International General Insurance (IGIC) 20-F 6 Apr 23 2022 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information - shares	12 Months Ended
	Dec. 31, 2022	Apr. 06, 2023
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		48,986,609
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, 2022
Document Fiscal Year Focus	2022
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 [Member]
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, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 137,943	$ 242,146
Term deposits	297,026	179,966
Insurance receivables	184,847	179,345
Investments	534,722	470,222
Investments in associates	6,049	5,693
Reinsurance share of outstanding claims	188,823	182,248
Reinsurance share of unearned premiums	70,519	64,124
Deferred excess of loss premiums	19,671	17,238
Deferred policy acquisition costs	69,392	64,842
Deferred tax assets	5,656	471
Other assets	14,325	9,942
Investment properties	15,119	16,308
Property, premises and equipment	13,448	14,859
Intangible assets	3,556	4,321
TOTAL ASSETS	1,561,096	1,451,725
LIABILITIES
Gross outstanding claims	634,570	575,899
Gross unearned premiums	354,032	328,726
Insurance payables	86,812	89,519
Other liabilities	29,096	29,039
Derivative financial liability	10,005	12,938
Deferred tax liabilities		14
Unearned commissions	16,808	13,725
TOTAL LIABILITIES	1,131,323	1,049,860
EQUITY
Common shares at par value	490	489
Share premium	159,918	159,545
Treasury shares	(14)
Foreign currency translation reserve	1,083	992
Fair value reserve	(38,979)	8,215
Retained earnings	307,275	232,624
TOTAL EQUITY	429,773	401,865
TOTAL LIABILITIES AND EQUITY	$ 1,561,096	$ 1,451,725

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Gross written premiums	$ 581,847	$ 545,582	$ 467,273
Reinsurers’ share of insurance premiums	(186,483)	(162,973)	(128,863)
Net written premiums	395,364	382,609	338,410
Change in unearned premiums	(25,306)	(51,458)	(71,054)
Reinsurers’ share of change in unearned premiums	6,395	14,047	16,160
Net change in unearned premiums	(18,911)	(37,411)	(54,894)
Net premiums earned	376,453	345,198	283,516
Claims and claim adjustment expenses	(235,279)	(203,366)	(213,963)
Reinsurers’ share of claims	77,579	27,174	62,291
Net claims and claim adjustment expenses	(157,700)	(176,192)	(151,672)
Commissions earned	33,515	23,035	16,053
Policy acquisition costs	(103,760)	(86,201)	(70,543)
Net policy acquisition expenses	(70,245)	(63,166)	(54,490)
Net underwriting results	148,508	105,840	77,354
General and administrative expenses	(67,453)	(58,946)	(46,923)
Net investment income	16,364	16,034	9,967
Share of profit (loss) from associates	209	(7,248)	(1,479)
Impairment loss on insurance receivables	(3,154)	(5,181)	(2,861)
Other revenues	2,286	1,844	372
Other expenses	(2,828)	(2,693)	(1,892)
Listing related expenses			(3,366)
Change in fair value of derivative financial liability	2,933	690	(4,418)
(Loss) gain on foreign exchange	(9,138)	(4,897)	2,572
Profit before tax	87,727	45,443	29,326
Income tax	(2,262)	(1,747)	(2,075)
Profit for the year	$ 85,465	$ 43,696	$ 27,251
Earnings per share
Basic and diluted earnings per share attributable to equity holders (US Dollars) (in Dollars per share)	$ 1.74	$ 0.89	$ 0.59

Consolidated Statements of In_2

Consolidated Statements of Income (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Diluted earnings per share	$ 1.74	$ 0.89	$ 0.59

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements Of Comprehensive Income Abstract
Profit for the year	$ 85,465	$ 43,696	$ 27,251
Other comprehensive income (loss) 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	(45,135)	(9,240)	11,481
Currency translation differences	91	1,341	(16)
Changes in allowance for expected credit losses transferred to statement of income	(138)	114	135
Other comprehensive income (loss) 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	(1,940)	(819)	(71)
Realized gain on sale of equities at fair value through other comprehensive income	19		2,341
Other comprehensive (loss) income for the year	(47,103)	(8,604)	13,870
Total comprehensive income for the year	$ 38,362	$ 35,092	$ 41,121

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
Profit before tax	$ 87,727	$ 45,443	$ 29,326
Adjustments for:
Depreciation and amortization	3,670	3,563	2,612
Impairment loss on insurance receivables	3,154	5,181	2,861
Impairment of goodwill		41
(Gain) loss on disposal of property, premises and equipment	(26)	60
Realized loss (gain) on sale of financial assets at FVTPL	86	(396)	(1,599)
Fair value loss on investment properties	574	1,300	2,007
Realized loss on sale of investment properties	107	8	213
Loss (gain) on revaluation of financial assets at FVTPL	2,950	(3,089)	241
Loss on sale of bonds at fair value through OCI	619	88	411
Expected credit loss on financial assets	28	180	264
Share of (profit) loss from associates	(209)	7,248	1,479
Lease interest expense	132	358	203
Interest income	(20,381)	(14,049)	(12,169)
Share-based payment expense	2,754	1,871	450
Change in fair value of derivative financial liability	(2,933)	(690)	4,418
Net foreign exchange differences	9,138	4,897	(2,572)
Cash from operations before working capital changes	87,390	52,014	28,145
Working capital adjustments
Term deposits	(117,060)	(7,754)	(52,459)
Insurance receivables	(8,698)	(20,005)	(55,870)
Purchase of financial assets at FVTPL	(1,607)	(6,470)	(9,400)
Purchase of bonds through OCI	(189,256)	(159,041)	(237,528)
Proceeds from maturity of financial assets at amortized cost	312	169	133
Proceeds from sale/maturity of bonds at fair value through OCI	61,521	116,963	71,050
Proceeds from sale of financial assets at FVTPL	833	5,727	10,073
Reinsurance share of outstanding claims	(6,575)	5,237	(11,273)
Reinsurance share of unearned premiums	(6,395)	(14,047)	(16,160)
Deferred excess of loss premiums	(2,433)	(143)	(1,922)
Deferred policy acquisition costs	(4,550)	(9,670)	(13,459)
Other assets	(3,004)	1,150	(175)
Interest received	21,195	15,043	10,536
Additions to investment property	(10)	(36)	(74)
Proceeds from sale of investment property	518	1,120	3,526
Gross outstanding claims	58,671	83,644	79,202
Gross unearned premiums	25,306	51,458	71,054
Insurance payables	(2,707)	6,058	29,917
Other liabilities	876	8,013	3,447
Unearned commissions	3,083	2,687	2,128
Net cash flows (used in) from operating activities before tax	(82,590)	132,117	(89,109)
Income tax paid	(2,760)	(2,328)	(1,465)
Net cash flows (used in) from operating activities after tax	(85,350)	129,789	(90,574)
INVESTING ACTIVITIES
Purchases of property, premises and equipment	(749)	(1,486)	(344)
Proceeds from sale of premises and equipment	26
Acquisition of a subsidiary, net of cash acquired		(146)
Purchases of intangible assets	(517)	(859)	(1,561)
Net cash flows used in investing activities	(1,240)	(2,491)	(1,905)
FINANCING ACTIVITIES
Cash injection in connection with Business Combination			120,821
Consideration paid to shareholders as deemed settlement for shares			(80,000)
Dividends paid	(10,814)	(16,109)	(4,360)
Treasury shares	(2,394)
Lease liabilities payments	(1,041)	(783)	(796)
Net cash used in financing activities	(14,249)	(16,892)	35,665
NET CHANGE IN CASH AND CASH EQUIVALENTS	(100,839)	110,406	(56,814)
Net foreign exchange differences	(3,364)	(1,699)	(2,207)
Cash and cash equivalents at the beginning of the period	242,146	133,439	192,460
Cash and cash equivalents at the end of the period	$ 137,943	$ 242,146	$ 133,439

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, 2019	$ 143,376		$ 2,773		$ (20,103)	$ (333)	$ 4,274	$ 182,156	$ 312,143
Profit for the period								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 (see note 19 and 33) – at par value of USD 0.01		485							485
Deemed distribution to shareholders in connection with Business Combination (see note 33)				(80,000)					(80,000)
Business Combination elimination adjustments (see note 33)	(143,376)		(2,773)	237,228	20,103			(10)	111,172
Issuance of Restricted Shares Awards (see note 32)		1		449					450
Cash dividends (see note 21)								(4,360)	(4,360)
Balance at Dec. 31, 2020		486		157,677		(349)	18,160	205,037	381,011
Profit for the period								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 (see note 32)		3		1,868					1,871
Cash dividends (see note 21)								(16,109)	(16,109)
Balance at Dec. 31, 2021		489		159,545		992	8,215	232,624	401,865
Profit for the period								85,465	85,465
Other comprehensive income						91	(47,194)		(47,103)
Total comprehensive income						91	(47,194)	85,465	38,362
Issuance of Restricted Shares Awards (see note 32)		4		2,750					2,754
Purchase of treasury shares (see note 20)					(2,394)				(2,394)
Cancellation of treasury shares (see note 20)		(3)		(2,377)	2,380
Cash dividends (see note 21)								(10,814)	(10,814)
Balance at Dec. 31, 2022		$ 490		$ 159,918	$ (14)	$ 1,083	$ (38,979)	$ 307,275	$ 429,773

Corporate Information

Corporate Information	12 Months Ended
	Dec. 31, 2022
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 was accounted for as a continuation of IGI. Under this method of accounting, while the Company was the legal acquirer of both IGI and Tiberius, IGI had 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 did 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 was not within the scope of IFRS 3 and was accounted for as a share-based payment transaction in accordance with IFRS 2 – Share-based payments (“IFRS 2”). Hence, the transaction was accounted for as the continuance of IGI with recognition of the identifiable assets acquired and the liabilities assumed of Tiberius at fair value. Operations prior to the transaction were those of IGI from an accounting point of view (see note 33). 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 5 April 2023.

Basis of Preparation

Basis of Preparation	12 Months Ended
	Dec. 31, 2022
Disclosure of 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. 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 2022. 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: ● Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) ● Exposure, or rights, to variable returns from its involvement with the investee, and ● The ability to use its power over the investee to affect its returns ● 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 contractual arrangement with the other vote holders of the investee ● Rights arising from other contractual arrangements ● The Group’s voting rights and potential voting rights 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 assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. 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 2022 2021 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 % 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 % * The dissolution of Tiberius Acquisition Corporation has been duly authorised by the board of directors and shareholder in accordance with the General Corporation Law of the State of Delaware on 28 December 2022. The dissolution became effective on 4 January 2023. 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 2021. There are no new standards or amendments effective in 2022 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, direct insurance and re-insurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features. The standard general model is supplemented by the variable fee approach and the premium allocation approach. 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 January 1, 2023 (the “first reporting period”). Accordingly, the Group has evaluated 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 deposits with an original maturity of three months or less. 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: ● Amortized cost ● FVOCI ● FVTPL (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 instruments are held within a business model with the objective of holding the instrument to collect the contractual cash flows. ● The contractual terms of the debt instrument give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. 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 basis, but at a higher level of aggregated portfolios that is based on observable factors such as: ● How the performance of the business model and the financial assets held within that business model are evaluated and reported to the Group’s key management personnel. ● The risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the way those risks are managed. ● How managers of the business are compensated (for example, whether the compensation is based on the fair value of the assets managed or on the contractual cash flows collected). ● The expected frequency, value and timing of asset sales are also important aspects of the Group’s assessment. 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: ● The instrument is held within a business model, the objective of which is both collecting contractual cash flows and selling financial assets. ● The contractual terms of the financial asset meet the SPPI test. 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 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: ● Financial assets at amortized cost (bonds, debt instruments) ● Financial assets at fair value through OCI with recycling of cumulative gains and losses (bonds and debt instruments) ● Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) ● Financial assets at fair value through profit or loss (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: ● The rights to receive cash flows from the asset have expired, or ● The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. (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 (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). 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 basis. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL. The Group uses the ratings from accredited rating agencies to monitor the changes in the credit ratings, determine whether the debt instrument has significantly increased in credit risk and to estimate ECLs. 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 over the periods reported in these consolidated financial statements. 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 (see 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 changes in the Group’s share of net assets of the associate. 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 interests in the subsidiaries of the associates. 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 economy, comparative amounts are not adjusted for changes in the price level in the current year. Differences between these comparative amounts and current year hyperinflation adjusted equity balances are recognized in other comprehensive income. The carrying amounts of non-monetary assets and liabilities are adjusted to reflect the change in the general price index from the date of acquisition to the end of the reporting period. An impairment loss is recognized in profit or loss if the restated amount of a non-monetary item exceeds its estimated recoverable amount. All the amounts in the associates’ financial statements (assets, liabilities, equity items, income, and expenses) are translated at the closing rate as of 31 December 2022. Gains or losses on the net monetary position are recognized 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 basis over the estimated useful lives using the following estimated useful lives: Years Office buildings 50 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. Impairment reviews take place when events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment losses are recognized in the consolidated statement of income as an expense. 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 basis over their estimated economic useful lives of 5

Cash at Banks

Cash at Banks	12 Months Ended
	Dec. 31, 2022
Cash at Banks [Abstract]
CASH AT BANKS	3. CASH AT BANKS (a) CASH AND CASH EQUIVALENTS 2022 2021 USD ’000 USD ’000 Cash and bank balances* 82,969 205,866 Deposits with original maturities of three months or less 54,974 36,280 137,943 242,146 * This item includes restricted cash in the amount of USD 10,800 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 (2021: USD 5,400 thousand). In addition, this item includes a restricted call deposit in the amount of USD 5,000 thousand (2021: 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 basis. (b) TERM DEPOSITS 2022 2021 USD ’000 USD ’000 Deposits with original maturities over three months and less than one year 265,691 136,278 Deposits with original maturities over one year 31,335 43,688 297,026 179,966 The deposits are denominated in US Dollars and other US Dollars pegged currencies, Pound Sterling, Euro and Australian Dollars. All deposits earned interest in the range between 0.6%-6.1% (2021: 0.4%-3.0%) and are held for varying periods between three months up to 2 years depending on the immediate cash requirements of the Group.

Insurance Receivables

Insurance Receivables	12 Months Ended
	Dec. 31, 2022
Insurance Receivables [Abstract]
INSURANCE RECEIVABLES	4. INSURANCE RECEIVABLES 2022 2021 USD ’000 USD ’000 Receivables from insurance companies and intermediaries 202,357 193,701 Less: Expected credit losses on insurance receivables (17,510 ) (14,356 ) 184,847 179,345 The movement in the expected credit losses is as follows: 2022 2021 USD ’000 USD ’000 Opening balance 14,356 9,235 Provision for the year 3,154 5,181 Write-offs - (60 ) Ending balance 17,510 14,356 Insurance receivables are non-interest bearing. The Group does not obtain collateral over insurance receivables.

Investments

Investments	12 Months Ended
	Dec. 31, 2022
Investments [Abstract]
INVESTMENTS	5. INVESTMENTS The details of the Group’s financial investments for the years 2022 and 2021 are as follows: 2022 Amortized Fair value Fair value Total USD ’000 USD ’000 USD ’000 USD ’000 Unquoted bonds* 2,623 - - 2,623 Quoted bonds - 489,081 - 489,081 Quoted funds and alternative investments - - 12,237 12,237 Quoted equities - 10,845 13,201 24,046 Unquoted equities** - 7,364 - 7,364 Expected credit losses and impairment (629 ) - - (629 ) 1,994 507,290 25,438 534,722 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 * In 2021, this included 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 622 thousand which fully covers the remaining amount of the bond at as 31 December 2022 (2021: USD 441 thousand). ** The Group has two unquoted equity investments under level 3 designated at fair value through OCI valued at USD 6,990 thousand (2021: USD 6,614 thousand) and USD 374 thousand (2021: USD 432 thousand). As at 31 December 2022 and 2021, the Group has measured the fair value of the unquoted investment valued at USD 6,990 thousand (2021: USD 6,614 thousand) by adopting a market valuation approach namely ‘multiples-based valuation’ whereby earnings-based multiples of comparable companies were considered for the valuation. As at 31 December 2022 and 2021, the Group has measured the fair value of the unquoted investment valued at USD 374 thousand (31 December 2021: USD 432 thousand), by adopting a market valuation approach namely ‘multiples-based valuation’ whereby earnings-based multiples of comparable companies were considered for the valuation. There are no active markets for these investments. The movement on the expected credit losses and impairment provision for the bonds at amortized cost is as follows: 2022 2021 USD ’000 USD ’000 Opening balance 463 397 Addition of provision for investment held at amortized cost 166 66 Ending balance 629 463 The addition of allowance for bonds at FVTOCI for the year 2022 of USD 138 thousand (see 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). The table below shows the sensitivity of the fair value of Level 3 financial assets as at 31 December 2022, 2021 and 2020: % Positive impact Negative impact Valuation variables USD ’000 USD ’000 2022 +/- 10 724 (724 ) Market multiples applied to a range of financial performance measures*** 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 *** As at 31 December 2022, the fair value measurement of the unquoted equity investment valued at USD 6,990 thousand (2021: USD 6,614 thousand) (2020: USD 6,314 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 7,714 thousand to USD 6,266 thousand (2021: USD 7,277 thousand to USD 5,951 thousand) (2020: USD 5,612 thousand to USD 7,015 thousand).

Investments in Associates

Investments in Associates	12 Months Ended
	Dec. 31, 2022
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 2022 2021 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: 2022 2021 USD ’000 USD ’000 Opening balance 5,693 11,583 Opening balance adjustments for hyperinflation and effect of movements in exchange rates recognised in other comprehensive income 147 1,358 Adjusted opening balance 5,840 12,941 Share of associated companies’ financial results (48 ) (227 ) Investment properties fair value adjustment 257 (7,021 ) Share of profit (loss) from associates 209 (7,248 ) Ending balance 6,049 5,693 The inflation in Lebanon has increased significantly in prior years, 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. 2022 Star Rock Sina SAL Silver Golden Total USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Current assets 8 9 7 438 462 Non-current assets 1,999 1,390 2,231 14,585 20,205 Current liabilities (25 ) (18 ) (30 ) (167 ) (240 ) Non-current liabilities (273 ) (288 ) (210 ) (1,155 ) (1,926 ) Net assets 1,709 1,093 1,998 13,701 18,501 The Group’s share of net assets 559 357 653 4,480 6,049 2021 Star Rock Sina SAL 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 The following table includes summarized information of the Group’s share of profit (loss) from associates for years 2022, 2021 and 2020. 2022 Star Rock SAL Lebanon Sina SAL Lebanon Silver Rock SAL Lebanon Golden Rock SAL Lebanon Total Associates’ revenues and results: USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Revenues 4 - 6 526 536 Net income 81 85 33 439 638 The Group’s share of profit 26 28 11 144 209 2021 Associates’ revenues and results: USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 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 Associates’ revenues and results: USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 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 ) 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 2022, 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 2022 and 2021. The sensitivity of the Group’s consolidated statement of income for the years 2022, 2021 and 2020 to the change in the price used for the valuation of the investment properties owned by the associates was as follows: Impact on consolidated statement of % Increase Decrease USD ’000 USD ’000 2022 +/- 20 1,480 (1,480 ) 2021 +/- 20 1,511 (1,511 ) 2020 +/- 20 1,773 (1,773 )

Outstanding Claims

Outstanding Claims	12 Months Ended
	Dec. 31, 2022
Disclosure of Claims and Benefits Outstanding Claims [Abstract]
OUTSTANDING CLAIMS	7. OUTSTANDING CLAIMS Movement in outstanding claims 2022 2021 2020 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 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 paid (176,608 ) 71,004 (105,604 ) (119,722 ) 32,411 (87,311 ) (134,761 ) 51,018 (83,743 ) Incurred claims*: Provided during the year related to current accident year 273,738 (75,556 ) 198,182 257,233 (64,926 ) 192,307 225,950 (68,135 ) 157,815 (Released) provided during the year related to previous accident years (38,459 ) (2,023 ) (40,482 ) (53,867 ) 37,752 (16,115 ) (11,987 ) 5,844 (6,143 ) 235,279 (77,579 ) 157,700 203,366 (27,174 ) 176,192 213,963 (62,291 ) 151,672 At the end of the year 634,570 (188,823 ) 445,747 575,899 (182,248 ) 393,651 492,255 (187,485 ) 304,770 At the end of the year Reported claims 308,591 (102,004 ) 206,587 306,946 (120,323 ) 186,623 312,334 (160,373 ) 151,961 Claims incurred but not reported 325,979 (86,819 ) 239,160 268,953 (61,925 ) 207,028 179,921 (27,112 ) 152,809 634,570 (188,823 ) 445,747 575,899 (182,248 ) 393,651 492,255 (187,485 ) 304,770 * The net claims and claim adjustment expenses include foreign exchange gain of USD 25,431 thousand (2021: gain of USD 6,131 thousand) (2020: loss of USD 5,744 thousand). 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 prior years 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD At end of accident year 122,323 128,498 133,595 159,549 152,384 174,601 175,094 278,298 196,709 150,800 225,950 257,233 273,738 One year later 108,523 106,567 119,425 155,958 114,972 160,100 173,369 309,258 219,593 143,093 219,794 216,610 - Two years later 105,943 100,764 108,557 148,161 101,352 149,533 167,695 317,053 213,655 126,522 212,577 - - Three years later 100,572 110,286 110,046 142,309 92,846 145,921 158,572 317,778 191,253 141,382 - - - Four years later 99,513 114,464 103,996 133,917 88,210 142,926 162,210 311,662 181,331 - - - - Five years later 101,599 110,266 104,541 132,992 85,621 142,478 162,215 313,214 - - - - - Six years later 100,199 111,774 103,167 130,844 83,183 141,758 163,829 - - - - - - Seven years later 100,303 110,644 97,918 130,616 82,709 142,306 - - - - - - - Eight years later 100,073 111,028 97,998 130,374 83,584 - - - - - - - - Nine years later 100,120 111,198 98,088 128,905 - - - - - - - - - Ten years later 99,972 109,706 99,481 - - - - - - - - - - Eleven years later 100,497 109,466 - - - - - - - - - - - Twelve years later 100,525 - - - - - - - - - - - - Current estimate of cumulative claims incurred 309,813 100,525 109,466 99,481 128,905 83,584 142,306 163,829 313,214 181,331 141,382 212,577 216,610 273,738 2,476,761 Cumulative payments to date 308,203 100,214 104,190 97,847 128,644 83,656 137,810 157,668 289,721 153,435 94,133 103,433 65,356 17,881 1,842,191 Gross liability included in the consolidated statement of financial position 634,570 Net of reinsurance, the claims development table is as follows: All prior years 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD At end of accident year 71,380 76,231 100,119 123,553 115,851 92,893 98,771 110,341 94,266 124,356 157,815 192,307 198,182 One year later 63,488 60,555 88,131 121,694 90,078 86,991 94,055 117,163 105,797 115,739 155,639 162,882 - Two years later 62,020 59,556 78,090 120,600 79,209 79,846 90,077 116,435 108,521 100,104 145,935 - - Three years later 58,897 60,662 81,521 117,084 73,250 75,311 85,366 113,949 112,970 107,039 - - - Four years later 58,182 62,272 77,268 109,460 70,070 73,132 89,184 112,040 103,066 - - - - Five years later 60,146 59,826 77,798 107,701 66,693 72,641 89,230 111,805 - - - - - Six years later 58,648 60,329 76,773 107,500 65,626 71,945 89,817 - - - - - - Seven years later 58,726 58,084 71,644 107,269 65,482 72,372 - - - - - - - Eight years later 58,540 57,329 71,620 107,059 66,363 - - - - - - - - Nine years later 58,590 57,425 71,745 105,598 - - - - - - - - - Ten years later 58,460 57,398 73,135 - - - - - - - - - - Eleven years later 58,859 57,251 - - - - - - - - - - - Twelve years later 58,882 - - - - - - - - - - - - Current estimate of cumulative claims incurred 198,161 58,882 57,251 73,135 105,598 66,363 72,372 89,817 111,805 103,066 107,039 145,935 162,882 198,182 1,550,488 Cumulative payments to date 196,772 58,616 55,660 71,567 105,394 65,750 69,390 85,190 99,912 83,850 74,434 70,647 52,682 14,877 1,104,741 Net liability included in the consolidated statement of financial position 445,747

Unearned Premiums

Unearned Premiums	12 Months Ended
	Dec. 31, 2022
Unearned Premiums [Abstract]
UNEARNED PREMIUMS	8. UNEARNED PREMIUMS 2022 2021 2020 Gross Reinsurers’ Net Gross Reinsurers’ Net Gross Reinsurers’ Net USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Opening balance 328,726 (64,124 ) 264,602 277,268 (50,077 ) 227,191 206,214 (33,917 ) 172,297 Premiums written 581,847 (186,483 ) 395,364 545,582 (162,973 ) 382,609 467,273 (128,863 ) 338,410 Premiums earned (556,541 ) 180,088 (376,453 ) (494,124 ) 148,926 (345,198 ) (396,219 ) 112,703 (283,516 ) 354,032 (70,519 ) 283,513 328,726 (64,124 ) 264,602 277,268 (50,077 ) 227,191

Deferred Excess of Loss Premium

Deferred Excess of Loss Premiums	12 Months Ended
	Dec. 31, 2022
Disclosure Of Earnings Per Share Text Block Abstract
DEFERRED EXCESS OF LOSS PREMIUMS	9. DEFERRED EXCESS OF LOSS PREMIUMS The movement in deferred excess of loss premiums in the consolidated statement of financial position is as follows: 2022 2021 2020 USD ’000 USD ’000 USD ’000 Opening balance 17,238 17,095 15,173 Additions 46,776 38,207 40,726 Charged to consolidated statement of income under reinsures’ share of insurance premiums (44,343 ) (38,064 ) (38,804 ) Ending balance 19,671 17,238 17,095

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs	12 Months Ended
	Dec. 31, 2022
Deferred Policy Acquisition Costs [Abstract]
DEFERRED POLICY ACQUISITION COSTS	10. DEFERRED POLICY ACQUISITION COSTS 2022 2021 2020 USD ’000 USD ’000 USD ’000 Opening balance 64,842 55,172 41,713 Acquisition costs during the year 108,310 95,871 84,002 Charged to consolidated statement of income (103,760 ) (86,201 ) (70,543 ) Ending balance 69,392 64,842 55,172

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2022
Other Assets [Abstract]
OTHER ASSETS	11. OTHER ASSETS 2022 2021 USD ’000 USD ’000 Accrued interest income 6,301 4,924 Prepaid expenses 3,331 1,746 Refundable deposits 124 123 Employees receivables 26 4 Funds held in trust accounts 2,852 2,818 Income tax receivables 563 130 Trade receivables 313 9 Investments proceeds receivables 324 - Others 491 188 14,325 9,942 The carrying values of the other assets above as at years ending 31 December 2022 and 2021 approximate fair value.

Investment Properties

Investment Properties	12 Months Ended
	Dec. 31, 2022
Investment Properties [Abstract]
INVESTMENT PROPERTIES	12. INVESTMENT PROPERTIES The following table includes summarized information of the Group’s investment properties: 2022 Commercial Lands* Total USD ’000 USD ’000 USD ’000 Opening balance 15,683 625 16,308 Additions 10 - 10 Sale of investment properties - (625 ) (625 ) Fair value adjustment (see note 23) (574 ) - (574 ) Ending balance 15,119 - 15,119 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 (see note 23) (1,209 ) (91 ) (1,300 ) Ending balance 15,683 625 16,308 * In 2021, included within the investment properties (see note 12) were lands with a total amount of USD 625 thousand registered in the name of a former Director of the Group. The Group had obtained a proxy and has full control over these investment properties. These investment properties were sold during 2022 (see note 27). In 2022, the Group sold the remaining plots with total carrying value of USD 625 thousand (2021: USD 1,128 thousand) and recognized a loss of USD 107 thousand (2021: loss of USD 8 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 consolidated statement of income for Increase Decrease USD USD ’000 USD ’000 Commercial building 2022 +/- 10 845 1,511 (1,511 ) 2021 +/- 10 875 1,565 (1,565 ) 2020 +/- 10 1,016 1,816 (1,816 ) % Price per Impact on consolidated statement of income for Increase Decrease USD USD ’000 USD ’000 Lands 2022 +/- 10 - - - 2021 +/- 10 168 62 (62 ) 2020 +/- 10 189 184 (184 )

Property, Premises and Equipmen

Property, Premises and Equipment	12 Months Ended
	Dec. 31, 2022
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 use Total USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Cost At 1 January 2022 3,996 11,290 1,796 2,094 304 2,286 1,011 135 5,304 28,216 Additions 11 - 16 271 - 16 226 209 230 979 Transfers - - 10 143 - 26 - (179 ) - - Disposals - - (2 ) (18 ) (23 ) - (109 ) (2 ) - (154 ) At 31 December 2022 4,007 11,290 1,820 2,490 281 2,328 1,128 163 5,534 29,041 Depreciation At 1 January 2022 958 4,518 1,407 1,769 287 1,385 918 - 2,115 13,357 Deprecation for the year 64 903 70 243 7 233 71 - 797 2,388 Disposals - - (2 ) (18 ) (23 ) - (109 ) - - (152 ) At 31 December 2022 1,022 5,421 1,475 1,994 271 1,618 880 - 2,912 15,593 Net carrying amount At 31 December 2022 2,985 5,869 345 496 10 710 248 163 2,622 13,448 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 The depreciation of the aircraft for the year ended 31 December 2022 amounting to USD 903 thousand (2021: USD 903 thousand) (2020: USD 906 thousand) was allocated proportionally between the other expenses and general and administrative expenses based on the flight hours of chartered trips and business-related trips, respectively. The depreciation and amortization (see note 14) charges for the years 2022, 2021 and 2020 were allocated as follows: 2022 2021 2020 USD ’000 USD ’000 USD ’000 Property, premises and equipment depreciation charge for the year 2,388 2,315 1,875 Intangible assets amortization charge for the year (see note 14) 1,282 1,248 737 Aircraft depreciation allocated to other expenses (see note 24) (660 ) (750 ) (632 ) Total depreciation and amortization allocated to G&A (see note 22) 3,010 2,813 1,980 Fully depreciated property, premises and equipment still in use amounted to USD 6,408 thousand as at 31 December 2022 (2021: USD 5,467 thousand).

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2022
INTANGIBLE ASSETS [Abstract]
INTANGIBLE ASSETS	14. INTANGIBLE ASSETS 2022 2021 Computer Work in Goodwill Total Computer Work in Goodwill Total USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Cost Beginning balance 7,437 6 41 7,484 6,584 - - 6,584 Additions 11 506 - 517 853 6 41 900 Transfers 430 (430 ) - - - - - - Ending balance 7,878 82 41 8,001 7,437 6 41 7,484 Amortization and impairment Beginning balance 3,122 - 41 3,163 1,874 - - 1,874 Additions 1,282 - - 1,282 1,248 - - 1,248 Impairment loss (see note 34) - - - - - - 41 41 Ending balance 4,404 - 41 4,445 3,122 - 41 3,163 Net carrying amount 3,474 82 - 3,556 4,315 6 - 4,321

Insurance Payables

Insurance Payables	12 Months Ended
	Dec. 31, 2022
Disclosure Of Insurance Contracts Text Block Abstract
INSURANCE PAYABLES	15. INSURANCE PAYABLES 2022 2021 USD ’000 USD ’000 Payables due to insurance companies and intermediaries 8,746 5,004 Reinsurers – amounts due in respect of ceded premium 78,066 84,515 86,812 89,519

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2021
Disclosure Of Other Liabilities Text Block Abstract
OTHER LIABILITIES	16. OTHER LIABILITIES 2022 2021 USD ’000 USD ’000 Accounts payable 10,234 11,259 Accrued expenses and other accruals 14,674 12,773 Lease liabilities* 3,074 3,753 Income tax payable 1,114 1,254 29,096 29,039 * Set out below are the carrying amount of the Group’s lease liabilities and the movement during the year: 2022 2021 USD ’000 USD ’000 Opening balance 3,753 2,954 Additions 230 1,269 Interest expense (see note 22) 132 358 Payments (1,041 ) (783 ) Foreign currency adjustment - (45 ) Ending balance 3,074 3,753 Current 986 1,001 Non-current 2,088 2,752 The Group used discount rates ranging between 2.8%-6.0% (2021: 1.5%-4.1%) and the amount of the undiscounted lease liabilities was USD 3,216 thousand as at 31 December 2022 (2021: USD 4,142 thousand).

Derviative Financial Liability

Derviative Financial Liability	12 Months Ended
	Dec. 31, 2022
Derivative Financial Liability [Abstract]
DERVIATIVE FINANCIAL LIABILITY	17. DERVIATIVE FINANCIAL LIABILITY In connection with the Business Combination completed on 17 March 2020 (see 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 on 17 March 2020, 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 valuation specialist (for further details refer to note 33). Based on that, the estimated fair value of the Warrants was USD 9,210 thousand. The Private Warrants are registered for resale on the Group’s registration statement on Form F-3 and are freely tradable into the public market if holders want to sell them. The Public Warrants and Private Warrants broadly have similar terms with certain differences in few features. There are restrictions on the transfer of the Private Warrants. However, if they are transferred to an unrelated party, once a transfer is permitted the terms change such that they are identical to those of a Public Warrant. Accordingly, the Private Warrants are valued using the price as deemed equivalent to the fair value of the Public Warrants listed on Nasdaq. The table below illustrates the movement on the Warrants during the year: 2022 2021 USD ’000 USD ’000 Fair value of Warrants at the beginning of the year 12,938 13,628 Change in fair value for the year (2,933 ) (690 ) Fair value of Warrants at the end of the year 10,005 12,938

Unearned Commissions

Unearned Commissions	12 Months Ended
	Dec. 31, 2022
Unearned Commissions [Abstract]
UNEARNED COMMISSIONS	18. UNEARNED COMMISSIONS The movement in unearned commissions in the consolidated statement of financial position is as follows: 2022 2021 2020 USD ’000 USD ’000 USD ’000 As at 1 January 13,725 11,038 8,910 Commissions received 36,598 25,722 18,181 Commissions earned (33,515 ) (23,035 ) (16,053 ) As at 31 December 16,808 13,725 11,038

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Disclosure Of Share Capital Reserves And Other Equity Interest Text Block Abstract
EQUITY	19. EQUITY Common shares According to the Company’s Bye-laws, the authorized share capital of the Group consists of 750,000,000 common shares, par value USD 0.01 per share, and 100,000,000 preference shares, par value USD 0.01 per share. As at 31 December 2022, the issued share capital was 48,986,609 (31 December 2021: 48,880,441) (including 3,012,500 common shares (“Earnout Shares”) subject to vesting but which are issued and outstanding for purposes of voting and receipt of dividends), and no preference shares issued and outstanding. All of the issued and outstanding common shares are fully paid. The following table sets out the number of common shares issued and outstanding as at 31 December 2022 and 2021: 2022 No. of shares Par value USD ’000 Common shares (par value of USD 0.01) 45,306,928 453 Earnout shares* (par value of USD 0.01) 3,012,500 30 Restricted shares awards (par value of USD 0.01) (see note 32) 667,181 7 Common shares issued 48,986,609 490 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) (see note 32) 396,857 4 48,880,441 489 * 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. Fair value reserve The movement of this item is as follows: 2022 2021 2020 USD ’000 USD ’000 USD ’000 Balance at the beginning of the year 8,215 18,160 4,274 Net change in fair value reserve during the year for bonds at fair value through OCI, net of tax (45,135 ) (9,240 ) 11,481 Net change in fair value reserve during the year for equities at fair value through OCI (1,940 ) (819 ) (71 ) Realized gain on sale of equities at fair value through other comprehensive income 19 - 2,341 ECL (release) charge transferred to consolidated statement of income (138 ) 114 135 Balance at the end of the year (38,979 ) 8,215 18,160 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, 2022
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. During 2020, Treasury shares were eliminated as part of the Business Combination Agreement. On 23 May 2022, the Group announced that the Board of Directors has approved a repurchase authorization of up to 5 million of its issued and outstanding common shares. This authorization, which does not have an expiration date, replaced the Group’s prior authorization of an aggregate consideration of up to USD 5,000 thousand, which was terminated. The table below illustrates the movement on the treasury shares during the year: 2022 Number of shares USD ’000 Balance at the beginning of the year - - Purchases 310,542 2,394 Cancellation (308,874 ) (2,380 ) Balance at the end of the year 1,668 14

Cash Dividends

Cash Dividends	12 Months Ended
	Dec. 31, 2022
Disclosure of Cash Dividends [Abstract]
CASH DIVIDENDS	21. CASH DIVIDENDS Cash dividends declared and paid: The Board of Directors resolv ed to pay the following dividends for the years 2022, 2021 and 2020: ● On 14 November 2022: USD 491 thousand (Dividend per share: USD 0.01) ● On 18 August 2022: USD 492 thousand (Dividend per share: USD 0.01) ● On 19 May 2022: USD 493 thousand (Dividend per share: USD 0.01) ● On 24 March 2022: USD 9,338 thousand (Dividend per share: USD 0.19) ● 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) There are no cash dividends d

General and Administrative Expe

General and Administrative Expenses	12 Months Ended
	Dec. 31, 2022
General and Administrative Expenses [Abstract]
GENERAL AND ADMINISTRATIVE EXPENSES	22. GENERAL AND ADMINISTRATIVE EXPENSES 2022 2021 2020 USD ’000 USD ’000 USD ’000 Human resources expenses 41,508 36,184 29,955 Business promotion, travel and entertainment 2,977 1,358 1,349 Statutory, advisory and rating 10,815 9,938 6,174 Information technology and software 4,387 3,123 2,719 Office operation 1,575 1,270 1,518 Depreciation and amortization (see note 13) 3,010 2,813 1,980 Impairment of goodwill (see note 34) - 41 - Interest expense arising from lease liabilities (see note 16) 132 358 203 Bank charges 244 128 122 Corporate expenses 2,805 3,733 2,903 67,453 58,946 46,923

Net Investment Income

Net Investment Income	12 Months Ended
	Dec. 31, 2022
Net Investment Income [Abstract]
NET INVESTMENT INCOME	23. NET INVESTMENT INCOME 2022 2021 2020 USD ’000 USD ’000 USD ’000 Interest income 20,381 14,049 12,169 Dividends from equities at FVTOCI 144 78 128 Dividends from equities at FVTPL 571 705 562 Realized gains and losses on investments Realized loss on sale of bonds at FVTOCI (619 ) (88 ) (411 ) Realized (loss) gain on sale of FVTPL equities and mutual funds (86 ) 396 1,599 Unrealized gains and losses on investments Unrealized (loss) gain on revaluation of financial assets at FVTPL (2,950 ) 3,089 (241 ) Gains and losses from investments in properties Realized loss on sale of investment properties (107 ) (8 ) (213 ) Fair value loss on investment properties (see note 12) (574 ) (1,300 ) (2,007 ) Rental income 156 163 190 Impairment and expected credit losses on investments Reversal (charge) of expected credit loss on financial assets at FVOCI 138 (114 ) (135 ) Expected credit loss on financial assets at amortized cost (166 ) (66 ) (129 ) Investments custodian fees and other investments expenses (524 ) (870 ) (1,545 ) 16,364 16,034 9,967

Other Revenues (Expenses)

Other Revenues (Expenses)	12 Months Ended
	Dec. 31, 2022
Other Revenues (Expenses) [Abstract]
OTHER REVENUES (EXPENSES)	24. OTHER REVENUES (EXPENSES) 2022 2021 2020 USD ’000 USD ’000 USD ’000 Other revenues: Chartered flights revenue 2,260 1,844 372 Gain on disposal of property, premises and equipment 26 - - 2,286 1,844 372 Other expenses: Aircraft operational cost (2,168 ) (1,883 ) (1,260 ) Aircraft depreciation expense (see note 13) (660 ) (750 ) (632 ) Loss on disposal of property, premises and equipment - (60 ) - (2,828 ) (2,693 ) (1,892 )

Listing Related Expenses

Listing Related Expenses	12 Months Ended
	Dec. 31, 2022
Listing Related Expenses [Abstract]
LISTING RELATED EXPENSES	25. LISTING RELATED EXPENSES Transaction costs incurred by the Group during 2020 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
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: ● Letters of Credit amounting to USD 2,917 thousand to the order of reinsurance companies for collateralizing insurance contract liabilities in accordance with the reinsurance arrangements (31 December 2021: USD 6,550 thousand). ● Letter of Guarantee amounting to USD 292 thousand to the order of Friends Provident Life Assurance Limited for collateralizing a rent payment obligation in one of the Group entity’s office premises (31 December 2021: USD 327 thousand). ● 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 2022, the Group has paid USD 500 thousand and the remaining three instalments amounted to USD 750 thousand shall be made equally over the years from 2023 to 2025.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2022
Related Parties Disclosure [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. ● Compensation of key management personnel of the Group for the year ended 31 December 2022, consisting of salaries and benefits was USD 7,740 thousand (2021: USD 7,144 thousand) (2020: USD 5,764 thousand). Out of the total amount of key management personnel compensation, an amount of USD 1,906 thousand (2021: USD 1,352 thousand) (2020: USD 1,138 thousand) represents long-term benefits. Out of these long-term benefits in 2020, USD 887 thousand represent a phantom share option plan linked to the value of an ordinary share of the Group. The said plan was terminated during the year 2020 as a result of ‘change in control’ as defined in the plan whereby all outstanding phantom shares were immediately vested and exercisable on business combination date of 17 March 2020 (see note 33). All option holders have opted for cash payment of exercisable phantom shares per the terms of plan. In addition, USD 1906 thousand of long-term benefits represents earn out value of share-based expenses as of 31 December 2022 (2021: USD 1,352 thousand) (2020: USD 251 thousand) resulting from issuance of Restricted Shares Awards to key management personnel during the year pursuant to ‘International General Insurance Holdings Ltd. ’2020 Omnibus Incentive Plan’ (see note 32). 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 (see note 31). The aggregate amount of cash compensation paid and accrued to our non-employee directors during 2022 was USD 481 thousand (2021: USD 417 thousand) (2020: USD 454 thousand). ● In 2021, included within the investment properties (see note 12) were lands with a total amount of USD 625 thousand registered in the name of a former Director of the Group. The Group had obtained a proxy and has full control over these investment properties. These investment properties were sold during 2022. ● In connection with the Business Combination (see note 33) the Group issued 4,000,000 warrants in exchange for 4,000,000 Tiberius warrants transferred to Wasef Jabsheh (the Chief Executive Officer and Chairman of the Board of Directors) (see note 17). As at 31 December 2022, none of the Warrants have been exercised or redeemed since originally issued. ● On 24 March 2022, the Board of Directors approved the grant of 149,377 restricted shares to Wasef Jabsheh (the Chief Executive Officer and Chairman of the Board of Directors) pursuant to the Group’s 2020 Omnibus Incentive Plan (see note 32).

Taxation

Taxation	12 Months Ended
	Dec. 31, 2022
Taxation [Abstract]
TAXATION	28. TAXATION The components of income tax expense are as follows: 2022 2021 2020 USD ’000 USD ’000 USD ’000 Current income tax: Current income tax charge 2,592 2,052 2,374 Adjustments in respect of current income tax of prior years (22 ) 97 (7 ) Deferred tax: Origination and reversal of temporary differences (308 ) (402 ) (292 ) Income tax charge for the year 2,262 1,747 2,075 The income tax expense appearing in the consolidated statement of income relate to the following subsidiaries: 2022 2021 2020 USD ’000 USD ’000 USD ’000 Income tax expense for IGI Labuan – current year 57 71 66 Corporate tax for IGI Casablanca (Representative Office) – current year 1 7 6 Income tax credits for North Star Underwriting Limited – current year (22 ) (21 ) (9 ) Income tax expense for IGI UK – current year 2,556 1,995 2,311 Income tax (credit) expense for IGI UK – prior years (22 ) 97 (7 ) Addition of deferred tax assets for IGI Europe (308 ) (347 ) - Release of deferred tax liabilities for IGI UK - (55 ) (292 ) Income tax charge for the year 2,262 1,747 2,075 ● According to the Labuan Business Activity Tax Law, Labuan registered entities are subject to 3% tax on the audited net profits. In 2022, IGI Labuan recorded tax expense of USD 57 thousand representing 3% of the audited net profits (2021: USD 71 thousand) (2020: USD 66 thousand). ● IGI Casablanca - Representative Office has no income sources. According to Casablanca Finance City Tax Code, regional offices are taxed at a rate of 10%. The taxable base is 5% of the operating cost. ● IGI UK and North Star Under Underwriting Limited are subject to corporate taxation in accordance with the UK Tax Law. ● 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. ● I.G.I Underwriting is a tax-exempt company in Jordan as its main business activity is to act as an underwriting agent in respect of insurance and reinsurance business written outside Jordan. ● International General Insurance Holdings Ltd. is not subject to income tax according to the tax law in Bermuda. ● International General Insurance Co. Ltd is a tax-exempt company according to the tax law in Bermuda. ● International General Insurance Holdings Limited and International General Insurance Company (Dubai) Ltd. are not subject to income tax according to the tax law in UAE. ● International General Insurance Company (Europe) SE (IGI Europe) is subject to the normal standard rate in Malta of 35%. Reconciliation of tax expense and the accounting profit multiplied by the applicable tax rate is as follows: 2022 2021 2020 USD ’000 USD ’000 USD ’000 The Group profit before tax 87,727 45,443 29,326 Less: Profit related to non-taxable subsidiaries (75,100 ) (36,022 ) (17,108 ) Profit before tax for entities subject to corporate taxation 12,627 9,421 12,218 Profit multiplied by the standard rate of tax in the UK of 19% (2021:19%) (2020: 19%) 2,399 1,790 2,322 Net disallowed expenditure (9 ) (71 ) (34 ) Non-UK expenses not deductible for tax purposes / income not taxable - 67 - Fixed asset temporary differences not recognized for deferred tax 10 1 14 Other temporary differences not recognized for deferred tax 32 28 9 Adjustment in respect of prior years (22 ) 97 (7 ) Income tax credits for North Star Underwriting Limited – current year - - (9 ) IGI Labuan and IGI Casablanca current year tax charges 58 78 72 Other movements - 1 - Release of deferred tax liabilities for IGI UK - (55 ) (292 ) Difference in corporation tax rates (206 ) (189 ) - Income tax charge for the year 2,262 1,747 2,075 The following is the breakdown of the deferred tax assets and liabilities: 2022 2021 USD ’000 USD ’000 Deferred tax assets Deferred tax assets related to unabsorbed losses for IGI Europe 779 471 Deferred tax assets related to the change in fair value of bonds at fair value through OCI for IGI UK 4,877 - 5,656 471 Deferred tax liabilities Deferred tax liabilities related to the change in fair value of bonds at fair value through OCI for IGI UK - 14 - 14 The following is the movement on the deferred tax assets: 2022 2021 USD ’000 USD ’000 Balance at beginning of the year 471 - Deferred tax assets resulting from acquisition of IGI Europe - 124 Addition of deferred tax assets related to unabsorbed losses for IGI Europe 308 347 Addition of deferred tax assets related to the change in fair value of bonds at fair value through OCI for IGI UK 4,877 - Ending balance 5,656 471 The following is the movement on the deferred tax liabilities: 2022 2021 USD ’000 USD ’000 Balance at beginning of the year (14 ) (55 ) Release of deferred tax liabilities for IGI UK 14 55 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 )

Risk Management

Risk Management	12 Months Ended
	Dec. 31, 2022
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 reinsurance contracts. Geographical concentration of risks The Group’s insurance risk based on geographical concentration of risk is illustrated in the table below: 2022 2021 2020 Gross written premiums Concentration Gross written premiums Concentration Gross written premiums Concentration USD ’000 % USD ’000 % USD ’000 % Africa 32,692 6 27,749 5 20,956 5 Asia 54,684 9 55,816 10 37,398 8 Australasia 19,474 3 23,454 4 19,104 4 Caribbean Islands 30,438 5 30,244 6 15,964 3 Central America 25,332 4 28,166 5 37,442 8 Europe 51,734 9 48,780 9 59,972 13 Middle East 58,893 10 53,564 10 48,401 10 North America 61,646 11 32,773 6 22,553 5 South America 20,701 4 20,718 4 20,548 4 UK 189,975 33 197,090 36 158,381 34 Worldwide 36,278 6 27,228 5 26,554 6 581,847 545,582 467,273 Line of business concentration of risk The Group’s insurance risk based on line of business concentration is illustrated in the table below: 2022 2021 2020 Gross written premiums Concentration Percentage Gross written premiums Concentration Percentage Gross written premiums Concentration Percentage USD ’000 % USD ’000 % USD ’000 % Professional Lines 191,287 33 190,038 35 157,487 34 Financial Institutions 28,648 5 36,176 6 39,442 8 Marine Liability 3,666 1 3,339 1 4,613 1 Inherent Defects Insurance 8,608 1 9,978 2 8,935 2 Energy 117,322 20 104,015 19 91,742 19 Property 88,074 15 79,085 14 69,912 15 Engineering 31,208 5 31,137 6 17,924 4 Aviation 21,872 4 20,348 4 23,002 5 Ports & Terminals 27,263 5 29,600 5 25,875 6 Political Violence 11,461 2 9,263 2 8,271 2 Marine Cargo 10,533 2 5,091 1 752 - Contingency 10,925 2 3,498 1 - - Reinsurance 30,980 5 24,014 4 19,318 4 581,847 545,582 467,273 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 2022 and 2021. 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 Sensitivity Factor Impact of increase on gross outstanding claims Impact of decrease on gross outstanding claims Impact of increase on net outstanding claims Impact of decrease on Impact of increase on profit before tax Impact of decrease on profit before tax % USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 2022 7.5 47,955 (47,955 ) 33,647 (33,645 ) (33,647 ) 33,645 2022 5 31,970 (31,970 ) 22,432 (22,430 ) (22,432 ) 22,430 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 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 investments and borrowings are denominated. Details of maturities of the major classes of financial assets are as follows: Less than 1 to 5 years More than Non-interest- Total 2022 - USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Financial assets at FVTPL - - - 25,438 25,438 Financial assets at FVOCI 73,591 356,179 59,311 18,209 507,290 Financial assets at amortized cost 1,994 - - - 1,994 Cash and term deposits 387,834 47,135 - - 434,969 463,419 403,314 59,311 43,647 969,691 2021 - Financial assets at FVTPL - - - 28,539 28,539 Financial assets at FVOCI 43,978 261,293 113,174 20,767 439,212 Financial assets at amortized cost 2,471 - - - 2,471 Cash and term deposits 368,024 54,088 - - 422,112 414,473 315,381 113,174 49,306 892,334 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 in Effect on profit / USD ’000 2022 - 25 (2,108 ) - 50 (4,215 ) 2021 - 25 (1,593 ) - 50 (3,186 ) 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 Effect on % USD ’000 2022 EUR +10 146 GBP +10 (4,079 ) 2021 EUR +10 606 GBP +10 (5,567 ) 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 grade Non-investment grade (satisfactory) In course of collection Total USD ’000 USD ’000 USD ’000 USD ’000 2022 FVOCI - debts securities 486,574 2,507 - 489,081 Financial assets at amortized cost - 1,994 - 1,994 Insurance receivables - 116,319 68,528 184,847 Reinsurance share of outstanding claims 188,391 432 - 188,823 Deferred excess of loss premiums - 19,671 - 19,671 Cash and cash equivalents 99,538 38,405 - 137,943 Term deposits 263,381 33,645 - 297,026 1,037,884 212,973 68,528 1,319,385 Investment grade Non-investment grade (satisfactory) In course of collection 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 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 bonds Total USD ’000 USD ’000 USD ’000 2022 AAA 4,628 - 4,628 AA 45,513 - 45,513 A 289,431 - 289,431 BBB 147,002 - 147,002 BB 203 - 203 Not rated 2,304 1,994 4,298 Total 489,081 1,994 491,075 Rating grade Bonds Unquoted bonds 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 The schedule below shows the geographical distribution of bonds and debt securities with fixed interest rate: Country Total 2022 USD ’000 Australia 9,723 Bahrain 4,008 Belgium 956 Bermuda 1,998 Canada 11,563 Chile 461 China 48,300 Finland 3,568 France 24,001 Germany 17,146 Hong Kong 3,200 India 2,870 Italy 1,943 Japan 12,566 Jordan 2,923 KSA 14,528 Kuwait 1,763 Malaysia 6,415 Mexico 1,576 Netherlands 7,475 Norway 1,927 Qatar 42,474 Singapore 8,601 South Korea 11,554 Spain 6,240 Sweden 3,574 Switzerland 9,763 Taiwan 2,415 UAE 31,429 UK 50,697 USA 145,418 Total 491,075 Country Total 2021 USD ’000 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 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 profit before tax for the year Effect on Equity 2022 USD ’000 USD ’000 Amman Stock Exchange +5 % 40 40 Saudi Stock Exchange +5 % - 389 Qatar Stock Exchange +5 % 46 46 Abu Dhabi Security Exchange +5 % 70 70 New York Stock Exchange +5 % 131 166 Kuwait Stock Exchange +5 % - 7 London Stock Exchange +5 % 322 367 Other quoted +5 % 52 118 Change in Effect on Effect on Equity 2021 USD ’000 USD ’000 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 The Group also has unquoted investments carried at fair value determined based on valuation techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. 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 bearing liabilities, except for the lease liabilities accounted for under IFRS 16 “Leases”. 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 2022 USD ’000 USD ’000 USD ’000 Gross outstanding claims 268,356 366,214 634,570 Gross unearned premiums 268,010 86,022 354,032 Insurance payables 81,812 5,000 86,812 Other liabilities 27,057 2,181 29,238 Derivative financial liability* - 10,005 10,005 Unearned commissions 15,927 881 16,808 Total liabilities 661,162 470,303 1,131,465 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 * 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: 2022 Less than More than No term Total USD ’000 USD ’000 USD ’000 USD ’000 ASSETS Cash and cash equivalents 122,143 15,800 - 137,943 Term deposits 265,691 31,335 - 297,026 Insurance receivables 179,229 5,618 - 184,847 Investments 75,585 415,490 43,647 534,722 Investments in associates - - 6,049 6,049 Reinsurance share of outstanding claims 91,520 97,303 - 188,823 Reinsurance share of unearned premiums 67,772 2,747 - 70,519 Deferred excess of loss premiums 19,671 - - 19,671 Deferred policy acquisition costs 45,961 23,431 - 69,392 Deferred tax assets 419 5,237 - 5,656 Other assets 14,325 - - 14,325 Investment properties - - 15,119 15,119 Property, premises and equipment - 13,448 - 13,448 Intangible assets - 3,556 - 3,556 TOTAL ASSETS 882,316 613,965 64,815 1,561,096 LIABILITIES AND EQUITY LIABILITIES Gross outstanding claims 268,356 366,214 - 634,570 Gross unearned premiums 268,010 86,022 - 354,032 Insurance payables 81,812 5,000 - 86,812 Other liabilities 27,008 2,088 - 29,096 Derivative financial liability - 10,005 - 10,005 Unearned commissions 15,927 881 - 16,808 TOTAL LIABILITIES 661,113 470,210 - 1,131,323 EQUITY Common shares at par value - - 490 490 Share premium - - 159,918 159,918 Treasury shares - - (14 ) (14 ) Foreign currency translation reserve - - 1,083 1,083 Fair value reserve - - (38,979 ) (38,979 ) Retained earnings - - 307,275 307,275 TOTAL EQUITY - - 429,773 429,773 TOTAL LIABILITIES AND EQUITY 661,113 470,210 429,773 1,561,096 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 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 429,773 thousand as at 31 December 2022 (2021: USD 401,865 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 2022 and 2021. 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 2022 and 2021. 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 capital model used to measure the risk associated with the Company’s assets, liabilities and premiums. Under the BSCR model, the Company’s required statutory capital and surplus is referred to as the enhanced capital requirement (“ECR”). The Company is required to calculate and submit the ECR to the Bermuda Monetary authority (“BMA”) annually. Following receipt of the submission of the Company’s ECR, the BMA has the authority to impose additional capital requirements or capital add-ons, if it deems necessary. If an insurer fails to maintain or meet its ECR, the BMA may take various degrees of regulatory action. As at 31 December 2022 and 2021, the Company met its ECR. International General Insurance Company (UK) Limited The Company is regulated by the Prudential Regulation Authority (“PRA”) 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 time horizon. The Company calculates its SCR in accordance with the standard formula prescribed in the Solvency II regulations as the assumptions underlying the standard formula are considered to be a good fit for the Company’s risk profile. The Company has met all requirements for the years ended 31 December 2022 and 2021. 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 2022 and 2021, 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 time horizon. The Company calculates its SCR in accordance with the standard formula prescribed in the Solvency II regulations as the assumptions underlying the standard formula are considered to be a good fit for the Company’s risk profile. The Company has met all requirements for the year ended 31 December 2022. 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: 2022 Level 1 Level 2 Level 3 Total USD ’000 USD ’000 USD ’000 USD ’000 Assets measured at fair value: FVTPL 13,201 12,237 - 25,438 Quoted equities at FVOCI 10,845 - - 10,845 Quoted bonds at FVOCI 100,966 388,115 - 489,081 Unquoted equities at FVOCI* - - 7,364 7,364 Investment properties - - 15,119 15,119 125,012 400,352 22,483 547,847 Liabilities measured at fair value: Derivative financial liability - 10,005 - 10,005 During 2022, the management started to use a set of standard rules that are designed to function as market consensus for determining fair value levels. Accordingly, quoted bonds at fair value through other comprehensive income amounting to USD 223,958 thousand were transferred from level 1 to level 2 as at 31 December 2022. In addition, quoted bonds at fair value through other comprehensive income amounting to USD 1,576 thousand were transferred from level 2 to level 1 as at 31 December 2022. These transfers between levels 1 and 2 occur depending on the input that is significant to the fair value measurement of the financial assets. There were no transfers into or out of Level 3 during the year 2022. 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 management has refined the criteria for financial assets being 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 at year end 2021. There were no transfers into or out of Level 3 during the year 2021. * Reconciliation of fair value of the unquoted equities under level 3 fair value hierarchy is as follows: 2022 2021 USD ’000 USD ’000 Balance at the beginning of the year 7,046 6,748 Total gains recognized in OCI 318 298 Balance at the end of the year 7,364 7,046

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
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 2022, the earnout shares and restricted share 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 (see 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 year 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 2022, 2021 and 2020. The following table reflects the income and share data used in the basic and diluted EPS calculations: 2022 2021 2020 Profit for the year (USD ’000) 85,465 43,696 27,251 Less: profit attributable to the Earnout Shares (USD ’000) 5,256 2,693 1,690 Less: profit attributable to the Restricted Shares Awards (USD ’000) 1,164 355 75 Net profit available to common shareholders (USD ’000) 79,045 40,648 25,486 Weighted average number of shares – basic and diluted 45,546,272 45,470,961 43,047,915 Basic and diluted earnings per share (USD) 1.74 0.89 0.59

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2022
Segment Information Disclosure [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 nature with respect to related claims). 2) Specialty Short tail (comprising business lines with underwriting risks assumed in the form of property and specialty line insurance and of short-term nature with respect to related claims). 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. (a) Segment disclosure for the Group’s consolidated operations is as follows: 2022 Specialty Specialty Reinsurance Sub Total Corporate Total USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Underwriting revenues Gross written premiums 232,209 318,658 30,980 581,847 - 581,847 Reinsurer’s share of insurance premiums (64,115 ) (122,368 ) - (186,483 ) - (186,483 ) Net written premiums 168,094 196,290 30,980 395,364 - 395,364 Net change in unearned premiums (685 ) (17,503 ) (723 ) (18,911 ) - (18,911 ) Net premiums earned 167,409 178,787 30,257 376,453 - 376,453 Underwriting deductions Net policy acquisition expenses (33,103 ) (31,555 ) (5,587 ) (70,245 ) - (70,245 ) Net claims and claim adjustment expenses (50,599 ) (89,994 ) (17,107 ) (157,700 ) - (157,700 ) Net underwriting results 83,707 57,238 7,563 148,508 - 148,508 General and administrative expenses - - - - (67,453 ) (67,453 ) Net investment income - - - - 16,364 16,364 Share of profit from associates - - - - 209 209 Impairment loss on insurance receivables - - - - (3,154 ) (3,154 ) Other revenues - - - - 2,286 2,286 Other expenses - - - - (2,828 ) (2,828 ) Change in fair value of derivative financial liability - - - - 2,933 2,933 Loss on foreign exchange - - - - (9,138 ) (9,138 ) Profit (loss) before tax 83,707 57,238 7,563 148,508 (60,781 ) 87,727 Income tax - - - - (2,262 ) (2,262 ) Profit for the year 83,707 57,238 7,563 148,508 (63,043 ) 85,465 2021 Specialty Specialty Reinsurance Sub Total Corporate Total 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 expenses (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 Specialty Specialty Reinsurance Sub Total Corporate Total 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 expenses (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 (b) Non – current operating assets information by geography for years ended 31 December 2022 and 2021 are as follows: 2022 2021 USD ’000 USD ’000 Middle East 29,334 32,165 North Africa 203 301 UK 2,470 2,968 Asia 8 31 Europe 20 23 North America 88 - 32,123 35,488 Non-current assets for this purpose consist of property, premises and equipment, investment properties and intangible assets.

Share-Based Payments

Share-Based Payments	12 Months Ended
	Dec. 31, 2022
Share-Based Payments Disclosure [Abstract]
SHARE-BASED PAYMENTS	32. SHARE-BASED PAYMENTS On 3 June 2 020, the Board of Directors approved the Group’s share-based employee compensation plan, the 2020 Omnibus Incentive Plan (“the Plan”). Under the Plan, the following awards may be granted: ● 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 stock options (“Non-Qualified Stock Options” or “NQSOs”), which do not satisfy the requirements of Incentive Stock Options; ● Share appreciation rights (“SARs”) (including tandem, non-tandem and limited SARs); ● Restricted share awards (“Restricted Share Awards”); ● Performance awards denominated in Common Shares or cash (“Performance Awards”); ● Other share-based awards (“Other Share-Based Awards”), including but not limited to restricted share units (“RSUs”); and ● Other cash-based awards (“Other Cash-Based Awards”). Grant date fair values represent the closing quoted prices of the Company’s share on Nasdaq on the dates when awards were officially co 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: 2022 2021 Balance at 1 January 396,857 134,500 Restricted shares granted 428,377 312,190 Restricted shares vested (146,386 ) (44,833 ) Restricted shares forfeited (11,667 ) (5,000 ) Balance at 31 December 667,181 396,857 The Company has applied the graded vesting method in recognition of share-based payment expense. Accordingly, the Company has assessed the expected length of service period from date of shares grant until end of each vesting period respectively and considered this to determine proportionate earnout shares at 31 December 2022 and 2021 attributed to each vesting tranche. Number of earnout shares to be considered for accounting purposes at year end for each tranche are as follow: Earn out shares Grant Days from grant date From first vesting (tranche 1) From second vesting (tranche 2) From third vesting (tranche 3) Total 31 December 2022 7 October 2020 grant 816 - (1,926 ) 20,005 18,079 16 February 2021 grant 684 374 29,601 19,668 49,643 31 March 2021 grant 641 317 25,013 15,955 41,285 9 February 2022 grant 326 90,454 43,602 29,051 163,107 24 March 2022 grant 283 49,443 21,679 13,869 84,991 Total 140,588 117,969 98,548 357,105 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 Accordingly, total earnout shares of 357,105 at 31 December 2022 (2021: 233,744) 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 2022, share-based payments expense of USD 2,754 thousand (2021: USD 1,871 thousand) (2020: USD 450 thousand) was recorded in the consolidated statement of income with a corresponding credit to common shares and share premium as shown in the consolidated statement of changes in equity.

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2022
Business Combination Disclosure [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 shares were cancelled. Following the cancellation, the Group has 48,438,751 shares outstanding (including the 3,012,500 unvested shares). Simultaneously with the execution of the Business Combination, out of total Earnout Shares issued to Tiberius founder shareholders, 1,170,348 shares were transferred to certain former shareholders of IGI. The following table sets out the number of common shares issued in connection with the Business Combination: 2020 No. of shares Par value of 0.01 USD 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 shares subject to one year lock-up restriction post Business Combination closing date. 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 (see 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 payment transaction in accordance with IFRS 2- Share-based payments (“IFRS 2”). Hence, the transaction was accounted for as the continuance of IGI with recognition of the identifiable assets acquired and the liabilities assumed of Tiberius at fair value. Operations prior to the transaction are those of IGI from an accounting point of view. 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 consideration to Tiberius were as follows: (a) Quoted common shares (b) Founder shares subject to a one year lock-up restriction (c) Earnout shares subject to vesting at differential price range Under IFRS 2, fair values of above-mentioned equity instruments issued to Tiberius was compared to fair value of Tiberius identifiable net assets acquired (representing net cash received by IGI and its former shareholders net of the liabilities assumed by IGI in the form of the Public Warrants which represent financial instruments issued to former stockholders of Tiberius) in order to determine gain or loss on acquisition on 17 March 2020 (the valuation date). 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 valuation specialist to perform a valuation using a market approach to estimate the fair value of equity instruments issued to Tiberius’s stockholders. Accordingly, as an alternative valuation technique, IGI Common Shares (“Common Shares”) were valued using a market multiples approach, namely ‘Price- To- Book ratio’ multiples benchmarked against ‘Return on Equity’ and consequentially corroborated using ‘Price -To- Earnings’ multiples of each comparable company. For the shares that are subject to one-year transfer restriction, fair value is determined after applying a lock – in discount to the fair value determined for the common shares. 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 rate, and the earnout period. 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 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 2, the transaction is measured at the fair value of the common shares deemed to have been issued by IGI for the ownership interest in the Company to be the same as if the transaction had taken the legal form of IGI acquiring 100% of Tiberius. The difference between the fair value equity instruments (common shares) “Value of Consideration” issued by IGI to Tiberius and the fair value of the later identifiable net assets acquired (representing net cash received by IGI and its former shareholders net of the liabilities assumed by IGI in the form of the Public Warrants which represent financial instruments issued to former stockholders of Tiberius) represents a bargain purchase. However, since transaction is accounted for under IFRS 2 and the outcome of fair value measurement represents a ‘bargain’ and not an ‘expense’, there is no listing expense to be recognized for the services received by IGI in connection with the transaction. Using the fair valuation of the Common Shares (discussed above) as an input, the Public Warrants were valued as ‘American-style’ call options using a binomial tree approach on the valuation date. 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 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, 2022
Acquisition of a Subsidiary Disclosure [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 authorized 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 authorization. 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 company based in Malta engaged in the business of insurance in certain classes of general insurance business. Simultaneously, with the execution of the acquisition agreement, the new subsidiary was renamed International General Insurance Company (Europe) SE (“IGI Europe”). 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 business (especially where the Group is co-ensuring the European risks on global business), it was necessary for the Group to have an account for IGI Europe with a bank that is part of the LIPS (LPC Irrevocable Payment Scheme). 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 (see 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: 2021 USD ’000 Balance at the beginning of the year - Goodwill arising from acquisition of a subsidiary 41 Impairment loss (see note 22) (41 ) Balance at the end of the year - On 13 July 2021, the Malta Financial Services Authority authorized IGI Europe to write insurance and reinsurance business.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Disclosure Of Events After Reporting Period Text Block Abstract
SUBSEQUENT EVENTS	35. SUBSEQUENT EVENTS In January 2023, the Group has repurchased 2,271,775 common shares in a privately negotiated transaction. The shares were repurchased at a price of USD 8.60 per share, for a total cost of USD 19,537 thousand. This transaction is part of the Group’s current common share repurchase authorization approved by the Board of Directors in May 2022.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Dec. 31, 2022
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 2022. 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: ● Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) ● Exposure, or rights, to variable returns from its involvement with the investee, and ● The ability to use its power over the investee to affect its returns ● 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 contractual arrangement with the other vote holders of the investee ● Rights arising from other contractual arrangements ● The Group’s voting rights and potential voting rights 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 assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. 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 2022 2021 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 % 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 % * The dissolution of Tiberius Acquisition Corporation has been duly authorised by the board of directors and shareholder in accordance with the General Corporation Law of the State of Delaware on 28 December 2022. The dissolution became effective on 4 January 2023.
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 2021. There are no new standards or amendments effective in 2022 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, direct insurance and re-insurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features. The standard general model is supplemented by the variable fee approach and the premium allocation approach. 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 January 1, 2023 (the “first reporting period”). Accordingly, the Group has evaluated 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 deposits with an original maturity of three months or less.
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 (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: ● Amortized cost ● FVOCI ● FVTPL (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 instruments are held within a business model with the objective of holding the instrument to collect the contractual cash flows. ● The contractual terms of the debt instrument give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. 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 basis, but at a higher level of aggregated portfolios that is based on observable factors such as: ● How the performance of the business model and the financial assets held within that business model are evaluated and reported to the Group’s key management personnel. ● The risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the way those risks are managed. ● How managers of the business are compensated (for example, whether the compensation is based on the fair value of the assets managed or on the contractual cash flows collected). ● The expected frequency, value and timing of asset sales are also important aspects of the Group’s assessment. 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: ● The instrument is held within a business model, the objective of which is both collecting contractual cash flows and selling financial assets. ● The contractual terms of the financial asset meet the SPPI test. 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 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: ● Financial assets at amortized cost (bonds, debt instruments) ● Financial assets at fair value through OCI with recycling of cumulative gains and losses (bonds and debt instruments) ● Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) ● Financial assets at fair value through profit or loss (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: ● The rights to receive cash flows from the asset have expired, or ● The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. (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 (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). 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 basis. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL. The Group uses the ratings from accredited rating agencies to monitor the changes in the credit ratings, determine whether the debt instrument has significantly increased in credit risk and to estimate ECLs. 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 over the periods reported in these consolidated financial statements. 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 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 (see 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 changes in the Group’s share of net assets of the associate. 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 interests in the subsidiaries of the associates. 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 economy, comparative amounts are not adjusted for changes in the price level in the current year. Differences between these comparative amounts and current year hyperinflation adjusted equity balances are recognized in other comprehensive income. The carrying amounts of non-monetary assets and liabilities are adjusted to reflect the change in the general price index from the date of acquisition to the end of the reporting period. An impairment loss is recognized in profit or loss if the restated amount of a non-monetary item exceeds its estimated recoverable amount. All the amounts in the associates’ financial statements (assets, liabilities, equity items, income, and expenses) are translated at the closing rate as of 31 December 2022. Gains or losses on the net monetary position are recognized 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 basis over the estimated useful lives using the following estimated useful lives: Years Office buildings 50 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. Impairment reviews take place when events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment losses are recognized in the consolidated statement of income as an expense.
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 basis over their estimated economic useful lives of 5 years.
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 rebates, are deducted from the gross premium; others are recognized as an expense. Premiums also include estimates for pipeline premiums, representing amounts due on business written but not yet notified. The Group generally estimates the pipeline premium based on management’s judgment and prior experience. 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 contracts and over the term of the reinsurance contract for losses occurring contracts.
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 results of the assessment are aggregated to the reporting segment level. 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 insurance contracts where applicable. Premiums and claims on assumed reinsurance are recognized as revenue or expenses in the same manner as they would be if the reinsurance were considered direct business, taking into account the product classification of the reinsured business. Reinsurance liabilities represent balances due to reinsurance companies. Amounts payable are estimated in a manner consistent with the related reinsurance contract. 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 excess–of–loss reinsurance contracts designed to mitigate the Group’s net exposure of losses that exceed a specified limit including catastrophe losses. These contracts often specify a limit in losses for which the reinsurer will be responsible. This limit is agreed to in the reinsurance contract and protects the Group from dealing with an unlimited liability. Retention limits for the excess–of–loss reinsurance vary by line of business. 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 share-based plan to its employees, under which the Group receives services from employees as consideration for equity instruments of the Group. The fair value of the employee services received in exchange for the grant of the equity instruments is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the equity instruments granted, at the grant date. The total expense is recognized during the vesting period, which is the period over which the specified vesting condition of the share-based payment are to be satisfied. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest based on the vesting conditions and recognizes the impact of the revision of original estimates, if any, in the consolidated statement of income, with corresponding adjustment to equity.
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 items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. 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 leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Right-of-use assets	Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and are adjusted for any remeasurement of lease liabilities. The Group has included the right-of-use assets arising from the lease contracts within property, plant and premises in the consolidated statement of financial position (see note 13). The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.
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 fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. 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 fixed lease payments or a change in the assessment to purchase the underlying asset. The Group has included the lease obligations arising from the lease contracts within the other liabilities in the consolidated statement of financial position (see 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 lease recognition exemption to some of its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered of low value (i.e., below USD 5 thousand). Lease payments on short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis over the lease term.
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 asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. 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 categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. The Group’s management determines the policies and procedures for both recurring fair value measurement, such as unquoted financial assets measured at fair value through other comprehensive income. At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be re-measured or re-assessed as per the Group’s accounting policies. For this analysis, the management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents. 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 interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. 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 organized 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 recognized 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 recognized 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 recognized in profit or loss. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. 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 units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.
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 term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. 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 period and there will be a significant negative effect on the Group’s operations if a replacement is not readily available.
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 2022 was USD 634,570 thousand (2021: USD 575,899 thousand). As at 31 December 2022, gross incurred but not reported claims (IBNR) amounted to USD 325,979 thousand (2021: USD 268,953 thousand) out of the total insurance contract liabilities.
Valuation of investment properties	Valuation of investment properties Investment properties amounted to USD 15,119 thousand as at 31 December 2022 (2021: USD 16,308 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 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).
Valuation of investment properties of the associates	Valuation of investment properties of the associates Investment in associates amounted to USD 6,049 thousand as at 31 December 2022 (2021: USD 5,693 thousand). The associates’ main business is investing in investment properties located in Beirut, Lebanon. The investment properties of the associates are stated at fair value determined by management. In doing so, management has considered valuation performed by third party specialist using the sales comparison approach. 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 2022, including achieved sales prices, are only indicative and may not hold if the market were to be corrected.
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 information. For instance, if forecast economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults in the sector, the historical default rates are adjusted. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analyzed. 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 information as economic inputs, such as: ● Real GDP growth by region ● Projected GDP growth by region 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 information in the measurement of ECL. 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 2022 was USD 17,510 thousand (2021: USD 14,356 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 2022 was USD 1,500 thousand (2021: USD 1,379 thousand).

Basis of Preparation (Tables)

Basis of Preparation (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of Basis of Preparation [Abstract]
Schedule of subsidiaries	Country of incorporation Activity Ownership 2022 2021 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 % 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 % * The dissolution of Tiberius Acquisition Corporation has been duly authorised by the board of directors and shareholder in accordance with the General Corporation Law of the State of Delaware on 28 December 2022. The dissolution became effective on 4 January 2023.
Schedule of Property, premises and equipment are stated at cost less accumulated depreciation and any impairment	Years Office buildings 50 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, 2022
Cash at Banks [Abstract]
Schedule of cash and cash equivalents	2022 2021 USD ’000 USD ’000 Cash and bank balances* 82,969 205,866 Deposits with original maturities of three months or less 54,974 36,280 137,943 242,146 * This item includes restricted cash in the amount of USD 10,800 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 (2021: USD 5,400 thousand). In addition, this item includes a restricted call deposit in the amount of USD 5,000 thousand (2021: 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 basis.
Schedule of term deposits	2022 2021 USD ’000 USD ’000 Deposits with original maturities over three months and less than one year 265,691 136,278 Deposits with original maturities over one year 31,335 43,688 297,026 179,966

Insurance Receivables (Tables)

Insurance Receivables (Tables)	12 Months Ended
	Dec. 31, 2022
Insurance Receivables [Abstract]
Schedue of insurance receivables	2022 2021 USD ’000 USD ’000 Receivables from insurance companies and intermediaries 202,357 193,701 Less: Expected credit losses on insurance receivables (17,510 ) (14,356 ) 184,847 179,345
Schedue of the expected credit losses	2022 2021 USD ’000 USD ’000 Opening balance 14,356 9,235 Provision for the year 3,154 5,181 Write-offs - (60 ) Ending balance 17,510 14,356

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Investments [Abstract]
Schedule of group financial investments	2022 Amortized Fair value Fair value Total USD ’000 USD ’000 USD ’000 USD ’000 Unquoted bonds* 2,623 - - 2,623 Quoted bonds - 489,081 - 489,081 Quoted funds and alternative investments - - 12,237 12,237 Quoted equities - 10,845 13,201 24,046 Unquoted equities** - 7,364 - 7,364 Expected credit losses and impairment (629 ) - - (629 ) 1,994 507,290 25,438 534,722 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 * In 2021, this included 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. ** The Group has two unquoted equity investments under level 3 designated at fair value through OCI valued at USD 6,990 thousand (2021: USD 6,614 thousand) and USD 374 thousand (2021: USD 432 thousand). As at 31 December 2022 and 2021, the Group has measured the fair value of the unquoted investment valued at USD 6,990 thousand (2021: USD 6,614 thousand) by adopting a market valuation approach namely ‘multiples-based valuation’ whereby earnings-based multiples of comparable companies were considered for the valuation. *** As at 31 December 2022, the fair value measurement of the unquoted equity investment valued at USD 6,990 thousand (2021: USD 6,614 thousand) (2020: USD 6,314 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 7,714 thousand to USD 6,266 thousand (2021: USD 7,277 thousand to USD 5,951 thousand) (2020: USD 5,612 thousand to USD 7,015 thousand).
Schedule of expected credit losses and impairment provision for the bonds	2022 2021 USD ’000 USD ’000 Opening balance 463 397 Addition of provision for investment held at amortized cost 166 66 Ending balance 629 463
Schedule of fair value of level 3 financial assets	% Positive impact Negative impact Valuation variables USD ’000 USD ’000 2022 +/- 10 724 (724 ) Market multiples applied to a range of financial performance measures*** 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 *** As at 31 December 2022, the fair value measurement of the unquoted equity investment valued at USD 6,990 thousand (2021: USD 6,614 thousand) (2020: USD 6,314 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 7,714 thousand to USD 6,266 thousand (2021: USD 7,277 thousand to USD 5,951 thousand) (2020: USD 5,612 thousand to USD 7,015 thousand).

Investments in Associates (Tabl

Investments in Associates (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of investments in associated companies equity method [Abstract]
Schedule of investments in associated companies equity method	Country of Ownership 2022 2021 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	2022 2021 USD ’000 USD ’000 Opening balance 5,693 11,583 Opening balance adjustments for hyperinflation and effect of movements in exchange rates recognised in other comprehensive income 147 1,358 Adjusted opening balance 5,840 12,941 Share of associated companies’ financial results (48 ) (227 ) Investment properties fair value adjustment 257 (7,021 ) Share of profit (loss) from associates 209 (7,248 ) Ending balance 6,049 5,693
Schedule ofsocial security contingencies that may arise on the associates	2022 Star Rock Sina SAL Silver Golden Total USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Current assets 8 9 7 438 462 Non-current assets 1,999 1,390 2,231 14,585 20,205 Current liabilities (25 ) (18 ) (30 ) (167 ) (240 ) Non-current liabilities (273 ) (288 ) (210 ) (1,155 ) (1,926 ) Net assets 1,709 1,093 1,998 13,701 18,501 The Group’s share of net assets 559 357 653 4,480 6,049 2021 Star Rock Sina SAL 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
Schedule of summarized information of the Group’s share of profit (loss)	2022 Star Rock SAL Lebanon Sina SAL Lebanon Silver Rock SAL Lebanon Golden Rock SAL Lebanon Total Associates’ revenues and results: USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Revenues 4 - 6 526 536 Net income 81 85 33 439 638 The Group’s share of profit 26 28 11 144 209 2021 Associates’ revenues and results: USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 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 Associates’ revenues and results: USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 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 )
Schedule of financial statements to the change in the price used for the valuation of the investment properties	Impact on consolidated statement of % Increase Decrease USD ’000 USD ’000 2022 +/- 20 1,480 (1,480 ) 2021 +/- 20 1,511 (1,511 ) 2020 +/- 20 1,773 (1,773 )

Outstanding Claims (Tables)

Outstanding Claims (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of Claims and Benefits Outstanding Claims [Abstract]
Schedule of movement in outstanding claims	2022 2021 2020 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 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 paid (176,608 ) 71,004 (105,604 ) (119,722 ) 32,411 (87,311 ) (134,761 ) 51,018 (83,743 ) Incurred claims*: Provided during the year related to current accident year 273,738 (75,556 ) 198,182 257,233 (64,926 ) 192,307 225,950 (68,135 ) 157,815 (Released) provided during the year related to previous accident years (38,459 ) (2,023 ) (40,482 ) (53,867 ) 37,752 (16,115 ) (11,987 ) 5,844 (6,143 ) 235,279 (77,579 ) 157,700 203,366 (27,174 ) 176,192 213,963 (62,291 ) 151,672 At the end of the year 634,570 (188,823 ) 445,747 575,899 (182,248 ) 393,651 492,255 (187,485 ) 304,770 At the end of the year Reported claims 308,591 (102,004 ) 206,587 306,946 (120,323 ) 186,623 312,334 (160,373 ) 151,961 Claims incurred but not reported 325,979 (86,819 ) 239,160 268,953 (61,925 ) 207,028 179,921 (27,112 ) 152,809 634,570 (188,823 ) 445,747 575,899 (182,248 ) 393,651 492,255 (187,485 ) 304,770 * The net claims and claim adjustment expenses include foreign exchange gain of USD 25,431 thousand (2021: gain of USD 6,131 thousand) (2020: loss of USD 5,744 thousand).
Schedule of net of reinsurance, the claims development	All prior years 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD At end of accident year 122,323 128,498 133,595 159,549 152,384 174,601 175,094 278,298 196,709 150,800 225,950 257,233 273,738 One year later 108,523 106,567 119,425 155,958 114,972 160,100 173,369 309,258 219,593 143,093 219,794 216,610 - Two years later 105,943 100,764 108,557 148,161 101,352 149,533 167,695 317,053 213,655 126,522 212,577 - - Three years later 100,572 110,286 110,046 142,309 92,846 145,921 158,572 317,778 191,253 141,382 - - - Four years later 99,513 114,464 103,996 133,917 88,210 142,926 162,210 311,662 181,331 - - - - Five years later 101,599 110,266 104,541 132,992 85,621 142,478 162,215 313,214 - - - - - Six years later 100,199 111,774 103,167 130,844 83,183 141,758 163,829 - - - - - - Seven years later 100,303 110,644 97,918 130,616 82,709 142,306 - - - - - - - Eight years later 100,073 111,028 97,998 130,374 83,584 - - - - - - - - Nine years later 100,120 111,198 98,088 128,905 - - - - - - - - - Ten years later 99,972 109,706 99,481 - - - - - - - - - - Eleven years later 100,497 109,466 - - - - - - - - - - - Twelve years later 100,525 - - - - - - - - - - - - Current estimate of cumulative claims incurred 309,813 100,525 109,466 99,481 128,905 83,584 142,306 163,829 313,214 181,331 141,382 212,577 216,610 273,738 2,476,761 Cumulative payments to date 308,203 100,214 104,190 97,847 128,644 83,656 137,810 157,668 289,721 153,435 94,133 103,433 65,356 17,881 1,842,191 Gross liability included in the consolidated statement of financial position 634,570 All prior years 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD At end of accident year 71,380 76,231 100,119 123,553 115,851 92,893 98,771 110,341 94,266 124,356 157,815 192,307 198,182 One year later 63,488 60,555 88,131 121,694 90,078 86,991 94,055 117,163 105,797 115,739 155,639 162,882 - Two years later 62,020 59,556 78,090 120,600 79,209 79,846 90,077 116,435 108,521 100,104 145,935 - - Three years later 58,897 60,662 81,521 117,084 73,250 75,311 85,366 113,949 112,970 107,039 - - - Four years later 58,182 62,272 77,268 109,460 70,070 73,132 89,184 112,040 103,066 - - - - Five years later 60,146 59,826 77,798 107,701 66,693 72,641 89,230 111,805 - - - - - Six years later 58,648 60,329 76,773 107,500 65,626 71,945 89,817 - - - - - - Seven years later 58,726 58,084 71,644 107,269 65,482 72,372 - - - - - - - Eight years later 58,540 57,329 71,620 107,059 66,363 - - - - - - - - Nine years later 58,590 57,425 71,745 105,598 - - - - - - - - - Ten years later 58,460 57,398 73,135 - - - - - - - - - - Eleven years later 58,859 57,251 - - - - - - - - - - - Twelve years later 58,882 - - - - - - - - - - - - Current estimate of cumulative claims incurred 198,161 58,882 57,251 73,135 105,598 66,363 72,372 89,817 111,805 103,066 107,039 145,935 162,882 198,182 1,550,488 Cumulative payments to date 196,772 58,616 55,660 71,567 105,394 65,750 69,390 85,190 99,912 83,850 74,434 70,647 52,682 14,877 1,104,741 Net liability included in the consolidated statement of financial position 445,747

Unearned Premiums (Tables)

Unearned Premiums (Tables)	12 Months Ended
	Dec. 31, 2022
Unearned Premiums [Abstract]
Schedule of unearned premiums	2022 2021 2020 Gross Reinsurers’ Net Gross Reinsurers’ Net Gross Reinsurers’ Net USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Opening balance 328,726 (64,124 ) 264,602 277,268 (50,077 ) 227,191 206,214 (33,917 ) 172,297 Premiums written 581,847 (186,483 ) 395,364 545,582 (162,973 ) 382,609 467,273 (128,863 ) 338,410 Premiums earned (556,541 ) 180,088 (376,453 ) (494,124 ) 148,926 (345,198 ) (396,219 ) 112,703 (283,516 ) 354,032 (70,519 ) 283,513 328,726 (64,124 ) 264,602 277,268 (50,077 ) 227,191

Deferred Excess of Loss Premi_2

Deferred Excess of Loss Premiums (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Earnings Per Share Text Block Abstract
Schedule of deferred excess of loss premiums	2022 2021 2020 USD ’000 USD ’000 USD ’000 Opening balance 17,238 17,095 15,173 Additions 46,776 38,207 40,726 Charged to consolidated statement of income under reinsures’ share of insurance premiums (44,343 ) (38,064 ) (38,804 ) Ending balance 19,671 17,238 17,095

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of Deferred Policy Acquisition Costs [Abstract]
Schedule of deferred policy acquisition costs	2022 2021 2020 USD ’000 USD ’000 USD ’000 Opening balance 64,842 55,172 41,713 Acquisition costs during the year 108,310 95,871 84,002 Charged to consolidated statement of income (103,760 ) (86,201 ) (70,543 ) Ending balance 69,392 64,842 55,172

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of Other Assets [Abstract]
Schedule of other assets	2022 2021 USD ’000 USD ’000 Accrued interest income 6,301 4,924 Prepaid expenses 3,331 1,746 Refundable deposits 124 123 Employees receivables 26 4 Funds held in trust accounts 2,852 2,818 Income tax receivables 563 130 Trade receivables 313 9 Investments proceeds receivables 324 - Others 491 188 14,325 9,942

Investment Properties (Tables)

Investment Properties (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of Investment Properties [Abstract]
Schedule of investment properties	2022 Commercial Lands* Total USD ’000 USD ’000 USD ’000 Opening balance 15,683 625 16,308 Additions 10 - 10 Sale of investment properties - (625 ) (625 ) Fair value adjustment (see note 23) (574 ) - (574 ) Ending balance 15,119 - 15,119 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 (see note 23) (1,209 ) (91 ) (1,300 ) Ending balance 15,683 625 16,308 * In 2021, included within the investment properties (see note 12) were lands with a total amount of USD 625 thousand registered in the name of a former Director of the Group. The Group had obtained a proxy and has full control over these investment properties. These investment properties were sold during 2022 (see note 27).
Schedule of change in the price used for the valuation of the investment properties	% Price per Impact on consolidated statement of income for Increase Decrease USD USD ’000 USD ’000 Commercial building 2022 +/- 10 845 1,511 (1,511 ) 2021 +/- 10 875 1,565 (1,565 ) 2020 +/- 10 1,016 1,816 (1,816 ) % Price per Impact on consolidated statement of income for Increase Decrease USD USD ’000 USD ’000 Lands 2022 +/- 10 - - - 2021 +/- 10 168 62 (62 ) 2020 +/- 10 189 184 (184 )

Property, Premises and Equipm_2

Property, Premises and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Schdule of Property, Premises and Equipment [Abstract]
Schdule of property, premises and equipment	Office Aircraft Office Computers Equipment Leasehold Vehicles Work in Right of use Total USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Cost At 1 January 2022 3,996 11,290 1,796 2,094 304 2,286 1,011 135 5,304 28,216 Additions 11 - 16 271 - 16 226 209 230 979 Transfers - - 10 143 - 26 - (179 ) - - Disposals - - (2 ) (18 ) (23 ) - (109 ) (2 ) - (154 ) At 31 December 2022 4,007 11,290 1,820 2,490 281 2,328 1,128 163 5,534 29,041 Depreciation At 1 January 2022 958 4,518 1,407 1,769 287 1,385 918 - 2,115 13,357 Deprecation for the year 64 903 70 243 7 233 71 - 797 2,388 Disposals - - (2 ) (18 ) (23 ) - (109 ) - - (152 ) At 31 December 2022 1,022 5,421 1,475 1,994 271 1,618 880 - 2,912 15,593 Net carrying amount At 31 December 2022 2,985 5,869 345 496 10 710 248 163 2,622 13,448 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
Schdule of depreciation of the aircraft	2022 2021 2020 USD ’000 USD ’000 USD ’000 Property, premises and equipment depreciation charge for the year 2,388 2,315 1,875 Intangible assets amortization charge for the year (see note 14) 1,282 1,248 737 Aircraft depreciation allocated to other expenses (see note 24) (660 ) (750 ) (632 ) Total depreciation and amortization allocated to G&A (see note 22) 3,010 2,813 1,980

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2022
INTANGIBLE ASSETS [Abstract]
Schedule of intangible assets accumulated cost and amortization	14. INTANGIBLE ASSETS 2022 2021 Computer Work in Goodwill Total Computer Work in Goodwill Total USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Cost Beginning balance 7,437 6 41 7,484 6,584 - - 6,584 Additions 11 506 - 517 853 6 41 900 Transfers 430 (430 ) - - - - - - Ending balance 7,878 82 41 8,001 7,437 6 41 7,484 Amortization and impairment Beginning balance 3,122 - 41 3,163 1,874 - - 1,874 Additions 1,282 - - 1,282 1,248 - - 1,248 Impairment loss (see note 34) - - - - - - 41 41 Ending balance 4,404 - 41 4,445 3,122 - 41 3,163 Net carrying amount 3,474 82 - 3,556 4,315 6 - 4,321

Insurance Payables (Tables)

Insurance Payables (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Insurance Contracts Text Block Abstract
Schedule of insurance payables	2022 2021 USD ’000 USD ’000 Payables due to insurance companies and intermediaries 8,746 5,004 Reinsurers – amounts due in respect of ceded premium 78,066 84,515 86,812 89,519

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Other Liabilities Text Block Abstract
Schedule of other liabilities		16. OTHER LIABILITIES 2022 2021 USD ’000 USD ’000 Accounts payable 10,234 11,259 Accrued expenses and other accruals 14,674 12,773 Lease liabilities* 3,074 3,753 Income tax payable 1,114 1,254 29,096 29,039 * Set out below are the carrying amount of the Group’s lease liabilities and the movement during the year:
Schedule of undiscounted lease liabilities	2022 2021 USD ’000 USD ’000 Opening balance 3,753 2,954 Additions 230 1,269 Interest expense (see note 22) 132 358 Payments (1,041 ) (783 ) Foreign currency adjustment - (45 ) Ending balance 3,074 3,753 Current 986 1,001 Non-current 2,088 2,752

Derviative Financial Liability

Derviative Financial Liability (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Financial Liability [Abstract]
Schedule of warrants	17. DERVIATIVE FINANCIAL LIABILITY 2022 2021 USD ’000 USD ’000 Fair value of Warrants at the beginning of the year 12,938 13,628 Change in fair value for the year (2,933 ) (690 ) Fair value of Warrants at the end of the year 10,005 12,938

Unearned Commissions (Tables)

Unearned Commissions (Tables)	12 Months Ended
	Dec. 31, 2022
Unearned Commissions [Abstract]
Schedule of movement in unearned commissions	2022 2021 2020 USD ’000 USD ’000 USD ’000 As at 1 January 13,725 11,038 8,910 Commissions received 36,598 25,722 18,181 Commissions earned (33,515 ) (23,035 ) (16,053 ) As at 31 December 16,808 13,725 11,038

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Share Capital Reserves And Other Equity Interest Text Block Abstract
Schedule of number of common shares issued and outstanding	2022 No. of shares Par value USD ’000 Common shares (par value of USD 0.01) 45,306,928 453 Earnout shares* (par value of USD 0.01) 3,012,500 30 Restricted shares awards (par value of USD 0.01) (see note 32) 667,181 7 Common shares issued 48,986,609 490 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) (see note 32) 396,857 4 48,880,441 489 * 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.
Schedule of fair value reserve	2022 2021 2020 USD ’000 USD ’000 USD ’000 Balance at the beginning of the year 8,215 18,160 4,274 Net change in fair value reserve during the year for bonds at fair value through OCI, net of tax (45,135 ) (9,240 ) 11,481 Net change in fair value reserve during the year for equities at fair value through OCI (1,940 ) (819 ) (71 ) Realized gain on sale of equities at fair value through other comprehensive income 19 - 2,341 ECL (release) charge transferred to consolidated statement of income (138 ) 114 135 Balance at the end of the year (38,979 ) 8,215 18,160

Treasury Shares (Tables)

Treasury Shares (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Treasury Shares Text Block Abstract
Schedule of aggregate consideration	2022 Number of shares USD ’000 Balance at the beginning of the year - - Purchases 310,542 2,394 Cancellation (308,874 ) (2,380 ) Balance at the end of the year 1,668 14

General and Administrative Ex_2

General and Administrative Expenses (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of General and Administrative Expenses [Abstract]
Schedule of general and Administrative Expenses	2022 2021 2020 USD ’000 USD ’000 USD ’000 Human resources expenses 41,508 36,184 29,955 Business promotion, travel and entertainment 2,977 1,358 1,349 Statutory, advisory and rating 10,815 9,938 6,174 Information technology and software 4,387 3,123 2,719 Office operation 1,575 1,270 1,518 Depreciation and amortization (see note 13) 3,010 2,813 1,980 Impairment of goodwill (see note 34) - 41 - Interest expense arising from lease liabilities (see note 16) 132 358 203 Bank charges 244 128 122 Corporate expenses 2,805 3,733 2,903 67,453 58,946 46,923

Net Investment Income (Tables)

Net Investment Income (Tables)	12 Months Ended
	Dec. 31, 2022
Net Investment Income [Abstract]
Schedule of net investment income	2022 2021 2020 USD ’000 USD ’000 USD ’000 Interest income 20,381 14,049 12,169 Dividends from equities at FVTOCI 144 78 128 Dividends from equities at FVTPL 571 705 562 Realized gains and losses on investments Realized loss on sale of bonds at FVTOCI (619 ) (88 ) (411 ) Realized (loss) gain on sale of FVTPL equities and mutual funds (86 ) 396 1,599 Unrealized gains and losses on investments Unrealized (loss) gain on revaluation of financial assets at FVTPL (2,950 ) 3,089 (241 ) Gains and losses from investments in properties Realized loss on sale of investment properties (107 ) (8 ) (213 ) Fair value loss on investment properties (see note 12) (574 ) (1,300 ) (2,007 ) Rental income 156 163 190 Impairment and expected credit losses on investments Reversal (charge) of expected credit loss on financial assets at FVOCI 138 (114 ) (135 ) Expected credit loss on financial assets at amortized cost (166 ) (66 ) (129 ) Investments custodian fees and other investments expenses (524 ) (870 ) (1,545 ) 16,364 16,034 9,967

Other Revenues (Expenses) (Tabl

Other Revenues (Expenses) (Tables)	12 Months Ended
	Dec. 31, 2022
Other Revenues (Expenses) [Abstract]
Schedule of other revenues expenses	24. OTHER REVENUES (EXPENSES) 2022 2021 2020 USD ’000 USD ’000 USD ’000 Other revenues: Chartered flights revenue 2,260 1,844 372 Gain on disposal of property, premises and equipment 26 - - 2,286 1,844 372 Other expenses: Aircraft operational cost (2,168 ) (1,883 ) (1,260 ) Aircraft depreciation expense (see note 13) (660 ) (750 ) (632 ) Loss on disposal of property, premises and equipment - (60 ) - (2,828 ) (2,693 ) (1,892 )

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of Components of Income Tax Expense [Abstract]
Schedule of components of income tax expense	2022 2021 2020 USD ’000 USD ’000 USD ’000 Current income tax: Current income tax charge 2,592 2,052 2,374 Adjustments in respect of current income tax of prior years (22 ) 97 (7 ) Deferred tax: Origination and reversal of temporary differences (308 ) (402 ) (292 ) Income tax charge for the year 2,262 1,747 2,075
Schedule of income tax expense appearing in the consolidated statement of income relate	2022 2021 2020 USD ’000 USD ’000 USD ’000 Income tax expense for IGI Labuan – current year 57 71 66 Corporate tax for IGI Casablanca (Representative Office) – current year 1 7 6 Income tax credits for North Star Underwriting Limited – current year (22 ) (21 ) (9 ) Income tax expense for IGI UK – current year 2,556 1,995 2,311 Income tax (credit) expense for IGI UK – prior years (22 ) 97 (7 ) Addition of deferred tax assets for IGI Europe (308 ) (347 ) - Release of deferred tax liabilities for IGI UK - (55 ) (292 ) Income tax charge for the year 2,262 1,747 2,075
Schedule of reconciliation of tax expense and the accounting profit multiplied by the applicable tax rate	2022 2021 2020 USD ’000 USD ’000 USD ’000 The Group profit before tax 87,727 45,443 29,326 Less: Profit related to non-taxable subsidiaries (75,100 ) (36,022 ) (17,108 ) Profit before tax for entities subject to corporate taxation 12,627 9,421 12,218 Profit multiplied by the standard rate of tax in the UK of 19% (2021:19%) (2020: 19%) 2,399 1,790 2,322 Net disallowed expenditure (9 ) (71 ) (34 ) Non-UK expenses not deductible for tax purposes / income not taxable - 67 - Fixed asset temporary differences not recognized for deferred tax 10 1 14 Other temporary differences not recognized for deferred tax 32 28 9 Adjustment in respect of prior years (22 ) 97 (7 ) Income tax credits for North Star Underwriting Limited – current year - - (9 ) IGI Labuan and IGI Casablanca current year tax charges 58 78 72 Other movements - 1 - Release of deferred tax liabilities for IGI UK - (55 ) (292 ) Difference in corporation tax rates (206 ) (189 ) - Income tax charge for the year 2,262 1,747 2,075
Schedule of deferred tax assets and liabilities:	2022 2021 USD ’000 USD ’000 Deferred tax assets Deferred tax assets related to unabsorbed losses for IGI Europe 779 471 Deferred tax assets related to the change in fair value of bonds at fair value through OCI for IGI UK 4,877 - 5,656 471 Deferred tax liabilities Deferred tax liabilities related to the change in fair value of bonds at fair value through OCI for IGI UK - 14 - 14
Schedule of the movement on the deferred tax assets	2022 2021 USD ’000 USD ’000 Balance at beginning of the year 471 - Deferred tax assets resulting from acquisition of IGI Europe - 124 Addition of deferred tax assets related to unabsorbed losses for IGI Europe 308 347 Addition of deferred tax assets related to the change in fair value of bonds at fair value through OCI for IGI UK 4,877 - Ending balance 5,656 471
Schedule of the movement on the deferred tax liabilities	2022 2021 USD ’000 USD ’000 Balance at beginning of the year (14 ) (55 ) Release of deferred tax liabilities for IGI UK 14 55 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 )

Risk Management (Tables)

Risk Management (Tables)	12 Months Ended
	Dec. 31, 2022
Risk Management [Abstract]
Schedule of geographical concentration of risks	2022 2021 2020 Gross written premiums Concentration Gross written premiums Concentration Gross written premiums Concentration USD ’000 % USD ’000 % USD ’000 % Africa 32,692 6 27,749 5 20,956 5 Asia 54,684 9 55,816 10 37,398 8 Australasia 19,474 3 23,454 4 19,104 4 Caribbean Islands 30,438 5 30,244 6 15,964 3 Central America 25,332 4 28,166 5 37,442 8 Europe 51,734 9 48,780 9 59,972 13 Middle East 58,893 10 53,564 10 48,401 10 North America 61,646 11 32,773 6 22,553 5 South America 20,701 4 20,718 4 20,548 4 UK 189,975 33 197,090 36 158,381 34 Worldwide 36,278 6 27,228 5 26,554 6 581,847 545,582 467,273
Schedule of line of business concentration of risk	2022 2021 2020 Gross written premiums Concentration Percentage Gross written premiums Concentration Percentage Gross written premiums Concentration Percentage USD ’000 % USD ’000 % USD ’000 % Professional Lines 191,287 33 190,038 35 157,487 34 Financial Institutions 28,648 5 36,176 6 39,442 8 Marine Liability 3,666 1 3,339 1 4,613 1 Inherent Defects Insurance 8,608 1 9,978 2 8,935 2 Energy 117,322 20 104,015 19 91,742 19 Property 88,074 15 79,085 14 69,912 15 Engineering 31,208 5 31,137 6 17,924 4 Aviation 21,872 4 20,348 4 23,002 5 Ports & Terminals 27,263 5 29,600 5 25,875 6 Political Violence 11,461 2 9,263 2 8,271 2 Marine Cargo 10,533 2 5,091 1 752 - Contingency 10,925 2 3,498 1 - - Reinsurance 30,980 5 24,014 4 19,318 4 581,847 545,582 467,273
Schedule of sensitivities	Gross Loss Sensitivity Factor Impact of increase on gross outstanding claims Impact of decrease on gross outstanding claims Impact of increase on net outstanding claims Impact of decrease on Impact of increase on profit before tax Impact of decrease on profit before tax % USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 2022 7.5 47,955 (47,955 ) 33,647 (33,645 ) (33,647 ) 33,645 2022 5 31,970 (31,970 ) 22,432 (22,430 ) (22,432 ) 22,430 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
Schedule of maturities of the major classes of financial assets	Less than 1 to 5 years More than Non-interest- Total 2022 - USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Financial assets at FVTPL - - - 25,438 25,438 Financial assets at FVOCI 73,591 356,179 59,311 18,209 507,290 Financial assets at amortized cost 1,994 - - - 1,994 Cash and term deposits 387,834 47,135 - - 434,969 463,419 403,314 59,311 43,647 969,691 2021 - Financial assets at FVTPL - - - 28,539 28,539 Financial assets at FVOCI 43,978 261,293 113,174 20,767 439,212 Financial assets at amortized cost 2,471 - - - 2,471 Cash and term deposits 368,024 54,088 - - 422,112 414,473 315,381 113,174 49,306 892,334
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 in Effect on profit / USD ’000 2022 - 25 (2,108 ) - 50 (4,215 ) 2021 - 25 (1,593 ) - 50 (3,186 )
Schedule of foreign currency risk due to changes in the fair value of monetary assets and liabilities	Changes in Effect on % USD ’000 2022 EUR +10 146 GBP +10 (4,079 ) 2021 EUR +10 606 GBP +10 (5,567 )
Schedule of credit risk exposure of the Group by classifying assets according to the Group's credit rating of counterparties	Investment grade Non-investment grade (satisfactory) In course of collection Total USD ’000 USD ’000 USD ’000 USD ’000 2022 FVOCI - debts securities 486,574 2,507 - 489,081 Financial assets at amortized cost - 1,994 - 1,994 Insurance receivables - 116,319 68,528 184,847 Reinsurance share of outstanding claims 188,391 432 - 188,823 Deferred excess of loss premiums - 19,671 - 19,671 Cash and cash equivalents 99,538 38,405 - 137,943 Term deposits 263,381 33,645 - 297,026 1,037,884 212,973 68,528 1,319,385 Investment grade Non-investment grade (satisfactory) In course of collection 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
Schedule of distribution of bonds and debt securities with fixed interest rate	Rating grade Bonds Unquoted bonds Total USD ’000 USD ’000 USD ’000 2022 AAA 4,628 - 4,628 AA 45,513 - 45,513 A 289,431 - 289,431 BBB 147,002 - 147,002 BB 203 - 203 Not rated 2,304 1,994 4,298 Total 489,081 1,994 491,075 Rating grade Bonds Unquoted bonds 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
Schedule of geographical distribution of bonds and debt securities with fixed interest rate	Country Total 2022 USD ’000 Australia 9,723 Bahrain 4,008 Belgium 956 Bermuda 1,998 Canada 11,563 Chile 461 China 48,300 Finland 3,568 France 24,001 Germany 17,146 Hong Kong 3,200 India 2,870 Italy 1,943 Japan 12,566 Jordan 2,923 KSA 14,528 Kuwait 1,763 Malaysia 6,415 Mexico 1,576 Netherlands 7,475 Norway 1,927 Qatar 42,474 Singapore 8,601 South Korea 11,554 Spain 6,240 Sweden 3,574 Switzerland 9,763 Taiwan 2,415 UAE 31,429 UK 50,697 USA 145,418 Total 491,075 Country Total 2021 USD ’000 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
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 profit before tax for the year Effect on Equity 2022 USD ’000 USD ’000 Amman Stock Exchange +5 % 40 40 Saudi Stock Exchange +5 % - 389 Qatar Stock Exchange +5 % 46 46 Abu Dhabi Security Exchange +5 % 70 70 New York Stock Exchange +5 % 131 166 Kuwait Stock Exchange +5 % - 7 London Stock Exchange +5 % 322 367 Other quoted +5 % 52 118 Change in Effect on Effect on Equity 2021 USD ’000 USD ’000 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
Schedule of maturity profile of the Group's financial liabilities	Less than More than Total 2022 USD ’000 USD ’000 USD ’000 Gross outstanding claims 268,356 366,214 634,570 Gross unearned premiums 268,010 86,022 354,032 Insurance payables 81,812 5,000 86,812 Other liabilities 27,057 2,181 29,238 Derivative financial liability* - 10,005 10,005 Unearned commissions 15,927 881 16,808 Total liabilities 661,162 470,303 1,131,465 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 * There is no contractual obligation to settle the Warrants in cash.
Schedule of maturity analysis of assets and liabilities	2022 Less than More than No term Total USD ’000 USD ’000 USD ’000 USD ’000 ASSETS Cash and cash equivalents 122,143 15,800 - 137,943 Term deposits 265,691 31,335 - 297,026 Insurance receivables 179,229 5,618 - 184,847 Investments 75,585 415,490 43,647 534,722 Investments in associates - - 6,049 6,049 Reinsurance share of outstanding claims 91,520 97,303 - 188,823 Reinsurance share of unearned premiums 67,772 2,747 - 70,519 Deferred excess of loss premiums 19,671 - - 19,671 Deferred policy acquisition costs 45,961 23,431 - 69,392 Deferred tax assets 419 5,237 - 5,656 Other assets 14,325 - - 14,325 Investment properties - - 15,119 15,119 Property, premises and equipment - 13,448 - 13,448 Intangible assets - 3,556 - 3,556 TOTAL ASSETS 882,316 613,965 64,815 1,561,096 LIABILITIES AND EQUITY LIABILITIES Gross outstanding claims 268,356 366,214 - 634,570 Gross unearned premiums 268,010 86,022 - 354,032 Insurance payables 81,812 5,000 - 86,812 Other liabilities 27,008 2,088 - 29,096 Derivative financial liability - 10,005 - 10,005 Unearned commissions 15,927 881 - 16,808 TOTAL LIABILITIES 661,113 470,210 - 1,131,323 EQUITY Common shares at par value - - 490 490 Share premium - - 159,918 159,918 Treasury shares - - (14 ) (14 ) Foreign currency translation reserve - - 1,083 1,083 Fair value reserve - - (38,979 ) (38,979 ) Retained earnings - - 307,275 307,275 TOTAL EQUITY - - 429,773 429,773 TOTAL LIABILITIES AND EQUITY 661,113 470,210 429,773 1,561,096 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
Schedule of hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques	2022 Level 1 Level 2 Level 3 Total USD ’000 USD ’000 USD ’000 USD ’000 Assets measured at fair value: FVTPL 13,201 12,237 - 25,438 Quoted equities at FVOCI 10,845 - - 10,845 Quoted bonds at FVOCI 100,966 388,115 - 489,081 Unquoted equities at FVOCI* - - 7,364 7,364 Investment properties - - 15,119 15,119 125,012 400,352 22,483 547,847 Liabilities measured at fair value: Derivative financial liability - 10,005 - 10,005 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 * Reconciliation of fair value of the unquoted equities under level 3 fair value hierarchy is as follows:
Schedule of hierarchy for determining and disclosing the fair value	2022 2021 USD ’000 USD ’000 Balance at the beginning of the year 7,046 6,748 Total gains recognized in OCI 318 298 Balance at the end of the year 7,364 7,046

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of basic and diluted EPS	2022 2021 2020 Profit for the year (USD ’000) 85,465 43,696 27,251 Less: profit attributable to the Earnout Shares (USD ’000) 5,256 2,693 1,690 Less: profit attributable to the Restricted Shares Awards (USD ’000) 1,164 355 75 Net profit available to common shareholders (USD ’000) 79,045 40,648 25,486 Weighted average number of shares – basic and diluted 45,546,272 45,470,961 43,047,915 Basic and diluted earnings per share (USD) 1.74 0.89 0.59

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Information [Abstract]
Schedule of consolidated operations	2022 Specialty Specialty Reinsurance Sub Total Corporate Total USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 USD ’000 Underwriting revenues Gross written premiums 232,209 318,658 30,980 581,847 - 581,847 Reinsurer’s share of insurance premiums (64,115 ) (122,368 ) - (186,483 ) - (186,483 ) Net written premiums 168,094 196,290 30,980 395,364 - 395,364 Net change in unearned premiums (685 ) (17,503 ) (723 ) (18,911 ) - (18,911 ) Net premiums earned 167,409 178,787 30,257 376,453 - 376,453 Underwriting deductions Net policy acquisition expenses (33,103 ) (31,555 ) (5,587 ) (70,245 ) - (70,245 ) Net claims and claim adjustment expenses (50,599 ) (89,994 ) (17,107 ) (157,700 ) - (157,700 ) Net underwriting results 83,707 57,238 7,563 148,508 - 148,508 General and administrative expenses - - - - (67,453 ) (67,453 ) Net investment income - - - - 16,364 16,364 Share of profit from associates - - - - 209 209 Impairment loss on insurance receivables - - - - (3,154 ) (3,154 ) Other revenues - - - - 2,286 2,286 Other expenses - - - - (2,828 ) (2,828 ) Change in fair value of derivative financial liability - - - - 2,933 2,933 Loss on foreign exchange - - - - (9,138 ) (9,138 ) Profit (loss) before tax 83,707 57,238 7,563 148,508 (60,781 ) 87,727 Income tax - - - - (2,262 ) (2,262 ) Profit for the year 83,707 57,238 7,563 148,508 (63,043 ) 85,465 2021 Specialty Specialty Reinsurance Sub Total Corporate Total 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 expenses (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 Specialty Specialty Reinsurance Sub Total Corporate Total 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 expenses (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
Schedule of non-current operating assets information by geography	2022 2021 USD ’000 USD ’000 Middle East 29,334 32,165 North Africa 203 301 UK 2,470 2,968 Asia 8 31 Europe 20 23 North America 88 - 32,123 35,488

Share-Based Payments (Tables)

Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payments [Abstract]
Schedule of restricted shares	2022 2021 Balance at 1 January 396,857 134,500 Restricted shares granted 428,377 312,190 Restricted shares vested (146,386 ) (44,833 ) Restricted shares forfeited (11,667 ) (5,000 ) Balance at 31 December 667,181 396,857
Schedule of earnout shares	Earn out shares Grant Days from grant date From first vesting (tranche 1) From second vesting (tranche 2) From third vesting (tranche 3) Total 31 December 2022 7 October 2020 grant 816 - (1,926 ) 20,005 18,079 16 February 2021 grant 684 374 29,601 19,668 49,643 31 March 2021 grant 641 317 25,013 15,955 41,285 9 February 2022 grant 326 90,454 43,602 29,051 163,107 24 March 2022 grant 283 49,443 21,679 13,869 84,991 Total 140,588 117,969 98,548 357,105 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

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination [Abstract]
Schedule of common shares issued in Business combination	2020 No. of shares Par value of 0.01 USD 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 shares subject to one year lock-up restriction post Business Combination closing date.
Schedule of fair value of the equity instruments	2020 Equity Instruments No. of Fair value 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 value of Consideration and net assets acquired	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, 2022
Acquisition of a Subsidiary [Abstract]
Schedule of fair values of identifiable assets and liabilities	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 (see note 22) (41 ) Balance at the end of the year - 2021 USD ’000 Balance at the beginning of the year - Goodwill arising from acquisition of a subsidiary 41 Impairment loss (see note 22) (41 ) Balance at the end of the year -

Basis of Preparation (Details)

Basis of Preparation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Basis of Preparation [Abstract]
Term warrants	5 years
Estimated economic useful	5 years
Leases amount	$ 5
Carrying amount	634,570	$ 575,899
Gross incurred but not reported claims	325,979	268,953
Investment properties amounted	15,119	16,308
Investment in associates amounted	6,049	5,693
Credit losses on insurance receivables	17,510	14,356
Estimated pipeline premiums	$ 1,500	$ 1,379

Basis of Preparation (Details)

Basis of Preparation (Details) - Schedule of subsidiaries	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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%	100%
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%	100%
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%	100%
North Star Underwriting Limited [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation	United Kingdom
Activity	Underwriting agency
Ownership	100%	100%
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%	100%
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%	100%
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%	100%
International General Insurance Company (Europe) SE [Member]
Basis of Preparation (Details) - Schedule of subsidiaries [Line Items]
Country of incorporation	Malta
Activity	Reinsurance and insurance
Ownership	100%	100%
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%	100%
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%	100%
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%	100%

Basis of Preparation (Details_2

Basis of Preparation (Details) - Schedule of Property, premises and equipment are stated at cost less accumulated depreciation and any impairment	12 Months Ended
	Dec. 31, 2022
Basis of Preparation (Details) - Schedule of Property, premises and equipment are stated at cost less accumulated depreciation and any impairment [Line Items]
Office buildings	50 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 Property, premises and equipment are stated at cost less accumulated depreciation and any impairment [Line Items]
Right-of-use assets	2 years
Top of Range [member]
Basis of Preparation (Details) - Schedule of Property, premises and equipment are stated at cost less accumulated depreciation and any impairment [Line Items]
Right-of-use assets	7 years

Cash at Banks (Details)

Cash at Banks (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash at Banks (Details) [Line Items]
Restricted cash	$ 10,800
US surplus and excess lines business licensed effective		$ 5,400
Deposits	$ 5,000	$ 5,000
Bottom of Range [Member]
Cash at Banks (Details) [Line Items]
Deposits earned interest, percentage	0.60%	0.40%
Held for varying periods	2 years
Top of Range [Member]
Cash at Banks (Details) [Line Items]
Deposits earned interest, percentage	(6.10%)	(3.00%)

Cash at Banks (Details) - Sched

Cash at Banks (Details) - Schedule of cash and cash equivalents - Cash And Cash Equivalent [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Schedule of cash and cash equivalents [Abstract]
Cash and bank balances	[1]	$ 82,969	$ 205,866
Deposits with original maturities of three months or less		54,974	36,280
Total cash and cash equivalents		$ 137,943	$ 242,146
[1]This item includes restricted cash in the amount of USD 10,800 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 (2021: USD 5,400 thousand). In addition, this item includes a restricted call deposit in the amount of USD 5,000 thousand (2021: 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 basis.

Cash at Banks (Details) - Sch_2

Cash at Banks (Details) - Schedule of term deposits - Term Deposits [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of term deposits [Abstract]
Deposits with original maturities over three months and less than one year	$ 265,691	$ 136,278
Deposits with original maturities over one year	31,335	43,688
Total term deposits	$ 297,026	$ 179,966

Insurance Receivables (Details)

Insurance Receivables (Details) - Schedue of insurance receivables - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedue Of Insurance Receivables Abstract
Receivables from insurance companies and intermediaries	$ 202,357	$ 193,701
Less: Expected credit losses on insurance receivables	(17,510)	(14,356)
Total insurance receivables	$ 184,847	$ 179,345

Insurance Receivables (Detail_2

Insurance Receivables (Details) - Schedue of the expected credit losses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedue Of The Expected Credit Losses Abstract
Opening balance	$ 14,356	$ 9,235
Provision for the year	3,154	5,181
Write-offs		(60)
Ending balance	$ 17,510	$ 14,356

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments (Details) [Line Items]
Investment liquidation, percent	85%
Nominal value	$ 1,236
Potential impairment	622	$ 441
Unquoted investment	6,990	6,614
Bonds	138
Fair value measurement of the unquoted equity investment	6,990	6,614	$ 6,314
Unquoted Equity Investments One [member]
Investments (Details) [Line Items]
Designated at fair value through OCI	6,990	6,614
Unquoted Equity Investment Two [Member]
Investments (Details) [Line Items]
Designated at fair value through OCI	374	432
Unquoted Equity Investments [member]
Investments (Details) [Line Items]
Designated at fair value through OCI	374	432
Bottom of range [member]
Investments (Details) [Line Items]
Implied an equity value	7,714	5,951	7,015
Top of range [member]
Investments (Details) [Line Items]
Implied an equity value	$ 6,266	$ 7,277	$ 5,612

Investments (Details) - Schedul

Investments (Details) - Schedule of group financial investments - USD ($) $ in Thousands		Dec. 31, 2022		Dec. 31, 2021
Schedule of group financial investments [Abstract]
Unquoted bonds	[1]	$ 2,623		$ 2,934	[2]
Quoted bonds		489,081		418,445
Quoted funds and alternative investments		12,237		14,377
Quoted equities		24,046		27,883
Unquoted equities	[2]	7,364		7,046
Expected credit losses and impairment		(629)		(463)
Total		534,722		470,222
Amortized cost [Member]
Schedule of group financial investments [Abstract]
Unquoted bonds	[1]	2,623		2,934	[2]
Quoted bonds
Quoted funds and alternative investments
Quoted equities
Unquoted equities	[2]
Expected credit losses and impairment		(629)		(463)
Total		1,994		2,471
Fair value through other comprehensive income [Member]
Schedule of group financial investments [Abstract]
Unquoted bonds	[1]				[2]
Quoted bonds		489,081		418,445
Quoted funds and alternative investments
Quoted equities		10,845		13,721
Unquoted equities	[2]	7,364	[1]	7,046
Expected credit losses and impairment
Total		507,290		439,212
Fair value through profit or loss [Member]
Schedule of group financial investments [Abstract]
Unquoted bonds	[1]				[2]
Quoted bonds
Quoted funds and alternative investments		12,237		14,377
Quoted equities		13,201		14,162
Unquoted equities	[2]
Expected credit losses and impairment
Total		$ 25,438		$ 28,539
[1]In 2021, this included 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.[2] The Group has two unquoted equity investments under level 3 designated at fair value through OCI valued at USD 6,990 thousand (2021: USD 6,614 thousand) and USD 374 thousand (2021: USD 432 thousand). As at 31 December 2022 and 2021, the Group has measured the fair value of the unquoted investment valued at USD 6,990 thousand (2021: USD 6,614 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, 2022	Dec. 31, 2021
Schedule of expected credit losses and impairment provision for the bonds [Abstract]
Opening balance	$ 463	$ 397
Addition of provision for investment held at amortized cost	166	66
Ending balance	$ 629	$ 463

Investments (Details) - Sched_3

Investments (Details) - Schedule of fair value of level 3 financial assets - Fair value of Level 3 financial assets [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021	Dec. 31, 2020
Investments (Details) - Schedule of fair value of level 3 financial assets [Line Items]
Sensitivity of fair value of financial assets percentage	+/- 10		+/- 10	+/- 10
Positive impact	$ 724		$ 663	$ 701
Negative impact	$ (724)		$ (663)	$ (701)
Valuation variables	Market multiples applied to a range of financial performance measures***	[1]	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]As at 31 December 2022, the fair value measurement of the unquoted equity investment valued at USD 6,990 thousand (2021: USD 6,614 thousand) (2020: USD 6,314 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 7,714 thousand to USD 6,266 thousand (2021: USD 7,277 thousand to USD 5,951 thousand) (2020: USD 5,612 thousand to USD 7,015 thousand).

Investments in Associates (Deta

Investments in Associates (Details)	12 Months Ended
	Dec. 31, 2022
Disclosure of Investments in Associates [Abstract]
Equity ownership interest percentage	32.70%
Equity method percentage	100%

Investments in Associates (De_2

Investments in Associates (Details) - Schedule of investments in associated companies equity method - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Star Rock SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of investments in associated companies equity method [Line Items]
Country of incorporation	Lebanon
Ownership	$ 32.7	$ 32.7
Sina SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of investments in associated companies equity method [Line Items]
Country of incorporation	Lebanon
Ownership	$ 32.7	32.7
Silver Rock SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of investments in associated companies equity method [Line Items]
Country of incorporation	Lebanon
Ownership	$ 32.7	32.7
Golden Rock SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of investments in associated companies equity method [Line Items]
Country of incorporation	Lebanon
Ownership	$ 32.7	$ 32.7

Investments in Associates (De_3

Investments in Associates (Details) - Schedule of movement on investments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Movement On Investments Abstract
Opening balance	$ 5,693	$ 11,583
Opening balance adjustments for hyperinflation and effect of movements in exchange rates recognised in other comprehensive income	147	1,358
Adjusted opening balance	5,840	12,941
Share of associated companies’ financial results	(48)	(227)
Investment properties fair value adjustment	257	(7,021)
Share of profit (loss) from associates	209	(7,248)
Ending balance	$ 6,049	$ 5,693

Investments in Associates (De_4

Investments in Associates (Details) - Schedule ofsocial security contingencies that may arise on the associates - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Current assets	$ 462	$ 365
Non-current assets	20,205	18,786
Current liabilities	(240)	(479)
Non-current liabilities	(1,926)	(1,260)
Net assets	18,501	17,412
The Group’s share of net assets	6,049	5,693
Star Rock SAL Lebanon [Member]
Condensed Financial Statements, Captions [Line Items]
Current assets	8	7
Non-current assets	1,999	1,870
Current liabilities	(25)	(120)
Non-current liabilities	(273)	(152)
Net assets	1,709	1,605
The Group’s share of net assets	559	525
Sina SAL Lebanon [Member]
Condensed Financial Statements, Captions [Line Items]
Current assets	9	11
Non-current assets	1,390	1,287
Current liabilities	(18)	(148)
Non-current liabilities	(288)	(152)
Net assets	1,093	998
The Group’s share of net assets	357	326
Silver Rock SAL Lebanon [Member]
Condensed Financial Statements, Captions [Line Items]
Current assets	7	3
Non-current assets	2,231	2,091
Current liabilities	(30)	(29)
Non-current liabilities	(210)	(151)
Net assets	1,998	1,914
The Group’s share of net assets	653	626
Golden Rock SAL Lebanon [Member]
Condensed Financial Statements, Captions [Line Items]
Current assets	438	344
Non-current assets	14,585	13,538
Current liabilities	(167)	(182)
Non-current liabilities	(1,155)	(805)
Net assets	13,701	12,895
The Group’s share of net assets	$ 4,480	$ 4,216

Investments in Associates (De_5

Investments in Associates (Details) - Schedule of summarized information of the Group’s share of profit (loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments in Associates (Details) - Schedule of summarized information of the Group’s share of profit (loss) [Line Items]
Revenues	$ 536	$ 435	$ 842
Net income (loss)	638	(22,166)	(4,523)
The Group’s share of profit (loss)	209	(7,248)	(1,479)
Star Rock SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of summarized information of the Group’s share of profit (loss) [Line Items]
Revenues	4	11	47
Net income (loss)	81	(2,456)	(492)
The Group’s share of profit (loss)	26	(803)	(161)
Sina SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of summarized information of the Group’s share of profit (loss) [Line Items]
Revenues			4
Net income (loss)	85	(2,007)	(340)
The Group’s share of profit (loss)	28	(656)	(111)
Silver Rock SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of summarized information of the Group’s share of profit (loss) [Line Items]
Revenues	6	2	41
Net income (loss)	33	(2,608)	(620)
The Group’s share of profit (loss)	11	(853)	(203)
Golden Rock SAL Lebanon [Member]
Investments in Associates (Details) - Schedule of summarized information of the Group’s share of profit (loss) [Line Items]
Revenues	526	422	750
Net income (loss)	439	(15,095)	(3,071)
The Group’s share of profit (loss)	$ 144	$ (4,936)	$ (1,004)

Investments in Associates (De_6

Investments in Associates (Details) - Schedule of financial statements to the change in the price used for the valuation of the investment properties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Impact on consolidated statement of income for the change in price per square meter percentage [Member]
Investments in Associates (Details) - Schedule of financial statements to the change in the price used for the valuation of the investment properties [Line Items]
Sensitivity of fair value of financial assets %	+/- 20	+/- 20	+/- 20
Impact on consolidated statement of income for the change in price per square meter Increase [Member]
Investments in Associates (Details) - Schedule of financial statements to the change in the price used for the valuation of the investment properties [Line Items]
Impact on consolidated statement of income for the increase in price per square meter	$ 1,480	$ 1,511	$ 1,773
Impact on consolidated statement of income for the change in price per square meter Decrease [Member]
Investments in Associates (Details) - Schedule of financial statements to the change in the price used for the valuation of the investment properties [Line Items]
Impact on consolidated statement of income for the increase in price per square meter	$ (1,480)	$ (1,511)	$ (1,773)

Outstanding Claims (Details)

Outstanding Claims (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Claims and Benefits Outstanding Claims [Abstract]
Foreign exchange gain	$ 25,431	$ 6,131
Foreign exchange loss			$ 5,744

Outstanding Claims (Details) -

Outstanding Claims (Details) - Schedule of movement in outstanding claims - USD ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gross [Member]
Schedule of movement in outstanding claims [Abstract]
Reported claims		$ 306,946	$ 312,334	$ 292,722
Claims incurred but not reported		268,953	179,921	120,331
Total movement in outstanding claims		575,899	492,255	413,053
Claims paid		(176,608)	(119,722)	(134,761)
Provided during the year related to current accident year	[1]	273,738	257,233	225,950
(Released) provided during the year related to previous accident years	[1]	(38,459)	(53,867)	(11,987)
Total movement in outstanding claims	[1]	235,279	203,366	213,963
At the end of the year		634,570	575,899	492,255
Reported claims		308,591	306,946	312,334
Claims incurred but not reported		325,979	268,953	179,921
Total movement in outstanding claims		634,570	575,899	492,255
Reinsurers' share [Member]
Schedule of movement in outstanding claims [Abstract]
Reported claims		(120,323)	(160,373)	(163,191)
Claims incurred but not reported		(61,925)	(27,112)	(13,021)
Total movement in outstanding claims		(182,248)	(187,485)	(176,212)
Claims paid		71,004	32,411	51,018
Provided during the year related to current accident year	[1]	(75,556)	(64,926)	(68,135)
(Released) provided during the year related to previous accident years	[1]	(2,023)	37,752	5,844
Total movement in outstanding claims	[1]	(77,579)	(27,174)	(62,291)
At the end of the year		(188,823)	(182,248)	(187,485)
Reported claims		(102,004)	(120,323)	(160,373)
Claims incurred but not reported		(86,819)	(61,925)	(27,112)
Total movement in outstanding claims		(188,823)	(182,248)	(187,485)
Net [Member]
Schedule of movement in outstanding claims [Abstract]
Reported claims		186,623	151,961	129,531
Claims incurred but not reported		207,028	152,809	107,310
Total movement in outstanding claims		393,651	304,770	236,841
Claims paid		(105,604)	(87,311)	(83,743)
Provided during the year related to current accident year	[1]	198,182	192,307	157,815
(Released) provided during the year related to previous accident years	[1]	(40,482)	(16,115)	(6,143)
Total movement in outstanding claims	[1]	157,700	176,192	151,672
At the end of the year		445,747	393,651	304,770
Reported claims		206,587	186,623	151,961
Claims incurred but not reported		239,160	207,028	152,809
Total movement in outstanding claims		$ 445,747	$ 393,651	$ 304,770
[1] The net claims and claim adjustment expenses include foreign exchange gain of USD 25,431 thousand (2021: gain of USD 6,131 thousand) (2020: loss of USD 5,744 thousand).

Outstanding Claims (Details) _2

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

Dec. 31, 2022

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

Gross of reinsurance [Member]

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

Current estimate of cumulative claims incurred

$ 2,476,761

Cumulative payments to date

1,842,191

Gross liability included in the consolidated statement of financial position

634,570

Net of reinsurance [Member]

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

Current estimate of cumulative claims incurred

1,550,488

Cumulative payments to date

1,104,741

Net liability included in the consolidated statement of financial position

445,747

Statement of financial position date [Member] | Gross of reinsurance [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

100,525

Current estimate of cumulative claims incurred

100,525

Cumulative payments to date

100,214

Statement of financial position date [Member] | Net of reinsurance [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

58,882

Current estimate of cumulative claims incurred

58,882

Cumulative payments to date

$ 58,616

Statement Of Financial Position Date One [Member] | Gross of reinsurance [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

109,466

Twelve years later

Current estimate of cumulative claims incurred

109,466

Cumulative payments to date

104,190

Statement Of Financial Position Date One [Member] | Net of reinsurance [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

57,251

Twelve years later

Current estimate of cumulative claims incurred

57,251

Cumulative payments to date

$ 55,660

Statement Of Financial Position Date Two [Member] | Gross of reinsurance [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

99,481

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

99,481

Cumulative payments to date

97,847

Statement Of Financial Position Date Two [Member] | Net of reinsurance [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

73,135

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

73,135

Cumulative payments to date

$ 71,567

Statement Of Financial Position Date Three [Member] | Gross of reinsurance [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

128,905

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

128,905

Cumulative payments to date

128,644

Statement Of Financial Position Date Three [Member] | Net of reinsurance [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

105,598

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

105,598

Cumulative payments to date

$ 105,394

Statement Of Financial Position Date Four [Member] | Gross of reinsurance [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

83,584

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

83,584

Cumulative payments to date

83,656

Statement Of Financial Position Date Four [Member] | Net of reinsurance [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

66,363

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

66,363

Cumulative payments to date

$ 65,750

Statement Of Financial Position Date Five [Member] | Gross of reinsurance [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

142,306

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

142,306

Cumulative payments to date

137,810

Statement Of Financial Position Date Five [Member] | Net of reinsurance [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

72,372

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

72,372

Cumulative payments to date

$ 69,390

Statement Of Financial Position Date Six [Member] | Gross of reinsurance [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

163,829

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

163,829

Cumulative payments to date

157,668

Statement Of Financial Position Date Six [Member] | Net of reinsurance [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

89,817

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

89,817

Cumulative payments to date

$ 85,190

Statement Of Financial Position Date Saveen [Member] | Gross of reinsurance [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

313,214

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

313,214

Cumulative payments to date

289,721

Statement Of Financial Position Date Saveen [Member] | Net of reinsurance [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

111,805

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

111,805

Cumulative payments to date

$ 99,912

Statement Of Financial Position Date Eight [Member] | Gross of reinsurance [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

181,331

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

181,331

Cumulative payments to date

153,435

Statement Of Financial Position Date Eight [Member] | Net of reinsurance [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

103,066

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

103,066

Cumulative payments to date

$ 83,850

Statement Of Financial Position Date Nine [Member] | Gross of reinsurance [Member]

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

At end of accident year

$ 150,800

One year later

143,093

Two years later

126,522

Three years later

141,382

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

141,382

Cumulative payments to date

94,133

Statement Of Financial Position Date Nine [Member] | Net of reinsurance [Member]

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

At end of accident year

124,356

One year later

115,739

Two years later

100,104

Three years later

107,039

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

107,039

Cumulative payments to date

$ 74,434

Statement Of Financial Position Date Ten [Member] | Gross of reinsurance [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

212,577

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

212,577

Cumulative payments to date

103,433

Statement Of Financial Position Date Ten [Member] | Net of reinsurance [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

145,935

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

145,935

Cumulative payments to date

$ 70,647

Statement Of Financial Position Date Eleven [Member] | Gross of reinsurance [Member]

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

At end of accident year

$ 257,233

One year later

216,610

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

216,610

Cumulative payments to date

65,356

Statement Of Financial Position Date Eleven [Member] | Net of reinsurance [Member]

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

At end of accident year

192,307

One year later

162,882

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

162,882

Cumulative payments to date

$ 52,682

Statement Of Financial Position Date Twelve [Member] | Gross of reinsurance [Member]

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

At end of accident year

273,738

Seven years later

Eight years later

Nine years later

Ten years later

Eleven years later

Twelve years later

Current estimate of cumulative claims incurred

273,738

Cumulative payments to date

17,881

Statement Of Financial Position Date Twelve [Member] | Net of reinsurance [Member]

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

At end of accident year

198,182

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

198,182

Cumulative payments to date

14,877

Statement Of Financial Year [Member] | Gross of reinsurance [Member]

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

Current estimate of cumulative claims incurred

309,813

Cumulative payments to date

308,203

Statement Of Financial Year [Member] | Net of reinsurance [Member]

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

Current estimate of cumulative claims incurred

198,161

Cumulative payments to date

$ 196,772

Unearned Premiums (Details) - S

Unearned Premiums (Details) - Schedule of unearned premiums - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gross [Member]
Schedule of unearned premiums [Abstract]
Opening balance	$ 328,726	$ 277,268	$ 206,214
Premiums written	581,847	545,582	467,273
Premiums earned	(556,541)	(494,124)	(396,219)
Total	354,032	328,726	277,268
Reinsurers’ Share [Member]
Schedule of unearned premiums [Abstract]
Opening balance	(64,124)	(50,077)	(33,917)
Premiums written	(186,483)	(162,973)	(128,863)
Premiums earned	180,088	148,926	112,703
Total	(70,519)	(64,124)	(50,077)
Net [Member]
Schedule of unearned premiums [Abstract]
Opening balance	264,602	227,191	172,297
Premiums written	395,364	382,609	338,410
Premiums earned	(376,453)	(345,198)	(283,516)
Total	$ 283,513	$ 264,602	$ 227,191

Deferred Excess of Loss Premi_3

Deferred Excess of Loss Premiums (Details) - Schedule of deferred excess of loss premiums - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of deferred excess of loss premiums [Abstract]
Opening balance	$ 17,238	$ 17,095	$ 15,173
Additions	46,776	38,207	40,726
Charged to consolidated statement of income under reinsures’ share of insurance premiums	(44,343)	(38,064)	(38,804)
Ending balance	$ 19,671	$ 17,238	$ 17,095

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs (Details) - Schedule of deferred policy acquisition costs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Deferred Policy Acquisition Costs Abstract
Opening balance	$ 64,842	$ 55,172	$ 41,713
Acquisition costs during the year	108,310	95,871	84,002
Charged to consolidated statement of income	(103,760)	(86,201)	(70,543)
Ending balance	$ 69,392	$ 64,842	$ 55,172

Other Assets (Details) - Schedu

Other Assets (Details) - Schedule of other assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Other Assets Abstract
Accrued interest income	$ 6,301	$ 4,924
Prepaid expenses	3,331	1,746
Refundable deposits	124	123
Employees receivables	26	4
Funds held in trust accounts	2,852	2,818
Income tax receivables	563	130
Trade receivables	313	9
Investments proceeds receivables	324
Others	491	188
Total	$ 14,325	$ 9,942

Investment Properties (Details)

Investment Properties (Details) - Schedule of investment properties - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Investment Properties (Details) - Schedule of investment properties [Line Items]
Opening balance		$ 16,308	$ 20,012
Additions		10	36
Sale of investment properties		(625)	(1,128)
Transfer to property, premises and equipment			(1,312)
Fair value adjustment		(574)	(1,300)
Ending balance		15,119	16,308
Commercial building [Member]
Investment Properties (Details) - Schedule of investment properties [Line Items]
Opening balance		15,683	18,168
Additions		10	36
Sale of investment properties
Transfer to property, premises and equipment			(1,312)
Fair value adjustment		(574)	(1,209)
Ending balance		15,119	15,683
Lands [Member]
Investment Properties (Details) - Schedule of investment properties [Line Items]
Opening balance	[1]	625	1,844
Additions	[1]
Sale of investment properties	[1]	(625)	(1,128)
Transfer to property, premises and equipment	[1]
Fair value adjustment	[1]		(91)
Ending balance	[1]		$ 625
[1]In 2021, included within the investment properties (see note 12) were lands with a total amount of USD 625 thousand registered in the name of a former Director of the Group. The Group had obtained a proxy and has full control over these investment properties. These investment properties were sold during 2022 (see note 27).

Investment Properties (Detail_2

Investment Properties (Details) - Schedule of change in the price used for the valuation of the investment properties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commercial building [Member]
Investment Properties (Details) - Schedule of change in the price used for the valuation of the investment properties [Line Items]
Commercial building percentage	+/- 10	+/- 10	+/- 10
Price per square meter	$ 845	$ 875	$ 1,016
Impact on statement of income for the increase in price per square meter	1,511	1,565	1,816
Impact on statement of income for the decrease in price per square meter	$ (1,511)	$ (1,565)	$ (1,816)
Land [Member]
Investment Properties (Details) - Schedule of change in the price used for the valuation of the investment properties [Line Items]
Commercial building percentage	+/- 10	+/- 10	+/- 10
Price per square meter		$ 168	$ 189
Impact on statement of income for the increase in price per square meter		62	184
Impact on statement of income for the decrease in price per square meter		$ (62)	$ (184)

Property, Premises and Equipm_3

Property, Premises and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Premises and Equipment (Details) [Line Items]
Deprecation for the year	$ 2,388	$ 2,315
Depreciated property, premises and equipment	6,408	5,467
Aircraft [Member]
Property, Premises and Equipment (Details) [Line Items]
Deprecation for the year	$ 903	$ 903	$ 906

Property, Premises and Equipm_4

Property, Premises and Equipment (Details) - Schdule of property, premises and equipment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Premises and Equipment (Details) - Schdule of property, premises and equipment [Line Items]
Beginning balance	$ 28,216	$ 24,345
Additions	979	2,755
Transfers		1,311
Disposals	(154)	(195)
Ending balance	29,041	28,216
Net carrying amount, ending balance	13,357	11,177
Deprecation for the year	2,388	2,315
Disposals	(152)	(135)
Ending balance	15,593	13,357
Net carrying amount, ending balance	13,448	14,859
Office Buildings [Member]
Property, Premises and Equipment (Details) - Schdule of property, premises and equipment [Line Items]
Beginning balance	3,996	2,681
Additions	11	4
Transfers		1,311
Disposals
Ending balance	4,007	3,996
Net carrying amount, ending balance	958	923
Deprecation for the year	64	35
Disposals
Ending balance	1,022	958
Net carrying amount, ending balance	2,985	3,038
Aircraft [member]
Property, Premises and Equipment (Details) - Schdule of property, premises and equipment [Line Items]
Beginning balance	11,290	11,290
Additions
Transfers
Disposals
Ending balance	11,290	11,290
Net carrying amount, ending balance	4,518	3,615
Deprecation for the year	903	903
Disposals
Ending balance	5,421	4,518
Net carrying amount, ending balance	5,869	6,772
Office furniture [Member]
Property, Premises and Equipment (Details) - Schdule of property, premises and equipment [Line Items]
Beginning balance	1,796	1,678
Additions	16	103
Transfers	10	116
Disposals	(2)	(101)
Ending balance	1,820	1,796
Net carrying amount, ending balance	1,407	1,440
Deprecation for the year	70	42
Disposals	(2)	(75)
Ending balance	1,475	1,407
Net carrying amount, ending balance	345	389
Computer software [member]
Property, Premises and Equipment (Details) - Schdule of property, premises and equipment [Line Items]
Beginning balance	2,094	1,862
Additions	271	160
Transfers	143	94
Disposals	(18)	(22)
Ending balance	2,490	2,094
Net carrying amount, ending balance	1,769	1,605
Deprecation for the year	243	186
Disposals	(18)	(22)
Ending balance	1,994	1,769
Net carrying amount, ending balance	496	325
Equipmentt [Member]
Property, Premises and Equipment (Details) - Schdule of property, premises and equipment [Line Items]
Beginning balance	304	293
Additions		12
Transfers		2
Disposals	(23)	(3)
Ending balance	281	304
Net carrying amount, ending balance	287	284
Deprecation for the year	7	6
Disposals	(23)	(3)
Ending balance	271	287
Net carrying amount, ending balance	10	17
Leasehold improvements [member]
Property, Premises and Equipment (Details) - Schdule of property, premises and equipment [Line Items]
Beginning balance	2,286	1,419
Additions	16	98
Transfers	26	838
Disposals		(69)
Ending balance	2,328	2,286
Net carrying amount, ending balance	1,385	1,318
Deprecation for the year	233	102
Disposals		(35)
Ending balance	1,618	1,385
Net carrying amount, ending balance	710	901
Vehicles [member]
Property, Premises and Equipment (Details) - Schdule of property, premises and equipment [Line Items]
Beginning balance	1,011	1,011
Additions	226
Transfers
Disposals	(109)
Ending balance	1,128	1,011
Net carrying amount, ending balance	918	871
Deprecation for the year	71	47
Disposals	(109)
Ending balance	880	918
Net carrying amount, ending balance	248	93
Work in progress [Member]
Property, Premises and Equipment (Details) - Schdule of property, premises and equipment [Line Items]
Beginning balance	135	76
Additions	209	1,109
Transfers	(179)	(1,050)
Disposals	(2)
Ending balance	163	135
Net carrying amount, ending balance
Deprecation for the year
Disposals
Ending balance
Net carrying amount, ending balance	163	135
Right-of-use assets [member]
Property, Premises and Equipment (Details) - Schdule of property, premises and equipment [Line Items]
Beginning balance	5,304	4,035
Additions	230	1,269
Transfers
Disposals
Ending balance	5,534	5,304
Net carrying amount, ending balance	2,115	1,121
Deprecation for the year	797	994
Disposals
Ending balance	2,912	2,115
Net carrying amount, ending balance	$ 2,622	$ 3,189

Property, Premises and Equipm_5

Property, Premises and Equipment (Details) - Schdule of depreciation of the aircraft - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schdule Of Depreciation Of The Aircraft Abstract
Property, premises and equipment depreciation charge for the year	$ 2,388	$ 2,315	$ 1,875
Intangible assets amortization charge for the year (see note 14)	1,282	1,248	737
Aircraft depreciation allocated to other expenses (see note 24)	(660)	(750)	(632)
Total depreciation and amortization allocated to G&A (see note 22)	$ 3,010	$ 2,813	$ 1,980

Intangible Assets (Details) - S

Intangible Assets (Details) - Schedule of intangible assets accumulated cost and amortization - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cost
Beginning balance	$ 4,321
Impairment loss (note 34)		$ 41
Ending balance	3,556	4,321
Net carrying amount	3,556	4,321
Cost [Member]
Cost
Beginning balance	7,484	6,584
Additions	517	900
Transfers
Ending balance	8,001	7,484
Amortization and impairment [Member]
Cost
Beginning balance	3,163	1,874
Additions	1,282	1,248
Impairment loss (note 34)		41
Ending balance	4,445	3,163
Computer software / licenses [Member]
Cost
Net carrying amount	3,474	4,315
Computer software / licenses [Member] | Cost [Member]
Cost
Beginning balance	7,437	6,584
Additions	11	853
Transfers	430
Ending balance	7,878	7,437
Computer software / licenses [Member] | Amortization and impairment [Member]
Cost
Beginning balance	3,122	1,874
Additions	1,282	1,248
Impairment loss (note 34)
Ending balance	4,404	3,122
Work in progress [Member]
Cost
Net carrying amount	82	6
Work in progress [Member] | Cost [Member]
Cost
Beginning balance	6
Additions	506	6
Transfers	(430)
Ending balance	82	6
Work in progress [Member] | Amortization and impairment [Member]
Cost
Beginning balance
Additions
Impairment loss (note 34)
Ending balance
Goodwill [Member]
Cost
Net carrying amount
Goodwill [Member] | Cost [Member]
Cost
Beginning balance	41
Additions		41
Transfers
Ending balance	41	41
Goodwill [Member] | Amortization and impairment [Member]
Cost
Beginning balance	41
Additions
Impairment loss (note 34)		41
Ending balance	$ 41	$ 41

Insurance Payables (Details) -

Insurance Payables (Details) - Schedule of insurance payables - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Insurance Payables Abstract
Payables due to insurance companies and intermediaries	$ 8,746	$ 5,004
Reinsurers – amounts due in respect of ceded premium	78,066	84,515
Insurance payables	$ 86,812	$ 89,519

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities (Details) [Line Items]
Undiscounted lease liabilities (in Dollars)	$ 3,216	$ 4,142
Top of range [member]
Other Liabilities (Details) [Line Items]
Discount rates	2.80%	4.10%
Bottom of range [member]
Other Liabilities (Details) [Line Items]
Discount rates	6%	1.50%

Other Liabilities (Details) - S

Other Liabilities (Details) - Schedule of lease liabilities - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Schedule Of Lease Liabilities Abstract
Accounts payable		$ 10,234	$ 11,259
Accrued expenses and other accruals		14,674	12,773
Lease liabilities	[1]	3,074	3,753
Income tax payable		1,114	1,254
Total other liabilities		$ 29,096	$ 29,039
[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, 2022	Dec. 31, 2021
Schedule Of Undiscounted Lease Liabilities Abstract
Opening balance	$ 3,753	$ 2,954
Ending balance	3,074	3,753
Additions	230	1,269
Interest expense	132	358
Payments	(1,041)	(783)
Foreign currency adjustment		(45)
Current	986	1,001
Non-current	$ 2,088	$ 2,752

Derviative Financial Liabilit_2

Derviative Financial Liability (Details) $ in Thousands	1 Months Ended
	Mar. 17, 2020 USD ($) shares
Derviative Financial Liability (Details) [Line Items]
Change in fair value of derivative financial liability (in Dollars) | $	$ 9,210
Public Warrants [Member]
Derviative Financial Liability (Details) [Line Items]
Group issued warrants	17,250,000
Warrants Issued to former stockholders	12,750,000
Private Warrants [Member]
Derviative Financial Liability (Details) [Line Items]
Warrants issued exchange	4,500,000
Warrants transferred	4,000,000
Argo Re Ltd [Member]
Derviative Financial Liability (Details) [Line Items]
Tiberius warrants transferred	500,000

Derviative Financial Liabilit_3

Derviative Financial Liability (Details) - Schedule of warrants - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of Warrants [Abstract]
Fair value of Warrants at the beginning of the year	$ 12,938	$ 13,628
Change in fair value for the year	(2,933)	(690)
Fair value of Warrants at the end of the year	$ 10,005	$ 12,938

Unearned Commissions (Details)

Unearned Commissions (Details) - Schedule of movement in unearned commissions - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of movement in unearned commissions [Abstract]
As at 1 January	$ 13,725	$ 11,038	$ 8,910
Commissions received	36,598	25,722	18,181
Commissions earned	(33,515)	(23,035)	(16,053)
As at 31 December	$ 16,808	$ 13,725	$ 11,038

Equity (Details)

Equity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity (Details) [Line Items]
Increased in shares		48,880,441
Shares capital [member]
Equity (Details) [Line Items]
Authorized share capital	750,000,000
Par value per share (in Dollars per share)	$ 0.01
Preference shares [member]
Equity (Details) [Line Items]
Authorized share capital	100,000,000
Par value per share (in Dollars per share)	$ 0.01
Common shares [Member]
Equity (Details) [Line Items]
Increased in shares	48,986,609
Earnout shares [member]
Equity (Details) [Line Items]
Authorized share capital	3,012,500
Vesting stock prices at lower range (in Dollars per share)	$ 11.5
Vesting stock price at upper range (in Dollars per share)	$ 15.25

Equity (Details) - Schedule of

Equity (Details) - Schedule of number of common shares issued and outstanding - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Number Of Common Shares Issued And Outstanding Abstract
Common shares (par value of USD 0.01), No. of shares	45,306,928	45,471,084
Common shares (par value of USD 0.01), Par value (in Dollars)	$ 453	$ 455
Earnout shares (par value of USD 0.01), No. of shares	3,012,500	3,012,500
Earnout shares (par value of USD 0.01), Par value	30	30
Restricted shares awards (par value of USD 0.01) (see note 32), No. of shares	667,181	396,857
Restricted shares awards (par value of USD 0.01) (see note 32), Par value (in Dollars)	$ 7	$ 4
Total shares, No. of shares	48,986,609	48,880,441
Total shares, Par value	490	489

Equity (Details) - Schedule o_2

Equity (Details) - Schedule of number of common shares issued and outstanding (Parentheticals) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Schedule Of 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Fair Value Reserve Abstract
Balance at the beginning of the year	$ 8,215	$ 18,160	$ 4,274
Net change in fair value reserve during the year for bonds at fair value through OCI, net of tax	(45,135)	(9,240)	11,481
Net change in fair value reserve during the year for equities at fair value through OCI	(1,940)	(819)	(71)
Realized gain on sale of equities at fair value through other comprehensive income	19		2,341
ECL (release) charge transferred to consolidated statement of income	(138)	114	135
Balance at the end of the year	$ (38,979)	$ 8,215	$ 18,160

Treasury Shares (Details)

Treasury Shares (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	May 23, 2022	Nov. 24, 2013	Dec. 31, 2022	Dec. 31, 2019
Treasury Shares (Details) [Line Items]
Percentage of owned shares		15%
Treasury shares, authorized (in Shares)				2,350
Total treasury shares amount				$ 5,053
Business combination amount				$ 20,103
Repurchase authorization			$ 2,394
Authorization of aggregate consideration	$ 5,000
Board of Directors [Member]
Treasury Shares (Details) [Line Items]
Repurchase authorization	$ 5,000

Treasury Shares (Details) - Sch

Treasury Shares (Details) - Schedule of aggregate consideration $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) shares
Schedule Of Aggregate Consideration [Abstract]
Number of shares beginning Balance | shares
Balance at the beginning of the year | $
Number of shares Purchases | shares	310,542
Amount of Purchases | $	$ 2,394
Number of shares Cancellation | shares	(308,874)
Amount of Purchases Cancellation | $	$ (2,380)
Number of shares ending Balance | shares	1,668
Balance at the end of the year | $	$ 14

Cash Dividends (Details)

Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended
	Nov. 14, 2022	May 19, 2022	Aug. 12, 2021	Mar. 25, 2021	Aug. 13, 2020	Aug. 18, 2022	Mar. 24, 2021
Disclosure of Cash Dividends [Abstract]
Dividend paid	$ 491	$ 493	$ 7,821	$ 8,288	$ 4,360	$ 492	$ 9,338
Dividend per share	$ 0.01	$ 0.01	$ 0.16	$ 0.17	$ 0.09	$ 0.01	$ 0.19

General and Administrative Ex_3

General and Administrative Expenses (Details) - Schedule of general and Administrative Expenses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of General And Administrative Expenses Abstract
Human resources expenses	$ 41,508	$ 36,184	$ 29,955
Business promotion, travel and entertainment	2,977	1,358	1,349
Statutory, advisory and rating	10,815	9,938	6,174
Information technology and software	4,387	3,123	2,719
Office operation	1,575	1,270	1,518
Depreciation and amortization (see note 13)	3,010	2,813	1,980
Impairment of goodwill (see note 34)		41
Interest expense arising from lease liabilities (see note 16)	132	358	203
Bank charges	244	128	122
Corporate expenses	2,805	3,733	2,903
General and administrative expenses , total	$ 67,453	$ 58,946	$ 46,923

Net Investment Income (Details)

Net Investment Income (Details) - Schedule of net investment income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Net Investment Income [Abstract]
Interest income	$ 20,381	$ 14,049	$ 12,169
Dividends from equities at FVTOCI	144	78	128
Dividends from equities at FVTPL	571	705	562
Realized gains and losses on investments
Realized loss on sale of bonds at FVTOCI	(619)	(88)	(411)
Realized (loss) gain on sale of FVTPL equities and mutual funds	(86)	396	1,599
Unrealized gains and losses on investments
Unrealized (loss) gain on revaluation of financial assets at FVTPL	(2,950)	3,089	(241)
Gains and losses from investments in properties
Realized loss on sale of investment properties	(107)	(8)	(213)
Fair value loss on investment properties (see note 12)	(574)	(1,300)	(2,007)
Rental income	156	163	190
Impairment and expected credit losses on investments
Reversal (charge) of expected credit loss on financial assets at FVOCI	138	(114)	(135)
Expected credit loss on financial assets at amortized cost	(166)	(66)	(129)
Investments custodian fees and other investments expenses	(524)	(870)	(1,545)
Net Investment income	$ 16,364	$ 16,034	$ 9,967

Other Revenues (Expenses) (Deta

Other Revenues (Expenses) (Details) - Schedule of other revenues expenses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other revenues:
Chartered flights revenue	$ 2,260	$ 1,844	$ 372
Gain on disposal of property, premises and equipment	26
Total	2,286	1,844	372
Other expenses:
Aircraft operational cost	(2,168)	(1,883)	(1,260)
Aircraft depreciation expense (see note 13)	(660)	(750)	(632)
Loss on disposal of property, premises and equipment		(60)
Total	$ (2,828)	$ (2,693)	$ (1,892)

Listing Related Expenses (Detai

Listing Related Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Listing Related Expenses [Abstract]
Transaction costs			$ 3,366

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies [Abstract]
Letters of credit	$ 2,917	$ 6,550
Letter of guarantee	$ 292	$ 327
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 2022, the Group has paid USD 500 thousand and the remaining three instalments amounted to USD 750 thousand shall be made equally over the years from 2023 to 2025.

Related Parties (Details)

Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 24, 2022
Related Parties (Details) [Line Items]
Salaries and benefits	$ 7,740	$ 7,144	$ 5,764
Personnel compensation	1,906	1,352	1,138
Long-term benefits			887
Other long term benefits	$ 1,906	1,352	251
Lands total amount		625
Warrants issued (in Shares)	4,000,000
Restricted shares (in Shares)				149,377
Arab Wings Co [Member]
Related Parties (Details) [Line Items]
Amount payable	$ 481	$ 417	$ 454
Wasef Jabsheh [Member]
Related Parties (Details) [Line Items]
Warrants transferred (in Shares)	4,000,000

Taxation (Details)

Taxation (Details)	12 Months Ended
	Dec. 31, 2022
Taxation (Details) [Line Items]
Taxation, description	Labuan Business Activity Tax Law, Labuan registered entities are subject to 3% tax on the audited net profits. In 2022, IGI Labuan recorded tax expense of USD 57 thousand representing 3% of the audited net profits (2021: USD 71 thousand) (2020: USD 66 thousand).
Tax rate percentage	10%
Operating cost percentage	5%
Standard rate, percentage	35%
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Current income tax:
Current income tax charge	$ 2,592	$ 2,052	$ 2,374
Adjustments in respect of current income tax of prior years	(22)	97	(7)
Deferred tax:
Origination and reversal of temporary differences	(308)	(402)	(292)
Income tax charge for the year	$ 2,262	$ 1,747	$ 2,075

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of income tax expense appearing in the consolidated statement of income related [Abstract]
Income tax expense for IGI Labuan – current year	$ 57	$ 71	$ 66
Corporate tax for IGI Casablanca (Representative Office) – current year	1	7	6
Income tax credits for North Star Underwriting Limited – current year	(22)	(21)	(9)
Income tax expense for IGI UK – current year	2,556	1,995	2,311
Income tax (credit) expense for IGI UK – prior years	(22)	97	(7)
Addition of deferred tax assets for IGI Europe	(308)	(347)
Release of deferred tax liabilities for IGI UK		(55)	(292)
Income tax charge for the year	$ 2,262	$ 1,747	$ 2,075

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of reconciliation of tax expense and the accounting profit multiplied by the applicable tax rate [Abstract]
The Group profit before tax	$ 87,727	$ 45,443	$ 29,326
Less: Profit related to non-taxable subsidiaries	(75,100)	(36,022)	(17,108)
Profit before tax for entities subject to corporate taxation	12,627	9,421	12,218
Profit multiplied by the standard rate of tax in the UK of 19% (2021:19%) (2020: 19%)	2,399	1,790	2,322
Net disallowed expenditure	(9)	(71)	(34)
Non-UK expenses not deductible for tax purposes / income not taxable		67
Fixed asset temporary differences not recognized for deferred tax	10	1	14
Other temporary differences not recognized for deferred tax	32	28	9
Adjustment in respect of prior years	(22)	97	(7)
Income tax credits for North Star Underwriting Limited – current year	(22)	(21)	(9)
IGI Labuan and IGI Casablanca current year tax charges	58	78	72
Other movements		1
Release of deferred tax liabilities for IGI UK		(55)	(292)
Difference in corporation tax rates	(206)	(189)
Income tax charge for the year	$ 2,262	$ 1,747	$ 2,075

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of reconciliation of tax expense and the accounting profit multiplied by the applicable tax rate [Abstract]
Standard rate of tax in UK	19%	19%	19%

Taxation (Details) - Schedule_5

Taxation (Details) - Schedule of deferred tax assets and liabilities: - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Deferred tax assets related to unabsorbed losses for IGI Europe	$ 779	$ 471
Deferred tax assets related to the change in fair value of bonds at fair value through OCI for IGI UK	4,877
Total	5,656	471
Deferred tax liabilities
Deferred tax liabilities related to the change in fair value of bonds at fair value through OCI for IGI UK		14
Total		$ 14

Taxation (Details) - Schedule_6

Taxation (Details) - Schedule of the movement on the deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of the movement on the deferred tax assets [Abstract]
Balance at beginning of the year	$ 471
Deferred tax assets resulting from acquisition of IGI Europe		124
Addition of deferred tax assets related to unabsorbed losses for IGI Europe	308	347
Addition of deferred tax assets related to the change in fair value of bonds at fair value through OCI for IGI UK	4,877
Ending balance	$ 5,656	$ 471

Taxation (Details) - Schedule_7

Taxation (Details) - Schedule of the movement on the deferred tax liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of the movement on the deferred tax liabilities [Abstract]
Balance at beginning of the year	$ (14)	$ (55)
Release of deferred tax liabilities for IGI UK	14	55
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)

Risk Management (Details)

Risk Management (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Risk Management (Details) [Line Items]
Capital management allowance	$ 429,773	$ 401,865
Relevant liabilities, percentage	75%
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%
Comprehensive income	$ 223,958
Financial assets	$ 62,304
Bottom of Range [Member]
Risk Management (Details) [Line Items]
Choices of variation	5%
Comprehensive income	$ 1,576
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 581,847	$ 545,582	$ 467,273
Africa [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 32,692	$ 27,749	$ 20,956
Concentration Percentage	6%	5%	5%
Asia [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 54,684	$ 55,816	$ 37,398
Concentration Percentage	9%	10%	8%
Australasia [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 19,474	$ 23,454	$ 19,104
Concentration Percentage	3%	4%	4%
Caribbean Islands [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 30,438	$ 30,244	$ 15,964
Concentration Percentage	5%	6%	3%
Central America [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 25,332	$ 28,166	$ 37,442
Concentration Percentage	4%	5%	8%
Europe [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 51,734	$ 48,780	$ 59,972
Concentration Percentage	9%	9%	13%
Middle East [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 58,893	$ 53,564	$ 48,401
Concentration Percentage	10%	10%	10%
North America [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 61,646	$ 32,773	$ 22,553
Concentration Percentage	11%	6%	5%
South America [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 20,701	$ 20,718	$ 20,548
Concentration Percentage	4%	4%	4%
UK [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 189,975	$ 197,090	$ 158,381
Concentration Percentage	33%	36%	34%
Worldwide [Member]
Risk Management (Details) - Schedule of geographical concentration of risks [Line Items]
Gross written premiums	$ 36,278	$ 27,228	$ 26,554
Concentration Percentage	6%	5%	6%

Risk Management (Details) - S_2

Risk Management (Details) - Schedule of line of business concentration of risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 581,847	$ 545,582	$ 467,273
Professional Lines [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 191,287	$ 190,038	$ 157,487
Concentration Percentage	33%	35%	34%
Financial Institutions [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 28,648	$ 36,176	$ 39,442
Concentration Percentage	5%	6%	8%
Marine Liability [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 3,666	$ 3,339	$ 4,613
Concentration Percentage	1%	1%	1%
Inherent Defects Insurance [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 8,608	$ 9,978	$ 8,935
Concentration Percentage	1%	2%	2%
Energy [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 117,322	$ 104,015	$ 91,742
Concentration Percentage	20%	19%	19%
Property [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 88,074	$ 79,085	$ 69,912
Concentration Percentage	15%	14%	15%
Engineering [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 31,208	$ 31,137	$ 17,924
Concentration Percentage	5%	6%	4%
Aviation [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 21,872	$ 20,348	$ 23,002
Concentration Percentage	4%	4%	5%
Ports & Terminals [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 27,263	$ 29,600	$ 25,875
Concentration Percentage	5%	5%	6%
Political Violence [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 11,461	$ 9,263	$ 8,271
Concentration Percentage	2%	2%	2%
Marine Cargo [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 10,533	$ 5,091	$ 752
Concentration Percentage	2%	1%
Contingency [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 10,925	$ 3,498
Concentration Percentage	2%	1%
Reinsurance [Member]
Risk Management (Details) - Schedule of line of business concentration of risk [Line Items]
Gross written premiums	$ 30,980	$ 24,014	$ 19,318
Concentration Percentage	5%	4%	4%

Risk Management (Details) - S_3

Risk Management (Details) - Schedule of sensitivities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
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	$ 47,955	$ 41,368
Impact of decrease on gross outstanding claims	(47,955)	(41,368)
Impact of increase on net outstanding claims	33,647	30,063
Impact of decrease on net outstanding claims	(33,645)	(30,061)
Impact of increase on profit before tax	(33,647)	(30,063)
Impact of decrease on profit before tax	$ 33,645	$ 30,061
5.0% [Member]
Risk Management (Details) - Schedule of sensitivities [Line Items]
Gross Loss Sensitivity Factor	5%	5%
Impact of increase on gross outstanding claims	$ 31,970	$ 27,579
Impact of decrease on gross outstanding claims	(31,970)	(27,579)
Impact of increase on net outstanding claims	22,432	20,043
Impact of decrease on net outstanding claims	(22,430)	(20,040)
Impact of increase on profit before tax	(22,432)	(20,043)
Impact of decrease on profit before tax	$ 22,430	$ 20,040

Risk Management (Details) - S_4

Risk Management (Details) - Schedule of maturities of the major classes of financial assets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Risk Management (Details) - Schedule of maturities of the major classes of financial assets [Line Items]
Financial assets at FVTPL	$ 25,438	$ 28,539
Financial assets at FVOCI	507,290	439,212
Financial assets at amortized cost	1,994	2,471
Cash and term deposits	434,969	422,112
Total financial assets	969,691	892,334
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	73,591	43,978
Financial assets at amortized cost	1,994	2,471
Cash and term deposits	387,834	368,024
Total financial assets	463,419	414,473
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	356,179	261,293
Financial assets at amortized cost
Cash and term deposits	47,135	54,088
Total financial assets	403,314	315,381
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	59,311	113,174
Financial assets at amortized cost
Cash and term deposits
Total financial assets	59,311	113,174
Non-interest-bearing items [Member]
Risk Management (Details) - Schedule of maturities of the major classes of financial assets [Line Items]
Financial assets at FVTPL	25,438	28,539
Financial assets at FVOCI	18,209	20,767
Financial assets at amortized cost
Cash and term deposits
Total financial assets	$ 43,647	$ 49,306

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	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
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	$ (4,215)	$ (3,186)
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	$ (2,108)	$ (1,593)

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, 2022	Dec. 31, 2021
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
Effect on profit/Equity before tax for the year	$ 146	$ 606
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
Effect on profit/Equity before tax for the year	$ (4,079)	$ (5,567)

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, 2022	Dec. 31, 2021
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	$ 489,081	$ 418,445
Financial assets at amortized cost	1,994	2,471
Insurance receivables	184,847	179,345
Reinsurance share of outstanding claims	188,823	182,248
Deferred excess of loss premiums	19,671	17,238
Cash and cash equivalents	137,943	242,146
Term deposits	297,026	179,966
Total	1,319,385	1,221,859
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	486,574	418,240
Financial assets at amortized cost
Insurance receivables
Reinsurance share of outstanding claims	188,391	181,379
Deferred excess of loss premiums
Cash and cash equivalents	99,538	220,095
Term deposits	263,381	130,860
Total	1,037,884	950,574
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	2,507	205
Financial assets at amortized cost	1,994	1,979
Insurance receivables	116,319	113,294
Reinsurance share of outstanding claims	432	869
Deferred excess of loss premiums	19,671	17,238
Cash and cash equivalents	38,405	22,051
Term deposits	33,645	49,106
Total	212,973	204,742
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
Insurance receivables	68,528	66,051
Reinsurance share of outstanding claims
Deferred excess of loss premiums
Cash and cash equivalents
Term deposits
Total	$ 68,528	$ 66,543

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, 2022	Dec. 31, 2021
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	$ 489,081	$ 418,445
Unquoted bonds	1,994	2,471
Total	491,075	420,916
AAA [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	4,628	3,363
Unquoted bonds
Total	4,628	3,363
AA [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	45,513	20,803
Unquoted bonds
Total	45,513	20,803
A [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	289,431	220,258
Unquoted bonds
Total	289,431	220,258
BBB [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	147,002	166,789
Unquoted bonds
Total	147,002	166,789
BB [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	203	7,027
Unquoted bonds
Total	203	7,027
Not rated [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds	2,304
Unquoted bonds	1,994	2,471
Total	$ 4,298	2,471
B [Member]
Risk Management (Details) - Schedule of distribution of bonds and debt securities with fixed interest rate [Line Items]
Bonds		205
Unquoted bonds
Total		$ 205

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, 2022	Dec. 31, 2021
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	$ 491,075	$ 420,916
Australia [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	9,723	9,632
Bahrain [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	4,008	4,618
Belgium [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	956	1,112
Bermuda [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	1,998	2,301
Canada [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	11,563	8,384
Chile [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	461
China [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	48,300	51,664
Finland [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	3,568	2,951
France [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	24,001	11,266
Germany [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	17,146	17,483
Hong Kong [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	3,200
India [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	2,870	3,206
Italy [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	1,943
Japan [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	12,566	11,951
Jordan [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	2,923	2,471
KSA [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	14,528	15,042
Kuwait [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	1,763	3,464
Malaysia [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	6,415	6,574
Mexico [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	1,576	2,326
Netherlands [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	7,475	5,051
Norway [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	1,927
Qatar [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	42,474	47,700
Singapore [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	8,601	3,069
South Korea [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	11,554	7,635
Spain [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	6,240	1,377
Sweden [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	3,574	2,528
Switzerland [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	9,763	5,063
Taiwan [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	2,415	2,991
UAE [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	31,429	18,388
UK [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	50,697	51,049
USA [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt	$ 145,418	113,308
Luxembourg [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt		687
Oman [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt		1,122
Russia [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt		1,948
Virgin Islands (British) [Member]
Risk Management (Details) - Schedule of geographical distribution of bonds and debt securities with fixed interest rate [Line Items]
Total bonds and debt		$ 4,555

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, 2022	Dec. 31, 2021
Amman Stock Exchange [Member]
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 [Line Items]
Change in equity price	+5%	+5%
Effect on profit before tax for the year	$ 40	$ 40
Effect on equity	$ 40	$ 40
Saudi Stock Exchange [Member]
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 [Line Items]
Change in equity price	+5%	+5%
Effect on profit before tax for the year
Effect on equity	$ 389	$ 511
Qatar Stock Exchange [Member]
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 [Line Items]
Change in equity price	+5%	+5%
Effect on profit before tax for the year	$ 46	$ 23
Effect on equity	$ 46	$ 23
Abu Dhabi Security Exchange [Member]
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 [Line Items]
Change in equity price	+5%	+5%
Effect on profit before tax for the year	$ 70	$ 76
Effect on equity	$ 70	$ 76
New York Stock Exchange [Member]
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 [Line Items]
Change in equity price	+5%	+5%
Effect on profit before tax for the year	$ 131	$ 175
Effect on equity	$ 166	$ 202
Kuwait Stock Exchange [Member]
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 [Line Items]
Change in equity price	+5%	+5%
Effect on profit before tax for the year
Effect on equity	$ 7	$ 9
London Stock Exchange [Member]
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 [Line Items]
Change in equity price	+5%	+5%
Effect on profit before tax for the year	$ 322	$ 330
Effect on equity	$ 367	$ 382
Other quoted [Member]
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 [Line Items]
Change in equity price	+5%	+5%
Effect on profit before tax for the year	$ 52	$ 782
Effect on equity	$ 118	$ 871

Risk Management (Details) - _11

Risk Management (Details) - Schedule of maturity profile of the Group's financial liabilities - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Risk Management (Details) - Schedule of maturity profile of the Group's financial liabilities [Line Items]
Gross outstanding claims		$ 634,570	$ 575,899
Gross unearned premiums		354,032	328,726
Insurance payables		86,812	89,519
Other liabilities		29,238	29,428
Derivative financial liability	[1]	10,005	12,938
Unearned commissions		16,808	13,725
Total liabilities		1,131,465	1,050,235
Less than one year [Member]
Risk Management (Details) - Schedule of maturity profile of the Group's financial liabilities [Line Items]
Gross outstanding claims		268,356	210,691
Gross unearned premiums		268,010	251,691
Insurance payables		81,812	84,519
Other liabilities		27,057	26,357
Derivative financial liability	[1]
Unearned commissions		15,927	12,285
Total liabilities		661,162	585,543
More than one year [Member]
Risk Management (Details) - Schedule of maturity profile of the Group's financial liabilities [Line Items]
Gross outstanding claims		366,214	365,208
Gross unearned premiums		86,022	77,035
Insurance payables		5,000	5,000
Other liabilities		2,181	3,071
Derivative financial liability	[1]	10,005	12,938
Unearned commissions		881	1,440
Total liabilities		$ 470,303	$ 464,692
[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, 2022	Dec. 31, 2021
Less than one year [Member]
ASSETS
Cash and cash equivalents	$ 122,143	$ 231,746
Term deposits	265,691	136,278
Insurance receivables	179,229	171,132
Investments	75,585	44,470
Investments in associates
Reinsurance share of outstanding claims	91,520	71,199
Reinsurance share of unearned premiums	67,772	59,235
Deferred excess of loss premiums	19,671	17,206
Deferred policy acquisition costs	45,961	43,785
Deferred tax assets	419	45
Other assets	14,325	9,942
Investment properties
Property, premises and equipment
Intangible assets
TOTAL ASSETS	882,316	785,038
LIABILITIES
Gross outstanding claims	268,356	210,691
Gross unearned premiums	268,010	251,691
Insurance payables	81,812	84,519
Other liabilities	27,008	26,287
Derivative financial liability
Deferred tax liabilities
Unearned commissions	15,927	12,285
TOTAL LIABILITIES	661,113	585,473
EQUITY
Common shares at par value
Share premium
Treasury shares
Foreign currency translation reserve
Fair value reserve
Retained earnings
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY	661,113	585,473
More than one year [Member]
ASSETS
Cash and cash equivalents	15,800	10,400
Term deposits	31,335	43,688
Insurance receivables	5,618	8,213
Investments	415,490	376,446
Investments in associates
Reinsurance share of outstanding claims	97,303	111,049
Reinsurance share of unearned premiums	2,747	4,889
Deferred excess of loss premiums		32
Deferred policy acquisition costs	23,431	21,057
Deferred tax assets	5,237	426
Other assets
Investment properties
Property, premises and equipment	13,448	14,859
Intangible assets	3,556	4,321
TOTAL ASSETS	613,965	595,380
LIABILITIES
Gross outstanding claims	366,214	365,208
Gross unearned premiums	86,022	77,035
Insurance payables	5,000	5,000
Other liabilities	2,088	2,752
Derivative financial liability	10,005	12,938
Deferred tax liabilities		14
Unearned commissions	881	1,440
TOTAL LIABILITIES	470,210	464,387
EQUITY
Common shares at par value
Share premium
Treasury shares
Foreign currency translation reserve
Fair value reserve
Retained earnings
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY	470,210	464,387
No term [Member]
ASSETS
Cash and cash equivalents
Term deposits
Insurance receivables
Investments	43,647	49,306
Investments in associates	6,049	5,693
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	15,119	16,308
Property, premises and equipment
Intangible assets
TOTAL ASSETS	64,815	71,307
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	490	489
Share premium	159,918	159,545
Treasury shares	(14)
Foreign currency translation reserve	1,083	992
Fair value reserve	(38,979)	8,215
Retained earnings	307,275	232,624
TOTAL EQUITY	429,773	401,865
TOTAL LIABILITIES AND EQUITY	429,773	401,865
Total Maturity [Member]
ASSETS
Cash and cash equivalents	137,943	242,146
Term deposits	297,026	179,966
Insurance receivables	184,847	179,345
Investments	534,722	470,222
Investments in associates	6,049	5,693
Reinsurance share of outstanding claims	188,823	182,248
Reinsurance share of unearned premiums	70,519	64,124
Deferred excess of loss premiums	19,671	17,238
Deferred policy acquisition costs	69,392	64,842
Deferred tax assets	5,656	471
Other assets	14,325	9,942
Investment properties	15,119	16,308
Property, premises and equipment	13,448	14,859
Intangible assets	3,556	4,321
TOTAL ASSETS	1,561,096	1,451,725
LIABILITIES
Gross outstanding claims	634,570	575,899
Gross unearned premiums	354,032	328,726
Insurance payables	86,812	89,519
Other liabilities	29,096	29,039
Derivative financial liability	10,005	12,938
Deferred tax liabilities		14
Unearned commissions	16,808	13,725
TOTAL LIABILITIES	1,131,323	1,049,860
EQUITY
Common shares at par value	490	489
Share premium	159,918	159,545
Treasury shares	(14)
Foreign currency translation reserve	1,083	992
Fair value reserve	(38,979)	8,215
Retained earnings	307,275	232,624
TOTAL EQUITY	429,773	401,865
TOTAL LIABILITIES AND EQUITY	$ 1,561,096	$ 1,451,725

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, 2022	Dec. 31, 2021
Level 1 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value		$ 125,012
Level 2 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value		400,352
Liabilities measured at fair value:
Derivative financial liability		10,005	$ 12,938
Fair value of Level 3 financial assets [Member]
Assets measured at fair value:
Fair value		22,483
Liabilities measured at fair value:
Derivative financial liability
Total [Member]
Assets measured at fair value:
Fair value		547,847
Liabilities measured at fair value:
Derivative financial liability		10,005	12,938
FVTPL [Member] | Level 1 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value		13,201	14,162
FVTPL [Member] | Level 2 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value		12,237	14,377
FVTPL [Member] | Fair value of Level 3 financial assets [Member]
Assets measured at fair value:
Fair value
FVTPL [Member] | Total [Member]
Assets measured at fair value:
Fair value		25,438	28,539
Quoted equities at FVOCI [Member] | Level 1 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value		10,845	13,721
Quoted equities at FVOCI [Member] | Level 2 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value
Quoted equities at FVOCI [Member] | Fair value of Level 3 financial assets [Member]
Assets measured at fair value:
Fair value
Quoted equities at FVOCI [Member] | Total [Member]
Assets measured at fair value:
Fair value		10,845	13,721
Quoted bonds at FVOCI [Member] | Level 1 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value		100,966	356,141
Quoted bonds at FVOCI [Member] | Level 2 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value		388,115	62,304
Quoted bonds at FVOCI [Member] | Fair value of Level 3 financial assets [Member]
Assets measured at fair value:
Fair value
Quoted bonds at FVOCI [Member] | Total [Member]
Assets measured at fair value:
Fair value		489,081	418,445
Unquoted equities at FVOCI [Member] | Level 1 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value	[1]
Unquoted equities at FVOCI [Member] | Level 2 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value	[1]
Unquoted equities at FVOCI [Member] | Fair value of Level 3 financial assets [Member]
Assets measured at fair value:
Fair value	[1]	7,364	7,046
Unquoted equities at FVOCI [Member] | Total [Member]
Assets measured at fair value:
Fair value	[1]	7,364	7,046
Investment properties [Member] | Level 1 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value
Investment properties [Member] | Level 2 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value
Investment properties [Member] | Fair value of Level 3 financial assets [Member]
Assets measured at fair value:
Fair value		15,119	16,308
Investment properties [Member] | Total [Member]
Assets measured at fair value:
Fair value		$ 15,119	16,308
Assets measured at fair value [Member] | Level 1 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value			384,024
Assets measured at fair value [Member] | Level 2 of fair value hierarchy [Member]
Assets measured at fair value:
Fair value			76,681
Assets measured at fair value [Member] | Fair value of Level 3 financial assets [Member]
Assets measured at fair value:
Fair value			23,354
Assets measured at fair value [Member] | Total [Member]
Assets measured at fair value:
Fair value			$ 484,059
[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, 2022	Dec. 31, 2021
Risk Management (Details) - Schedule of hierarchy for determining and disclosing the fair value [Line Items]
Balance at the beginning of the year	$ 7,046	$ 6,748
Total gains recognized in OCI	318	298
Balance at the end of the year	$ 7,364	$ 7,046

Earnings Per Share (Details)

Earnings Per Share (Details)	12 Months Ended
	Dec. 31, 2022
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 (see 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of basic and diluted EPS [Abstract]
Profit for the year (USD ’000)	$ 85,465	$ 43,696	$ 27,251
Less: profit attributable to the Earnout Shares (USD ’000)	5,256	2,693	1,690
Less: profit attributable to the Restricted Shares Awards (USD ’000)	1,164	355	75
Net profit available to common shareholders (USD ’000)	$ 79,045	$ 40,648	$ 25,486
Weighted average number of shares – basic and diluted (in Shares)	45,546,272	45,470,961	43,047,915
Basic and diluted earnings per share (USD) (in Dollars per share)	$ 1.74	$ 0.89	$ 0.59

Earnings Per Share (Details) _2

Earnings Per Share (Details) - Schedule of basic and diluted EPS (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of basic and diluted EPS [Abstract]
Weighted average number of shares – diluted	45,546,272	45,470,961	43,047,915
Diluted earnings per share (USD)	$ 1.74	$ 0.89	$ 0.59

Segment Information (Details) -

Segment Information (Details) - Schedule of consolidated operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Underwriting revenues
Gross written premiums	$ 581,847	$ 545,582	$ 467,273
Reinsurer’s share of insurance premiums	(186,483)	(162,973)	(128,863)
Net written premiums	395,364	382,609	338,410
Net change in unearned premiums	(18,911)	(37,411)	(54,894)
Net premiums earned	376,453	345,198	283,516
Underwriting deductions
Net policy acquisition expenses	(70,245)	(63,166)	(54,490)
Net claims and claim adjustment expenses	(157,700)	(176,192)	(151,672)
Net underwriting results	148,508	105,840	77,354
General and administrative expenses	(67,453)	(58,946)	(46,923)
Net investment income	16,364	16,034	9,967
Share of profit (loss) from associates	209	(7,248)	(1,479)
Impairment loss on insurance receivables	(3,154)	(5,181)	(2,861)
Other revenues	2,286	1,844	372
Other expenses	(2,828)	(2,693)	(1,892)
Listing related expenses			(3,366)
Change in fair value of derivative financial liability	2,933	690	(4,418)
Gain (loss) on foreign exchange	(9,138)	(4,897)	2,572
Profit (loss) before tax	87,727	45,443	29,326
Income tax	(2,262)	(1,747)	(2,075)
Profit for the year	85,465	43,696	27,251
Specialty Long Tail [Member]
Underwriting revenues
Gross written premiums	232,209	239,531	210,477
Reinsurer’s share of insurance premiums	(64,115)	(61,808)	(37,182)
Net written premiums	168,094	177,723	173,295
Net change in unearned premiums	(685)	(10,209)	(31,880)
Net premiums earned	167,409	167,514	141,415
Underwriting deductions
Net policy acquisition expenses	(33,103)	(30,498)	(27,079)
Net claims and claim adjustment expenses	(50,599)	(86,196)	(88,776)
Net underwriting results	83,707	50,820	25,560
General and administrative expenses
Net investment income
Share of profit (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	83,707	50,820	25,560
Income tax
Profit for the year	83,707	50,820	25,560
Specialty Short tail [Member]
Underwriting revenues
Gross written premiums	318,658	282,037	237,478
Reinsurer’s share of insurance premiums	(122,368)	(101,165)	(91,681)
Net written premiums	196,290	180,872	145,797
Net change in unearned premiums	(17,503)	(26,865)	(22,588)
Net premiums earned	178,787	154,007	123,209
Underwriting deductions
Net policy acquisition expenses	(31,555)	(28,766)	(24,316)
Net claims and claim adjustment expenses	(89,994)	(72,599)	(56,614)
Net underwriting results	57,238	52,642	42,279
General and administrative expenses
Net investment income
Share of profit (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	57,238	52,642	42,279
Income tax
Profit for the year	57,238	52,642	42,279
Reinsurance [Member]
Underwriting revenues
Gross written premiums	30,980	24,014	19,318
Reinsurer’s share of insurance premiums
Net written premiums	30,980	24,014	19,318
Net change in unearned premiums	(723)	(337)	(426)
Net premiums earned	30,257	23,677	18,892
Underwriting deductions
Net policy acquisition expenses	(5,587)	(3,902)	(3,095)
Net claims and claim adjustment expenses	(17,107)	(17,397)	(6,282)
Net underwriting results	7,563	2,378	9,515
General and administrative expenses
Net investment income
Share of profit (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	7,563	2,378	9,515
Income tax
Profit for the year	7,563	2,378	9,515
Sub Total [Member]
Underwriting revenues
Gross written premiums	581,847	545,582	467,273
Reinsurer’s share of insurance premiums	(186,483)	(162,973)	(128,863)
Net written premiums	395,364	382,609	338,410
Net change in unearned premiums	(18,911)	(37,411)	(54,894)
Net premiums earned	376,453	345,198	283,516
Underwriting deductions
Net policy acquisition expenses	(70,245)	(63,166)	(54,490)
Net claims and claim adjustment expenses	(157,700)	(176,192)	(151,672)
Net underwriting results	148,508	105,840	77,354
General and administrative expenses
Net investment income
Share of profit (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	148,508	105,840	77,354
Income tax
Profit for the year	148,508	105,840	77,354
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	(67,453)	(58,946)	(46,923)
Net investment income	16,364	16,034	9,967
Share of profit (loss) from associates	209	(7,248)	(1,479)
Impairment loss on insurance receivables	(3,154)	(5,181)	(2,861)
Other revenues	2,286	1,844	372
Other expenses	(2,828)	(2,693)	(1,892)
Listing related expenses			(3,366)
Change in fair value of derivative financial liability	2,933	690	(4,418)
Gain (loss) on foreign exchange	(9,138)	(4,897)	2,572
Profit (loss) before tax	(60,781)	(60,397)	(48,028)
Income tax	(2,262)	(1,747)	(2,075)
Profit for the year	$ (63,043)	$ (62,144)	$ (50,103)

Segment Information (Details)_2

Segment Information (Details) - Schedule of non-current operating assets information by geography - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	$ 32,123	$ 35,488
Middle East [Member]
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	29,334	32,165
North Africa [Member]
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	203	301
UK [Member]
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	2,470	2,968
Asia [Member]
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	8	31
Europe [Member]
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	20	23
North America [Member]
Segment Information (Details) - Schedule of non-current operating assets information by geography [Line Items]
Non-current operating assets	$ 88

Share-Based Payments (Details)

Share-Based Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Share Based Payment Arrangements Text Block Abstract
Total earnout shares (in Shares)	357,105	233,744
Share-based payments expense	$ 2,754	$ 1,871	$ 450

Share-Based Payments (Details)

Share-Based Payments (Details) - Schedule of restricted shares - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Restricted Shares Abstract
Balance at beginning of the year	396,857	134,500
Restricted shares granted	428,377	312,190
Restricted shares vested	(146,386)	(44,833)
Restricted shares forfeited	(11,667)	(5,000)
Balance at end of the year	667,181	396,857

Share-Based Payments (Details_2

Share-Based Payments (Details) - Schedule of earnout shares - shares		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
7 October 2020 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	53,281	18,079
7 October 2020 grant [Member] | Grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Grant	7 October 2020 grant	7 October 2020 grant
7 October 2020 grant [Member] | Days from grant date [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Days from grant date	451 days	816 days
16 February 2021 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	105,738	49,643
16 February 2021 grant [Member] | Grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Grant	16 February 2021 grant	16 February 2021 grant
16 February 2021 grant [Member] | Days from grant date [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Days from grant date	319 days	684 days
31 March 2021 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	74,725	41,285
31 March 2021 grant [Member] | Grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Grant	31 March 2021 grant	31 March 2021 grant
31 March 2021 grant [Member] | Days from grant date [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Days from grant date	276 days	641 days
9 February 2022 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares		163,107
9 February 2022 grant [Member] | Grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Grant		9 February 2022 grant
9 February 2022 grant [Member] | Days from grant date [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Days from grant date		326 days
24 March 2022 grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares		84,991
24 March 2022 grant [Member] | Grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Grant		24 March 2022 grant
24 March 2022 grant [Member] | Days from grant date [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Days from grant date		283 days
Total [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	233,744	357,105
Total [Member] | Grant [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Grant	Total	Total
Tranche 2 [Member] | 7 October 2020 grant [Member] | Earn out shares from second vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	33,635	(1,926)
Tranche 2 [Member] | 16 February 2021 grant [Member] | Earn out shares from second vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	27,901	29,601
Tranche 2 [Member] | 31 March 2021 grant [Member] | Earn out shares from second vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	18,914	25,013
Tranche 2 [Member] | 9 February 2022 grant [Member] | Earn out shares from second vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares		43,602
Tranche 2 [Member] | 24 March 2022 grant [Member] | Earn out shares from second vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares		21,679
Tranche 2 [Member] | Total [Member] | Earn out shares from second vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	80,450	117,969
Tranche 3 [Member] | 7 October 2020 grant [Member] | Earn out shares from third vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	18,627	20,005
Tranche 3 [Member] | 16 February 2021 grant [Member] | Earn out shares from third vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	18,211	19,668
Tranche 3 [Member] | 31 March 2021 grant [Member] | Earn out shares from third vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	12,065	15,955
Tranche 3 [Member] | 9 February 2022 grant [Member] | Earn out shares from third vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares		29,051
Tranche 3 [Member] | 24 March 2022 grant [Member] | Earn out shares from third vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares		13,869
Tranche 3 [Member] | Total [Member] | Earn out shares from third vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	48,903	98,548
Tranche 1 [Member] | 7 October 2020 grant [Member] | Earn out shares from first vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	1,019
Tranche 1 [Member] | 16 February 2021 grant [Member] | Earn out shares from first vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	59,626	374
Tranche 1 [Member] | 31 March 2021 grant [Member] | Earn out shares from first vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	43,746	317
Tranche 1 [Member] | 9 February 2022 grant [Member] | Earn out shares from first vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares		90,454
Tranche 1 [Member] | 24 March 2022 grant [Member] | Earn out shares from first vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares		49,443
Tranche 1 [Member] | Total [Member] | Earn out shares from first vesting [Member]
Share-Based Payments (Details) - Schedule of earnout shares [Line Items]
Earnout shares	104,391	140,588

Business Combination (Details)

Business Combination (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 17, 2020	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2019
Business Combination (Details) [Line Items]
Business Combination transaction cost	$ 80,000
Business combination, description		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 combinations (in Shares)		1,120,000
Business combination of warrants, description	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 (see note 17).
Share capital amount		$ 429,773	$ 381,011	$ 401,865	$ 312,143
Percentage of ownership interest		100%
Incurred listing expenses amount			$ 3,366
IGI [Member]
Business Combination (Details) [Line Items]
Purchase price shares under business combination (in Shares)		1,170,348
Business Combinations [Member]
Business Combination (Details) [Line Items]
Share capital amount		$ 143,376
Business Combinations [Member] | Additional Paid In Capital [Member]
Business Combination (Details) [Line Items]
Share capital amount		2,773
Treasury shares [member]
Business Combination (Details) [Line Items]
Share capital amount		$ 20,103

Business Combination (Details)

Business Combination (Details) - Schedule of common shares issued in Business combination $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) 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 | $	$ 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, 2020 USD ($) $ / shares shares
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, 2022 USD ($)
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, 2022 $ / shares shares
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 value of Consideration and net assets acquired $ in Thousands	Dec. 31, 2022 USD ($)
Schedule Of Value Of Consideration And Net Assets Acquired 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, 2022 USD ($)
Acquisition Of A Subsidiary text Block [Abstract]
Voting shares percentage	100%
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 of identifiable assets and liabilities $ in Thousands	Dec. 31, 2022 USD ($)
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
Purchase consideration transferred
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, 2021 USD ($)
Acquisition of a Subsidiary (Details) - Schedule of goodwill [Line Items]
Balance at the beginning of the year
Goodwill arising from acquisition of a subsidiary	41
Impairment loss (see note 22)	(41)
Balance at the end of the year
Goodwill [Member]
Acquisition of a Subsidiary (Details) - Schedule of goodwill [Line Items]
Balance at the beginning of the year
Goodwill arising from acquisition of a subsidiary	41
Impairment loss (see note 22)	(41)
Balance at the end of the year

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] $ / shares in Units, $ in Thousands	1 Months Ended
	Jan. 31, 2023 USD ($) $ / shares shares
Subsequent Events (Details) [Line Items]
Repurchased ommon shares | shares	2,271,775
Per share | $ / shares	$ 8.6
Total cost | $	$ 19,537