Fair Value (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Assets and Liabilities Measured at Fair Value

Below is a summary of the assets that are measured at fair value on a recurring basis and also represents the carrying amount on the Group’s interim condensed consolidated balance sheets:


	June 30, 2025
(Expressed in thousands of U.S. Dollars)	Level 1		Level 2		Level 3		Total Fair Value

Assets measured at fair value:
Fixed maturity securities available for sale:
Foreign governments	$	9,480	$	23,335	$	-	$	32,815
Corporate bonds	627,503		347,999		-		975,502
Total	636,983		371,334		-		1,008,317
Equity securities	23,573		-		-		23,573
Other Investments	-		13,096		-		13,096
Fair value option:
Equity-method investments measured at fair value	-		-		2,125		2,125
	$	660,556	$	384,430	$	2,125	$	1,047,111


	December 31, 2024
(Expressed in thousands of U.S. Dollars)	Level 1		Level 2		Level 3		Total Fair Value

Assets measured at fair value:
Fixed maturity securities available for sale:
Foreign governments	$	4,371	$	21,014	$	-	$	25,385
Corporate bonds	435,735		540,983		-		976,718
Total	440,106		561,997		-		1,002,103
Equity securities	28,973		-		-		28,973
Other Investments	-		12,289		-		12,289

Fair value option:
Equity-method investments measured at fair value	-		-		1,955		1,955
	$	469,079	$	574,286	$	1,955	$	1,045,320

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a reconciliation of the beginning and ending balances for all financial assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the six months ended June 30, 2025 and year ended December 31, 2024:


(Expressed in thousands of U.S. Dollars)	Equity- method investees		Derivative financial liabilities (Earnout Shares)

Six Months Ended June 30, 2025
Balance at beginning of period	$	1,955	$	—
Change in fair value included in earnings	170		—
Balance at end of period	$	2,125	—
Year Ended December 31, 2024
Balance at beginning of year	$	3,522	$	(17,290)
Change in fair value included in earnings	(1,567)		(4,928)
Vesting of Earnout Shares	-		22,218
Balance at end of year	$	1,955	$	—

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


(Expressed in thousands of U.S. Dollars)	Equity- method investees		Derivative financial liabilities (Earnout Shares)

Six Months Ended June 30, 2025
Balance at beginning of period	$	1,955	$	—
Change in fair value included in earnings	170		—
Balance at end of period	$	2,125	—
Year Ended December 31, 2024
Balance at beginning of year	$	3,522	$	(17,290)
Change in fair value included in earnings	(1,567)		(4,928)
Vesting of Earnout Shares	-		22,218
Balance at end of year	$	1,955	$	—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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