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