XML 164 R146.htm IDEA: XBRL DOCUMENT v3.22.1
Segment Information (Details) - Schedule of consolidated operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Underwriting revenues      
Gross written premiums $ 545,582 $ 467,273 $ 349,292
Reinsurer’s share of insurance premiums (162,973) (128,863) (97,139)
Net written premiums 382,609 338,410 252,153
Net change in unearned premiums (37,411) (54,894) (36,609)
Net premiums earned 345,198 283,516 215,544
Underwriting deductions      
Net policy acquisition expenses (63,166) (54,490) (45,436)
Net claims and claim adjustment expenses (176,192) (151,672) (118,063)
Net underwriting results 105,840 77,354 52,045
General and administrative expenses (58,946) (46,923) (39,266)
Net investment income 16,034 9,967 13,374
Share of loss from associates (7,248) (1,479) (376)
Impairment loss on insurance receivables (5,181) (2,861) (629)
Other revenues 1,844 372 1,428
Other expenses (2,693) (1,892) (2,195)
Listing related expenses   (3,366) (4,832)
Change in fair value of derivative financial liability 690 (4,418)  
Gain (Loss) on foreign exchange (4,897) 2,572 5,704
Profit (loss) before tax 45,443 29,326 25,253
Income tax (1,747) (2,075) (1,688)
Profit for the year 43,696 27,251 23,565
Specialty Long Tail [Member]      
Underwriting revenues      
Gross written premiums 239,531 210,477 150,975
Reinsurer’s share of insurance premiums (61,808) (37,182) (21,970)
Net written premiums 177,723 173,295 129,005
Net change in unearned premiums (10,209) (31,880) (30,753)
Net premiums earned 167,514 141,415 98,252
Underwriting deductions      
Net policy acquisition expenses (30,498) (27,079) (21,907)
Net claims and claim adjustment expenses (86,196) (88,776) (61,667)
Net underwriting results 50,820 25,560 14,678
General and administrative expenses
Net investment income
Share of loss from associates
Impairment loss on insurance receivables
Other revenues
Other expenses
Listing related expenses  
Change in fair value of derivative financial liability  
Gain (Loss) on foreign exchange
Profit (loss) before tax 50,820 25,560 14,678
Income tax
Profit for the year 50,820 25,560 14,678
Specialty Short Tail [Member]      
Underwriting revenues      
Gross written premiums 282,037 237,478 180,331
Reinsurer’s share of insurance premiums (101,165) (91,681) (75,169)
Net written premiums 180,872 145,797 105,162
Net change in unearned premiums (26,865) (22,588) (5,609)
Net premiums earned 154,007 123,209 99,553
Underwriting deductions      
Net policy acquisition expenses (28,766) (24,316) (20,533)
Net claims and claim adjustment expenses (72,599) (56,614) (41,858)
Net underwriting results 52,642 42,279 37,162
General and administrative expenses
Net investment income
Share of loss from associates
Impairment loss on insurance receivables
Other revenues
Other expenses
Listing related expenses  
Change in fair value of derivative financial liability  
Gain (Loss) on foreign exchange
Profit (loss) before tax 52,642 42,279 37,162
Income tax
Profit for the year 52,642 42,279 37,162
Reinsurance [Member]      
Underwriting revenues      
Gross written premiums 24,014 19,318 17,986
Reinsurer’s share of insurance premiums
Net written premiums 24,014 19,318 17,986
Net change in unearned premiums (337) (426) (247)
Net premiums earned 23,677 18,892 17,739
Underwriting deductions      
Net policy acquisition expenses (3,902) (3,095) (2,996)
Net claims and claim adjustment expenses (17,397) (6,282) (14,538)
Net underwriting results 2,378 9,515 205
General and administrative expenses
Net investment income
Share of loss from associates
Impairment loss on insurance receivables
Other revenues
Other expenses
Listing related expenses  
Change in fair value of derivative financial liability  
Gain (Loss) on foreign exchange
Profit (loss) before tax 2,378 9,515 205
Income tax
Profit for the year 2,378 9,515 205
Sub Total [Member]      
Underwriting revenues      
Gross written premiums 545,582 467,273 349,292
Reinsurer’s share of insurance premiums (162,973) (128,863) (97,139)
Net written premiums 382,609 338,410 252,153
Net change in unearned premiums (37,411) (54,894) (36,609)
Net premiums earned 345,198 283,516 215,544
Underwriting deductions      
Net policy acquisition expenses (63,166) (54,490) (45,436)
Net claims and claim adjustment expenses (176,192) (151,672) (118,063)
Net underwriting results 105,840 77,354 52,045
General and administrative expenses
Net investment income
Share of loss from associates
Impairment loss on insurance receivables
Other revenues
Other expenses
Listing related expenses  
Change in fair value of derivative financial liability  
Gain (Loss) on foreign exchange
Profit (loss) before tax 105,840 77,354 52,045
Income tax
Profit for the year 105,840 77,354 52,045
Corporate and Other [Member]      
Underwriting revenues      
Gross written premiums
Reinsurer’s share of insurance premiums
Net written premiums
Net change in unearned premiums
Net premiums earned
Underwriting deductions      
Net policy acquisition expenses
Net claims and claim adjustment expenses
Net underwriting results
General and administrative expenses (58,946) (46,923) (39,266)
Net investment income 16,034 9,967 13,374
Share of loss from associates (7,248) (1,479) (376)
Impairment loss on insurance receivables (5,181) (2,861) (629)
Other revenues 1,844 372 1,428
Other expenses (2,693) (1,892) (2,195)
Listing related expenses   (3,366) (4,832)
Change in fair value of derivative financial liability 690 (4,418)  
Gain (Loss) on foreign exchange (4,897) 2,572 5,704
Profit (loss) before tax (60,397) (48,028) (26,792)
Income tax (1,747) (2,075) (1,688)
Profit for the year $ (62,144) $ (50,103) $ (28,480)