Palomar (PLMR) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Document Information [Line Items]
Entity Central Index Key	0001761312
Entity Registrant Name	Palomar Holdings, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38873
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3972551
Entity Address, Address Line One	7979 Ivanhoe Avenue, Suite 500
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	619
Local Phone Number	567-5290
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	PLMR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,741,788

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $605,040 in 2023; $561,580 in 2022)	$ 560,121	$ 515,064
Equity securities, at fair value (cost: $43,297 in 2023; $42,352 in 2022)	41,428	38,576
Total investments	601,549	553,640
Cash and cash equivalents	58,310	68,108
Restricted cash	294	56
Accrued investment income	4,568	3,777
Premiums receivable	243,002	162,858
Deferred policy acquisition costs, net of ceding commissions and fronting fees	55,913	56,740
Reinsurance recoverable on paid losses and loss adjustment expenses	39,101	39,718
Reinsurance recoverable on unpaid losses and loss adjustment expenses	216,783	153,895
Ceded unearned premiums	242,452	204,084
Prepaid expenses and other assets	60,125	44,088
Deferred tax assets, net	10,617	10,622
Property and equipment, net	498	603
Goodwill and intangible assets, net	13,095	8,261
Total assets	1,546,307	1,306,450
Liabilities:
Accounts payable and other accrued liabilities	24,838	25,760
Reserve for losses and loss adjustment expenses	298,083	231,415
Unearned premiums	528,289	471,314
Ceded premium payable	199,611	146,127
Funds held under reinsurance treaty	10,378	10,680
Borrowings from credit agreements	71,400	36,400
Total liabilities	1,132,599	921,696
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 24,794,269 and 25,027,467 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	3	3
Additional paid-in capital	341,413	333,558
Accumulated other comprehensive loss	(34,726)	(36,515)
Retained earnings	107,018	87,708
Total stockholders' equity	413,708	384,754
Total liabilities and stockholders' equity	$ 1,546,307	$ 1,306,450

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Available-for-Sale, Amortized Cost	$ 605,040	$ 561,580
Equity Securities, Cost	$ 43,297	$ 42,352
Preferred Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized (in shares)	500,000,000	500,000,000
Common Stock, Shares, Issued (in shares)	24,794,269	25,027,467
Common Stock, Shares, Outstanding (in shares)	24,794,269	25,027,467

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Gross written premiums	$ 274,296	$ 218,689	$ 524,407	$ 389,623
Ceded written premiums	(169,109)	(122,627)	(339,453)	(212,179)
Net written premiums	105,187	96,062	184,954	177,444
Change in unearned premiums	(22,080)	(15,797)	(18,607)	(21,147)
Net earned premiums	83,107	80,265	166,347	156,297
Net investment income	5,541	3,140	10,661	5,719
Net realized and unrealized gains (losses) on investments	1,127	(4,735)	1,273	(6,014)
Commission and other income	621	990	1,316	1,767
Total revenues	90,396	79,660	179,597	157,769
Expenses:
Losses and loss adjustment expenses	17,905	14,398	38,557	29,351
Acquisition expenses, net of ceding commissions and fronting fees	26,057	28,663	51,736	56,718
Other underwriting expenses	22,350	18,195	41,572	34,119
Interest expense	1,064	111	2,084	204
Total expenses	67,376	61,367	133,949	120,392
Income before income taxes	23,020	18,293	45,648	37,377
Income tax expense	5,458	3,704	10,774	8,251
Net income	17,562	14,589	34,874	29,126
Other comprehensive income (loss), net:
Net unrealized gains (losses) on securities available for sale	(3,685)	(14,065)	1,789	(32,528)
Net comprehensive income (loss)	$ 13,877	$ 524	$ 36,663	$ (3,402)
Per Share Data:
Basic earnings per share (in dollars per share)	$ 0.71	$ 0.58	$ 1.40	$ 1.15
Diluted earnings per share (in dollars per share)	$ 0.69	$ 0.57	$ 1.37	$ 1.13
Weighted-average common shares outstanding:
Basic (in shares)	24,833,852	25,211,924	24,901,403	25,283,222
Diluted (in shares)	25,309,526	25,746,780	25,384,409	25,817,442

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021	25,428,929
Beginning Balance at Dec. 31, 2021	$ 3	$ 318,902	$ 5,312	$ 69,952	$ 394,169
Other comprehensive loss, net of tax	0	0	(32,528)	0	(32,528)
Stock-based compensation	$ 0	5,463	0	0	5,463
Issuance of common stock via employee stock purchase plan (in shares)	6,078
Issuance of common stock via employee stock purchase plan	$ 0	333	0	0	333
Issuance of common stock via equity incentive plan (in shares)	132,137
Issuance of common stock via equity incentive plan	$ 0	1,775	0	0	1,775
Repurchases of common stock (in shares)	(347,013)
Repurchases of common stock	$ 0	0	0	(20,273)	(20,273)
Net income	$ 0	0	0	29,126	29,126
Balance (in shares) at Jun. 30, 2022	25,220,131
Balance at end of period at Jun. 30, 2022	$ 3	326,473	(27,216)	78,805	$ 378,065
Balance (in shares) at Dec. 31, 2022	25,027,467				25,027,467
Beginning Balance at Dec. 31, 2022	$ 3	333,558	(36,515)	87,708	$ 384,754
Other comprehensive loss, net of tax	0	0	1,789	0	1,789
Stock-based compensation	$ 0	7,147	0	0	7,147
Issuance of common stock via employee stock purchase plan (in shares)	7,724
Issuance of common stock via employee stock purchase plan	$ 0	394	0	0	394
Issuance of common stock via equity incentive plan (in shares)	60,240
Issuance of common stock via equity incentive plan	$ 0	314	0	0	314
Repurchases of common stock (in shares)	(301,162)
Repurchases of common stock	$ 0	0	0	(15,564)	(15,564)
Net income	$ 0	0	0	34,874	$ 34,874
Balance (in shares) at Jun. 30, 2023	24,794,269				24,794,269
Balance at end of period at Jun. 30, 2023	$ 3	$ 341,413	$ (34,726)	$ 107,018	$ 413,708

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net cash provided by operating activities	$ 23,203	$ 82,799
Investing activities
Purchases of property and equipment	(19)	(267)
Capitalized software costs	(3,809)	(2,757)
Purchases of fixed maturity securities	(120,203)	(203,616)
Purchases of equity securities	(945)	(10,156)
Sales and maturities of fixed maturity securities	76,655	115,314
Change in securities receivable or payable, net	950	0
Acquisitions, net of cash acquired	(5,536)	(15)
Net cash used in investing activities	(52,907)	(101,497)
Financing activities
Proceeds from line of credit	35,000	23,000
Proceeds from common stock issued via employee stock purchase plan	394	333
Proceeds from common stock issued via stock option exercises	314	1,775
Repurchases of common stock	(15,564)	(20,273)
Net cash provided by financing activities	20,144	4,835
Net increase (decrease) in cash, cash equivalents and restricted cash	(9,560)	(13,863)
Cash, cash equivalents and restricted cash at beginning of period	68,164	50,371
Cash, cash equivalents and restricted cash at end of period	58,604	36,508
Supplementary cash flow information:
Cash paid for income taxes	15,652	13,085
Cash paid for interest	2,041	106
Cash and cash equivalents	58,310
Restricted cash	294
Cash and cash equivalents and restricted cash	$ 58,604	$ 36,508

Note 1 - Summary of Operations

Note 1 - Summary of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1. Summary of Operations Palomar Holdings, Inc. (the “Company”) is a Delaware incorporated insurance holding company that was founded in 2014. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and include the accounts of the Company and its wholly‑owned subsidiaries. These condensed consolidated financial statements do not 10 December 31, 2022 March 1, 2023 ( “2022 10 In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All intercompany balances and transactions have been eliminated in consolidation. Interim results are not Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. All revisions to accounting estimates are recognized in the period in which the estimates are revised. Significant estimates reflected in the Company’s condensed consolidated financial statements include, but are not Recent Accounting Pronouncements Recently adopted accounting pronouncements The Company has not six June 30, 2023 Recently issued accounting pronouncements not There are not

Note 2 - Investments

Note 2 - Investments	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	2. The Company’s available‑for‑sale investments are summarized as follows: Gross Gross Allowance Amortized Unrealized Unrealized for Fair June 30, 2023 Cost or Cost Gains Losses Credit Losses Value (in thousands) Fixed maturities: U.S. Governments $ 45,975 $ — $ (2,178 ) $ — $ 43,797 States, territories, and possessions 5,847 53 (457 ) — 5,443 Political subdivisions 4,436 — (479 ) — 3,957 Special revenue excluding mortgage/asset-backed securities 35,788 69 (3,784 ) — 32,073 Corporate and other 301,975 420 (23,790 ) (904 ) 277,701 Mortgage/asset-backed securities 211,019 251 (14,120 ) — 197,150 Total available-for-sale investments $ 605,040 $ 793 $ (44,808 ) $ (904 ) $ 560,121 Gross Gross Allowance Amortized Unrealized Unrealized for Fair December 31, 2022 Cost or Cost Gains Losses Credit Losses Value (in thousands) Fixed maturities: U.S. Governments $ 50,802 $ 2 $ (2,253 ) $ — $ 48,551 States, territories, and possessions 5,857 49 (552 ) — 5,354 Political subdivisions 4,919 — (621 ) — 4,298 Special revenue excluding mortgage/asset-backed securities 37,260 26 (4,487 ) — 32,799 Corporate and other 278,164 79 (23,912 ) (236 ) 254,095 Mortgage/asset-backed securities 184,578 251 (14,862 ) — 169,967 Total available-for-sale investments $ 561,580 $ 407 $ (46,687 ) $ (236 ) $ 515,064 Security holdings in an unrealized loss position As of June 30, 2023 December 31, 2022 The aggregate fair value and gross unrealized losses of the Company’s investments aggregated by investment category and the length of time these individual securities have been in a continuous unrealized loss position as of June 30, 2023 December 31, 2022 Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2023 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 11,832 $ (343 ) $ 31,166 $ (1,835 ) $ 42,998 $ (2,178 ) States, territories, and possessions 1,711 (36 ) 1,605 (421 ) 3,316 (457 ) Political subdivisions — — 3,958 (478 ) 3,958 (478 ) Special revenue excluding mortgage/asset-backed securities 1,640 (36 ) 27,438 (3,749 ) 29,078 (3,785 ) Corporate and other 89,468 (3,501 ) 169,532 (20,289 ) 259,000 (23,790 ) Mortgage/asset-backed securities 75,525 (2,586 ) 94,616 (11,534 ) 170,141 (14,120 ) Total $ 180,176 $ (6,502 ) $ 328,315 $ (38,306 ) $ 508,491 $ (44,808 ) Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2022 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 41,077 $ (1,523 ) $ 6,853 $ (730 ) $ 47,930 $ (2,253 ) States, territories, and possessions 3,227 (552 ) — — 3,227 (552 ) Political subdivisions 4,298 (621 ) — — 4,298 (621 ) Special revenue excluding mortgage/asset-backed securities 25,091 (3,287 ) 5,080 (1,200 ) 30,171 (4,487 ) Corporate and other 192,185 (15,667 ) 55,605 (8,481 ) 247,790 (24,148 ) Mortgage/asset-backed securities 118,815 (9,908 ) 32,448 (4,954 ) 151,263 (14,862 ) Total $ 384,693 $ (31,558 ) $ 99,986 $ (15,365 ) $ 484,679 $ (46,923 ) The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities fair value necessitates the recognition of an allowance for credit losses. The Company considers numerous factors in its review as described in Footnote 1 2022 10 The Company has recorded an allowance for credit losses for two investment securities. Based on the Company’s review as of June 30, 2023 not not not not Contractual maturities of available for sale fixed maturity securities The amortized cost and fair value of fixed maturity securities at June 30, 2023 Amortized Fair Cost Value (in thousands) Due within one year $ 45,887 $ 44,464 Due after one year through five years 167,430 156,746 Due after five years through ten years 144,598 130,308 Due after ten years 36,106 31,453 Mortgage and asset-backed securities 211,019 197,150 $ 605,040 $ 560,121 Expected maturities may may Net investment income summary Net investment income is summarized as follows: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Interest income $ 5,456 $ 3,082 $ 10,516 $ 5,640 Dividend income 210 185 391 340 Investment expense (125 ) (127 ) (246 ) (261 ) Net investment income $ 5,541 $ 3,140 $ 10,661 $ 5,719 Net realized and unrealized investment gains and losses The following table presents net realized and unrealized investment gains and losses: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Realized gains: Gains on sales of fixed maturity securities $ 37 $ 7 $ 65 $ 10 Gains on sales of equity securities — — — — Total realized gains 37 7 65 10 Realized losses: Losses on sales of fixed maturity securities (29 ) (116 ) (32 ) (116 ) Losses on sales of equity securities — — — — Total realized losses (29 ) (116 ) (32 ) (116 ) Net realized investment gains 8 (109 ) 33 (106 ) Change in allowance for credit losses (8 ) — (667 ) — Net unrealized gains (losses) on equity securities 1,127 (4,626 ) 1,907 (5,908 ) Net realized and unrealized gains (losses) on investments $ 1,127 $ (4,735 ) $ 1,273 $ (6,014 ) Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date. Proceeds from the sale of fixed maturity securities were $1.9 million and $1.0 million for the three June 30, 2023 2022 Proceeds from the sale of fixed maturity securities were $7.1 million and $5.8 million for the six June 30, 2023 2022 The Company places securities on statutory deposit with certain state agencies to retain the right to do business in those states. These securities are included in available‑for‑sale investments on the balance sheet. As of June 30, 2023 December 31, 2022

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	3. Fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The three‑tier hierarchy of inputs is summarized in the three Level 1—Unadjusted Level 2—Pricing Level 3—Pricing To measure fair value, the Company obtains quoted market prices for its investment securities from its outside investment managers. If a quoted market price is not The fair value of the Company’s investments in fixed maturity securities is estimated using relevant inputs, including available market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. An Option Adjusted Spread model is also used to develop prepayment and interest rate scenarios. Industry standard models are used to analyze and value securities with embedded options or prepayment sensitivities. These fair value measurements are estimated based on observable, objectively verifiable market information rather than market quotes. Therefore, these investments are classified and disclosed in Level 2 The following tables present the hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 December 31, 2022 June 30, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 43,797 $ — $ 43,797 States, territories, and possessions — 5,443 — 5,443 Political subdivisions — 3,957 — 3,957 Special revenue excluding mortgage/asset-backed securities — 32,073 — 32,073 Corporate and other — 277,701 — 277,701 Mortgage/asset-backed securities — 197,150 — 197,150 Equity securities 41,428 — — 41,428 Cash, cash equivalents, and restricted cash 58,604 — — 58,604 Total assets $ 100,032 $ 560,121 $ — $ 660,153 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 48,551 $ — $ 48,551 States, territories, and possessions — 5,354 — 5,354 Political subdivisions — 4,298 — 4,298 Special revenue excluding mortgage/asset-backed securities — 32,799 — 32,799 Corporate and other — 254,095 — 254,095 Mortgage/asset-backed securities — 169,967 — 169,967 Equity securities 38,576 — — 38,576 Cash, cash equivalents, and restricted cash 68,164 — — 68,164 Total assets $ 106,740 $ 515,064 $ — $ 621,804 The carrying amounts of financial assets and liabilities reported in the accompanying condensed consolidated balance sheet including cash and cash equivalents, restricted cash, receivables, reinsurance recoverable, and accounts payable and other accrued liabilities approximate fair value due to their short term‑maturity. The carrying amount of the Company’s borrowings under the Federal Home Loan Bank (“FHLB”) line of credit and U.S. Bank credit agreement (the “Credit Agreement”) approximate fair value as the Company is currently borrowing at a variable rate which frequently reprices at market rates. Transfers between Level 3 2 June 30, 2023 December 31, 2022 3.

Note 4 - Reserve for Losses and

Note 4 - Reserve for Losses and Loss Adjustment Expenses	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Reserve for Losses and Loss Adjustment Expenses [Text Block]	4. The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses (“LAE”): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Reserve for losses and LAE net of reinsurance recoverables at beginning of period $ 81,366 $ 51,386 $ 77,520 $ 45,419 Add: Incurred losses and LAE, net of reinsurance, related to: Current year 18,539 14,350 35,839 27,799 Prior years (634 ) 48 2,718 1,552 Total incurred 17,905 14,398 38,557 29,351 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 6,176 4,399 7,569 5,889 Prior years 11,795 5,615 27,208 13,112 Total payments 17,971 10,014 34,777 19,001 Reserve for losses and LAE net of reinsurance recoverables at end of period 81,300 55,769 81,300 55,769 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 216,783 107,898 216,783 107,898 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $ 298,083 $ 163,667 $ 298,083 $ 163,667 Considerable variability is inherent in the estimate of the reserve for losses and LAE. Although management believes the liability recorded for losses and LAE is adequate, the variability inherent in this estimate could result in changes to the ultimate liability, which may The Company experienced favorable prior year development of $0.6 million and insignificant adverse prior year development during the three June 30, 2023 2022 The Company experienced adverse prior year development of $2.7 million and adverse prior year development of $1.6 million during the six June 30, 2023 2022 Favorable prior year development during the three June 30, 2023 three June 30, 2022 Adverse prior year development during the six June 30, 2023 three June 30, 2022

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Equity [Text Block]	5. Equity Common stock reserved for future issuance Common stock reserved for future issuance consists of the following as of June 30, 2023 Stock options outstanding under 2019 Equity Incentive Plan 857,569 Restricted stock units outstanding under 2019 Equity Incentive Plan 363,242 Performance stock units outstanding under 2019 Equity Incentive Plan, at target 426,931 Shares authorized for future issuance under 2019 Equity Incentive Plan 3,132,062 Shares authorized for future issuance under 2019 Employee Stock Purchase Plan 1,140,126 Total 5,919,930 Stock based compensation The below table summarizes the Company’s stock-based compensation expense for each period presented: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Stock-Based Compensation $ 3,697 $ 2,704 $ 7,147 $ 5,463 Stock-based compensation expense is recognized on a straight-line basis over the vesting period of equity-based awards. For performance stock units (“PSUs”), any changes to expense resulting from differences in actual performance versus target are recognized over the remaining vesting period of the awards. The Company does not 2019 On April 16, 2019, 2019 “2019 2019 2019 may A total of 2,400,000 shares of common stock were initially authorized and reserved for issuance under the 2019 January 1 2029 December 31, Stock Options Recipients of stock options can purchase shares of the Company’s common stock at a price equal to the stock's fair market value on the grant date, determined by the closing price of the Company's common stock on the grant date. Stock options vest over a two four first ten The following table summarizes stock option transactions for the six June 30, 2023 Number of shares Weighted-average exercise price Weighted-average remaining contractual term (in years) Aggregate intrinsic value (in thousands) Outstanding at January 1, 2023 882,892 $ 33.85 — $ — Options granted — — Options exercised (17,659 ) 17.81 Options canceled (7,664 ) 68.75 Outstanding at June 30, 2023 857,569 $ 33.86 6.4 $ 24,922 Vested and Exercisable at June 30, 2023 744,833 $ 29.30 6.2 $ 24,381 As of June 30, 2023 Restricted Stock Units RSUs are valued using the closing price of the Company’s common stock on their grant date. The Company has issued RSUs with vesting periods of one five The following table summarizes RSU transactions for the six June 30, 2023 Number of shares Weighted-average grant date fair value Outstanding at January 1, 2023 271,951 $ 68.90 Granted 142,374 51.37 Released (42,581 ) 60.40 Forfeited (8,502 ) 53.15 Non-vested outstanding at June 30, 2023 363,242 $ 63.39 As of June 30, 2023 Performance Stock Units The Company issues PSUs with a combination of service, performance, and market conditions. The majority of PSUs were issued via grants made to certain executives during 2021. five June 30, 2023 For other PSUs outstanding, vesting of PSUs requires a period of future service and the number of shares that vest depends on performance relative to predetermined targets of the Company’s Gross Written Premiums and Adjusted Return on Equity as set by the Compensation Committee. Prior to 2023, 2023, three three The following table summarizes PSU transactions for the three June 30, 2023 Number of shares Weighted-average grant date fair value Outstanding at January 1, 2023 383,103 $ 37.62 Granted 46,029 51.36 Vested — — Forfeited (2,201 ) 54.98 Non-vested outstanding at June 30, 2023 426,931 $ 39.01 The PSU grants above represent the number of shares that would vest based on achievement of all stock price milestones in the 2021 June 30, 2023 2019 On April 16, 2019, 2019 “2019 2019 2019 January 1 2029, may Under the 2019 2019 six June 30, 2023 Share repurchases In January 2022, March 31, 2024. The Company purchased 301,162 shares for $15.6 million at an average price of $53.4 per share under this program during the six June 30, 2023

Note 6 - Accumulated Other Comp

Note 6 - Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	6. Changes in accumulated other comprehensive income (loss) (“AOCI”) are as follows: Six Months Ended June 30, 2023 2022 (in thousands) Beginning Balance $ (36,515 ) $ 5,312 Other comprehensive income (loss) before reclassification 2,300 (41,276 ) Federal income tax expense (benefit) (483 ) 8,668 Other comprehensive income (loss) before reclassification, net of tax 1,817 (32,608 ) Amounts reclassified from AOCI (36 ) 101 Federal income tax expense (benefit) 8 (21 ) Amounts reclassified from AOCI, net of tax (28 ) 80 Other comprehensive income (loss) 1,789 (32,528 ) Balance at end of period $ (34,726 ) $ (27,216 )

Note 7 - Underwriting Informati

Note 7 - Underwriting Information	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7. The Company has a single reportable segment and offers primarily property and casualty insurance products. The Company also writes premiums under fronting agreements where it cedes the majority of the premium and risk in exchange for a fronting fee. Gross written premiums (“GWP”) by product are presented below: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Product Fronting Premiums $ 80,211 29.2 % $ 42,154 19.3 % $ 171,967 32.8 % $ 71,999 18.5 % Residential Earthquake 65,102 23.7 % 54,090 24.7 % 120,827 23.0 % 100,426 25.8 % Commercial Earthquake 42,826 15.6 % 33,103 15.1 % 80,597 15.4 % 58,247 14.9 % Inland Marine 35,539 13.0 % 23,134 10.6 % 66,588 12.7 % 41,371 10.6 % Casualty 14,988 5.5 % 7,804 3.6 % 26,722 5.1 % 12,804 3.3 % Commercial All Risk 11,770 4.3 % 21,213 9.7 % 20,146 3.8 % 31,791 8.2 % Hawaii Hurricane 9,595 3.5 % 8,240 3.8 % 17,667 3.4 % 15,154 3.9 % Residential Flood 5,469 2.0 % 3,583 1.6 % 9,705 1.9 % 6,577 1.7 % Specialty Homeowners (38 ) (0.0 )% 13,891 6.4 % (97 ) (0.0 )% 30,176 7.7 % Other 8,834 3.2 % 11,477 5.2 % 10,285 1.9 % 21,078 5.4 % Total Gross Written Premiums $ 274,296 100.0 % $ 218,689 100.0 % $ 524,407 100.0 % $ 389,623 100.0 % Gross written premiums by state are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP State California $ 157,057 57.3 % $ 93,130 42.6 % $ 288,946 55.1 % $ 161,848 41.5 % Texas 25,231 9.2 % 26,286 12.0 % 48,441 9.2 % 45,265 11.6 % Washington 13,645 5.0 % 8,937 4.1 % 25,617 4.9 % 15,818 4.1 % Florida 12,664 4.6 % 14,809 6.8 % 24,760 4.7 % 19,771 5.1 % Hawaii 12,228 4.5 % 10,191 4.7 % 22,333 4.3 % 18,731 4.8 % Oregon 5,907 2.2 % 4,371 2.0 % 12,687 2.4 % 8,745 2.2 % Illinois 4,471 1.6 % 4,676 2.1 % 9,173 1.7 % 8,949 2.3 % Utah 3,938 1.4 % 2,316 1.1 % 7,053 1.3 % 4,191 1.1 % Other 39,155 14.3 % 53,973 24.7 % 85,397 16.4 % 106,305 27.3 % Total Gross Written Premiums $ 274,296 100.0 % $ 218,689 100.0 % $ 524,407 100.0 % $ 389,623 100.0 % Gross written premiums by insurance subsidiary are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Subsidiary PSIC $ 159,846 58.3 % $ 116,338 53.2 % $ 310,550 59.2 % $ 220,342 56.6 % PESIC 114,450 41.7 % 102,351 46.8 % 213,857 40.8 % 169,281 43.4 % Total Gross Written Premiums $ 274,296 100.0 % $ 218,689 100.0 % $ 524,407 100.0 % $ 389,623 100.0 %

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. The Company calculates its tax provision in interim periods using its best estimate of the effective tax rate expected for the full year. During the three June 30, 2023 three June 30, 2022 For the six June 30, 2023 six June 30, 2022

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	9. The following table sets out earnings per share of common stock: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands, except shares and per share data) (in thousands, except shares and per share data) Net income $ 17,562 $ 14,589 $ 34,874 $ 29,126 Weighted average common shares outstanding: Basic 24,833,852 25,211,924 24,901,403 25,283,222 Common Share equivalents 475,674 534,856 483,006 534,220 Diluted 25,309,526 25,746,780 25,384,409 25,817,442 Earnings per share: Basic $ 0.71 $ 0.58 $ 1.40 $ 1.15 Diluted $ 0.69 $ 0.57 $ 1.37 $ 1.13 Common share equivalents relate primarily to outstanding stock options, RSUs and PSUs under the 2019 2019

Note 10 - Reinsurance

Note 10 - Reinsurance	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Reinsurance [Text Block]	10. The Company utilizes reinsurance in order to limit its exposure to losses and enable it to underwrite policies with sufficient limits to meet policyholder needs. The Company utilizes both excess of loss (XOL) and quota share reinsurance. As of June 30, 2023 In addition to reinsurance purchased from traditional reinsurers, the Company has historically incorporated collateralized protection from the insurance linked securities market via catastrophe bonds. During the first 2021, 144A June 1, 2021. June 1, 2024. second 2022, 144A June 1, 2022. June 1, 2025. second 2023, 144A June 1, 2023. June 1, 2026.

Note 11 - Credit Agreements

Note 11 - Credit Agreements	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	11. U.S. Bank Credit Agreement In December 2021, December 8, 2026. may may may not The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, among other things, financial covenants, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness and dividends and other distributions. The financial covenants include requirements to maintain a permissible debt to capital ratio, a minimum consolidated net worth, a minimum risk based capital ratio and minimum A.M. Best financial strength rating. The Credit Agreement also contains customary events of default, such as non-compliance with financial covenants. If an event of default occurs, any debt may June 30, 2023 As of June 30, 2023 FHLB Line of Credit The Company’s PSIC subsidiary is a member of the Federal Home Loan Bank of San Francisco (“FHLB”). Membership in the FHLB provides PSIC access to collateralized advances, which can be drawn for general corporate purposes and used to enhance liquidity management. All borrowings are fully secured by a pledge of specific investment securities of PSIC and the borrowing capacity is equal to 10% of PSIC’s statutory admitted assets. All advances have a predetermined term and the interest rate varies based on the term of the advance. As of June 30, 2023 three six June 30, 2023

Item 5 - Other Information

Item 5 - Other Information	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Issuer Rule 10b5-1, Material Terms [Text Block]	5. Rule 10b5 1 During the quarter ended June 30, 2023, none 16a 1 1934 10b5 1 10b5 1 408 Form Executive Employment Agreement On July 28, 2023, December 31, 2023. The Form Agreement also provides benefits in connection with a termination of the executive’s employment under specified circumstances. Under the terms of the Form Agreement, if we terminate the executive’s employment other than for “cause” or the executive terminates his or her employment for “good reason”(each as defined in the Form Agreement), the executive will be entitled to receive, subject to his or her timely execution and non-revocation of a separation agreement and release of claims in a form reasonably satisfactory to us and his or her continued adherence to the non-solicitation provision of the Form Agreement, (i) severance payments in an amount equal to his or her then-current base salary for a period of 12 12 36 12 In addition, if we terminate the executive without cause or the executive resigns for good reason within 12 The Form Agreement also includes a non-solicitation provision prohibiting the executive from soliciting for employment or as a consultant for 12 twelve

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Operations [Policy Text Block]	Summary of Operations Palomar Holdings, Inc. (the “Company”) is a Delaware incorporated insurance holding company that was founded in 2014.
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and include the accounts of the Company and its wholly‑owned subsidiaries. These condensed consolidated financial statements do not 10 December 31, 2022 March 1, 2023 ( “2022 10 In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All intercompany balances and transactions have been eliminated in consolidation. Interim results are not
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. All revisions to accounting estimates are recognized in the period in which the estimates are revised. Significant estimates reflected in the Company’s condensed consolidated financial statements include, but are not
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Recently adopted accounting pronouncements The Company has not six June 30, 2023 Recently issued accounting pronouncements not There are not

Note 2 - Investments (Tables)

Note 2 - Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	Gross Gross Allowance Amortized Unrealized Unrealized for Fair June 30, 2023 Cost or Cost Gains Losses Credit Losses Value (in thousands) Fixed maturities: U.S. Governments $ 45,975 $ — $ (2,178 ) $ — $ 43,797 States, territories, and possessions 5,847 53 (457 ) — 5,443 Political subdivisions 4,436 — (479 ) — 3,957 Special revenue excluding mortgage/asset-backed securities 35,788 69 (3,784 ) — 32,073 Corporate and other 301,975 420 (23,790 ) (904 ) 277,701 Mortgage/asset-backed securities 211,019 251 (14,120 ) — 197,150 Total available-for-sale investments $ 605,040 $ 793 $ (44,808 ) $ (904 ) $ 560,121 Gross Gross Allowance Amortized Unrealized Unrealized for Fair December 31, 2022 Cost or Cost Gains Losses Credit Losses Value (in thousands) Fixed maturities: U.S. Governments $ 50,802 $ 2 $ (2,253 ) $ — $ 48,551 States, territories, and possessions 5,857 49 (552 ) — 5,354 Political subdivisions 4,919 — (621 ) — 4,298 Special revenue excluding mortgage/asset-backed securities 37,260 26 (4,487 ) — 32,799 Corporate and other 278,164 79 (23,912 ) (236 ) 254,095 Mortgage/asset-backed securities 184,578 251 (14,862 ) — 169,967 Total available-for-sale investments $ 561,580 $ 407 $ (46,687 ) $ (236 ) $ 515,064
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]	Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2023 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 11,832 $ (343 ) $ 31,166 $ (1,835 ) $ 42,998 $ (2,178 ) States, territories, and possessions 1,711 (36 ) 1,605 (421 ) 3,316 (457 ) Political subdivisions — — 3,958 (478 ) 3,958 (478 ) Special revenue excluding mortgage/asset-backed securities 1,640 (36 ) 27,438 (3,749 ) 29,078 (3,785 ) Corporate and other 89,468 (3,501 ) 169,532 (20,289 ) 259,000 (23,790 ) Mortgage/asset-backed securities 75,525 (2,586 ) 94,616 (11,534 ) 170,141 (14,120 ) Total $ 180,176 $ (6,502 ) $ 328,315 $ (38,306 ) $ 508,491 $ (44,808 ) Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2022 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 41,077 $ (1,523 ) $ 6,853 $ (730 ) $ 47,930 $ (2,253 ) States, territories, and possessions 3,227 (552 ) — — 3,227 (552 ) Political subdivisions 4,298 (621 ) — — 4,298 (621 ) Special revenue excluding mortgage/asset-backed securities 25,091 (3,287 ) 5,080 (1,200 ) 30,171 (4,487 ) Corporate and other 192,185 (15,667 ) 55,605 (8,481 ) 247,790 (24,148 ) Mortgage/asset-backed securities 118,815 (9,908 ) 32,448 (4,954 ) 151,263 (14,862 ) Total $ 384,693 $ (31,558 ) $ 99,986 $ (15,365 ) $ 484,679 $ (46,923 )
Investments Classified by Contractual Maturity Date [Table Text Block]	Amortized Fair Cost Value (in thousands) Due within one year $ 45,887 $ 44,464 Due after one year through five years 167,430 156,746 Due after five years through ten years 144,598 130,308 Due after ten years 36,106 31,453 Mortgage and asset-backed securities 211,019 197,150 $ 605,040 $ 560,121
Investment Income [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Interest income $ 5,456 $ 3,082 $ 10,516 $ 5,640 Dividend income 210 185 391 340 Investment expense (125 ) (127 ) (246 ) (261 ) Net investment income $ 5,541 $ 3,140 $ 10,661 $ 5,719
Gain (Loss) on Securities [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Realized gains: Gains on sales of fixed maturity securities $ 37 $ 7 $ 65 $ 10 Gains on sales of equity securities — — — — Total realized gains 37 7 65 10 Realized losses: Losses on sales of fixed maturity securities (29 ) (116 ) (32 ) (116 ) Losses on sales of equity securities — — — — Total realized losses (29 ) (116 ) (32 ) (116 ) Net realized investment gains 8 (109 ) 33 (106 ) Change in allowance for credit losses (8 ) — (667 ) — Net unrealized gains (losses) on equity securities 1,127 (4,626 ) 1,907 (5,908 ) Net realized and unrealized gains (losses) on investments $ 1,127 $ (4,735 ) $ 1,273 $ (6,014 )

Note 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	June 30, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 43,797 $ — $ 43,797 States, territories, and possessions — 5,443 — 5,443 Political subdivisions — 3,957 — 3,957 Special revenue excluding mortgage/asset-backed securities — 32,073 — 32,073 Corporate and other — 277,701 — 277,701 Mortgage/asset-backed securities — 197,150 — 197,150 Equity securities 41,428 — — 41,428 Cash, cash equivalents, and restricted cash 58,604 — — 58,604 Total assets $ 100,032 $ 560,121 $ — $ 660,153 December 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 48,551 $ — $ 48,551 States, territories, and possessions — 5,354 — 5,354 Political subdivisions — 4,298 — 4,298 Special revenue excluding mortgage/asset-backed securities — 32,799 — 32,799 Corporate and other — 254,095 — 254,095 Mortgage/asset-backed securities — 169,967 — 169,967 Equity securities 38,576 — — 38,576 Cash, cash equivalents, and restricted cash 68,164 — — 68,164 Total assets $ 106,740 $ 515,064 $ — $ 621,804

Note 4 - Reserve for Losses a_2

Note 4 - Reserve for Losses and Loss Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Reserve for losses and LAE net of reinsurance recoverables at beginning of period $ 81,366 $ 51,386 $ 77,520 $ 45,419 Add: Incurred losses and LAE, net of reinsurance, related to: Current year 18,539 14,350 35,839 27,799 Prior years (634 ) 48 2,718 1,552 Total incurred 17,905 14,398 38,557 29,351 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 6,176 4,399 7,569 5,889 Prior years 11,795 5,615 27,208 13,112 Total payments 17,971 10,014 34,777 19,001 Reserve for losses and LAE net of reinsurance recoverables at end of period 81,300 55,769 81,300 55,769 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 216,783 107,898 216,783 107,898 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $ 298,083 $ 163,667 $ 298,083 $ 163,667

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Capital Reserved for Future Issuance [Table Text Block]	Stock options outstanding under 2019 Equity Incentive Plan 857,569 Restricted stock units outstanding under 2019 Equity Incentive Plan 363,242 Performance stock units outstanding under 2019 Equity Incentive Plan, at target 426,931 Shares authorized for future issuance under 2019 Equity Incentive Plan 3,132,062 Shares authorized for future issuance under 2019 Employee Stock Purchase Plan 1,140,126 Total 5,919,930
Share-Based Payment Arrangement, Cost by Plan [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Stock-Based Compensation $ 3,697 $ 2,704 $ 7,147 $ 5,463
Share-Based Payment Arrangement, Activity [Table Text Block]	Number of shares Weighted-average exercise price Weighted-average remaining contractual term (in years) Aggregate intrinsic value (in thousands) Outstanding at January 1, 2023 882,892 $ 33.85 — $ — Options granted — — Options exercised (17,659 ) 17.81 Options canceled (7,664 ) 68.75 Outstanding at June 30, 2023 857,569 $ 33.86 6.4 $ 24,922 Vested and Exercisable at June 30, 2023 744,833 $ 29.30 6.2 $ 24,381
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of shares Weighted-average grant date fair value Outstanding at January 1, 2023 271,951 $ 68.90 Granted 142,374 51.37 Released (42,581 ) 60.40 Forfeited (8,502 ) 53.15 Non-vested outstanding at June 30, 2023 363,242 $ 63.39
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]	Number of shares Weighted-average grant date fair value Outstanding at January 1, 2023 383,103 $ 37.62 Granted 46,029 51.36 Vested — — Forfeited (2,201 ) 54.98 Non-vested outstanding at June 30, 2023 426,931 $ 39.01

Note 6 - Accumulated Other Co_2

Note 6 - Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Six Months Ended June 30, 2023 2022 (in thousands) Beginning Balance $ (36,515 ) $ 5,312 Other comprehensive income (loss) before reclassification 2,300 (41,276 ) Federal income tax expense (benefit) (483 ) 8,668 Other comprehensive income (loss) before reclassification, net of tax 1,817 (32,608 ) Amounts reclassified from AOCI (36 ) 101 Federal income tax expense (benefit) 8 (21 ) Amounts reclassified from AOCI, net of tax (28 ) 80 Other comprehensive income (loss) 1,789 (32,528 ) Balance at end of period $ (34,726 ) $ (27,216 )

Note 7 - Underwriting Informa_2

Note 7 - Underwriting Information (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Product Fronting Premiums $ 80,211 29.2 % $ 42,154 19.3 % $ 171,967 32.8 % $ 71,999 18.5 % Residential Earthquake 65,102 23.7 % 54,090 24.7 % 120,827 23.0 % 100,426 25.8 % Commercial Earthquake 42,826 15.6 % 33,103 15.1 % 80,597 15.4 % 58,247 14.9 % Inland Marine 35,539 13.0 % 23,134 10.6 % 66,588 12.7 % 41,371 10.6 % Casualty 14,988 5.5 % 7,804 3.6 % 26,722 5.1 % 12,804 3.3 % Commercial All Risk 11,770 4.3 % 21,213 9.7 % 20,146 3.8 % 31,791 8.2 % Hawaii Hurricane 9,595 3.5 % 8,240 3.8 % 17,667 3.4 % 15,154 3.9 % Residential Flood 5,469 2.0 % 3,583 1.6 % 9,705 1.9 % 6,577 1.7 % Specialty Homeowners (38 ) (0.0 )% 13,891 6.4 % (97 ) (0.0 )% 30,176 7.7 % Other 8,834 3.2 % 11,477 5.2 % 10,285 1.9 % 21,078 5.4 % Total Gross Written Premiums $ 274,296 100.0 % $ 218,689 100.0 % $ 524,407 100.0 % $ 389,623 100.0 % Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP State California $ 157,057 57.3 % $ 93,130 42.6 % $ 288,946 55.1 % $ 161,848 41.5 % Texas 25,231 9.2 % 26,286 12.0 % 48,441 9.2 % 45,265 11.6 % Washington 13,645 5.0 % 8,937 4.1 % 25,617 4.9 % 15,818 4.1 % Florida 12,664 4.6 % 14,809 6.8 % 24,760 4.7 % 19,771 5.1 % Hawaii 12,228 4.5 % 10,191 4.7 % 22,333 4.3 % 18,731 4.8 % Oregon 5,907 2.2 % 4,371 2.0 % 12,687 2.4 % 8,745 2.2 % Illinois 4,471 1.6 % 4,676 2.1 % 9,173 1.7 % 8,949 2.3 % Utah 3,938 1.4 % 2,316 1.1 % 7,053 1.3 % 4,191 1.1 % Other 39,155 14.3 % 53,973 24.7 % 85,397 16.4 % 106,305 27.3 % Total Gross Written Premiums $ 274,296 100.0 % $ 218,689 100.0 % $ 524,407 100.0 % $ 389,623 100.0 % Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Subsidiary PSIC $ 159,846 58.3 % $ 116,338 53.2 % $ 310,550 59.2 % $ 220,342 56.6 % PESIC 114,450 41.7 % 102,351 46.8 % 213,857 40.8 % 169,281 43.4 % Total Gross Written Premiums $ 274,296 100.0 % $ 218,689 100.0 % $ 524,407 100.0 % $ 389,623 100.0 %

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands, except shares and per share data) (in thousands, except shares and per share data) Net income $ 17,562 $ 14,589 $ 34,874 $ 29,126 Weighted average common shares outstanding: Basic 24,833,852 25,211,924 24,901,403 25,283,222 Common Share equivalents 475,674 534,856 483,006 534,220 Diluted 25,309,526 25,746,780 25,384,409 25,817,442 Earnings per share: Basic $ 0.71 $ 0.58 $ 1.40 $ 1.15 Diluted $ 0.69 $ 0.57 $ 1.37 $ 1.13

Note 2 - Investments (Details T

Note 2 - Investments (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	551		551		543
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 508,491		$ 508,491		$ 484,679
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	44,808		$ 44,808		46,923
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Number of Securities			2
Proceeds from Sale of Debt Securities, Available-for-Sale	1,900	$ 1,000	$ 7,100	$ 5,800
Debt Securities, Available-for-Sale	560,121		560,121		515,064
Securities on Deposit With State Regulatory Authorities [Member]
Debt Securities, Available-for-Sale	$ 8,600		$ 8,600		$ 8,500

Note 2 - Investments - Summary

Note 2 - Investments - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Available-for-Sale, Amortized Cost	$ 605,040	$ 561,580
Available-for-sale, Accumulated Gross Unrealized Gain	793	407
Available-for-sale, Accumulated Gross Unrealized Loss	(44,808)	(46,687)
Available-for-Sale, Allowance for Credit Loss	(904)	(236)
Debt Securities, Available-for-sale	560,121	515,064
US Government Agencies Debt Securities [Member]
Available-for-Sale, Amortized Cost	45,975	50,802
Available-for-sale, Accumulated Gross Unrealized Gain	0	2
Available-for-sale, Accumulated Gross Unrealized Loss	(2,178)	(2,253)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	43,797	48,551
States Territories Possessions Debt Securities [Member]
Available-for-Sale, Amortized Cost	5,847	5,857
Available-for-sale, Accumulated Gross Unrealized Gain	53	49
Available-for-sale, Accumulated Gross Unrealized Loss	(457)	(552)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	5,443	5,354
Political Subdivisions Debt Securities [Member]
Available-for-Sale, Amortized Cost	4,436	4,919
Available-for-sale, Accumulated Gross Unrealized Gain	0	0
Available-for-sale, Accumulated Gross Unrealized Loss	(479)	(621)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	3,957	4,298
Special Revenue Excluding Asset Backed Securities [Member]
Available-for-Sale, Amortized Cost	35,788	37,260
Available-for-sale, Accumulated Gross Unrealized Gain	69	26
Available-for-sale, Accumulated Gross Unrealized Loss	(3,784)	(4,487)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	32,073	32,799
Corporate Debt Securities and Other Debt Obligations [Member]
Available-for-Sale, Amortized Cost	301,975	278,164
Available-for-sale, Accumulated Gross Unrealized Gain	420	79
Available-for-sale, Accumulated Gross Unrealized Loss	(23,790)	(23,912)
Available-for-Sale, Allowance for Credit Loss	(904)	(236)
Debt Securities, Available-for-sale	277,701	254,095
Asset-Backed Securities [Member]
Available-for-Sale, Amortized Cost	211,019	184,578
Available-for-sale, Accumulated Gross Unrealized Gain	251	251
Available-for-sale, Accumulated Gross Unrealized Loss	(14,120)	(14,862)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	$ 197,150	$ 169,967

Note 2 - Investments - Security

Note 2 - Investments - Security Holdings in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Less than 12 Months, fair value	$ 180,176	$ 384,693
Less than 12 Months, Accumulated Loss	(6,502)	(31,558)
12 Months or Longer, fair value	328,315	99,986
12 Months or Longer, Accumulated Loss	(38,306)	(15,365)
Fair value	508,491	484,679
Accumulated Loss	(44,808)	(46,923)
US Government Agencies Debt Securities [Member]
Less than 12 Months, fair value	11,832	41,077
Less than 12 Months, Accumulated Loss	(343)	(1,523)
12 Months or Longer, fair value	31,166	6,853
12 Months or Longer, Accumulated Loss	(1,835)	(730)
Fair value	42,998	47,930
Accumulated Loss	(2,178)	(2,253)
States Territories Possessions Debt Securities [Member]
Less than 12 Months, fair value	1,711	3,227
Less than 12 Months, Accumulated Loss	(36)	(552)
12 Months or Longer, fair value	1,605	0
12 Months or Longer, Accumulated Loss	(421)	0
Fair value	3,316	3,227
Accumulated Loss	(457)	(552)
Political Subdivisions Debt Securities [Member]
Less than 12 Months, fair value	0	4,298
Less than 12 Months, Accumulated Loss	0	(621)
12 Months or Longer, fair value	3,958	0
12 Months or Longer, Accumulated Loss	(478)	0
Fair value	3,958	4,298
Accumulated Loss	(478)	(621)
Special Revenue Excluding Asset Backed Securities [Member]
Less than 12 Months, fair value	1,640	25,091
Less than 12 Months, Accumulated Loss	(36)	(3,287)
12 Months or Longer, fair value	27,438	5,080
12 Months or Longer, Accumulated Loss	(3,749)	(1,200)
Fair value	29,078	30,171
Accumulated Loss	(3,785)	(4,487)
Corporate Debt Securities and Other Debt Obligations [Member]
Less than 12 Months, fair value	89,468	192,185
Less than 12 Months, Accumulated Loss	(3,501)	(15,667)
12 Months or Longer, fair value	169,532	55,605
12 Months or Longer, Accumulated Loss	(20,289)	(8,481)
Fair value	259,000	247,790
Accumulated Loss	(23,790)	(24,148)
Asset-Backed Securities [Member]
Less than 12 Months, fair value	75,525	118,815
Less than 12 Months, Accumulated Loss	(2,586)	(9,908)
12 Months or Longer, fair value	94,616	32,448
12 Months or Longer, Accumulated Loss	(11,534)	(4,954)
Fair value	170,141	151,263
Accumulated Loss	$ (14,120)	$ (14,862)

Note 2 - Investments - The Amor

Note 2 - Investments - The Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Due within one year, Amortized Cost	$ 45,887
Due within one year, Fair Value	44,464
Due after one year through five years, Amortized Cost	167,430
Due after one year through five years, Fair Value	156,746
Due after five years through ten years, Amortized Cost	144,598
Due after five years through ten years, Fair Value	130,308
Due after ten years, Amortized Cost	36,106
Due after ten years, Fair Value	31,453
Mortgage and asset-backed securities, Amortized Cost	211,019
Mortgage and asset-backed securities, Fair Value	197,150
Amortized Cost	605,040	$ 561,580
Total, Fair Value	$ 560,121	$ 515,064

Note 2 - Investments - Summar_2

Note 2 - Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest income	$ 5,456	$ 3,082	$ 10,516	$ 5,640
Dividend income	210	185	391	340
Investment expense	(125)	(127)	(246)	(261)
Net investment income	$ 5,541	$ 3,140	$ 10,661	$ 5,719

Note 2 - Investments - Net Real

Note 2 - Investments - Net Realized and Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gains on sales of fixed maturity securities	$ 37	$ 7	$ 65	$ 10
Gains on sales of equity securities	0	0	0	0
Total realized gains	37	7	65	10
Losses on sales of fixed maturity securities	(29)	(116)	(32)	(116)
Losses on sales of equity securities	0	0	0	0
Total realized losses	(29)	(116)	(32)	(116)
Net realized investment gains	8	(109)	33	(106)
Change in allowance for credit losses	(8)	0	(667)	0
Net unrealized gains (losses) on equity securities	1,127	(4,626)	1,907	(5,908)
Net realized and unrealized gains (losses) on investments	$ 1,127	$ (4,735)	$ 1,273	$ (6,014)

Note 3 - Fair Value Measureme_3

Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 0	$ 0

Note 3 - Fair Value Measureme_4

Note 3 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale	$ 560,121	$ 515,064
Equity securities, at fair value (cost: $43,297 in 2023; $42,352 in 2022)	41,428	38,576
Fair Value, Recurring [Member]
Equity securities, at fair value (cost: $43,297 in 2023; $42,352 in 2022)	41,428	38,576
Cash, cash equivalents, and restricted cash	58,604	68,164
Total assets	660,153	621,804
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Equity securities, at fair value (cost: $43,297 in 2023; $42,352 in 2022)	41,428	38,576
Cash, cash equivalents, and restricted cash	58,604	68,164
Total assets	100,032	106,740
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Equity securities, at fair value (cost: $43,297 in 2023; $42,352 in 2022)	0	0
Cash, cash equivalents, and restricted cash	0	0
Total assets	560,121	515,064
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Equity securities, at fair value (cost: $43,297 in 2023; $42,352 in 2022)	0	0
Cash, cash equivalents, and restricted cash	0	0
Total assets	0	0
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	43,797	48,551
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	43,797	48,551
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	43,797	48,551
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
States Territories Possessions Debt Securities [Member]
Debt Securities, Available-for-sale	5,443	5,354
States Territories Possessions Debt Securities [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	5,443	5,354
States Territories Possessions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
States Territories Possessions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	5,443	5,354
States Territories Possessions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	3,957	4,298
Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	3,957	4,298
Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	3,957	4,298
Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	32,073	32,799
Special Revenue Excluding Asset Backed Securities [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	32,073	32,799
Special Revenue Excluding Asset Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Special Revenue Excluding Asset Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	32,073	32,799
Special Revenue Excluding Asset Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	277,701	254,095
Corporate Debt Securities and Other Debt Obligations [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	277,701	254,095
Corporate Debt Securities and Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Corporate Debt Securities and Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	277,701	254,095
Corporate Debt Securities and Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	197,150	169,967
Asset-Backed Securities [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	197,150	169,967
Asset-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	0	0
Asset-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	197,150	169,967
Asset-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	$ 0	$ 0

Note 4 - Reserve for Losses a_3

Note 4 - Reserve for Losses and Loss Adjustment Expenses (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Prior Year Claims and Claims Adjustment Expense	$ (634)	$ 48	$ 2,718	$ 1,552

Note 4 - Reserve for Losses a_4

Note 4 - Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Changes in Reserve Balance for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$ 81,366	$ 51,386	$ 77,520	$ 45,419
Current year	18,539	14,350	35,839	27,799
Prior years	(634)	48	2,718	1,552
Total incurred	17,905	14,398	38,557	29,351
Current year	6,176	4,399	7,569	5,889
Prior years	11,795	5,615	27,208	13,112
Total payments	17,971	10,014	34,777	19,001
Reserve for losses and LAE net of reinsurance recoverables at end of period	81,300	55,769	81,300	55,769
Add: Reinsurance recoverables on unpaid losses and LAE at end of period	216,783	107,898	216,783	107,898	$ 153,895
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$ 298,083	$ 163,667	$ 298,083	$ 163,667	$ 231,415

Note 5 - Stockholders' Equity_2

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Jul. 15, 2021	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) $ / shares shares	Jan. 31, 2022 USD ($)	Apr. 16, 2019 shares
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 2.3	$ 2.3
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | shares		7,724
Stock Repurchase Program, Authorized Amount				$ 100
Treasury Stock, Shares, Acquired (in shares) | shares			301,162
Treasury Stock, Value, Acquired, Cost Method			$ 15.6
Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares			$ 53.4
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 50	$ 50
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)		10 years
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 4 months 24 days
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		2 years
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		4 years
Share-Based Payment Arrangement, Option [Member] | Share Based Payment Arrangement Tranche One First Anniversary [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		1 year
Share-Based Payment Arrangement, Option [Member] | Share Based Payment Arrangement Tranche Two First Anniversary [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		1 year
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years 7 months 6 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount		$ 18.5	$ 18.5
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		5 years
Performance Shares [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			3 years
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount		$ 11.4	$ 11.4
Number of Stock Price Milestones Achieved		0	0
Predetermined Performance Achievement, Percentage	100%
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Number of Days, Achievement of Milestone Stock Price		30
Share-based Compensation Arrangement by Share-based Payment Award, Award Service Period (Year)		5 years
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Service Period (Year)		3 years
Employee Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | shares					240,000
Share-based Compensation Arrangement by Share-based Payment Award, Shares Available for Issuance, Authorized Annual Increase, Maximum (in shares) | shares		240,000	240,000
Equity Incentive Plan 2019 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | shares		3,132,062	3,132,062		2,400,000
Share Based Compensation Arrangement By Share Based Payment Award Percentage, Number of Additional Shares Available for Grant					3%

Note 5 - Stockholders' Equity -

Note 5 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2023	Dec. 31, 2022	Apr. 16, 2019
Options, Outstanding, Number (in shares)	857,569	882,892
Total (in shares)	5,919,930
Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	363,242	271,951
Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	426,931	383,103
Equity Incentive Plan 2019 [Member]
Options, Outstanding, Number (in shares)	857,569
Number of Shares Authorized (in shares)	3,132,062		2,400,000
Equity Incentive Plan 2019 [Member] | Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	363,242
Equity Incentive Plan 2019 [Member] | Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	426,931
Employee Stock Purchase Plan 2019 [Member]
Number of Shares Authorized (in shares)	1,140,126

Note 5 - Stockholders' Equity_3

Note 5 - Stockholders' Equity - Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-Based Compensation	$ 3,697	$ 2,704	$ 7,147	$ 5,463

Note 5 - Stockholders' Equity_4

Note 5 - Stockholders' Equity - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Outstanding, options (in shares) | shares	882,892
Outstanding, options, weighted average exercise price (in dollars per share) | $ / shares	$ 33.85
Options exercised, options (in shares) | shares	(17,659)
Options exercised, options, weighted average exercise price (in dollars per share) | $ / shares	$ 17.81
Options canceled, options (in shares) | shares	(7,664)
Options canceled, options, weighted average exercise price (in dollars per share) | $ / shares	$ 68.75
Outstanding, options (in shares) | shares	857,569
Outstanding, options, weighted average exercise price (in dollars per share) | $ / shares	$ 33.86
Outstanding, options, weighted average remaining contractual term (Year)	6 years 4 months 24 days
Outstanding, options, aggregate intrinsic value | $	$ 24,922
Vested and Exercisable, options (in shares) | shares	744,833
Vested and Exercisable, options, weighted average exercise price (in dollars per share) | $ / shares	$ 29.30
Vested and Exercisable, options, weighted average remaining contractual term (Year)	6 years 2 months 12 days
Vested and Exercisable, options, aggregate intrinsic value | $	$ 24,381

Note 5 - Stockholders' Equity_5

Note 5 - Stockholders' Equity - Summary of RSU Transactions (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Outstanding, shares (in shares) | shares	271,951
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 68.90
Granted, shares (in shares) | shares	142,374
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 51.37
Released, shares (in shares) | shares	(42,581)
Released, weighted average grant date fair value (in dollars per share) | $ / shares	$ 60.40
Forfeited, shares (in shares) | shares	(8,502)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 53.15
Non-vested, shares (in shares) | shares	363,242
Non-vested outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 63.39

Note 5 - Stockholders' Equity_6

Note 5 - Stockholders' Equity - Summary of PSU Transactions (Details) - Performance Shares [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Outstanding, shares (in shares) | shares	383,103
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 37.62
Granted, shares (in shares) | shares	46,029
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 51.36
Forfeited, shares (in shares) | shares	(2,201)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 54.98
Non-vested, shares (in shares) | shares	426,931
Non-vested outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 39.01

Note 6 - Accumulated Other Co_3

Note 6 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Beginning Balance	$ 384,754	$ 394,169
Other comprehensive income (loss)	1,789	(32,528)
Balance at end of period	413,708	378,065
AOCI Attributable to Parent [Member]
Beginning Balance	(36,515)	5,312
Other comprehensive income (loss) before reclassification	2,300	(41,276)
Federal income tax expense (benefit)	(483)	8,668
Other comprehensive income (loss) before reclassification, net of tax	1,817	(32,608)
Amounts reclassified from AOCI	(36)	101
Federal income tax expense (benefit)	8	(21)
Amounts reclassified from AOCI, net of tax	(28)	80
Other comprehensive income (loss)	1,789	(32,528)
Balance at end of period	$ (34,726)	$ (27,216)

Note 7 - Underwriting Informa_3

Note 7 - Underwriting Information - Schedule of Gross Written Premiums (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gross written premiums	$ 274,296	$ 218,689	$ 524,407	$ 389,623
Percentage of Gross Written Premiums	100%	100%	100%	100%
Palomar Specialty Insurance Company [Member]
Gross written premiums	$ 159,846	$ 116,338	$ 310,550	$ 220,342
Percentage of Gross Written Premiums	58.30%	53.20%	59.20%	56.60%
Palomar Excess And Surplus Insurance Company [Member]
Gross written premiums	$ 114,450	$ 102,351	$ 213,857	$ 169,281
Percentage of Gross Written Premiums	41.70%	46.80%	40.80%	43.40%
CALIFORNIA
Gross written premiums	$ 157,057	$ 93,130	$ 288,946	$ 161,848
Percentage of Gross Written Premiums	57.30%	42.60%	55.10%	41.50%
TEXAS
Gross written premiums	$ 25,231	$ 26,286	$ 48,441	$ 45,265
Percentage of Gross Written Premiums	9.20%	12%	9.20%	11.60%
WASHINGTON
Gross written premiums	$ 13,645	$ 8,937	$ 25,617	$ 15,818
Percentage of Gross Written Premiums	5%	4.10%	4.90%	4.10%
FLORIDA
Gross written premiums	$ 12,664	$ 14,809	$ 24,760	$ 19,771
Percentage of Gross Written Premiums	4.60%	6.80%	4.70%	5.10%
HAWAII
Gross written premiums	$ 12,228	$ 10,191	$ 22,333	$ 18,731
Percentage of Gross Written Premiums	4.50%	4.70%	4.30%	4.80%
OREGON
Gross written premiums	$ 5,907	$ 4,371	$ 12,687	$ 8,745
Percentage of Gross Written Premiums	2.20%	2%	2.40%	2.20%
ILLINOIS
Gross written premiums	$ 4,471	$ 4,676	$ 9,173	$ 8,949
Percentage of Gross Written Premiums	1.60%	2.10%	1.70%	2.30%
UTAH
Gross written premiums	$ 3,938	$ 2,316	$ 7,053	$ 4,191
Percentage of Gross Written Premiums	1.40%	1.10%	1.30%	1.10%
Other States [Member]
Gross written premiums	$ 39,155	$ 53,973	$ 85,397	$ 106,305
Percentage of Gross Written Premiums	14.30%	24.70%	16.40%	27.30%
Fronting Premium [Member]
Gross written premiums	$ 80,211	$ 42,154	$ 171,967	$ 71,999
Percentage of Gross Written Premiums	29.20%	19.30%	32.80%	18.50%
Residential Earthquake [Member]
Gross written premiums	$ 65,102	$ 54,090	$ 120,827	$ 100,426
Percentage of Gross Written Premiums	23.70%	24.70%	23%	25.80%
Commercial Earthquake [Member]
Gross written premiums	$ 42,826	$ 33,103	$ 80,597	$ 58,247
Percentage of Gross Written Premiums	15.60%	15.10%	15.40%	14.90%
Inland Marine [Member]
Gross written premiums	$ 35,539	$ 23,134	$ 66,588	$ 41,371
Percentage of Gross Written Premiums	13%	10.60%	12.70%	10.60%
Casualty [Member]
Gross written premiums	$ 14,988	$ 7,804	$ 26,722	$ 12,804
Percentage of Gross Written Premiums	5.50%	3.60%	5.10%	3.30%
Commercial All Risk [Member]
Gross written premiums	$ 11,770	$ 21,213	$ 20,146	$ 31,791
Percentage of Gross Written Premiums	4.30%	9.70%	3.80%	8.20%
Hawaii Hurricane [Member]
Gross written premiums	$ 9,595	$ 8,240	$ 17,667	$ 15,154
Percentage of Gross Written Premiums	3.50%	3.80%	3.40%	3.90%
Flood Insurance Product [Member]
Gross written premiums	$ 5,469	$ 3,583	$ 9,705	$ 6,577
Percentage of Gross Written Premiums	2%	1.60%	1.90%	1.70%
Specialty Homeowners [Member]
Gross written premiums		$ 13,891	$ (97)	$ 30,176
Percentage of Gross Written Premiums	(0.00%)	6.40%	(0.00%)	7.70%
Specialty Homeowners	$ (38)
Service, Other [Member]
Gross written premiums	$ 8,834	$ 11,477	$ 10,285	$ 21,078
Percentage of Gross Written Premiums	3.20%	5.20%	1.90%	5.40%

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Effective Income Tax Rate Reconciliation, Percent	23.70%	20.20%	23.60%	22.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%

Note 9 - Earnings Per Share - E

Note 9 - Earnings Per Share - Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 17,562	$ 14,589	$ 34,874	$ 29,126
Basic (in shares)	24,833,852	25,211,924	24,901,403	25,283,222
Common Share equivalents (in shares)	475,674	534,856	483,006	534,220
Diluted (in shares)	25,309,526	25,746,780	25,384,409	25,817,442
Basic earnings per share (in dollars per share)	$ 0.71	$ 0.58	$ 1.40	$ 1.15
Diluted earnings per share (in dollars per share)	$ 0.69	$ 0.57	$ 1.37	$ 1.13

Note 10 - Reinsurance (Details

Note 10 - Reinsurance (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2021
Catastrophe Bond, Face Value	$ 200	$ 275	$ 400
Catastrophe [Member]
Reinsurance, Amount Retained, Per Event	17.5
Earthquake [Member]
Reinsurance Policy, Excess of Loss Protection Amount	2,660
Hawaii Hurricane [Member]
Reinsurance Policy, Excess of Loss Protection Amount	900
U.S. Hurricane [Member]
Reinsurance Policy, Excess of Loss Protection Amount	$ 100

Note 11 - Credit Agreements (De

Note 11 - Credit Agreements (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 31, 2021	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available as Percentage of Statutory Admitted Assets		10%	10%
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances		$ 71,400	$ 71,400
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate		5.28%	5.28%
Interest Expense, Loans from Other Federal Home Loan Banks		$ 800		$ 1,300
Revolving Credit Facility [Member]
Line of Credit, Prepayment Premium	$ 0
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Line of Credit Facility, Maximum Amount Outstanding During Period			$ 0
Revolving Credit Facility [Member] | Secured Overnight Financing Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility [Member] | Alternate Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Revolving Credit Facility [Member] | U.S. Bank Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000