IGIC International General Insurance Holdings Ltd

Exhibit 99.2

 

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Unless the context otherwise requires or indicates, references to “we,” “us,” “our,” “IGI,” the “Group,” and the “Company” refer to International General Insurance Holdings Ltd., a Bermuda exempted company, and its consolidated subsidiaries. This “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the recent unaudited interim condensed consolidated financial statements of the Company as at and for the half-year ended June 30, 2023, the press release on Form 6-K dated August 15, 2023 containing the half year 2023 condensed unaudited financial results, in addition to the audited consolidated financial statements of the Company for the year ended December 31, 2022 and Item 5 “Operating and financial Review and Prospects” reported by the Company in its Annual Report filed with the SEC.

 

The financial information contained herein is taken or derived from such consolidated financial statements, unless otherwise indicated.

 

OVERVIEW

 

See Note 1 to the unaudited condensed consolidated financial statements of the Company and the Introduction section of Item 5 of the 2022 Annual Report on Form 20-F for an overview of the Company.

 

RESULTS OF OPERATIONS

 

The following section reviews IGI’s results of operations during the six months ended June 30, 2023 and 2022. The discussion includes presentations of IGI’s results on a consolidated basis and on a segment-by-segment basis. As of January 1, 2023, IGI reports its consolidated financial results in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Prior to January 1, 2023, IGI’s financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the International Accounting Standards Board. Accordingly, the financial information, including results of operations, as at and for the six months ended June 30, 2022, which were previously prepared in accordance with IFRS, are presented herein in accordance with U.S. GAAP. The change from IFRS to U.S. GAAP resulted in total shareholders’ equity at December 31, 2022 decreasing from $429.8 million under IFRS to $411.0 million under U.S. GAAP primarily due to earnout shares previously classified as equity under IFRS now reported as a liability at fair value under U.S. GAAP with changes in fair value recognized in the income statement.

 

Results of Operations — Consolidated

 

The following summarizes IGI’s results of operations for the six month periods ended June 30, 2023 and 2022 which should be read in conjunction with the Company’s unaudited interim condensed consolidated statements of income and comprehensive income and notes thereto for the six months ended June 30, 2023 and 2022 included separately within this Form 6-K.

 

		Six months ended June 30,
		2023				2022
		($) in millions
Gross written premiums		$	373.5			$	307.1
Ceded written premiums			(81.4	)			(85.0	)
Net written premiums		$	292.1			$	222.1
Net change in unearned premiums			(68.7	)			(38.7	)
Net premiums earned		$	223.4			$	183.4
Investment income			18.4				8.6
Net unrealized gain (loss) on investments			7.9				(7.2	)
Change in allowance for credit losses on investments			0.4				(0.7	)
Net investment income			26.7				0.7
Change in fair value of derivative financial liabilities			(3.4	)			5.3
Other revenues			1.1				1.2
Total revenues			247.8				190.6
Expenses
Net loss and loss adjustment expenses			(93.7	)			(67.0	)
Net policy acquisition expenses			(39.7	)			(34.4	)
General and administrative expenses			(35.8	)			(33.3	)
Change in allowance for credit losses on financial assets			(0.9	)			(2.2	)
Other expenses			(1.6	)			(2.0	)
Net foreign exchange gain (loss)			3.1				(6.8	)
Total expenses			(168.6	)			(145.7	)
Income before tax		$	79.2			$	44.9
Income tax expense			(4.8	)			(0.7	)
Net income for the period			74.4				44.2
Basic earnings per share attributable to equity holders			1.60				0.92
Diluted earnings per share attributable to equity holders			1.59				0.92

 

 

Six months ended June 30, 2023 compared to six months ended June 30, 2022 (Consolidated)

 

Net income for the period

 

Net income for the period increased from $44.2 million in the six months ended June 30, 2022 to $74.4 million in the six months ended June 30, 2023. The increase in net income was primarily driven by the increase of $40.0 million in net premiums earned, and positive movement of $26.0 million in net investment income, partially offset by increased net loss and loss adjustment expenses, net policy acquisition expenses and general and administrative expenses, as discussed further below.

 

Gross written premiums

 

Gross written premiums increased 21.6% from $307.1 million in the six months ended June 30, 2022 to $373.5 million in the six months ended June 30, 2023. This was primarily due to 20.5% growth (or $37.1 million) in the specialty short-tail segment, 135.8% growth (or $29.2 million) in the reinsurance segment, and 0.1% growth (or $0.1 million) in the specialty long-tail segment. The increase in gross written premiums was the result of new business generated across most of the lines in our short-tail segment and our reinsurance segment, supported by the increase in overall premium renewal rates in these segments and benefitting from sustained hard market conditions in many of our reinsurance and short-tail lines.

 

Ceded written premiums

 

Ceded written premiums decreased 4.2% from $85.0 million in the six months ended June 30, 2022 to $81.4 million in the six months ended June 30, 2023. The decrease in ceded written premiums was mainly due to a 16.7% decrease in facultative reinsurance purchases within the short-tail segment.

 

Net change in unearned premiums

 

Net change in unearned premiums increased 77.5% from $38.7 million in the six months ended June 30, 2022 to $68.7 million in the six months ended June 30, 2023. The increase in net change in unearned premiums was attributable to the increase in net written premiums in our short-tail segment and our reinsurance segment, with a majority of the increase contributed by new insurance policies incepted in the second quarter of 2023.

 

 

Net premiums earned

 

As a result of the foregoing, net premiums earned increased 21.8% from $183.4 million in the six months ended June 30, 2022 to $223.4 million in the six months ended June 30, 2023.

 

Net investment income

 

Net investment income increased from $0.7 million in the six months ended June 30, 2022 to $26.7 million in the six months ended June 30, 2023 as a result of the following:

 

Investment income

 

Investment income (comprised of interest and dividend income, net of investment custodian fees and other investment expenses) increased 114.0% from $8.6 million in the six months ended June 30, 2022 to $18.4 million in the six months ended June 30, 2023. This was primarily due to a $9.7 million increase in interest income which was attributable to the rise in interest rates compared to the same period of 2022 along with a greater amount of funds invested in fixed maturity securities and bank term deposits. 

  

Net unrealized gain (loss) on investments

 

Net unrealized gain (loss) on investments reflects a net gain of $7.9 million in the six months ended June 30, 2023 compared to a net loss of $7.2 million in the six months ended June 30, 2022. This change was primarily due to a mark to market revaluation gain recorded on financial assets at fair value through profit and loss during the six months ended June 30, 2023 compared to an unrealized loss in the six months ended June 30, 2022.

 

Change in fair value of derivative financial liabilities 

 

Change in fair value of derivative financial liabilities decreased from a gain of $5.3 million in the six months ended June 30, 2022 to a loss of $3.4 million in the six months ended June 30, 2023. The loss of $3.4 million was a result of the increase in the total fair value of the Company’s warrants and earnout shares from $23.8 million at December 31, 2022 to $27.2 million. See Notes 5 and 6 to the Interim Condensed Consolidated Financial Statements for further details.

 

Net loss and loss adjustment expenses

 

Net loss and loss adjustment expenses represent claims occurring during the period, adjusted either upward or downward based on the prior period’s adverse (or favorable) development in claims, as follows:

 

		Six months ended June 30,
		2023				2022
		($) in millions
Net loss occurring during the current period			121.2				90.1
Prior years favorable development			(27.5	)			(23.1	)
Net loss and loss adjustment expenses for current year			93.7				67.0

 

Net loss and loss adjustment expenses increased 39.9% from $67.0 million in the six months ended June 30, 2022 to $93.7 million in the six months ended June 30, 2023. This was primarily due to the increase in current accident year losses in our short-tail and reinsurance segments in the six months ended June 30, 2023 compared to the six months ended June 30, 2022, which also included a higher level of catastrophe losses within these two segments. The increase in current accident year losses was partially offset by higher favorable development on loss reserves from prior accident years within these two segments.

 

 

IGI’s loss ratio, derived by dividing Net premiums earned by Net loss and loss adjustment expenses, increased by 5.4 percentage points from 36.5% for the six months ended June 30, 2022 to 41.9% for the six months ended June 30, 2023. This increase was primarily driven by an increased level of losses during the first six months of 2023, partially offset by proportionately higher net premiums earned in the first six months of 2023, when compared to the comparable period in 2022.

 

The tables below outline incurred losses on catastrophe events in the six months ended June 30, 2023 and 2022.

 

		For the six months ended June 30, 2023
($) in millions		Gross Incurred Amount				Net Incurred Amount
Catastrophe Event
Turkey Earthquake		$	9.7			$	8.5
Cyclone Gabrielle			4.2				3.0
Oman Flood			0.4				0.4
Other			1.6				1.5
Provided during the year related to prior accident years			2.1				(2.3	)
Total		$	18.0			$	11.1

 

		For the six months ended June 30, 2022
($) in millions		Gross Incurred Amount				Net Incurred Amount
Catastrophe Event
Flooding in Australia		$	0.4			$	0.4
Flooding in Kuwait			0.3				0.3
Other			0.7				0.6
Provided during the year related to prior accident years			23.3				14.4
Total		$	24.7			$	15.7

 

Net policy acquisition expenses

 

Net policy acquisition expenses increased 15.4% from $34.4 million in the six months ended June 30, 2022 to $39.7 million in the six months ended June 30, 2023 in line with the growth in premiums written. The net policy acquisition expense ratio, derived by dividing Net premiums earned by Net policy acquisition expenses, for the six months ended June 30, 2022 was 18.8% compared to 17.8% for the six months ended June 30, 2023.

 

Change in allowance for credit losses on financial assets

 

Change in allowance for credit losses on financial assets decreased from $2.2 million in the six months ended June 30, 2022 to $0.9 million in the six months ended June 30, 2023. This decrease was mainly due to booking an allowance in the six months ended June 30, 2022 as a result of the economic sanctions imposed on Russia related to the invasion of Ukraine.

 

General and administrative expenses

 

General and administrative expenses increased by 7.5% from $33.3 million in the six months ended June 30, 2022 to $35.8 million in the six months ended June 30, 2023. This was primarily caused by increased employee-related costs, specifically higher salary costs due to new hires.

 

Net foreign exchange gain (loss)

 

Net foreign exchange gain (loss) amounted to a gain of $3.1 million in the six months ended June 30, 2023 compared to a loss of $6.8 million in the six months ended June 30, 2022. The six months ended June 30, 2023 saw a greater degree of positive currency movement in the Company’s major transactional currencies, primarily the Pound Sterling and the Euro, against the U.S. Dollar.

 

 

Results of Operations — Segments

 

The following segment results should be read in conjunction with the Company’s unaudited segment results for the six months ended June 30, 2023 and 2022 presented within the Supplementary Financial Information to the condensed consolidated financial statements for the half year to June 30, 2023 included within IGI’s August 15, 2023 press release.

 

Specialty Long-tail Segment

 

The following table summarizes the results of operations of IGI’s specialty long-tail segment for the six month periods ended June 30, 2023 and 2022:

 

		Six months ended June 30,
		2023				2022
		($) in millions
Gross written premiums		$	104.7			$	104.6
Ceded written premiums			(29.5	)			(29.2	)
Net written premiums		$	75.2			$	75.4
Net change in unearned premiums			7.0				6.3
Net premiums earned (a)		$	82.2			$	81.7
Net loss and loss adjustment expenses (b)			(37.4	)			(27.4	)
Net policy acquisition expenses (c)			(17.5	)			(16.9	)
Underwriting income		$	27.3			$	37.4
Loss ratio (b) / (a)			45.5	%			33.5	%
Net policy acquisition expense ratio (c) / (a)			21.3	%			20.7	%

 

Gross written premiums

 

Gross written premiums in the specialty long-tail segment were flat, growing from $104.6 million in the six months ended June 30, 2022 to $104.7 million in the six months ended June 30, 2023. This was primarily due to the average rate movement on renewal business remaining flat on a comparative basis for this segment with increases in certain lines of business offset by decreases in certain other lines of business within this segment.

 

Ceded written premiums

 

Ceded written premiums in the specialty long-tail segment were also almost flat in line with gross premiums written, resulting in an expense of $29.2 million in the six months ended June 30, 2022 compared to an expense of $29.5 million in the six months ended June 30, 2023.

 

Net change in unearned premiums

 

Net change in unearned premiums in the specialty long-tail segment increased by 11.1% from income of $6.3 million in the six months ended June 30, 2022 to income of $7.0 million in the six months ended June 30, 2023. The increase was primarily driven by our professional lines of business, which contributed to a majority of the unearned premiums release during the six months ended June 30, 2023 in respect of policies incepting in prior years and to a lesser extent in the financial institutions line of business corresponding to the decrease in net written premiums.

 

Net premiums earned

 

As a result of the foregoing, net premiums earned in the specialty long-tail segment increased 0.6% from $81.7 million in the six months ended June 30, 2022 to $82.2 million in the six months ended June 30, 2023.

 

 

Net loss and loss adjustment expenses

 

Net loss and loss adjustment expenses in the specialty long-tail segment increased by 36.5% from $27.4 million in the six months ended June 30, 2022 to $37.4 million in the six months ended June 30, 2023. This was primarily due to $12.5 million of lower favorable development on loss reserves from prior accident years in this segment, partially offset by a $2.5 million increase in current accident losses on a comparative basis.

  

The loss ratio in the long-tail segment were 33.5% and 45.5% in the six months ended June 30, 2022 and 2023, respectively. The increase in the ratio was mainly driven by a higher level of net loss and loss adjustment expenses and relatively flat net premiums earned on a comparative basis.

 

Net policy acquisition expenses

 

Net policy acquisition expenses in the specialty long-tail segment increased by 3.6% from $16.9 million in the six months ended June 30, 2022 to $17.5 million in the six months ended June 30, 2023.

 

Results of Operations — Specialty Short-tail Segment

 

The following table summarizes the results of operations of IGI’s specialty short-tail segment for the periods indicated:

 

		Six months ended June 30,
		2023				2022
		($) in millions
Gross written premiums		$	218.1			$	181.0
Ceded written premiums			(51.9	)			(55.8	)
Net written premiums		$	166.2			$	125.2
Change in unearned premiums			(53.4	)			(38.1	)
Net premiums earned (a)		$	112.8			$	87.1
Net loss and loss adjustment expenses (b)			(36.4	)			(31.1	)
Net policy acquisition expenses (c)			(17.3	)			(14.7	)
Underwriting income		$	59.1			$	41.3
Loss ratio (b) / (a)			32.3	%			35.7	%
Net policy acquisition expense ratio (c) / (a)			15.3	%			16.9	%

 

Gross written premiums

 

Gross written premiums in the specialty short-tail segment increased by 20.5% from $181.0 million in the six months ended June 30, 2022, to $218.1 million in the six months ended June 30, 2023. This was primarily due to the increase in average renewal premium rates of 9.6%. Most lines of business contributed to the growth in gross written premiums in this segment. The increase in gross written premiums was largely driven by greater renewal business in almost all lines of business within this segment, supported by positive favorable net rate movement on renewal business.

 

 

Ceded written premiums

 

Ceded written premiums in the specialty short-tail segment decreased by 7.0% from $55.8 million in the six months ended June 30, 2022 to $51.9 million in the six months ended June 30, 2023. This decrease was primarily due to lower facultative reinsurance purchases recorded.

 

Net change in unearned premiums

 

Net change in unearned premiums increased from expense of $38.1 million in the six months ended June 30, 2022 to expense of $53.4 million in the six months ended June 30, 2023. This increase was in line with the increase in net written premiums recorded in this segment on a comparative basis.

 

Net premiums earned

 

As a result of the foregoing, net premiums earned in the specialty short-tail segment increased by 29.5% from $87.1 million in the six months ended June 30, 2022 to $112.8 million in the six months ended June 30, 2023. 

 

Net loss and loss adjustment expenses

 

Net loss and loss adjustment expenses in the specialty short-tail segment increased by 17.0% from $31.1 million in the six months ended June 30, 2022, to $36.4 million in the six months ended June 30, 2023. This was primarily due to the increase in current accident year losses of $16.7 million within this segment on a comparative basis, which also included a higher level of catastrophe losses, mainly related to the flooding in New Zealand from Cyclone Gabrielle in 2023. The increase in current accident year losses was partially offset by $11.4 million of more favorable development on loss reserves from prior accident years in the six months ended June 30, 2023 compared to the six months ended June 30, 2022.

 

Despite the increase in net loss and loss adjustment expenses within this segment on a comparative basis, the loss ratio decreased by 3.4 percentage points to 32.3% during the six months ended June 30, 2023 as compared to 35.7% for the six months ended June 30, 2022 due to proportionately higher net premiums earned in the first six months of 2023, when compared to the comparable period in 2022.

 

Net policy acquisition expenses

 

Net policy acquisition expenses in the specialty short-tail segment increased by 17.7% from $14.7 million in the six months ended June 30, 2022 to $17.3 million in the six months ended June 30, 2023 in line with the growth in premiums written.

 

Results of Operations — Reinsurance Segment

 

The following table summarizes the results of operations of IGI’s reinsurance segment for the periods indicated:

 

		Six months ended June 30,
		2023				2022
		($) in millions
Gross written premiums		$	50.7			$	21.5
Ceded written premiums			-				-
Net written premiums		$	50.7			$	21.5
Change in unearned premiums			(22.3	)			(6.9	)
Net premiums earned (a)		$	28.4			$	14.6
Net loss and loss adjustment expenses (b)			(19.9	)			(8.5	)
Net policy acquisition expenses (c)			(4.9	)			(2.8	)
Underwriting income		$	3.6			$	3.3
Loss ratio (b) / (a)			70.1	%			58.2	%
Net policy acquisition expense ratio (c) / (a)			17.3	%			19.2	%

 

 

Gross written premiums

 

Gross written premiums in the reinsurance segment increased 135.8% from $21.5 million in the six months ended June 30, 2022 to $50.7 million in the six months ended June 30, 2023 benefitting from growth in both new business premiums and renewal premiums under proportional and non-proportional lines of business. Also, growth in gross written premiums was supported by the increase in average renewal premium rates of 27.4%. 

 

Net change in unearned premiums

 

Net change in unearned premiums in the reinsurance segment increased from expense of $6.9 million in the six months ended June 30, 2022 to expense of $22.3 million in the six months ended June 30, 2023. This increase was attributable to the increase in net written premiums in this segment, with the majority of the increase contributed by new insurance policies incepted in the first half of 2023.

 

Net premiums earned

 

As a result of the foregoing, net premiums earned in the reinsurance segment increased 94.5% from $14.6 million in the six months ended June 30, 2022 to $28.4 million in the six months ended June 30, 2023.

 

Net loss and loss adjustment expenses

 

Net loss and loss adjustment expenses in the reinsurance segment increased 134.1% from $8.5 million in the six months ended June 30, 2022 to $19.9 million in the six months ended June 30, 2023. This was primarily due to the increase in current year accident year losses by $16.9 million on a comparative basis, which also included a higher level of catastrophe losses, mainly related to the Turkey earthquake in 2023. The increase in current year losses was partially offset by $5.5 million of more favorable development on loss reserves from prior accident years in the six months ended June 30, 2023 compared to the six months ended June 30, 2022.

 

Net policy acquisition expenses

 

Net policy acquisition expenses in the reinsurance segment increased by 75.0% from $2.8 million in the six months ended June 30, 2022 to $4.9 million in the six months ended June 30, 2023 in line with the growth in premiums written.

 

Non-GAAP Financial Measures

 

In presenting our results, management has included and discussed certain non-GAAP financial measures. We believe that these non-GAAP measures, which may be defined and calculated differently by other companies, explain and enhance investor understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP.

 

Book value per common share plus accumulated dividends

 

In addition to presenting book value per common share determined in accordance with GAAP, we believe that the key financial indicator for evaluating our performance and measuring the overall growth in value generated for shareholders is “book value per common share plus accumulated dividends,” a non-GAAP financial measure.

 

 

The following table presents reconciliations of “book value per common share” to “book value per common share plus accumulated dividends.”

 

		June 30, 2023
($) in millions, except per share data		Equity Amount				Common Shares Outstanding				Per Share Amount
Book value per common share		$	466.8				42.8			$	10.91
Adjustments:
Intangible assets(1)		$	(5.5	)						$	(0.13	)
Tangible book value per share			461.3								10.78
Accumulated dividends			137.8								3.22
Book value per common share plus accumulated dividends										$	14.00

 

(1)	Intangible assets are included within ‘Other assets’ in the Condensed Consolidated Balance Sheets

 

Core operating income

 

“Core operating income” measures the performance of our operations without the influence of after-tax gains or losses on investments and foreign currencies and other items as noted in the table below. We exclude these items from our calculation of core operating income because the amount of these gains and losses is heavily influenced by, and fluctuates in part according to, economic and other factors external to the Company and/or transactions or events that are typically not a recurring part of, and are largely independent of, our core underwriting activities and including them distorts the analysis of trends in our operations. We believe the reporting of core operating income enhances an understanding of our results by highlighting the underlying profitability of our core insurance operations. Our underwriting profitability is impacted by earned premium growth, the adequacy of pricing, and the frequency and severity of losses. Over time, such profitability is also influenced by underwriting discipline, which seeks to manage the Company’s exposure to loss through favorable risk selection and diversification, IGI’s management of claims, the use of reinsurance and the ability to manage the expense ratio, which the Company accomplishes through the management of acquisition costs and other underwriting expenses.

 

In addition to presenting profit for the period determined in accordance with GAAP, we believe that showing “core operating income” provides investors with a valuable measure of profitability and enables investors, rating agencies and other users of our financial information to more easily analyze the Company’s results in a manner similar to how management analyzes the Company’s underlying business performance. Core operating income is calculated by the addition or subtraction of certain income statement line items from net income for the period, the most directly comparable GAAP financial measure, as illustrated in the table below:

 

Return on average equity and core operating return on average equity, which are both non-GAAP financial measures, represent the returns generated on common shareholders’ equity during the period. Our objective is to generate superior returns on capital that appropriately reward shareholders for the risks assumed.

 

 

The following is a reconciliation of net income for the period to core operating income together with calculations of return on average equity and core operating return on average equity and basic and diluted operating earnings per share metrics:

 

		Six months ended June 30,
		2023				2022
		($) in millions
Net income for the period		$	74.4			$	44.2
Adjustments:
Change in allowance for credit losses on investments (tax adjusted)(1)			0.4				0.7
Net unrealized (gain) loss on investments (tax adjusted)(1)			(7.8	)			7.1
Change in fair value of derivative financial liabilities			3.4				(5.3	)
Net foreign exchange gain (loss) (tax adjusted) (1)			(2.1	)			5.6
Core operating income		$	67.5			$	52.3
Average shareholders’ equity(2)			438.9				378.1
Return on average equity (annualized)(3)			33.9	%			23.4	%
Core operating return on average equity (annualized)(4)			30.8	%			27.7	%
Basic core operating earnings per share(5)		$	1.45			$	1.08
Diluted core operating earnings per share(5)		$	1.44			$	1.08
Basic earnings per share attributable to equity holders(6)		$	1.60			$	0.92
Diluted earnings per share attributable to equity holders(6)		$	1.59			$	0.92

 

(1)	Adjusted for the related tax impact.
(2)	Average shareholders’ equity as of any date equals the shareholders’ equity at such date, plus the shareholders’ equity as of the same date of the prior year, divided by 2.
(3)	Represents net income for the period (annualized) divided by average shareholders’ equity.
(4)	Represents core operating income for the period (annualized) divided by average shareholders’ equity.
(5)	Represents core operating income attributable to vested common shares divided by weighted average number of shares – basic and diluted as follows:

 

		Six months ended June 30,
($) in millions, except per share information		2023				2022
Core operating income for the period		$	67.5			$	52.3
Minus: Core operating income attributable to earnout shares			4.3				2.7
Minus: Dividends attributable to restricted share awards			-				0.1
Core operating income for the period attributable to common shareholders (a)		$	63.2			$	49.5
Weighted average number of shares – basic (in millions of shares) (b)			43.5				45.6
Weighted average number of shares – diluted (in millions of shares) (c)			43.8				45.7
Basic core operating earnings per share (a/b)		$	1.45			$	1.09
Diluted core operating earnings per share (a/c)		$	1.44			$	1.08

 

(6)	Represents net income for the period attributable to vested common shares divided by the weighted average number of shares – basic and diluted calculated as follows:

 

		Six months ended June 30,
($) in millions, except per share information		2023				2022
Net income for the period		$	74.4			$	44.2
Minus: Net income attributable to the earnout shares			4.8				2.2
Minus: Dividends attributable to restricted share awards			-				0.1
Net income available to common shareholders (a)		$	69.6			$	41.9
Weighted average number of shares – Basic (in millions of shares) (b)			43.5				45.6
Weighted average number of shares – diluted (in millions of shares) (c)			43.8				45.7
Basic earnings per share (a/b)		$	1.60			$	0.92
Diluted earnings per share (a/c)		$	1.59			$	0.92

 

 

Liquidity and Capital Resources

 

Our principal sources of capital are equity and external reinsurance. The principal sources of funds for our operations are insurance and reinsurance premiums and investment returns. The principal uses of our funds are to pay claims benefits, related expenses, other operating costs and dividends to shareholders.

 

We have not historically incurred debt. As of June 30, 2023, we had $3.3 million of letters of credit outstanding to the order of reinsurance companies for collateralizing insurance contract liabilities in accordance with reinsurance arrangements. 

 

We have historically paid regular dividends to our shareholders. The payment of dividends is subject to approval by the Company’s board of directors and will depend on numerous factors, including our results of operations, market conditions, regulatory requirements, contractual obligations, legal restrictions and other relevant factors. The most recent dividends paid per share for the first half of 2023 were $0.01 per share in each of April and June 2023.

  

In May 2022 the board of directors approved a share repurchase program of up to 5 million shares. There can be no assurance that the Company will repurchase all 5 million shares pursuant to this authorization or as to the timing of any purchases. As of June 30, 2023, the Company has repurchased an aggregate of 2,771,775 shares for a total cost of $23.8 million. See Note 7 to the interim condensed consolidated financial statements for further details.

 

Our overall capital requirements are based on regulatory capital adequacy and solvency margins and ratios imposed by the Bermuda Monetary Authority (BMA), the Financial Conduct Authority (FCA) and the Prudential Regulation Authority of the Bank of England (PRA) in the United Kingdom and the Malta Financial Services Authority (MFSA). In addition, we set our own internal capital policies. Our overall capital requirements can be impacted by a variety of factors including economic conditions, business mix, the composition of our investment portfolio, year-to-year movements in net reserves, our reinsurance program and regulatory requirements. Historically, we have met the external regulatory and internal capital requirements.

 

We are a holding company with no direct source of operating income. We are therefore dependent on our capital raising abilities and dividend payments from our subsidiaries. The ability of our subsidiaries to distribute cash to us to pay dividends is limited by regulatory capital requirements.

 

We target group capitalization in excess of A/A- rating requirements under both the AM Best and S&P models, respectively. In addition, we maintain a solvency ratio above 120% of the group capital requirement under the solvency capital rules of the Bermuda Monetary Authority for the group. We have historically held capital and maintained annual solvency ratio above the minimum required for the group.

 

Cash flows

 

IGI has three main sources of cash flows: operating activities, investing activities and financing activities.

 

Our operations generate cash flow as a result of the receipt of premiums in advance of the time when claim payments are required. Net cash from operating activities, together with other available sources of liquidity, historically has enabled us to meet our long-term liquidity requirements.

 

The movement in net cash provided by or used in operating, investing and financing activities and the effect of foreign currency rate changes on cash and cash equivalents is provided in the following table:

 

		Six months ended June 30,
		2023				2022
		($) in millions
Net cash flows from operating activities after tax		$	87.8			$	60.9
Net cash flows used in investing activities			(15.3	)			(75.3	)
Net cash flows used in financing activities			(25.0	)			(10.5	)
Change in cash and cash equivalents			47.5				(24.9	)
Effect of foreign currency rate changes on cash and cash equivalents			3.0				(3.4	)
Net change in cash and cash equivalents		$	50.5			$	(28.3	)

 

 

Net cash flows from operating activities

 

Net cash flows from operating activities increased to a net cash inflow of $87.8 million in the six months ended June 30, 2023 from $60.9 million in the six months ended June 30, 2022. This increase was largely driven by the higher level of net premiums written in excess of net claim payments and acquisition costs paid.

 

Net cash flows used in investing activities

 

Net cash flows used in investing activities decreased to a net cash outflow of $15.3 million in the six months ended June 30, 2023 from $75.3 million in the six months ended June 30, 2022. This was primarily due to a higher level of short term investments redeemed resulting in an inflow of $24.9 million in the six months ended June 30, 2022 compared to an inflow of $89.5 million in the six months ended June 30, 2023.

 

Net cash flows used in financing activities

 

Net cash flows used in financing activities increased to a net cash outflow of $25.0 million in the six months ended June 30, 2023 from a net cash outflow of $10.5 million in the six months ended June 30, 2022. The cash outflow from financing activities in the six months ended June 30, 2023 primarily reflected a repurchase of common shares under our share repurchase program of $23.8 million. The cash outflow from financing activities in the six months ended June 30, 2022 primarily reflected a dividend payment of $9.8 million.

 

Investments

 

Our primary investment objectives are to maintain liquidity, preserve capital and generate a stable level of investment income. We purchase securities that we believe are attractive on a relative value basis and seek to generate returns in excess of predetermined benchmarks. Our investment strategy has historically been established by our investment team and has historically been approved by our board of directors. The strategy is comprised of high-level objectives and prescribed investment guidelines which govern asset allocation. In accordance with our investment guidelines, we maintain certain minimum thresholds of cash, short-term investments, and highly rated fixed maturity securities relative to our consolidated net reserves and estimates of probable maximum loss exposures to provide necessary liquidity in a wide range of reasonable scenarios. As such, we structure our managed cash and investment portfolio to support policyholder reserves and contingent risk exposures with a liquid portfolio of high quality fixed-income investments with a comparable duration profile.

 

We manage most of our investment portfolio in-house, with the exception of approximately $20.6 million which is managed by a third-party investment advisor. Our investment team is responsible for implementing the investment strategy as set by the investment committee of management and routinely monitors the portfolio to ensure that these parameters are met.

 

The fair value of our investments, cash and cash equivalents and restricted cash as of June 30, 2023 and December 31, 2022 was as follows:

 

		Fair Value
Asset Description		June 30, 2023				December 31, 2022
		($) in millions
Fixed income securities		$	592.0			$	491.1
Fixed and call deposits			313.7				366.9
Cash at banks and held with investment managers(1)			68.8				52.3
Equities			42.9				31.4
Real estate(2)			3.6				4.9
Alternative funds			11.4				12.2
Total		$	1,032.4			$	958.8

 

(1)

Cash at banks and held with investment managers as of December 31, 2022 changed from what was reported in the 2022 Annual Report on Form 20-F due to reclassifying the restricted cash balance to ‘Other assets’ in the Condensed Consolidated Balance Sheets as a result of transitioning from IFRS to U.S. GAAP.

(2)

Real estate investments as of December 31, 2022 changed from what was reported in the 2022 Annual Report on Form 20-F due to the fact that under U.S. GAAP there is no concept of investment properties similar to what was reported under IFRS. Investment properties are now shown under property, premises and equipment.

 

 

The following table shows the distribution of bonds and debt securities with fixed interest rates according to the international rating agencies’ classifications as of June 30, 2023:

 

Rating Grade		Bonds				Unquoted Bonds				Total
		($) in millions
AAA		$	14.1				—			$	14.1
AA			86.1				—				86.1
A			322.4				—				322.4
BBB			166.9				—				166.9
BB			0.2				—				0.2
Not Rated			0.3				2.0				2.3
Total		$	590.0				2.0			$	592.0

 

The following table summarizes our investment results as of June 30, 2022 and 2023:

 

		As of June 30,
		2023				2022
Average investments(1)		$	989.4			$	863.8
Investment income(2)		$	18.4			$	8.6
Investment yield (annualized)(3)			3.7	%			2.0	%

 

(1)	Includes investments and cash and cash equivalents. The average balance represents the investments at the reporting period end plus the investments as of the beginning of the reporting period, divided by 2.
(2)	Represents net investment income net of (a) net realized gain (loss) on investments, (b) net unrealized gain (loss) on investments and (c) change in allowance for credit losses on investments. Investment income includes interest and dividend income, net of investment custodian fees and other investment expenses.
(3)	Represents investment income divided by average investments.

 

For comparison, the following are the coupon returns for the Barclays U.S. Aggregate Bond Index and the dividend returns for the S&P 500® Index as of June 30, 2023:

 

		As of June 30,
		2023
Barclays US Aggregate Bond Index			2.9	%
S&P 500® Index (dividend return)			1.6	%

 

 

The cost or amortized cost and carrying value of our fixed-maturity investments as of June 30, 2023 is presented below by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.

 

		As of June 30, 2023
		Cost				Carrying Value
		($) in millions
2023			13.6				13.5
2024			86.1				83.1
2025			145.6				137.3
2026			161.6				150.1
2027			52.1				47.7
2028			69.8				64.9
2029			33.7				30.2
2030			7.6				6.6
2031			15.4				13.4
2032			2.2				1.7
2033			5.2				5.2
After 2033			45.7				38.3
Total		$	638.6			$	592.0

  

Reinsurance

 

The following represents changes since, and should be read in conjunction with, the “Reinsurance” section included in Item 5 of the Company’s 2022 Annual Report on Form 20-F. The description of our reinsurance purchases and PMLs have not materially changed from those reported in the 2022 Annual Report on 20-F, except as follows:

 

●

Our per risk reinsurance continues to cover losses from an entry point of $10.0 million for property and engineering, whilst for onshore energy, the entry point has increased from $10.0 million to  $12.5 million. Our catastrophe reinsurance purchase has decreased from $77.5 million to $75.0 million with a reinstatable limit above an entry point increased from $12.5 million to $15.0 million.

 

●

Casualty reinsurance treaties — We now purchase casualty reinsurance only on a Proportional basis for our main portfolio. This is a Quota Share treaty and is 20% placed for the London office’s written personal injury policies and the London and Bermuda offices’ issued director and officer policies and also warranty and indemnity policies. In addition, we place some specific Quota Share treaties to reduce our exposure upon some of the larger income facilities that we write.

 

Our reinsurance strategy has remained unchanged since December 31, 2022.

 

Reinsurance Recoverables

 

At June 30, 2023, approximately 83.3% of IGI’s reinsurance recoverables on unpaid losses (not including ceded unearned premiums) of $202.6 million were due from carriers which had an A.M. Best rating of “A-” or better. The largest reinsurance recoverables from any one carrier was approximately 7.2% of total shareholders’ equity available to IGI at June 30, 2023.

 

 

The following table shows our top 5 reinsurers as of June 30, 2023, their credit rating as of June 30, 2023, and the reinsurance recoverable from such reinsurers as of both June 30, 2023 and December 31, 2022 (dollars in millions):

 

Reinsurer		Rating		Reinsurance Recoverable at June 30, 2023				Reinsurance Recoverable at December 31, 2022
Hannover Re. – Germany		A+		$	33.4			$	29.1
Eurasia Insurance Company – Kazakhstan		B++		$	20.5			$	23.4
Transatlantic Reinsurance Company – UK		A++		$	12.9			$	12.5
Swiss Re Europe S.A. – Germany		A+		$	12.7			$	9.9
Catt Re – Luxembourg(1)		A–		$	11.6			$	8.1
Total				$	91.1			$	83.0

 

(1)	At December 31, 2022, the 5th largest reinsurer based on reinsurance recoverable of $9.8 million was reported as Houston Specialty Insurance Company – USA. The table above reflects the top 5 reinsurers as of June 30, 2023 and their comparatives.

 

Reserves

 

The following should be read in conjunction with the information reported in the “Reserves” section of Item 5 of the Company’s 2022 Annual Report on Form 20-F. There have been no material changes to the reserving policy or methodology described in the 20-F in the first half of 2023.

 

IGI Booked Reserves

 

The following table provides a reconciliation of the beginning of period and end of period reserves for the six months ended June 30, 2023, and the reserve surplus and deficiencies recognized over this period. 

 

		Six months ended June 30,
($) in millions		2023
Net reserve for unpaid loss and loss adjustment expenses at December 31, 2022		$	447.4
Loss and loss adjustment expenses incurred, net of reinsurance:
Current accident year			121.2
Previous accident years			(27.5	)
Total		$	541.1
Loss and loss adjustment expenses paid, net of reinsurance:
Current accident year			5.2
Previous accident years			53.5
Total		$	58.7
Reserve for unpaid loss and loss adjustment expenses at end of period			685.0
Reinsurance recoverable on unpaid loss and loss adjustment expenses, net of allowance			202.6
Net reserve for unpaid loss and loss adjustment expenses at June 30, 2023		$	482.4

  

The following table sets out our claims reserving provisions including ULAE as of June 30, 2023 compared to December 31, 2022:

 

Change in Case Reserves, IBNR and ULAE
($) in millions		As of June 30, 2023				As of December 31, 2022				Change
Gross Reported Case Reserve		$	330.4			$	308.6			$	21.8
Reinsurance Reported Case Reserve			105.9				101.7				4.2
Net Reported Case Reserve			224.5				206.9				17.6
Net IBNR Reserves & ULAE			257.9				240.5				17.4
Net reserve for unpaid loss and loss adjustment expenses		$	482.4			$	447.4			$	35.0

 

 

During the six months ended June 30, 2023, net ultimate losses increased by $121.2 million for accident year 2023 and decreased by $27.5 million for accident year 2022 and prior accident years. The decrease in prior years was split between $19.6m for the short-tail business, $4.6m for the long-tail business, and $3.3m for the reinsurance book.

 

Assumptions regarding future inflation have been updated to reflect the increase in the costs of goods and some services and an anticipated resulting change in wage related costs. Refer to the “Effects of Inflation” section in Item 5 of the Company’s 2022 Annual Report on Form 20-F for further information on the effects of inflation related to reserving.

 

The decrease in the short-tail book was primarily due to favorable catastrophe experience in the 2022 accident year. The decrease in the long-tail book was driven by favorable claims experience on the 2021 and 2022 accident years.

 

Reserve releases/strengthening

 

There have been no significant changes to the information disclosed in the 2022 Annual Report on Form 20-F in Item 5 under the “Best Estimate”, “Booked Reserves”, “Time value of money”, and “Reserve Strengthening/Reserving Release” sections.

 

Increases in Reserves/Decreases in Reserves: The size of reserves is determined by many factors. Key drivers that cause increases in the volume of reserves held remain unchanged from those reported in the 2022 Annual Report on Form 20-F. 

 

As of June 30, 2023, IGI had $257.9 million of incurred but not reported (IBNR) loss reserves including ULAE, net of reinsurance.

 

Change in IGI Booked Net IBNR & ULAE		Six months ended June 30,
($) in millions		2023
Carrying Balance of IBNR Reserves in Balance Sheet at December 31, 2022 (A)		$	240.5
Subsequent Movement in Following Financial year:
IBNR Reserves moved to Incurred Reserves (B)			(51.0	)
IBNR Reserves release pertaining to prior years (C)			(27.5	)
IBNR Reserves added for new accident year (D)			95.9
Net Charge to P/L (B+C+D)= (F)		$	17.4
Carrying Balance of IBNR Reserves in Balance Sheet ending balance (A+F)		$	257.9

  

 

Ultimate Claims Development

 

The table below shows the development of IGI’s net ultimate losses and loss adjustment expenses by accident year.

 

($) in millions		Initial				1+				2+				3+				4+				5+				6+				7+				8+				9+				10+				Net Premiums Earned
2013			123.6				121.7				120.6				117.1				109.5				107.7				107.6				107.3				107.1				105.6				105.5				180.6
2014			115.9				90.1				79.2				73.3				70.1				66.8				65.6				65.5				66.4				66.8								189.5
2015			92.9				87				79.8				75.3				73.1				72.6				71.9				72.4				72.4												155.8
2016			98.8				94.1				90.1				85.4				89.2				89.2				89.8				89.5																157.9
2017			110.3				117.2				116.4				113.9				112.0				111.8				109.8																				146.7
2018			94.3				105				108.5				113.0				103.1				110.6																								183.3
2019			124.4				115.7				100.1				107.0				110.0																												215.5
2020			157.8				155.6				145.9				147.0																																283.5
2021			192.3				162.9				153.6																																				345.2
2022			198.2				170.0																																								376.4
2023			121.2																																												223.4

 

For additional information about our reserves and reserves development, see Note 4 to IGI’s unaudited interim consolidated financial statements.

        

CRITICAL ACCOUNTING ESTIMATES

 

There have been no material changes in our critical accounting estimates described in the 2022 Annual Report on Form 20-F during the six months ended June 30, 2023. See also Note 2 Summary of Significant Accounting Policies within the unaudited interim condensed consolidated financial statements included elsewhere in this Form 6-K.

 

Trend Information

 

Other than as disclosed in the Company’s 2022 Annual Report on Form 20-F filed with the SEC, in this “Management’s Discussion and Analysis,” and in the separate unaudited “Interim Condensed Consolidated Financial statements” for the first half of 2023, we are not aware of any significant trends, uncertainties, demands, commitments or events that have a material effect on our net revenues, income, profitability, liquidity or capital reserves, or that causes the reported financial information to be not necessarily indicative of future operating results or financial conditions.

 

v3.23.2

Document And Entity Information	6 Months Ended
	Jun. 30, 2023
Document Information Line Items
Entity Registrant Name	International General Insurance Holdings Ltd.
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001794338
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity File Number	001-39255

v3.23.2

Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Fixed maturity securities available-for-sale, at fair value (amortized cost: USD 633,908 – June 30, 2023, USD 538,116 – December 31, 2022)	$ 589,958	$ 489,081
Fixed maturity securities held to maturity	1,994	1,994
Equity securities, at fair value (cost: USD 34,845 – June 30, 2023, USD 31,906 – December 31, 2022)	42,899	31,410
Other investments, at fair value (cost: USD 12,597 – June 30, 2023, USD 12,996 – December 31, 2022)	11,383	12,237
Short-term investments	176,228	265,691
Term deposits	35,889	31,335
Equity-method investments measured at fair value	3,629	4,907
Total investments	861,980	836,655
Cash and cash equivalents	170,392	122,143
Accrued investment income	11,393	6,301
Premiums receivable, net of allowance for credit losses (USD 13,617 – June 30, 2023, USD 12,714 – December 31, 2022)	281,859	216,014
Reinsurance recoverables, net of allowance for credit losses (USD 350 – June 30, 2023, USD 325 – December 31, 2022)	202,631	188,800
Ceded unearned premiums	79,840	93,175
Deferred policy acquisition costs, net of ceding commission	65,009	59,565
Deferred tax assets	4,863	5,788
Other assets	55,423	51,973
TOTAL ASSETS	1,733,390	1,580,414
LIABILITIES
Reserve for unpaid loss and loss adjustment expenses	684,978	636,245
Unearned premiums	445,606	390,250
Insurance and reinsurance payables	85,386	90,354
Other liabilities	23,401	28,821
Derivative financial liabilities	27,188	23,805
TOTAL LIABILITIES	1,266,559	1,169,475
SHAREHOLDERS’ EQUITY
Common shares (authorized: 750,000,000 shares at USD 0.01 par value per share; issued and outstanding: 43,620,534 shares – June 30, 2023, 46,013,309 shares – December 31, 2022)	436	460
Additional paid-in capital	125,783	147,893
Treasury shares (31,966 shares –June 30, 2023, 1,668 shares – December 31, 2022)	(286)	(14)
Accumulated other comprehensive loss, net of taxes	(39,425)	(44,239)
Retained earnings	380,323	306,839
TOTAL SHAREHOLDERS’ EQUITY	466,831	410,939
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,733,390	$ 1,580,414

v3.23.2

Interim Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Amortized cost	$ 633,908	$ 538,116
Equity securities fair value cost	34,845	31,906
Other investments fair value cost	12,597	12,996
Net of allowance for credit losses	13,617	12,714
Reinsurance recoverables net of allowance for credit losses	$ 350	$ 325
Common shares, par value (in Dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in Shares)	750,000,000	750,000,000
Common shares, shares issued (in Shares)	43,620,534	46,013,309
Common shares, shares outstanding (in Shares)	43,620,534	46,013,309
Treasury shares (in Shares)	31,966	1,668

v3.23.2

Interim Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
REVENUES:
Gross written premiums	$ 373,534	$ 307,111
Ceded written premiums	(81,416)	(85,058)
Net written premiums	292,118	222,053
Net change in unearned premiums	(68,691)	(38,737)
Net premiums earned	223,427	183,316
Investment income	18,433	8,557
Net realized gain on investments	26	5
Net unrealized gain (loss) on investments	7,940	(7,203)
Change in allowance for credit losses on investments	311	(659)
Change in fair value of derivative financial liabilities	(3,383)	5,289
Other revenues	1,095	1,150
Total revenues	247,849	190,455
EXPENSES:
Net loss and loss adjustment expenses	(93,757)	(66,955)
Net policy acquisition expenses	(39,665)	(34,356)
General and administrative expenses	(35,851)	(33,261)
Change in allowance for credit losses on financial assets	(928)	(2,233)
Other expenses	(1,592)	(1,951)
Net foreign exchange gain (loss)	3,093	(6,824)
Total expenses	(168,700)	(145,580)
Income before income taxes	79,149	44,875
Income tax expense	(4,786)	(664)
Net income	$ 74,363	$ 44,211
Earnings per share
Basic earnings per share attributable to equity holders (US Dollars) (in Dollars per share)	$ 1.6	$ 0.92
Diluted earnings per share attributable to equity holders (US Dollars) (in Dollars per share)	$ 1.59	$ 0.92

v3.23.2

Interim Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 74,363	$ 44,211
Other comprehensive income or loss, net of taxes:
Change in unrealized gains or losses in investments, net of tax	4,797	(41,854)
Change in foreign currency translation adjustment	17	(47)
Comprehensive income	$ 79,177	$ 2,310

v3.23.2

Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$ 87,816	$ 60,909
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equity securities and other investments	(11,924)	(1,472)
Purchase of available for sale debt securities	(133,449)	(137,351)
Proceeds from maturity of financial assets at amortized cost	21	256
Proceeds from sale/maturity of available for sale debt securities	36,426	38,132
Proceeds from sale of equity securities and other investments	10,707	688
Purchases of property, premises and equipment and Intangible assets	(879)	(610)
Sale of property, premises and equipment	16	203
Change in term deposits	(4,554)	(61)
Change in short-term investments	89,463	24,904
Acquisition of a subsidiary	(1,101)
Net cash used in investing activities	(15,274)	(75,311)
FINANCING ACTIVITIES
Dividends paid	(864)	(9,830)
Repurchase of common shares under share repurchase program	(23,813)	(118)
Lease liabilities payments	(384)	(531)
Net cash flows used in financing activities	(25,061)	(10,479)
NET CHANGE IN CASH, AND CASH EQUIVALENTS AND RESTRICTED CASH	47,481	(24,881)
Net foreign exchange differences	2,969	(3,352)
Cash, cash equivalents and restricted cash at the beginning of the period	137,943	242,146
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT THE END OF THE PERIOD	188,393	213,913
Supplemental Cash Flow Information:
Income tax paid	$ 1,770	$ 2,145

v3.23.2

Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($) $ in Thousands	Common shares at par value	Additional paid-in capital	Treasury shares	Accumulated other comprehensive income (loss)	Retained earnings	Total
Balance at Dec. 31, 2021	$ 459	$ 148,015		$ 5,170	$ 227,438	$ 381,082
Net Income					44,211	44,211
Other comprehensive income				(41,901)		(41,901)
Total comprehensive income				(41,901)	44,211	2,310
Issuance of common shares under share-based compensation plan	4	1,053				1,057
Purchase of treasury shares			(118)			(118)
Dividends paid					(9,168)	(9,168)
Balance at Jun. 30, 2022	463	149,068	(118)	(36,731)	262,481	375,163
Balance at Dec. 31, 2022	460	147,893	(14)	(44,239)	306,839	410,939
Net Income					74,363	74,363
Other comprehensive income				4,814		4,814
Total comprehensive income				4,814	74,363	79,177
Issuance of common shares under share-based compensation plan	4	1,403				1,407
Purchase of treasury shares			(23,813)			(23,813)
Cancellation of treasury shares	(28)	(23,513)	23,541
Dividends paid					(879)	(879)
Balance at Jun. 30, 2023	$ 436	$ 125,783	$ (286)	$ (39,425)	$ 380,323	$ 466,831

v3.23.2

Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) (Parentheticals) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) [Abstract]
Dividends paid per share	$ 0.01	$ 0.2

v3.23.2

Description of Business	6 Months Ended
	Jun. 30, 2023
Description of Business [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS   International General Insurance Holdings Ltd. (“the Company” or “the Group”) is an exempted limited liability company registered and incorporated in Bermuda under the Companies Act of 1981 on October 28, 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.    The Company and its subsidiaries (together “the Group”) operate in Bermuda, United Kingdom, Jordan, Morocco, Malaysia, Malta, Norway, United Arab Emirates and the Cayman Islands.   On March 25, 2023 the Group completed the acquisition of Energy Insurance Oslo AS, a Norwegian managing general agency that the Group has had an exclusive underwriting arrangement with since 2009. This acquired company was renamed IGI Nordic AS and will broaden the Group’s presence in the Nordic markets across various business lines. The purchase consideration as well as the amounts recognized for assets acquired and liabilities assumed are not material to the Group.

v3.23.2

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of presentation   Effective January 1, 2023, the Company transitioned from International Financial Reporting Standards (“IFRS”) accepted by the International Accounting Standards Board to accounting principles generally accepted in the United States (“U.S. GAAP”). The accompanying interim condensed consolidated financial statements and notes thereto, including prior periods presented, have been presented under U.S. GAAP, which includes accounting guidance in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).   In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain adjustments necessary for a fair statement, in all material respects, of our interim condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, and our interim condensed consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cashflows for the six-month periods ended June 30, 2023 and 2022. The results of operations for the six-month period ended June 30, 2023, are not necessarily indicative of the results to be expected for the full year.   The interim condensed consolidated financial statements have been presented in United States Dollars “USD” which is also the Group’s functional currency.   The interim consolidated financial statements comprise the financial statements of International General Insurance Holdings Ltd. and its subsidiaries.   The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.   To the extent actual results differs from the assumptions used, the Group’s consolidated financial condition, results of operations and cash flows could be materially affected.   There have been no material changes in the significant accounting policies during the six months ended June 30, 2023, except for changes related to converting the Group’s basis of accounting from IFRS to U.S. GAAP which resulted in a decrease in Shareholder’s equity at December 31, 2022 to USD 410,939 thousand from the previously reported Total Equity under IFRS of USD 429,773 thousand primarily due to earnout shares previously classified as equity under IFRS now reported as a liability at fair value under U.S. GAAP with changes in fair value recognised in the interim condensed consolidated statement of income. See Note 5 below for further details.   Recent accounting pronouncements   Recently Issued Accounting Standards   There are no new recently issued U.S. GAAP accounting standards adopted, or to be adopted, by the Group, that have, or are expected to have, a material impact on the Group’s consolidated financial statements.

v3.23.2

Restricted Cash	6 Months Ended
	Jun. 30, 2023
Restricted Cash [Abstract]
RESTRICTED CASH	3. RESTRICTED CASH    The following table reconciles cash and cash equivalents and restricted cash within the consolidated balance sheets to the total included within the consolidated statement of cash flows:       June 30, 2023     December 31, 2022       USD ‘000     USD ‘000                 Cash and cash equivalents     170,392       122,143   Restricted cash (included in other assets)     18,001       15,800   Total cash, cash equivalents and restricted cash     188,393       137,943

v3.23.2

Reserves for Unpaid Loss and Loss Adjustment Expenses	6 Months Ended
	Jun. 30, 2023
Reserves for Unpaid Loss and Loss Adjustment Expenses [Abstract]
RESERVES FOR UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES	4. RESERVES FOR UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES    The following table represents an analysis of loss and loss adjustment expenses and a reconciliation of the beginning and ending reserve for unpaid loss and loss adjustment expenses:       June 30, 2023     December 31, 2022       USD ‘000     USD ‘000                 Reserve for unpaid loss and loss adjustment expenses     636,245       577,646   Unpaid loss and loss adjustment expenses recoverable     (188,800 )     (182,123 ) Net reserve for unpaid loss and loss adjustment expenses at beginning of period / year     447,445       395,523                     Loss and loss adjustment expenses incurred, net of reinsurance:                 Current accident year     121,275       198,044   Previous accident years     (27,518 )     (40,482 ) Total loss and loss adjustment expenses incurred, net of reinsurance     93,757       157,562                     Loss and loss adjustment expenses paid, net of reinsurance:                 Current accident year     (5,336 )     (14,876 ) Prior accident years     (53,544 )     (90,728 ) Total loss and loss adjustment expenses paid, net of reinsurance     (58,880 )     (105,604 )                   Change in allowance for credit losses on reinsurance recoverables     25       (36 ) Net reserve for unpaid loss and loss adjustment expenses at end of period / year     482,347       447,445   Reinsurance recoverable on unpaid loss and loss adjustment expenses, net of allowance     (202,631 )     (188,800 ) Reserve for unpaid loss and loss adjustment expenses at end of period / year     684,978       636,245     Development on Prior Loss Reserves:   During the six months ended June 30, 2023, net ultimate losses increased by USD 121,275 thousand for accident year 2023 and decreased by USD 27,518 thousand for accident year 2022 and prior accident years. The decrease in prior years was split between USD 19,556 thousand for the short-tail business, USD 4,647 thousand for the long-tail business, and USD 3,315 thousand for the reinsurance book.   Assumptions for future inflation have been updated to reflect the increase in the costs of goods and some services and an anticipated knock-on change in wage related costs. The decrease in the short-tail book was primarily due to favorable catastrophe experience in the 2022 accident year. The decrease in the long-tail book was driven by favorable claims experience on the 2021 and 2022 accident years.   During the six months ended June 30, 2022, net ultimate losses increased by USD 90,012 thousand for accident year 2022 and decreased by USD 23,057 thousand for accident year 2021 and prior accident years. The decrease was split between USD 17,168 thousand for the long-tail business and USD 8,116 thousand for the short-tail lines offset by USD 2,227 thousand increase for the reinsurance book. Assumptions for future inflation have changed to reflect the increase in costs of goods and some services and an anticipated knock-on change in wage related costs. The decrease in the long-tail book was primarily due to the strengthening of the U.S. Dollar, our reporting currency, against other currencies specifically for the professional lines that are dominated by the Pound Sterling. The decrease in the short-tail book was driven by favorable claims experience. The increase in the reinsurance business is driven by adverse movement related to the 2021 accident year for the proportional line.

v3.23.2

Derviative Financial Liabilities	6 Months Ended
	Jun. 30, 2023
Derviative Financial Liabilities [Abstract]
DERVIATIVE FINANCIAL LIABILITIES	5. DERVIATIVE FINANCIAL LIABILITIES   Warrants   In 2020, 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 issued.   Warrants are accounted for as derivative financial instruments (a financial liability), recognized at fair value, and included in derivative financial liabilities in the consolidated balance sheet. The estimated fair value of the Warrants is determined using the quoted market price. The fair value of the warrants recorded in the interim condensed consolidated balance sheet at June 30, 2023 was USD 10,548 thousand with changes in fair value of USD 543 thousand since December 31, 2022 recorded in Change in fair value of derivative financial liabilities in the interim condensed consolidated statement of income.   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. 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 Warrants lapse and expire after five years from the closing of the Business Combination between IGI and Tiberius.   The following table is a summary of the number of shares of IGI’s common stock issuable upon exercise of warrants outstanding at June 30, 2023:       Number of shares     Exercise price (USD)     Redemption price (USD)     Expiration date   Classification   Loss in value for the period (USD ‘000)     Fair value at June 30, 2023 (USD ‘000)   Public warrants     12,750,000       11.5       18.0     March 17, 2025   Liability     (401 )     7,796   Private warrants     4,500,000       11.5       18.0     March 17, 2025   Liability     (142 )     2,752     Subsequent to June 30, 2023, the Company commenced an offer to purchase its outstanding public and private warrants (See Note 9).   Earn-out shares classified as liability   Earn-out shares issued at June 30, 2023 and December 31, 2022 were 2,973,300 shares, respectively. Such earn-out shares issued to Tiberius and Wasef Jabsheh are accounted for as Derivative financial instruments (a financial liability) because the earn-out triggering events that determine the number of Earn-out shares to be earned include multiple settlements alternatives and events that are not solely indexed to the common stock of the Company.   The Earn-out shares are recognized at fair value determined using a Monte Carlo simulation model that has various significant unobservable inputs. Gains or losses arising from changes in the fair value of such derivatives are recognised in the consolidated statement of income as the Group has not designated derivative financial instruments under hedging arrangements.   This approach considers the share price as at the valuation date, the threshold price for vesting, expected volatility (estimated using historical share price movements of comparable companies), expected dividend yield, the risk-free rate, and the earn out period up to March 17, 2028.   The following table summarizes the assumptions used in estimating the fair value of the Sponsor Earn-out Shares at each of the relevant periods:       June 30, 2023     December 31, 2022   Stock price (USD)     8.94       8.00   Expected volatility (%)     25.0 %     27.5 % Risk free rate (%)     4.14 %     3.98 % Expected term (in years)     4.71       5.21   Expected dividends (%)     0.45 %     0.50 %   The Earn-out shares previously reported in equity under IFRS has been reported as a liability at fair value upon adoption of U.S. GAAP effective January 1, 2023. The table below illustrates the movement on the Earn-out shares during the period under U.S. GAAP:       June 30, 2023       USD ‘000           Fair value of Earn-out shares at December 31, 2022     13,800   Change in fair value     2,840   Fair value of Earn-out shares at June 30, 2023     16,640

v3.23.2

Fair Value	6 Months Ended
	Jun. 30, 2023
Fair Value [Abstract]
FAIR VALUE	6. FAIR VALUE   The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques:   Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;   Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and   Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.       June 30, 2023       Level 1     Level 2     Level 3     Total Estimated Fair Value       USD ‘000     USD ‘000     USD ‘000     USD ‘000   Assets measured at fair value:                         Fixed maturity available for sale securities:                         Foreign governments     2,897       4,752       -       7,649   Corporate bonds     216,913       365,396       1,994       584,303   Total     219,810       370,148       1,994       591,952   Equity securities*     42,525       -       374       42,899   Other Investments     -       11,383       -       11,383   Fair value option:                                 Equity-method investments measured at fair value     -       -       3,629       3,629         262,335       381,531       5,997       649,863                                     Liabilities measured at fair value:                                 Derivative financial liabilities     -       10,548       16,640       27,188     During 2023, corporate bonds available for sale amounting to USD 27,013 thousand were transferred from level 1 to level 2 as at June 30, 2023. In addition, corporate bonds available for sale amounting to USD 65,208 thousand were transferred from level 2 to level 1 as at June 30, 2023. 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 was a transfer amounting to USD 12,640 thousand out of Level 3 during the period ended June 30, 2023.       December 31, 2022       Level 1     Level 2     Level 3     Total Estimated Fair Value       USD ‘000     USD ‘000     USD ‘000     USD ‘000   Assets measured at fair value:                         Fixed maturity available for sale securities:                         Foreign governments     1,235       6,213       -       7,448   Corporate bonds     99,731       381,902       1,994       483,627   Total     100,966       388,115       1,994       491,075   Equity securities*     24,046       -       7,364       31,410   Other Investments     -       12,237       -       12,237                                     Fair value option:                                 Equity-method investments measured at fair value     -       -       4,907       4,907         125,012       400,352       14,265       539,629                                     Liabilities measured at fair value:                                 Derivative financial liabilities     -       10,005       13,800       23,805     * Reconciliation of fair value of the unquoted equities under level 3 fair value hierarchy is as follows:       June 30, 2023     December 31, 2022       USD ‘000     USD ‘000                 Balance at the beginning of period / year     7,364       7,046   Total gains unrealize recognized in earnings     5,650       318   Transfer out of Level 3     (12,640 )     -   Balance at the end of the period     374       7,364     There are no active markets for the unquoted equities.   Financial Instruments Disclosed, But Not Carried, At Fair Value:   The Company uses various financial instruments in the normal course of its business. The carrying values of cash, term deposits, short-term investments, accrued investment income, certain other assets and certain other liabilities approximated their fair values at June 30, 2023, due to their respective short maturities. As these financial instruments are not actively traded, their respective fair values are classified within Level 2.

v3.23.2

Treasury Shares	6 Months Ended
	Jun. 30, 2023
Treasury Shares [Abstract]
TREASURY SHARES	7.  TREASURY SHARES    On 23 May 2022, the Board of Directors 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:       June 30, 2023       Number of shares     USD ‘000                 Balance at December 31, 2022     1,668       14   Repurchases     2,771,775       23,813   Cancellation     (2,741,477 )     (23,541 ) Balance at June 30, 2023     31,966       286

v3.23.2

Earnings per share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	8. earnings per share   Basic earnings per share represents the net income attributable to the ordinary shareholders divided by the weighted average number of common shares outstanding during the periods.   Diluted earnings per share represents the net income 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.   IGI has 3,012,500 unvested earn-out shares outstanding as at and for the period ended June 30, 2023. These earn-out shares contain a non-forfeitable right to dividends and hence are considered as participating securities. The two-class method was applied to compute basic earnings per share attributable to common shareholders.   Unvested restricted shares awards have been included in the diluted weighted-average common shares outstanding using the treasury stock method.   The outstanding warrants have not been factored in diluted earnings per share computation, as the average market price of ordinary shares at the end of the period does not exceed the exercise price of the warrants.   The following table reflects the income and share data used in the basic and diluted earnings per share calculations:       For the six months ended June 30,       2023     2022                 Net Income (USD ‘000)     74,363       44,211   Less: net income attributable to the Earnout Shares (USD ‘000)     (4,758 )     (2,167 ) Less: dividends attributable to the Restricted Shares Awards (USD ‘000)     (15 )     (135 ) Net income available to common shareholders (USD ‘000)     69,590       41,909   Weighted average number of shares – basic     43,513,654       45,616,180   Restricted shares awards     242,177       47,931   Weighted average number of shares – diluted     43,755,831       45,664,111   Basic earnings per share (USD)     1.60       0.92   Diluted earnings per share (USD)     1.59       0.92

v3.23.2

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	9. subsequent events   The Company announced on July 28, 2023 that it has commenced an offer to purchase all of its outstanding public and private warrants at a purchase price of USD 0.95 in cash, without interest.

v3.23.2

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies [Abstract]
Basis of presentation	Basis of presentation Effective January 1, 2023, the Company transitioned from International Financial Reporting Standards (“IFRS”) accepted by the International Accounting Standards Board to accounting principles generally accepted in the United States (“U.S. GAAP”). The accompanying interim condensed consolidated financial statements and notes thereto, including prior periods presented, have been presented under U.S. GAAP, which includes accounting guidance in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain adjustments necessary for a fair statement, in all material respects, of our interim condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, and our interim condensed consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cashflows for the six-month periods ended June 30, 2023 and 2022. The results of operations for the six-month period ended June 30, 2023, are not necessarily indicative of the results to be expected for the full year. The interim condensed consolidated financial statements have been presented in United States Dollars “USD” which is also the Group’s functional currency.   The interim consolidated financial statements comprise the financial statements of International General Insurance Holdings Ltd. and its subsidiaries. The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. To the extent actual results differs from the assumptions used, the Group’s consolidated financial condition, results of operations and cash flows could be materially affected. There have been no material changes in the significant accounting policies during the six months ended June 30, 2023, except for changes related to converting the Group’s basis of accounting from IFRS to U.S. GAAP which resulted in a decrease in Shareholder’s equity at December 31, 2022 to USD 410,939 thousand from the previously reported Total Equity under IFRS of USD 429,773 thousand primarily due to earnout shares previously classified as equity under IFRS now reported as a liability at fair value under U.S. GAAP with changes in fair value recognised in the interim condensed consolidated statement of income. See Note 5 below for further details.
Recent accounting pronouncements	Recent accounting pronouncements Recently Issued Accounting Standards There are no new recently issued U.S. GAAP accounting standards adopted, or to be adopted, by the Group, that have, or are expected to have, a material impact on the Group’s consolidated financial statements.

v3.23.2

Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2023
Restricted Cash [Abstract]
Schedule of Reconciliation of Cash and Restricted Cash	The following table reconciles cash and cash equivalents and restricted cash within the consolidated balance sheets to the total included within the consolidated statement of cash flows:     June 30, 2023     December 31, 2022       USD ‘000     USD ‘000                 Cash and cash equivalents     170,392       122,143   Restricted cash (included in other assets)     18,001       15,800   Total cash, cash equivalents and restricted cash     188,393       137,943

v3.23.2

Reserves for Unpaid Loss and Loss Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Reserves for Unpaid Loss and Loss Adjustment Expenses [Abstract]
Schedule of Table Represents an Analysis of Loss and Loss Adjustment Expenses	The following table represents an analysis of loss and loss adjustment expenses and a reconciliation of the beginning and ending reserve for unpaid loss and loss adjustment expenses:     June 30, 2023     December 31, 2022       USD ‘000     USD ‘000                 Reserve for unpaid loss and loss adjustment expenses     636,245       577,646   Unpaid loss and loss adjustment expenses recoverable     (188,800 )     (182,123 ) Net reserve for unpaid loss and loss adjustment expenses at beginning of period / year     447,445       395,523                     Loss and loss adjustment expenses incurred, net of reinsurance:                 Current accident year     121,275       198,044   Previous accident years     (27,518 )     (40,482 ) Total loss and loss adjustment expenses incurred, net of reinsurance     93,757       157,562                     Loss and loss adjustment expenses paid, net of reinsurance:                 Current accident year     (5,336 )     (14,876 ) Prior accident years     (53,544 )     (90,728 ) Total loss and loss adjustment expenses paid, net of reinsurance     (58,880 )     (105,604 )                   Change in allowance for credit losses on reinsurance recoverables     25       (36 ) Net reserve for unpaid loss and loss adjustment expenses at end of period / year     482,347       447,445   Reinsurance recoverable on unpaid loss and loss adjustment expenses, net of allowance     (202,631 )     (188,800 ) Reserve for unpaid loss and loss adjustment expenses at end of period / year     684,978       636,245

v3.23.2

Derviative Financial Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Derviative Financial Liabilities [Abstract]
Schedule of Exercise of Warrants Outstanding	The following table is a summary of the number of shares of IGI’s common stock issuable upon exercise of warrants outstanding at June 30, 2023:     Number of shares     Exercise price (USD)     Redemption price (USD)     Expiration date   Classification   Loss in value for the period (USD ‘000)     Fair value at June 30, 2023 (USD ‘000)   Public warrants     12,750,000       11.5       18.0     March 17, 2025   Liability     (401 )     7,796   Private warrants     4,500,000       11.5       18.0     March 17, 2025   Liability     (142 )     2,752
Schedule of Fair Value of the Sponsor Earn-out Shares	The following table summarizes the assumptions used in estimating the fair value of the Sponsor Earn-out Shares at each of the relevant periods:     June 30, 2023     December 31, 2022   Stock price (USD)     8.94       8.00   Expected volatility (%)     25.0 %     27.5 % Risk free rate (%)     4.14 %     3.98 % Expected term (in years)     4.71       5.21   Expected dividends (%)     0.45 %     0.50 %
Schedule of Movement on the Earn-out shares	The table below illustrates the movement on the Earn-out shares during the period under U.S. GAAP:     June 30, 2023       USD ‘000           Fair value of Earn-out shares at December 31, 2022     13,800   Change in fair value     2,840   Fair value of Earn-out shares at June 30, 2023     16,640

v3.23.2

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value [Abstract]
Schedule of the Recorded Fair Value that Are Not Based on Observable Market Data	Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.     June 30, 2023       Level 1     Level 2     Level 3     Total Estimated Fair Value       USD ‘000     USD ‘000     USD ‘000     USD ‘000   Assets measured at fair value:                         Fixed maturity available for sale securities:                         Foreign governments     2,897       4,752       -       7,649   Corporate bonds     216,913       365,396       1,994       584,303   Total     219,810       370,148       1,994       591,952   Equity securities*     42,525       -       374       42,899   Other Investments     -       11,383       -       11,383   Fair value option:                                 Equity-method investments measured at fair value     -       -       3,629       3,629         262,335       381,531       5,997       649,863                                     Liabilities measured at fair value:                                 Derivative financial liabilities     -       10,548       16,640       27,188         December 31, 2022       Level 1     Level 2     Level 3     Total Estimated Fair Value       USD ‘000     USD ‘000     USD ‘000     USD ‘000   Assets measured at fair value:                         Fixed maturity available for sale securities:                         Foreign governments     1,235       6,213       -       7,448   Corporate bonds     99,731       381,902       1,994       483,627   Total     100,966       388,115       1,994       491,075   Equity securities*     24,046       -       7,364       31,410   Other Investments     -       12,237       -       12,237                                     Fair value option:                                 Equity-method investments measured at fair value     -       -       4,907       4,907         125,012       400,352       14,265       539,629                                     Liabilities measured at fair value:                                 Derivative financial liabilities     -       10,005       13,800       23,805
Schedule of Reconciliation of Fair Value of the Unquoted Equities Under Level 3 Fair Value Hierarchy	Reconciliation of fair value of the unquoted equities under level 3 fair value hierarchy is as follows:     June 30, 2023     December 31, 2022       USD ‘000     USD ‘000                 Balance at the beginning of period / year     7,364       7,046   Total gains unrealize recognized in earnings     5,650       318   Transfer out of Level 3     (12,640 )     -   Balance at the end of the period     374       7,364

v3.23.2

Treasury Shares (Tables)	6 Months Ended
	Jun. 30, 2023
Treasury Shares [Abstract]
Schedule of Table Below Illustrates the Movement on the Treasury Shares	The table below illustrates the movement on the treasury shares during the year:     June 30, 2023       Number of shares     USD ‘000                 Balance at December 31, 2022     1,668       14   Repurchases     2,771,775       23,813   Cancellation     (2,741,477 )     (23,541 ) Balance at June 30, 2023     31,966       286

v3.23.2

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of the income and share data used in the basic and diluted earnings per share	The following table reflects the income and share data used in the basic and diluted earnings per share calculations:     For the six months ended June 30,       2023     2022                 Net Income (USD ‘000)     74,363       44,211   Less: net income attributable to the Earnout Shares (USD ‘000)     (4,758 )     (2,167 ) Less: dividends attributable to the Restricted Shares Awards (USD ‘000)     (15 )     (135 ) Net income available to common shareholders (USD ‘000)     69,590       41,909   Weighted average number of shares – basic     43,513,654       45,616,180   Restricted shares awards     242,177       47,931   Weighted average number of shares – diluted     43,755,831       45,664,111   Basic earnings per share (USD)     1.60       0.92   Diluted earnings per share (USD)     1.59       0.92

v3.23.2

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies [Line Items]
Shareholder’s equity	$ 466,831	$ 410,939	$ 375,163	$ 381,082
Previously Reported [Member]
Summary of Significant Accounting Policies [Line Items]
Shareholder’s equity		$ 429,773

v3.23.2

Restricted Cash (Details) - Schedule of Reconciliation of Cash and Restricted Cash - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Reconciliation of Cash and Restricted Cash [Abstract]
Cash and cash equivalents	$ 170,392	$ 122,143
Restricted cash (included in other assets)	18,001	15,800
Total cash, cash equivalents and restricted cash	$ 188,393	$ 137,943

v3.23.2

Reserves for Unpaid Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Reserves for Unpaid Loss and Loss Adjustment Expenses (Details) [Line Items]
Net losses increased prior loss reserve	$ 121,275	$ 90,012
Net losses decreased prior loss reserve	27,518	23,057
Reinsurance book	3,315	2,227
Short-Tail Business [Member]
Reserves for Unpaid Loss and Loss Adjustment Expenses (Details) [Line Items]
Reinsurance book	19,556	8,116
Long-Tail Business [Member]
Reserves for Unpaid Loss and Loss Adjustment Expenses (Details) [Line Items]
Reinsurance book	$ 4,647	$ 17,168

v3.23.2

Reserves for Unpaid Loss and Loss Adjustment Expenses (Details) - Schedule of Table Represents an Analysis of Loss and Loss Adjustment Expenses - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule Table RepresentsaAn Analysis of Loss and Loss Adjustment Expenses [Abstract]
Reserve for unpaid loss and loss adjustment expenses	$ 636,245	$ 577,646
Unpaid loss and loss adjustment expenses recoverable	(188,800)	(182,123)
Net reserve for unpaid loss and loss adjustment expenses at beginning of period / year	447,445	395,523
Loss and loss adjustment expenses incurred, net of reinsurance:
Current accident year	121,275	198,044
Previous accident years	(27,518)	(40,482)
Total loss and loss adjustment expenses incurred, net of reinsurance	93,757	157,562
Loss and loss adjustment expenses paid, net of reinsurance:
Current accident year	(5,336)	(14,876)
Prior accident years	(53,544)	(90,728)
Total loss and loss adjustment expenses paid, net of reinsurance	(58,880)	(105,604)
Change in allowance for credit losses on reinsurance recoverables	25	(36)
Net reserve for unpaid loss and loss adjustment expenses at end of period / year	482,347	447,445
Reinsurance recoverable on unpaid loss and loss adjustment expenses, net of allowance	(202,631)	(188,800)
Reserve for unpaid loss and loss adjustment expenses at end of period / year	$ 684,978	$ 636,245

v3.23.2

Derviative Financial Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Derviative Financial Liabilities (Details) [Line Items]
Fair value of warrant (in Dollars)	$ 10,548
Changes in fair value (in Dollars)		$ 543
Earn out shares issued	2,973,300	2,973,300
Note Warrant [Member]
Derviative Financial Liabilities (Details) [Line Items]
Issuance of warrant	17,250,000
Description of warrant issued	(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

v3.23.2

Derviative Financial Liabilities (Details) - Schedule of Exercise of Warrants Outstanding $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Public warrants [Member]
Schedule of Exercise of Warrants Outstanding [Abstract]
Number of shares | shares	12,750,000
Exercise price | $ / shares	$ 11.5
Redemption price | $ / shares	$ 18
Expiration date	Mar. 17, 2025
Classification	Liability
Loss in value for the period | $	$ (401)
Fair value | $	$ 7,796
Private warrants [Member]
Schedule of Exercise of Warrants Outstanding [Abstract]
Number of shares | shares	4,500,000
Exercise price | $ / shares	$ 11.5
Redemption price | $ / shares	$ 18
Expiration date	Mar. 17, 2025
Classification	Liability
Loss in value for the period | $	$ (142)
Fair value | $	$ 2,752

v3.23.2

Derviative Financial Liabilities (Details) - Schedule of Fair Value of the Sponsor Earn-out Shares - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Fair Value of the Sponsor Earn-out Shares [Abstract]
Stock price (USD) (in Dollars per share)	$ 8.94	$ 8
Expected volatility (%)	25.00%	27.50%
Risk free rate (%)	4.14%	3.98%
Expected term (in years)	4.71%	5.21%
Expected dividends (%) (in Dollars per share)	$ 0.45	$ 0.5

v3.23.2

Derviative Financial Liabilities (Details) - Schedule of Movement on the Earn-out shares $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Schedule of Movement on the Earn-out shares [Abstract]]
Fair value of Earn-out shares at December 31, 2022	$ 13,800
Change in fair value	2,840
Fair value of Earn-out shares at June 30, 2023	$ 16,640

v3.23.2

Fair Value (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value, Inputs, Level 2 [Member]
Fair Value (Details) [Line Items]
Corporate bonds available for sale	$ 27,013
Fair Value, Inputs, Level 1 [Member]
Fair Value (Details) [Line Items]
Fair Value, Option, Loans Held as Assets, Aggregate Amount in Nonaccrual Status	65,208
Fair Value, Inputs, Level 3 [Member]
Fair Value (Details) [Line Items]
Asset (Liability), Transfers out of Level 3	$ 12,640

v3.23.2

Fair Value (Details) - Schedule of the Recorded Fair Value that Are Not Based on Observable Market Data - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Assets measured at fair value:
Fair value	$ 649,863	$ 539,629
Foreign governments [Member]
Assets measured at fair value:
Fair value	7,649	7,448
Corporate Bonds [Member]
Assets measured at fair value:
Fair value	584,303	483,627
Fixed maturity available for sale securities [Member]
Assets measured at fair value:
Fair value	591,952	491,075
Equity Securities [Member]
Assets measured at fair value:
Fair value	42,899	31,410
Other Investments [Member]
Assets measured at fair value:
Fair value	11,383	12,237
Equity-method investments measured at fair value [Member]
Assets measured at fair value:
Fair value	3,629	4,907
Derivative financial liabilities [Member]
Liabilities measured at fair value:
Derivative financial liabilities	27,188	23,805
Level 1 [Member]
Assets measured at fair value:
Fair value	262,335	125,012
Level 1 [Member] | Foreign governments [Member]
Assets measured at fair value:
Fair value	2,897	1,235
Level 1 [Member] | Corporate Bonds [Member]
Assets measured at fair value:
Fair value	216,913	99,731
Level 1 [Member] | Fixed maturity available for sale securities [Member]
Assets measured at fair value:
Fair value	219,810	100,966
Level 1 [Member] | Equity Securities [Member]
Assets measured at fair value:
Fair value	42,525	24,046
Level 1 [Member] | Other Investments [Member]
Assets measured at fair value:
Fair value
Level 1 [Member] | Equity-method investments measured at fair value [Member]
Assets measured at fair value:
Fair value
Level 1 [Member] | Derivative financial liabilities [Member]
Liabilities measured at fair value:
Derivative financial liabilities
Level 2 [Member]
Assets measured at fair value:
Fair value	381,531	400,352
Level 2 [Member] | Foreign governments [Member]
Assets measured at fair value:
Fair value	4,752	6,213
Level 2 [Member] | Corporate Bonds [Member]
Assets measured at fair value:
Fair value	365,396	381,902
Level 2 [Member] | Fixed maturity available for sale securities [Member]
Assets measured at fair value:
Fair value	370,148	388,115
Level 2 [Member] | Equity Securities [Member]
Assets measured at fair value:
Fair value
Level 2 [Member] | Other Investments [Member]
Assets measured at fair value:
Fair value	11,383	12,237
Level 2 [Member] | Equity-method investments measured at fair value [Member]
Assets measured at fair value:
Fair value
Level 2 [Member] | Derivative financial liabilities [Member]
Liabilities measured at fair value:
Derivative financial liabilities	10,548	10,005
Level 3 [Member]
Assets measured at fair value:
Fair value	5,997	14,265
Level 3 [Member] | Foreign governments [Member]
Assets measured at fair value:
Fair value
Level 3 [Member] | Corporate Bonds [Member]
Assets measured at fair value:
Fair value	1,994	1,994
Level 3 [Member] | Fixed maturity available for sale securities [Member]
Assets measured at fair value:
Fair value	1,994	1,994
Level 3 [Member] | Equity Securities [Member]
Assets measured at fair value:
Fair value	374	7,364
Level 3 [Member] | Other Investments [Member]
Assets measured at fair value:
Fair value
Level 3 [Member] | Equity-method investments measured at fair value [Member]
Assets measured at fair value:
Fair value	3,629	4,907
Level 3 [Member] | Derivative financial liabilities [Member]
Liabilities measured at fair value:
Derivative financial liabilities	$ 16,640	$ 13,800

v3.23.2

Fair Value (Details) - Schedule of Reconciliation of Fair Value of the Unquoted Equities Under Level 3 Fair Value Hierarchy - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Reconciliation Of Fair Value Of The Unquoted Equities Under Level3 Fair Value Hierarchy Abstract
Balance at the beginning of period / year	$ 7,364	$ 7,046
Total gains unrealize recognized in earnings	5,650	318
Transfer out of Level 3	(12,640)
Balance at the end of the period	$ 374	$ 7,364

v3.23.2

Treasury Shares (Details) $ in Thousands	May 23, 2022 USD ($) shares
Treasury Shares (Details) [Line Items]
Aggregate consideration amount (in Dollars) | $	$ 5,000
Board of Directors Chairman [Member] | Common Stock [Member]
Treasury Shares (Details) [Line Items]
Shares, issued	7
Shares, outstanding	5,000,000

v3.23.2

Treasury Shares (Details) - Schedule of Table Below Illustrates the Movement on the Treasury Shares - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Table Below Illustrates The Movement On The Treasury Shares Abstract
Number of shares beginning Balance	1,668
Balance at the beginning	$ 14
Number of shares Repurchases	2,771,775
Amount of Repurchases	$ 23,813	$ 118
Number of shares Cancellation	(2,741,477)
Amount of Repurchases Cancellation	$ (23,541)
Number of shares ending Balance	31,966
Balance at the ending	$ 286

v3.23.2

Earnings per share (Details)	Jun. 30, 2023 shares
Earnings Per Share [Abstract]
Unvested earn-out outstanding shares	3,012,500

v3.23.2

Earnings per share (Details) - Schedule of the income and share data used in the basic and diluted earnings per share - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule Of The Income And Share Data Used In The Basic And Diluted Earnings Per Share [Abstract]
Net Income (USD ‘000)	$ 74,363	$ 44,211
Less: net income attributable to the Earnout Shares (USD ‘000)	(4,758)	(2,167)
Less: dividends attributable to the Restricted Shares Awards (USD ‘000)	(15)	(135)
Net income available to common shareholders (USD ‘000)	$ 69,590	$ 41,909
Weighted average number of shares – basic (in Shares)	43,513,654	45,616,180
Restricted shares awards	$ 242,177	$ 47,931
Weighted average number of shares – diluted (in Shares)	43,755,831	45,664,111
Basic earnings per share (USD) (in Dollars per share)	$ 1.6	$ 0.92
Diluted earnings per share (USD) (in Dollars per share)	$ 1.59	$ 0.92

v3.23.2

Subsequent Events (Details)	Jul. 28, 2023 $ / shares
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Purchase price per share	$ 0.95

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