius net assets acquired (Parentheticals)	Dec. 31, 2020$ / sharesshares
Schedule of tiberius net assets acquired [Abstract]
Public warrants of share | shares	12,750,000
Public per warrant | $ / shares	$ 0.53

Business Combination (Details_5

Business Combination (Details) - Schedule of fair value of the equity instruments $ in Thousands	Dec. 31, 2020USD ($)
Schedule of fair value of the equity instruments [Abstract]
Value of Consideration	$ 113,278
Less: net assets acquired	(114,014)
Bargain	$ (736)

Acquisition of a Subsidiary (De

Acquisition of a Subsidiary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Acquisition Of A Subsidiarytext Block [Abstract]
Voting shares percentage	100.00%
Purchase consideration	$ 6,200
Acquisition description	International General Insurance Company (Europe) SE contributed USD 9,768 thousand of gross written premiums and USD 1,181 thousand of net loss to profit before tax of the Group.

Acquisition of a Subsidiary (_2

Acquisition of a Subsidiary (Details) - Schedule of fair values assets and liabilities $ in Thousands	Dec. 31, 2021USD ($)
Book value [Member]
Assets
Insurance receivables and other assets	$ 184
Bank Balances	6,054
Asstes total	6,238
Liabilities
Insurance payables and other liabilities	(38)
Liabilities total	(38)
Total identifiable net assets at fair value	6,200
Fair value recognized on acquisition [Member]
Assets
Insurance receivables and other assets	143
Bank Balances	6,054
Asstes total	6,197
Liabilities
Insurance payables and other liabilities	(38)
Liabilities total	(38)
Total identifiable net assets at fair value	6,159
Goodwill arising on acquisition	41
Purchase consideration transferred	$ 6,200

Acquisition of a Subsidiary (_3

Acquisition of a Subsidiary (Details) - Schedule of goodwill $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Schedule of goodwill [Abstract]
Balance at the beginning of the year
Goodwill arising from acquisition of a subsidiary	41
Impairment loss (note 22)	(41)
Balance at the end of the year

Acquisition of a Subsidiary (_4

Acquisition of a Subsidiary (Details) - Schedule of cash flows on acquisition $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Schedule of cash flows on acquisition [Abstract]
Net cash acquired with the subsidiary	$ 6,054
Cash paid	(6,200)
Net cash flow on acquisition	$ (146)