Palomar (PLMR) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 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	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		24,731,300

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $647,579 in 2023; $561,580 in 2022)	$ 591,907	$ 515,064
Equity securities, at fair value (cost: $43,002 in 2023; $42,352 in 2022)	39,835	38,576
Equity method investment	2,923	0
Total investments	634,665	553,640
Cash and cash equivalents	53,026	68,108
Restricted cash	262	56
Accrued investment income	4,864	3,777
Premiums receivable	242,082	162,858
Deferred policy acquisition costs, net of ceding commissions and fronting fees	58,967	56,740
Reinsurance recoverable on paid losses and loss adjustment expenses	48,004	39,718
Reinsurance recoverable on unpaid losses and loss adjustment expenses	232,170	153,895
Ceded unearned premiums	259,760	204,084
Prepaid expenses and other assets	65,753	44,088
Deferred tax assets, net	13,643	10,622
Property and equipment, net	433	603
Goodwill and intangible assets, net	12,705	8,261
Total assets	1,626,334	1,306,450
Liabilities:
Accounts payable and other accrued liabilities	32,532	25,760
Reserve for losses and loss adjustment expenses	324,348	231,415
Unearned premiums	570,453	471,314
Ceded premium payable	211,025	146,127
Funds held under reinsurance treaty	14,042	10,680
Borrowings from credit agreements	52,600	36,400
Total liabilities	1,205,000	921,696
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 24,730,885 and 25,027,467 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	3	3
Additional paid-in capital	345,673	333,558
Accumulated other comprehensive loss	(43,221)	(36,515)
Retained earnings	118,879	87,708
Total stockholders' equity	421,334	384,754
Total liabilities and stockholders' equity	$ 1,626,334	$ 1,306,450

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Available-for-Sale, Amortized Cost	$ 647,579	$ 561,580
Equity Securities, Cost	$ 43,002	$ 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)	24,730,885	25,027,467
Common Stock, Shares, Outstanding (in shares)	24,730,885	25,027,467

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Gross written premiums	$ 313,998	$ 253,128	$ 838,406	$ 642,751
Ceded written premiums	(203,336)	(161,930)	(542,789)	(374,109)
Net written premiums	110,662	91,198	295,617	268,642
Change in unearned premiums	(24,845)	(13,256)	(43,453)	(34,403)
Net earned premiums	85,817	77,942	252,164	234,239
Net investment income	6,029	3,744	16,690	9,462
Net realized and unrealized losses on investments	(1,376)	(2,356)	(103)	(8,369)
Commission and other income	465	1,362	1,781	3,129
Total revenues	90,935	80,692	270,532	238,461
Expenses:
Losses and loss adjustment expenses	16,139	30,900	54,696	60,251
Acquisition expenses, net of ceding commissions and fronting fees	27,004	27,210	78,740	83,928
Other underwriting expenses	22,390	17,114	63,962	51,233
Interest expense	867	270	2,952	475
Total expenses	66,400	75,494	200,350	195,887
Income before income taxes	24,535	5,198	70,182	42,574
Income tax expense	6,103	912	16,877	9,163
Net income	18,432	4,286	53,305	33,411
Other comprehensive income (loss), net:
Net unrealized losses on securities available for sale	(8,494)	(15,412)	(6,706)	(47,941)
Net comprehensive income (loss)	$ 9,938	$ (11,126)	$ 46,599	$ (14,530)
Per Share Data:
Basic earnings per share (in dollars per share)	$ 0.75	$ 0.17	$ 2.15	$ 1.32
Diluted earnings per share (in dollars per share)	$ 0.73	$ 0.17	$ 2.1	$ 1.29
Weighted-average common shares outstanding:
Basic (in shares)	24,740,455	25,209,368	24,847,164	25,258,333
Diluted (in shares)	25,244,828	25,787,625	25,340,602	25,808,387

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	(47,941)	0	(47,941)
Stock-based compensation	$ 0	8,556	0	0	8,556
Issuance of common stock via employee stock purchase plan (in shares)	13,990
Issuance of common stock via employee stock purchase plan	$ 0	759	0	0	759
Issuance of common stock via equity incentive plan (in shares)	185,765
Issuance of common stock via equity incentive plan	$ 0	2,164	0	0	2,164
Repurchases of common stock (in shares)	(399,198)
Repurchases of common stock	$ 0	0	0	(23,273)	(23,273)
Net income	$ 0	0	0	33,411	33,411
Balance (in shares) at Sep. 30, 2022	25,229,486
Balance at end of period at Sep. 30, 2022	$ 3	330,381	(42,629)	80,090	$ 367,845
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	(6,706)	0	(6,706)
Stock-based compensation	$ 0	10,737	0	0	$ 10,737
Issuance of common stock via employee stock purchase plan (in shares)	17,080				17,080
Issuance of common stock via employee stock purchase plan	$ 0	799	0	0	$ 799
Issuance of common stock via equity incentive plan (in shares)	105,239
Issuance of common stock via equity incentive plan	$ 0	579	0	0	579
Repurchases of common stock (in shares)	(418,901)
Repurchases of common stock	$ 0	0	0	(22,134)	(22,134)
Net income	$ 0	0	0	53,305	$ 53,305
Balance (in shares) at Sep. 30, 2023	24,730,885				24,730,885
Balance at end of period at Sep. 30, 2023	$ 3	$ 345,673	$ (43,221)	$ 118,879	$ 421,334

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net cash provided by operating activities	$ 93,836	$ 94,544
Investing activities
Purchases of property and equipment	(15)	(307)
Capitalized software costs	(5,324)	(4,138)
Purchases of fixed maturity securities	(190,560)	(279,064)
Purchases of equity securities	(945)	(10,277)
Purchase of equity method investment	(3,000)	0
Sales and maturities of fixed maturity securities	104,505	172,380
Sales of equity securities	295	0
Change in securities receivable or payable, net	(3,576)	0
Acquisitions, net of cash acquired	(5,536)	(16)
Net cash used in investing activities	(104,156)	(121,422)
Financing activities
Proceeds from line of credit, net of repayments	16,200	26,400
Proceeds from common stock issued via employee stock purchase plan	799	2,164
Proceeds from common stock issued via stock option exercises	579	760
Repurchases of common stock	(22,134)	(23,273)
Net cash (used in) provided by financing activities	(4,556)	6,051
Net decrease in cash, cash equivalents and restricted cash	(14,876)	(20,827)
Cash, cash equivalents and restricted cash at beginning of period	68,164	50,371
Cash, cash equivalents and restricted cash at end of period	53,288	29,544
Supplementary cash flow information:
Cash paid for income taxes	21,093	18,870
Cash paid for interest	2,428	351
Cash and cash equivalents	53,026
Restricted cash	262
Cash and cash equivalents and restricted cash	$ 53,288	$ 29,544

Note 1 - Summary of Operations

Note 1 - Summary of Operations and Basis of Presentation	9 Months Ended
	Sep. 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. The condensed consolidated financial statements also include the accounts of Laulima, as Laulima is a variable interest entity ("VIE") for which the Company is the primary beneficiary. Currently Laulima does not These condensed consolidated financial statements do not 10 December 31, 2022 March 1, 2023 ( “2022 10 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 nine September 30, 2023 Recently issued accounting pronouncements not There are not

Note 2 - Investments

Note 2 - Investments	9 Months Ended
	Sep. 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 September 30, 2023 Cost or Cost Gains Losses Credit Losses Value (in thousands) Fixed maturities: U.S. Governments $ 44,783 $ — $ (2,093 ) $ — $ 42,690 States, territories, and possessions 5,842 — (629 ) — 5,213 Political subdivisions 4,433 — (585 ) — 3,848 Special revenue excluding mortgage/asset-backed securities 33,236 — (5,368 ) — 27,868 Corporate and other 305,998 175 (28,336 ) (904 ) 276,933 Mortgage/asset-backed securities 253,287 316 (18,248 ) — 235,355 Total available-for-sale investments $ 647,579 $ 491 $ (55,259 ) $ (904 ) $ 591,907 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 September 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 September 30, 2023 December 31, 2022 Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2023 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 2,338 $ (12 ) $ 40,352 $ (2,081 ) $ 42,690 $ (2,093 ) States, territories, and possessions 2,041 (30 ) 3,172 (599 ) 5,213 (629 ) Political subdivisions — — 3,848 (585 ) 3,848 (585 ) Special revenue excluding mortgage/asset-backed securities 2,617 (148 ) 25,251 (5,220 ) 27,868 (5,368 ) Corporate and other 66,836 (3,296 ) 197,097 (25,040 ) 263,933 (28,336 ) Mortgage/asset-backed securities 88,543 (2,414 ) 117,318 (15,834 ) 205,861 (18,248 ) Total available-for-sale investments $ 162,375 $ (5,900 ) $ 387,038 $ (49,359 ) $ 549,413 $ (55,259 ) 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 available-for-sale investments $ 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 September 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 September 30, 2023 Amortized Fair Cost Value (in thousands) Due within one year $ 42,127 $ 40,783 Due after one year through five years 183,123 170,789 Due after five years through ten years 131,751 114,833 Due after ten years 37,291 30,147 Mortgage and asset-backed securities 253,287 235,355 $ 647,579 $ 591,907 Expected maturities may may Net investment income summary Net investment income is summarized as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (in thousands) (in thousands) Interest income $ 5,952 $ 3,688 $ 16,468 $ 9,328 Dividend income 211 178 602 518 Investment expense (134 ) (122 ) (380 ) (384 ) Net investment income $ 6,029 $ 3,744 $ 16,690 $ 9,462 Net realized and unrealized investment gains and losses The following table presents net realized and unrealized investment gains and losses: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (in thousands) (in thousands) Realized gains: Gains on sales of fixed maturity securities $ — $ 2 $ 65 $ 10 Gains on sales of equity securities — — — — Total realized gains — 2 65 10 Realized losses: Losses on sales of fixed maturity securities — (195 ) (32 ) (309 ) Losses on sales of equity securities — — — — Total realized losses — (195 ) (32 ) (309 ) Net realized investment gains — (193 ) 33 (299 ) Change in allowance for credit losses — — (667 ) — Net unrealized (losses) gains on equity securities (1,299 ) (2,163 ) 608 (8,070 ) Net unrealized losses on equity method investment (77 ) — (77 ) — Net realized and unrealized gains (losses) on investments $ (1,376 ) $ (2,356 ) $ (103 ) $ (8,369 ) 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 insignificant for the three September 30, 2023 2022 Proceeds from the sale of fixed maturity securities were $9.8 million and $5.8 million for the nine September 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 September 30, 2023 December 31, 2022

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	9 Months Ended
	Sep. 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 September 30, 2023 December 31, 2022 September 30, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 42,690 $ — $ 42,690 States, territories, and possessions — 5,213 — 5,213 Political subdivisions — 3,848 — 3,848 Special revenue excluding mortgage/asset-backed securities — 27,868 — 27,868 Corporate and other — 276,933 — 276,933 Mortgage/asset-backed securities — 235,355 — 235,355 Equity securities 39,835 — — 39,835 Cash, cash equivalents, and restricted cash 53,288 — — 53,288 Total assets $ 93,123 $ 591,907 $ — $ 685,030 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 September 30, 2023 December 31, 2022 3.

Note 4 - Reserve for Losses and

Note 4 - Reserve for Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) (in thousands) Reserve for losses and LAE net of reinsurance recoverables at beginning of period $ 81,300 $ 55,769 $ 77,520 $ 45,419 Add: Incurred losses and LAE, net of reinsurance, related to: Current year 15,116 30,904 50,954 58,703 Prior years 1,023 (4 ) 3,742 1,548 Total incurred 16,139 30,900 54,696 60,251 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 6,646 7,873 14,215 13,762 Prior years (1,385 ) 4,548 25,823 17,660 Total payments 5,261 12,421 40,038 31,422 Reserve for losses and LAE net of reinsurance recoverables at end of period 92,178 74,248 92,178 74,248 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 232,170 131,575 232,170 131,575 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $ 324,348 $ 205,823 $ 324,348 $ 205,823 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 adverse prior year development of $1.0 million and insignificant prior year development during the three September 30, 2023 2022 The Company experienced adverse prior year development of $3.7 million and adverse prior year development of $1.5 million during the nine September 30, 2023 2022 Adverse prior year development during the three September 30, 2023 Adverse prior year development during the nine September 30, 2023 nine September 30, 2022

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	9 Months Ended
	Sep. 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 September 30, 2023 Stock options outstanding under 2019 Equity Incentive Plan 838,706 Restricted stock units outstanding under 2019 Equity Incentive Plan 339,505 Performance stock units outstanding under 2019 Equity Incentive Plan, at target 424,393 Shares authorized for future issuance under 2019 Equity Incentive Plan 3,134,739 Shares authorized for future issuance under 2019 Employee Stock Purchase Plan 1,130,770 Total 5,868,113 Stock based compensation The below table summarizes the Company’s stock-based compensation expense for each period presented: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) (in thousands) Stock-Based Compensation $ 3,589 $ 3,092 $ 10,737 $ 8,556 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 nine September 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 (32,882 ) 17.61 Options canceled (11,304 ) 66.08 Outstanding at September 30, 2023 838,706 $ 34.05 6.0 $ 19,368 Vested and Exercisable at September 30, 2023 753,678 $ 30.74 5.8 $ 19,308 As of September 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 nine September 30, 2023 Number of shares Weighted-average grant date fair value Outstanding at January 1, 2023 271,951 $ 68.90 Granted 157,972 51.34 Released (72,357 ) 66.37 Forfeited (18,061 ) 52.27 Non-vested outstanding at September 30, 2023 339,505 $ 62.15 As of September 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 September 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 September 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 (4,739 ) 54.30 Non-vested outstanding at September 30, 2023 424,393 $ 38.93 The PSU grants above represent the number of shares that would vest based on achievement of all stock price milestones in the 2021 September 30, 2023 2019 On April 16, 2019, 2019 “2019 2019 2019 January 1 2029, may Under the 2019 2019 nine September 30, 2023 Share repurchases In January 2022, March 31, 2024. The Company purchased 418,901 shares for $22.1 million at an average price of $54.4 per share under this program during the nine September 30, 2023

Note 6 - Accumulated Other Comp

Note 6 - Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	6. Changes in accumulated other comprehensive income (loss) (“AOCI”) are as follows: Nine Months Ended September 30, 2023 2022 (in thousands) Beginning Balance $ (36,515 ) $ 5,312 Other comprehensive (loss) before reclassification (8,453 ) (60,983 ) Federal income tax (benefit) expense 1,775 12,806 Other comprehensive (loss) before reclassification, net of tax (6,678 ) (48,177 ) Amounts reclassified from AOCI (36 ) 299 Federal income tax expense (benefit) 8 (63 ) Amounts reclassified from AOCI, net of tax (28 ) 236 Other comprehensive (loss) (6,706 ) (47,941 ) Balance at end of period $ (43,221 ) $ (42,629 )

Note 7 - Underwriting Informati

Note 7 - Underwriting Information	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Product Fronting Premiums $ 106,581 33.9 % $ 82,232 32.5 % $ 278,548 33.2 % $ 154,232 24.0 % Residential Earthquake 69,220 22.0 % 59,569 23.5 % 190,048 22.7 % 159,995 24.9 % Commercial Earthquake 44,166 14.1 % 32,647 12.9 % 124,763 14.9 % 90,894 14.1 % Inland Marine 37,252 11.9 % 30,842 12.2 % 103,841 12.4 % 72,214 11.2 % Casualty 20,165 6.4 % 12,888 5.1 % 50,144 6.0 % 25,697 4.0 % Hawaii Hurricane 11,051 3.5 % 9,425 3.7 % 28,718 3.4 % 24,579 3.8 % Commercial All Risk 6,624 2.1 % 9,224 3.6 % 26,769 3.2 % 41,647 6.5 % Residential Flood 5,259 1.7 % 3,871 1.5 % 14,964 1.8 % 10,448 1.6 % Specialty Homeowners (2 ) (0.0 )% (94 ) (0.0 )% (99 ) (0.0 )% 30,082 4.7 % Other 13,682 4.4 % 12,524 5.0 % 20,710 2.4 % 32,963 5.2 % Total Gross Written Premiums $ 313,998 100.0 % $ 253,128 100.0 % $ 838,406 100.0 % $ 642,751 100.0 % Gross written premiums by state are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP State California $ 163,806 52.2 % $ 131,016 51.8 % $ 450,752 53.8 % $ 292,865 45.6 % Texas 24,336 7.7 % 26,234 10.4 % 72,777 8.7 % 71,499 11.1 % Washington 17,792 5.7 % 13,573 5.4 % 43,409 5.2 % 29,391 4.6 % Hawaii 13,490 4.3 % 10,998 4.3 % 35,824 4.3 % 29,729 4.6 % Florida 11,549 3.7 % 7,445 2.9 % 36,309 4.3 % 27,216 4.2 % Oregon 8,536 2.7 % 7,738 3.1 % 21,223 2.5 % 16,483 2.6 % Illinois 6,502 2.1 % 4,204 1.7 % 15,675 1.9 % 13,153 2.0 % Tennessee 5,562 1.8 % 1,810 0.7 % 9,233 1.1 % 4,247 0.7 % Other 62,425 19.8 % 50,110 19.8 % 153,204 18.2 % 158,168 24.6 % Total Gross Written Premiums $ 313,998 100.0 % $ 253,128 100.0 % $ 838,406 100.0 % $ 642,751 100.0 % Gross written premiums by insurance subsidiary are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Subsidiary PSIC $ 186,693 59.5 % $ 136,814 54.0 % $ 497,216 59.3 % $ 357,156 55.6 % PESIC 127,305 40.5 % 116,314 46.0 % 341,190 40.7 % 285,595 44.4 % Total Gross Written Premiums $ 313,998 100.0 % $ 253,128 100.0 % $ 838,406 100.0 % $ 642,751 100.0 %

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 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 September 30, 2023 three September 30, 2022 For the nine September 30, 2023 nine September 30, 2022

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except shares and per share data) (in thousands, except shares and per share data) Net income $ 18,432 $ 4,286 $ 53,305 $ 33,411 Weighted average common shares outstanding: Basic 24,740,455 25,209,368 24,847,164 25,258,333 Common Share equivalents 504,373 578,257 493,438 550,054 Diluted 25,244,828 25,787,625 25,340,602 25,808,387 Earnings per share: Basic $ 0.75 $ 0.17 $ 2.15 $ 1.32 Diluted $ 0.73 $ 0.17 $ 2.10 $ 1.29 Common share equivalents relate primarily to outstanding stock options, RSUs and PSUs under the 2019 2019

Note 10 - Reinsurance

Note 10 - Reinsurance	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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 September 30, 2023 As of September 30, 2023 December 31, 2022 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 September 30, 2023 three nine September 30, 2023 As of December 31, 2022 three nine September 30, 2022.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	5. Rule 10b5 1 During the quarter ended September 30, 2023, none 16a 1 1934 10b5 1 10b5 1 408
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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. The condensed consolidated financial statements also include the accounts of Laulima, as Laulima is a variable interest entity ("VIE") for which the Company is the primary beneficiary. Currently Laulima does not These condensed consolidated financial statements do not 10 December 31, 2022 March 1, 2023 ( “2022 10 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 nine September 30, 2023 Recently issued accounting pronouncements not There are not

Note 2 - Investments (Tables)

Note 2 - Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	Gross Gross Allowance Amortized Unrealized Unrealized for Fair September 30, 2023 Cost or Cost Gains Losses Credit Losses Value (in thousands) Fixed maturities: U.S. Governments $ 44,783 $ — $ (2,093 ) $ — $ 42,690 States, territories, and possessions 5,842 — (629 ) — 5,213 Political subdivisions 4,433 — (585 ) — 3,848 Special revenue excluding mortgage/asset-backed securities 33,236 — (5,368 ) — 27,868 Corporate and other 305,998 175 (28,336 ) (904 ) 276,933 Mortgage/asset-backed securities 253,287 316 (18,248 ) — 235,355 Total available-for-sale investments $ 647,579 $ 491 $ (55,259 ) $ (904 ) $ 591,907 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 September 30, 2023 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 2,338 $ (12 ) $ 40,352 $ (2,081 ) $ 42,690 $ (2,093 ) States, territories, and possessions 2,041 (30 ) 3,172 (599 ) 5,213 (629 ) Political subdivisions — — 3,848 (585 ) 3,848 (585 ) Special revenue excluding mortgage/asset-backed securities 2,617 (148 ) 25,251 (5,220 ) 27,868 (5,368 ) Corporate and other 66,836 (3,296 ) 197,097 (25,040 ) 263,933 (28,336 ) Mortgage/asset-backed securities 88,543 (2,414 ) 117,318 (15,834 ) 205,861 (18,248 ) Total available-for-sale investments $ 162,375 $ (5,900 ) $ 387,038 $ (49,359 ) $ 549,413 $ (55,259 ) 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 available-for-sale investments $ 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 $ 42,127 $ 40,783 Due after one year through five years 183,123 170,789 Due after five years through ten years 131,751 114,833 Due after ten years 37,291 30,147 Mortgage and asset-backed securities 253,287 235,355 $ 647,579 $ 591,907
Investment Income [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (in thousands) (in thousands) Interest income $ 5,952 $ 3,688 $ 16,468 $ 9,328 Dividend income 211 178 602 518 Investment expense (134 ) (122 ) (380 ) (384 ) Net investment income $ 6,029 $ 3,744 $ 16,690 $ 9,462
Gain (Loss) on Securities [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (in thousands) (in thousands) Realized gains: Gains on sales of fixed maturity securities $ — $ 2 $ 65 $ 10 Gains on sales of equity securities — — — — Total realized gains — 2 65 10 Realized losses: Losses on sales of fixed maturity securities — (195 ) (32 ) (309 ) Losses on sales of equity securities — — — — Total realized losses — (195 ) (32 ) (309 ) Net realized investment gains — (193 ) 33 (299 ) Change in allowance for credit losses — — (667 ) — Net unrealized (losses) gains on equity securities (1,299 ) (2,163 ) 608 (8,070 ) Net unrealized losses on equity method investment (77 ) — (77 ) — Net realized and unrealized gains (losses) on investments $ (1,376 ) $ (2,356 ) $ (103 ) $ (8,369 )

Note 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	September 30, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 42,690 $ — $ 42,690 States, territories, and possessions — 5,213 — 5,213 Political subdivisions — 3,848 — 3,848 Special revenue excluding mortgage/asset-backed securities — 27,868 — 27,868 Corporate and other — 276,933 — 276,933 Mortgage/asset-backed securities — 235,355 — 235,355 Equity securities 39,835 — — 39,835 Cash, cash equivalents, and restricted cash 53,288 — — 53,288 Total assets $ 93,123 $ 591,907 $ — $ 685,030 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)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) (in thousands) Reserve for losses and LAE net of reinsurance recoverables at beginning of period $ 81,300 $ 55,769 $ 77,520 $ 45,419 Add: Incurred losses and LAE, net of reinsurance, related to: Current year 15,116 30,904 50,954 58,703 Prior years 1,023 (4 ) 3,742 1,548 Total incurred 16,139 30,900 54,696 60,251 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 6,646 7,873 14,215 13,762 Prior years (1,385 ) 4,548 25,823 17,660 Total payments 5,261 12,421 40,038 31,422 Reserve for losses and LAE net of reinsurance recoverables at end of period 92,178 74,248 92,178 74,248 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 232,170 131,575 232,170 131,575 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $ 324,348 $ 205,823 $ 324,348 $ 205,823

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Capital Reserved for Future Issuance [Table Text Block]	Stock options outstanding under 2019 Equity Incentive Plan 838,706 Restricted stock units outstanding under 2019 Equity Incentive Plan 339,505 Performance stock units outstanding under 2019 Equity Incentive Plan, at target 424,393 Shares authorized for future issuance under 2019 Equity Incentive Plan 3,134,739 Shares authorized for future issuance under 2019 Employee Stock Purchase Plan 1,130,770 Total 5,868,113
Share-Based Payment Arrangement, Cost by Plan [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands) (in thousands) Stock-Based Compensation $ 3,589 $ 3,092 $ 10,737 $ 8,556
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 (32,882 ) 17.61 Options canceled (11,304 ) 66.08 Outstanding at September 30, 2023 838,706 $ 34.05 6.0 $ 19,368 Vested and Exercisable at September 30, 2023 753,678 $ 30.74 5.8 $ 19,308
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 157,972 51.34 Released (72,357 ) 66.37 Forfeited (18,061 ) 52.27 Non-vested outstanding at September 30, 2023 339,505 $ 62.15
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 (4,739 ) 54.30 Non-vested outstanding at September 30, 2023 424,393 $ 38.93

Note 6 - Accumulated Other Co_2

Note 6 - Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Nine Months Ended September 30, 2023 2022 (in thousands) Beginning Balance $ (36,515 ) $ 5,312 Other comprehensive (loss) before reclassification (8,453 ) (60,983 ) Federal income tax (benefit) expense 1,775 12,806 Other comprehensive (loss) before reclassification, net of tax (6,678 ) (48,177 ) Amounts reclassified from AOCI (36 ) 299 Federal income tax expense (benefit) 8 (63 ) Amounts reclassified from AOCI, net of tax (28 ) 236 Other comprehensive (loss) (6,706 ) (47,941 ) Balance at end of period $ (43,221 ) $ (42,629 )

Note 7 - Underwriting Informa_2

Note 7 - Underwriting Information (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Product Fronting Premiums $ 106,581 33.9 % $ 82,232 32.5 % $ 278,548 33.2 % $ 154,232 24.0 % Residential Earthquake 69,220 22.0 % 59,569 23.5 % 190,048 22.7 % 159,995 24.9 % Commercial Earthquake 44,166 14.1 % 32,647 12.9 % 124,763 14.9 % 90,894 14.1 % Inland Marine 37,252 11.9 % 30,842 12.2 % 103,841 12.4 % 72,214 11.2 % Casualty 20,165 6.4 % 12,888 5.1 % 50,144 6.0 % 25,697 4.0 % Hawaii Hurricane 11,051 3.5 % 9,425 3.7 % 28,718 3.4 % 24,579 3.8 % Commercial All Risk 6,624 2.1 % 9,224 3.6 % 26,769 3.2 % 41,647 6.5 % Residential Flood 5,259 1.7 % 3,871 1.5 % 14,964 1.8 % 10,448 1.6 % Specialty Homeowners (2 ) (0.0 )% (94 ) (0.0 )% (99 ) (0.0 )% 30,082 4.7 % Other 13,682 4.4 % 12,524 5.0 % 20,710 2.4 % 32,963 5.2 % Total Gross Written Premiums $ 313,998 100.0 % $ 253,128 100.0 % $ 838,406 100.0 % $ 642,751 100.0 % Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP State California $ 163,806 52.2 % $ 131,016 51.8 % $ 450,752 53.8 % $ 292,865 45.6 % Texas 24,336 7.7 % 26,234 10.4 % 72,777 8.7 % 71,499 11.1 % Washington 17,792 5.7 % 13,573 5.4 % 43,409 5.2 % 29,391 4.6 % Hawaii 13,490 4.3 % 10,998 4.3 % 35,824 4.3 % 29,729 4.6 % Florida 11,549 3.7 % 7,445 2.9 % 36,309 4.3 % 27,216 4.2 % Oregon 8,536 2.7 % 7,738 3.1 % 21,223 2.5 % 16,483 2.6 % Illinois 6,502 2.1 % 4,204 1.7 % 15,675 1.9 % 13,153 2.0 % Tennessee 5,562 1.8 % 1,810 0.7 % 9,233 1.1 % 4,247 0.7 % Other 62,425 19.8 % 50,110 19.8 % 153,204 18.2 % 158,168 24.6 % Total Gross Written Premiums $ 313,998 100.0 % $ 253,128 100.0 % $ 838,406 100.0 % $ 642,751 100.0 % Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Subsidiary PSIC $ 186,693 59.5 % $ 136,814 54.0 % $ 497,216 59.3 % $ 357,156 55.6 % PESIC 127,305 40.5 % 116,314 46.0 % 341,190 40.7 % 285,595 44.4 % Total Gross Written Premiums $ 313,998 100.0 % $ 253,128 100.0 % $ 838,406 100.0 % $ 642,751 100.0 %

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in thousands, except shares and per share data) (in thousands, except shares and per share data) Net income $ 18,432 $ 4,286 $ 53,305 $ 33,411 Weighted average common shares outstanding: Basic 24,740,455 25,209,368 24,847,164 25,258,333 Common Share equivalents 504,373 578,257 493,438 550,054 Diluted 25,244,828 25,787,625 25,340,602 25,808,387 Earnings per share: Basic $ 0.75 $ 0.17 $ 2.15 $ 1.32 Diluted $ 0.73 $ 0.17 $ 2.10 $ 1.29

Note 2 - Investments (Details T

Note 2 - Investments (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	578		543
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 549,413		$ 484,679
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	$ 55,259		46,923
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Number of Securities	2
Proceeds from Sale of Debt Securities, Available-for-Sale	$ 9,800	$ 5,800
Debt Securities, Available-for-Sale	591,907		515,064
Securities on Deposit With State Regulatory Authorities [Member]
Debt Securities, Available-for-Sale	$ 8,600		$ 8,500

Note 2 - Investments - Summary

Note 2 - Investments - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Available-for-Sale, Amortized Cost	$ 647,579	$ 561,580
Available-for-sale, Accumulated Gross Unrealized Gain	491	407
Available-for-sale, Accumulated Gross Unrealized Loss	(55,259)	(46,687)
Available-for-Sale, Allowance for Credit Loss	(904)	(236)
Debt Securities, Available-for-sale	591,907	515,064
US Government Agencies Debt Securities [Member]
Available-for-Sale, Amortized Cost	44,783	50,802
Available-for-sale, Accumulated Gross Unrealized Gain	0	2
Available-for-sale, Accumulated Gross Unrealized Loss	(2,093)	(2,253)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	42,690	48,551
States Territories Possessions Debt Securities [Member]
Available-for-Sale, Amortized Cost	5,842	5,857
Available-for-sale, Accumulated Gross Unrealized Gain	0	49
Available-for-sale, Accumulated Gross Unrealized Loss	(629)	(552)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	5,213	5,354
Political Subdivisions Debt Securities [Member]
Available-for-Sale, Amortized Cost	4,433	4,919
Available-for-sale, Accumulated Gross Unrealized Gain	0	0
Available-for-sale, Accumulated Gross Unrealized Loss	(585)	(621)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	3,848	4,298
Special Revenue Excluding Asset Backed Securities [Member]
Available-for-Sale, Amortized Cost	33,236	37,260
Available-for-sale, Accumulated Gross Unrealized Gain	0	26
Available-for-sale, Accumulated Gross Unrealized Loss	(5,368)	(4,487)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	27,868	32,799
Corporate Debt Securities and Other Debt Obligations [Member]
Available-for-Sale, Amortized Cost	305,998	278,164
Available-for-sale, Accumulated Gross Unrealized Gain	175	79
Available-for-sale, Accumulated Gross Unrealized Loss	(28,336)	(23,912)
Available-for-Sale, Allowance for Credit Loss	(904)	(236)
Debt Securities, Available-for-sale	276,933	254,095
Asset-Backed Securities [Member]
Available-for-Sale, Amortized Cost	253,287	184,578
Available-for-sale, Accumulated Gross Unrealized Gain	316	251
Available-for-sale, Accumulated Gross Unrealized Loss	(18,248)	(14,862)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	$ 235,355	$ 169,967

Note 2 - Investments - Security

Note 2 - Investments - Security Holdings in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Less than 12 Months, fair value	$ 162,375	$ 384,693
Less than 12 Months, Accumulated Loss	(5,900)	(31,558)
12 Months or Longer, fair value	387,038	99,986
12 Months or Longer, Accumulated Loss	(49,359)	(15,365)
Fair value	549,413	484,679
Accumulated Loss	(55,259)	(46,923)
US Government Agencies Debt Securities [Member]
Less than 12 Months, fair value	2,338	41,077
Less than 12 Months, Accumulated Loss	(12)	(1,523)
12 Months or Longer, fair value	40,352	6,853
12 Months or Longer, Accumulated Loss	(2,081)	(730)
Fair value	42,690	47,930
Accumulated Loss	(2,093)	(2,253)
States Territories Possessions Debt Securities [Member]
Less than 12 Months, fair value	2,041	3,227
Less than 12 Months, Accumulated Loss	(30)	(552)
12 Months or Longer, fair value	3,172	0
12 Months or Longer, Accumulated Loss	(599)	0
Fair value	5,213	3,227
Accumulated Loss	(629)	(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	3,848	0
12 Months or Longer, Accumulated Loss	(585)	0
Fair value	3,848	4,298
Accumulated Loss	(585)	(621)
Special Revenue Excluding Asset Backed Securities [Member]
Less than 12 Months, fair value	2,617	25,091
Less than 12 Months, Accumulated Loss	(148)	(3,287)
12 Months or Longer, fair value	25,251	5,080
12 Months or Longer, Accumulated Loss	(5,220)	(1,200)
Fair value	27,868	30,171
Accumulated Loss	(5,368)	(4,487)
Corporate Debt Securities and Other Debt Obligations [Member]
Less than 12 Months, fair value	66,836	192,185
Less than 12 Months, Accumulated Loss	(3,296)	(15,667)
12 Months or Longer, fair value	197,097	55,605
12 Months or Longer, Accumulated Loss	(25,040)	(8,481)
Fair value	263,933	247,790
Accumulated Loss	(28,336)	(24,148)
Asset-Backed Securities [Member]
Less than 12 Months, fair value	88,543	118,815
Less than 12 Months, Accumulated Loss	(2,414)	(9,908)
12 Months or Longer, fair value	117,318	32,448
12 Months or Longer, Accumulated Loss	(15,834)	(4,954)
Fair value	205,861	151,263
Accumulated Loss	$ (18,248)	$ (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	Sep. 30, 2023	Dec. 31, 2022
Due within one year, Amortized Cost	$ 42,127
Due within one year, Fair Value	40,783
Due after one year through five years, Amortized Cost	183,123
Due after one year through five years, Fair Value	170,789
Due after five years through ten years, Amortized Cost	131,751
Due after five years through ten years, Fair Value	114,833
Due after ten years, Amortized Cost	37,291
Due after ten years, Fair Value	30,147
Mortgage and asset-backed securities, Amortized Cost	253,287
Mortgage and asset-backed securities, Fair Value	235,355
Amortized Cost	647,579	$ 561,580
Total, Fair Value	$ 591,907	$ 515,064

Note 2 - Investments - Summar_2

Note 2 - Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest income	$ 5,952	$ 3,688	$ 16,468	$ 9,328
Dividend income	211	178	602	518
Investment expense	(134)	(122)	(380)	(384)
Net investment income	$ 6,029	$ 3,744	$ 16,690	$ 9,462

Note 2 - Investments - Net Real

Note 2 - Investments - Net Realized and Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gains on sales of fixed maturity securities	$ 0	$ 2	$ 65	$ 10
Gains on sales of equity securities	0	0	0	0
Total realized gains	0	2	65	10
Losses on sales of fixed maturity securities	0	(195)	(32)	(309)
Losses on sales of equity securities	0	0	0	0
Total realized losses	0	(195)	(32)	(309)
Net realized investment gains	0	(193)	33	(299)
Change in allowance for credit losses	0	0	(667)	0
Net unrealized (losses) gains on equity securities	(1,299)	(2,163)	608	(8,070)
Net unrealized losses on equity method investment	(77)	0	(77)	0
Net realized and unrealized gains (losses) on investments	$ (1,376)	$ (2,356)	$ (103)	$ (8,369)

Note 3 - Fair Value Measureme_3

Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Sep. 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	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale	$ 591,907	$ 515,064
Equity securities, at fair value (cost: $43,002 in 2023; $42,352 in 2022)	39,835	38,576
Fair Value, Recurring [Member]
Equity securities, at fair value (cost: $43,002 in 2023; $42,352 in 2022)	39,835	38,576
Cash, cash equivalents, and restricted cash	53,288	68,164
Total assets	685,030	621,804
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Equity securities, at fair value (cost: $43,002 in 2023; $42,352 in 2022)	39,835	38,576
Cash, cash equivalents, and restricted cash	53,288	68,164
Total assets	93,123	106,740
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Equity securities, at fair value (cost: $43,002 in 2023; $42,352 in 2022)	0	0
Cash, cash equivalents, and restricted cash	0	0
Total assets	591,907	515,064
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Equity securities, at fair value (cost: $43,002 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	42,690	48,551
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	42,690	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	42,690	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	5,213	5,354
States Territories Possessions Debt Securities [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	5,213	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	5,213	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	3,848	4,298
Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	3,848	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	3,848	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	27,868	32,799
Special Revenue Excluding Asset Backed Securities [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	27,868	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	27,868	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	276,933	254,095
Corporate Debt Securities and Other Debt Obligations [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	276,933	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	276,933	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	235,355	169,967
Asset-Backed Securities [Member] | Fair Value, Recurring [Member]
Debt Securities, Available-for-sale	235,355	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	235,355	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Prior Year Claims and Claims Adjustment Expense	$ 1,023	$ (4)	$ 3,742	$ 1,548

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$ 81,300	$ 55,769	$ 77,520	$ 45,419
Current year	15,116	30,904	50,954	58,703
Prior years	1,023	(4)	3,742	1,548
Total incurred	16,139	30,900	54,696	60,251
Current year	6,646	7,873	14,215	13,762
Prior years	(1,385)	4,548	25,823	17,660
Total payments	5,261	12,421	40,038	31,422
Reserve for losses and LAE net of reinsurance recoverables at end of period	92,178	74,248	92,178	74,248
Add: Reinsurance recoverables on unpaid losses and LAE at end of period	232,170	131,575	232,170	131,575	$ 153,895
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$ 324,348	$ 205,823	$ 324,348	$ 205,823	$ 231,415

Note 5 - Stockholders' Equity_2

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended	9 Months Ended
	Jul. 15, 2021	Sep. 30, 2023 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 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 | $		$ 1.8	$ 1.8	$ 1.8
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)				17,080
Stock Repurchase Program, Authorized Amount | $					$ 100
Treasury Stock, Shares, Acquired (in shares)				418,901
Treasury Stock, Value, Acquired, Cost Method | $				$ 22.1
Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares				$ 54.4
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)		43,500,000	43,500,000	43,500,000
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 2 months 12 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 3 months 18 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $		$ 16.8	$ 16.8	$ 16.8
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)				2 years 8 months 12 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $		$ 10.2	$ 10.2	$ 10.2
Number of Stock Price Milestones Achieved		0	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)						240,000
Share-based Compensation Arrangement by Share-based Payment Award, Shares Available for Issuance, Authorized Annual Increase, Maximum (in shares)		240,000	240,000	240,000
Equity Incentive Plan 2019 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)		3,134,739	3,134,739	3,134,739		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	Sep. 30, 2023	Dec. 31, 2022	Apr. 16, 2019
Options, Outstanding, Number (in shares)	838,706	882,892
Total (in shares)	5,868,113
Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	339,505	271,951
Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	424,393	383,103
Equity Incentive Plan 2019 [Member]
Options, Outstanding, Number (in shares)	838,706
Number of Shares Authorized (in shares)	3,134,739		2,400,000
Equity Incentive Plan 2019 [Member] | Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	339,505
Equity Incentive Plan 2019 [Member] | Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	424,393
Employee Stock Purchase Plan 2019 [Member]
Number of Shares Authorized (in shares)	1,130,770

Note 5 - Stockholders' Equity_3

Note 5 - Stockholders' Equity - Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-Based Compensation	$ 3,589	$ 3,092	$ 10,737	$ 8,556

Note 5 - Stockholders' Equity_4

Note 5 - Stockholders' Equity - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 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	(32,882)
Options exercised, options, weighted average exercise price (in dollars per share) | $ / shares	$ 17.61
Options canceled, options (in shares) | shares	(11,304)
Options canceled, options, weighted average exercise price (in dollars per share) | $ / shares	$ 66.08
Outstanding, options (in shares) | shares	838,706
Outstanding, options, weighted average exercise price (in dollars per share) | $ / shares	$ 34.05
Outstanding, options, weighted average remaining contractual term (Year)	6 years
Outstanding, options, aggregate intrinsic value | $	$ 19,368
Vested and Exercisable, options (in shares) | shares	753,678
Vested and Exercisable, options, weighted average exercise price (in dollars per share) | $ / shares	$ 30.74
Vested and Exercisable, options, weighted average remaining contractual term (Year)	5 years 9 months 18 days
Vested and Exercisable, options, aggregate intrinsic value | $	$ 19,308

Note 5 - Stockholders' Equity_5

Note 5 - Stockholders' Equity - Summary of RSU Transactions (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Outstanding, shares (in shares) | shares	271,951
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 68.9
Granted, shares (in shares) | shares	157,972
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 51.34
Released, shares (in shares) | shares	(72,357)
Released, weighted average grant date fair value (in dollars per share) | $ / shares	$ 66.37
Forfeited, shares (in shares) | shares	(18,061)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 52.27
Non-vested, shares (in shares) | shares	339,505
Non-vested outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 62.15

Note 5 - Stockholders' Equity_6

Note 5 - Stockholders' Equity - Summary of PSU Transactions (Details) - Performance Shares [Member]	9 Months Ended
	Sep. 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	(4,739)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 54.3
Non-vested, shares (in shares) | shares	424,393
Non-vested outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 38.93

Note 6 - Accumulated Other Co_3

Note 6 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Beginning Balance	$ 384,754	$ 394,169
Other comprehensive (loss)	(6,706)	(47,941)
Balance at end of period	421,334	367,845
AOCI Attributable to Parent [Member]
Beginning Balance	(36,515)	5,312
Other comprehensive (loss) before reclassification	(8,453)	(60,983)
Federal income tax (benefit) expense	1,775	12,806
Other comprehensive (loss) before reclassification, net of tax	(6,678)	(48,177)
Amounts reclassified from AOCI	(36)	299
Federal income tax expense (benefit)	8	(63)
Amounts reclassified from AOCI, net of tax	(28)	236
Other comprehensive (loss)	(6,706)	(47,941)
Balance at end of period	$ (43,221)	$ (42,629)

Note 7 - Underwriting Informa_3

Note 7 - Underwriting Information - Schedule of Gross Written Premiums (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gross written premiums	$ 313,998	$ 253,128	$ 838,406	$ 642,751
Percentage of Gross Written Premiums	100%	100%	100%	100%
Palomar Specialty Insurance Company [Member]
Gross written premiums	$ 186,693	$ 136,814	$ 497,216	$ 357,156
Percentage of Gross Written Premiums	59.50%	54%	59.30%	55.60%
Palomar Excess And Surplus Insurance Company [Member]
Gross written premiums	$ 127,305	$ 116,314	$ 341,190	$ 285,595
Percentage of Gross Written Premiums	40.50%	46%	40.70%	44.40%
CALIFORNIA
Gross written premiums	$ 163,806	$ 131,016	$ 450,752	$ 292,865
Percentage of Gross Written Premiums	52.20%	51.80%	53.80%	45.60%
TEXAS
Gross written premiums	$ 24,336	$ 26,234	$ 72,777	$ 71,499
Percentage of Gross Written Premiums	7.70%	10.40%	8.70%	11.10%
WASHINGTON
Gross written premiums	$ 17,792	$ 13,573	$ 43,409	$ 29,391
Percentage of Gross Written Premiums	5.70%	5.40%	5.20%	4.60%
HAWAII
Gross written premiums	$ 13,490	$ 10,998	$ 35,824	$ 29,729
Percentage of Gross Written Premiums	4.30%	4.30%	4.30%	4.60%
FLORIDA
Gross written premiums	$ 11,549	$ 7,445	$ 36,309	$ 27,216
Percentage of Gross Written Premiums	3.70%	2.90%	4.30%	4.20%
OREGON
Gross written premiums	$ 8,536	$ 7,738	$ 21,223	$ 16,483
Percentage of Gross Written Premiums	2.70%	3.10%	2.50%	2.60%
ILLINOIS
Gross written premiums	$ 6,502	$ 4,204	$ 15,675	$ 13,153
Percentage of Gross Written Premiums	2.10%	1.70%	1.90%	2%
TENNESSEE
Gross written premiums	$ 5,562	$ 1,810	$ 9,233	$ 4,247
Percentage of Gross Written Premiums	1.80%	0.70%	1.10%	0.70%
Other States [Member]
Gross written premiums	$ 62,425	$ 50,110	$ 153,204	$ 158,168
Percentage of Gross Written Premiums	19.80%	19.80%	18.20%	24.60%
Fronting Premium [Member]
Gross written premiums	$ 106,581	$ 82,232	$ 278,548	$ 154,232
Percentage of Gross Written Premiums	33.90%	32.50%	33.20%	24%
Residential Earthquake [Member]
Gross written premiums	$ 69,220	$ 59,569	$ 190,048	$ 159,995
Percentage of Gross Written Premiums	22%	23.50%	22.70%	24.90%
Commercial Earthquake [Member]
Gross written premiums	$ 44,166	$ 32,647	$ 124,763	$ 90,894
Percentage of Gross Written Premiums	14.10%	12.90%	14.90%	14.10%
Inland Marine [Member]
Gross written premiums	$ 37,252	$ 30,842	$ 103,841	$ 72,214
Percentage of Gross Written Premiums	11.90%	12.20%	12.40%	11.20%
Casualty [Member]
Gross written premiums	$ 20,165	$ 12,888	$ 50,144	$ 25,697
Percentage of Gross Written Premiums	6.40%	5.10%	6%	4%
Hawaii Hurricane [Member]
Gross written premiums	$ 11,051	$ 9,425	$ 28,718	$ 24,579
Percentage of Gross Written Premiums	3.50%	3.70%	3.40%	3.80%
Commercial All Risk [Member]
Gross written premiums	$ 6,624	$ 9,224	$ 26,769	$ 41,647
Percentage of Gross Written Premiums	2.10%	3.60%	3.20%	6.50%
Flood Insurance Product [Member]
Gross written premiums	$ 5,259	$ 3,871	$ 14,964	$ 10,448
Percentage of Gross Written Premiums	1.70%	1.50%	1.80%	1.60%
Specialty Homeowners [Member]
Gross written premiums		$ (94)	$ (99)	$ 30,082
Percentage of Gross Written Premiums	(0.00%)	(0.00%)	(0.00%)	4.70%
Specialty Homeowners	$ (2)
Service, Other [Member]
Gross written premiums	$ 13,682	$ 12,524	$ 20,710	$ 32,963
Percentage of Gross Written Premiums	4.40%	5%	2.40%	5.20%

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Effective Income Tax Rate Reconciliation, Percent	24.90%	17.50%	24%	21.50%
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 18,432	$ 4,286	$ 53,305	$ 33,411
Basic (in shares)	24,740,455	25,209,368	24,847,164	25,258,333
Common Share equivalents (in shares)	504,373	578,257	493,438	550,054
Diluted (in shares)	25,244,828	25,787,625	25,340,602	25,808,387
Basic earnings per share (in dollars per share)	$ 0.75	$ 0.17	$ 2.15	$ 1.32
Diluted earnings per share (in dollars per share)	$ 0.73	$ 0.17	$ 2.1	$ 1.29

Note 10 - Reinsurance (Details

Note 10 - Reinsurance (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	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	2,680
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		9 Months Ended
	Dec. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 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		$ 52,600		$ 52,600	$ 36,400
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate		5.69%		5.69%	4.65%
Interest Expense, Loans from Other Federal Home Loan Banks		$ 800	$ 200	$ 2,100
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