Palomar (PLMR) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
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	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		25,010,856

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $723,940 in 2024; $675,130 in 2023)	$ 687,138	$ 643,799
Equity securities, at fair value (cost: $32,987 in 2024; $43,003 in 2023)	37,761	43,160
Equity method investment	2,351	2,617
Other investments	2,641	0
Total investments	729,891	689,576
Cash and cash equivalents	47,840	51,546
Restricted cash	179	306
Accrued investment income	5,930	5,282
Premiums receivable	357,267	261,972
Deferred policy acquisition costs, net of ceding commissions and fronting fees	82,486	60,990
Reinsurance recoverable on paid losses and loss adjustment expenses	33,309	32,172
Reinsurance recoverable on unpaid losses and loss adjustment expenses	347,840	244,622
Ceded unearned premiums	303,477	265,808
Prepaid expenses and other assets	86,590	72,941
Deferred tax assets, net	9,450	10,119
Property and equipment, net	253	373
Goodwill and intangible assets, net	11,537	12,315
Total assets	2,016,049	1,708,022
Liabilities:
Accounts payable and other accrued liabilities	52,052	42,376
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	466,601	342,275
Unearned premiums	720,528	597,103
Ceded premium payable	231,182	181,742
Funds held under reinsurance treaty	13,080	13,419
Income taxes payable	0	7,255
Borrowings from credit agreements	0	52,600
Total liabilities	1,483,443	1,236,770
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 24,984,638 and 24,772,987 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	3	3
Additional paid-in capital	363,904	350,597
Accumulated other comprehensive loss	(28,055)	(23,991)
Retained earnings	196,754	144,643
Total stockholders' equity	532,606	471,252
Total liabilities and stockholders' equity	$ 2,016,049	$ 1,708,022

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Available-for-Sale, Amortized Cost	$ 723,940	$ 675,130
Equity Securities, Cost	$ 32,987	$ 43,003
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
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)	24,984,638	24,772,987
Common Stock, Shares, Outstanding (in shares)	24,984,638	24,772,987

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gross written premiums	$ 385,184	$ 274,296	$ 753,262	$ 524,407
Ceded written premiums	(209,181)	(169,109)	(437,352)	(339,453)
Net written premiums	176,003	105,187	315,910	184,954
Change in unearned premiums	(53,718)	(22,080)	(85,759)	(18,607)
Net earned premiums	122,285	83,107	230,151	166,347
Net investment income	7,960	5,541	15,098	10,661
Net realized and unrealized gains on investments	32	1,127	3,034	1,273
Commission and other income	792	621	1,320	1,316
Total revenues	131,069	90,396	249,603	179,597
Expenses:
Losses and loss adjustment expenses	30,431	17,905	57,268	38,557
Acquisition expenses, net of ceding commissions and fronting fees	35,806	26,057	67,604	51,736
Other underwriting expenses	31,233	22,350	56,036	41,572
Interest expense	225	1,064	965	2,084
Total expenses	97,695	67,376	181,873	133,949
Income before income taxes	33,374	23,020	67,730	45,648
Income tax expense	7,645	5,458	15,619	10,774
Net income	25,729	17,562	52,111	34,874
Other comprehensive income, net:
Net unrealized (losses) gains on securities available for sale	(1,550)	(3,685)	(4,064)	1,789
Net comprehensive income	$ 24,179	$ 13,877	$ 48,047	$ 36,663
Per Share Data:
Basic (in dollars per share)	$ 1.03	$ 0.71	$ 2.09	$ 1.4
Diluted (in dollars per share)	$ 1	$ 0.69	$ 2.04	$ 1.37
Weighted-average common shares outstanding:
Basic (in shares)	24,946,987	24,833,852	24,904,677	24,901,403
Diluted (in shares)	25,617,916	25,309,526	25,554,445	25,384,409

Condensed Consolidated Statem_2

Condensed Consolidated Statements of 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, 2022	25,027,467
Beginning Balance at Dec. 31, 2022	$ 3	$ 333,558	$ (36,515)	$ 87,708	$ 384,754
Other comprehensive income, 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
Balance at end of period at Jun. 30, 2023	$ 3	341,413	(34,726)	107,018	413,708
Balance (in shares) at Dec. 31, 2023	24,772,987
Beginning Balance at Dec. 31, 2023	$ 3	350,597	(23,991)	144,643	471,252
Other comprehensive income, net of tax	0	0	(4,064)	0	(4,064)
Stock-based compensation	$ 0	7,789	0	0	$ 7,789
Issuance of common stock via employee stock purchase plan (in shares)	9,806				9,806
Issuance of common stock via employee stock purchase plan	$ 0	434	0	0	$ 434
Issuance of common stock via equity incentive plan (in shares)	201,845
Issuance of common stock via equity incentive plan	$ 0	3,968	0	0	3,968
Net income	0	0	0	52,111	52,111
Policyholder contribution to surplus	$ 0	1,116	0	0	1,116
Balance (in shares) at Jun. 30, 2024	24,984,638
Balance at end of period at Jun. 30, 2024	$ 3	$ 363,904	$ (28,055)	$ 196,754	$ 532,606

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net cash provided by operating activities	$ 88,252	$ 23,203
Investing activities
Purchases of property and equipment	0	(19)
Capitalized software costs	(2,848)	(3,809)
Purchases of fixed maturity securities	(235,549)	(120,203)
Purchases of equity securities	(202)	(945)
Sales and maturities of fixed maturity securities	187,217	76,655
Sales of equity securities	9,014	0
Change in securities receivable or payable, net	6	950
Investments in limited partnerships	(2,641)	0
Acquisitions, net of cash acquired	0	(5,536)
Net cash used in investing activities	(45,003)	(52,907)
Financing activities
Net (payments on) proceeds from line of credit	(52,600)	35,000
Proceeds from common stock issued via employee stock purchase plan	434	394
Proceeds from common stock issued via stock option exercises	3,968	314
Policy holder contribution to surplus	1,116	0
Repurchases of common stock	0	(15,564)
Net cash (used in) provided by financing activities	(47,082)	20,144
Net decrease in cash, cash equivalents and restricted cash	(3,833)	(9,560)
Cash, cash equivalents and restricted cash at beginning of period	51,852	68,164
Cash, cash equivalents and restricted cash at end of period	48,019	58,604
Supplementary cash flow information:
Cash paid for income taxes	23,728	15,652
Cash paid for interest	908	2,041
Cash and cash equivalents	47,840
Restricted cash	179
Cash and cash equivalents and restricted cash	$ 48,019	$ 58,604

Note 1 - Summary of Operations

Note 1 - Summary of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
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. Within footnote 7, These condensed consolidated financial statements do not 10 December 31, 2023 February 23, 2024 ( “2023 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 six June 30, 2024 Recently issued accounting pronouncements not Segment Reporting In November 2023, No. 2023 07, Segment Reporting (Topic 280 may one 2023 07 December 15, 2023, December 15, 2024. Income Taxes In December 2023, No. 2023 09, Income Taxes (Topic 740 2023 09 2023 09 December 15, 2024.

Note 2 - Investments

Note 2 - Investments	6 Months Ended
	Jun. 30, 2024
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, 2024 Cost or Cost Gains Losses Credit Losses Value (in thousands) Fixed maturities: U.S. Governments $ 34,818 $ 3 $ (1,204 ) $ — $ 33,617 U.S. States, Territories, and Political Subdivisions 10,624 28 (884 ) — 9,768 Special revenue excluding mortgage/asset-backed securities 30,941 127 (3,588 ) — 27,480 Corporate and other 357,193 884 (18,891 ) (1,230 ) 337,956 Mortgage/asset-backed securities 290,364 1,247 (13,294 ) — 278,317 Total available-for-sale investments $ 723,940 $ 2,289 $ (37,861 ) $ (1,230 ) $ 687,138 Gross Gross Allowance Amortized Unrealized Unrealized for Fair December 31, 2023 Cost or Cost Gains Losses Credit Losses Value (in thousands) Fixed maturities: U.S. Governments $ 40,836 $ — $ (1,416 ) $ — $ 39,420 U.S. States, Territories, and Political Subdivisions 10,641 100 (839 ) — 9,902 Special revenue excluding mortgage/asset-backed securities 32,513 147 (3,149 ) — 29,511 Corporate and other 316,590 1,750 (17,197 ) (904 ) 300,239 Mortgage/asset-backed securities 274,550 1,879 (11,702 ) — 264,727 Total available-for-sale investments $ 675,130 $ 3,876 $ (34,303 ) $ (904 ) $ 643,799 Security holdings in an unrealized loss position As of June 30, 2024 December 31, 2023 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, 2024 December 31, 2023 Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2024 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 15,221 $ (187 ) $ 17,992 $ (1,017 ) $ 33,213 $ (1,204 ) U.S. States, Territories, and Political Subdivisions 1,518 (14 ) 6,158 (870 ) 7,676 (884 ) Special revenue excluding mortgage/asset-backed securities 544 (6 ) 24,728 (3,582 ) 25,272 (3,588 ) Corporate and other 78,901 (1,274 ) 204,194 (17,617 ) 283,095 (18,891 ) Mortgage/asset-backed securities 65,282 (1,091 ) 110,184 (12,203 ) 175,466 (13,294 ) Total available-for-sale investments $ 161,466 $ (2,572 ) $ 363,256 $ (35,289 ) $ 524,722 $ (37,861 ) Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2023 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 738 $ (1 ) $ 38,063 $ (1,415 ) $ 38,801 $ (1,416 ) U.S. States, Territories, and Political Subdivisions — — 6,196 (839 ) 6,196 (839 ) Special revenue excluding mortgage/asset-backed securities — — 26,736 (3,149 ) 26,736 (3,149 ) Corporate and other 28,872 (480 ) 204,034 (16,717 ) 232,906 (17,197 ) Mortgage/asset-backed securities 29,334 (245 ) 117,016 (11,457 ) 146,350 (11,702 ) Total available-for-sale investments $ 58,944 $ (726 ) $ 392,045 $ (33,577 ) $ 450,989 $ (34,303 ) 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 2023 10 The Company has recorded an immaterial allowance for credit losses for three June 30, 2024 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, 2024 Amortized Fair Cost Value (in thousands) Due within one year $ 67,474 $ 65,042 Due after one year through five years 174,285 166,790 Due after five years through ten years 142,476 132,119 Due after ten years 49,341 44,870 Mortgage and asset-backed securities 290,364 278,317 $ 723,940 $ 687,138 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, 2024 2023 2024 2023 (in thousands) (in thousands) Interest income $ 7,626 $ 5,456 $ 14,952 $ 10,516 Dividend income 257 210 455 391 Investment income (expense) 77 (125 ) (309 ) (246 ) Net investment income $ 7,960 $ 5,541 $ 15,098 $ 10,661 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, 2024 2023 2024 2023 (in thousands) (in thousands) Realized gains: Gains on sales of fixed maturity securities $ 18 $ 37 $ 18 $ 65 Total realized gains 18 37 18 65 Realized losses: Losses on sales of fixed maturity securities — (29 ) (2 ) (32 ) Losses on sales of equity securities — — (1,204 ) — Total realized losses — (29 ) (1,206 ) (32 ) Net realized investment (losses) gains 18 8 (1,188 ) 33 Change in allowance for credit losses (327 ) (8 ) (327 ) (667 ) Net unrealized gains (losses) on equity securities 388 1,127 4,617 1,907 Net unrealized (losses) gains on equity method investment (245 ) — (266 ) — Net unrealized (losses) gains on other investments 198 — 198 — Net realized and unrealized gains on investments $ 32 $ 1,127 $ 3,034 $ 1,273 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 and $1.9 million for the three June 30, 2024 2023 Proceeds from the sale of fixed maturity securities were $2.2 and $7.1 million for the six June 30, 2024 2023 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, 2024 December 31, 2023 The Company has investments in limited partnerships, recorded in the Other Investments line of the Unaudited Condensed Consolidated Balance Sheets. These investments are measured at estimated fair value utilizing a net asset value per share (or its equivalent) as a practical expedient. As of June 30, 2024

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 June 30, 2024 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 33,617 $ — $ 33,617 U.S. States, Territories, and Political Subdivisions — 9,768 — 9,768 Special revenue excluding mortgage/asset-backed securities — 27,480 — 27,480 Corporate and other — 337,956 — 337,956 Mortgage/asset-backed securities — 278,317 — 278,317 Equity securities 37,761 — — 37,761 Cash, cash equivalents, and restricted cash 48,019 — — 48,019 Total assets $ 85,780 $ 687,138 $ — $ 772,918 December 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 39,420 $ — $ 39,420 U.S. States, Territories, and Political Subdivisions — 9,902 — 9,902 Special revenue excluding mortgage/asset-backed securities — 29,511 — 29,511 Corporate and other — 300,239 — 300,239 Mortgage/asset-backed securities — 264,727 — 264,727 Equity securities 43,160 — — 43,160 Cash, cash equivalents, and restricted cash 51,852 — — 51,852 Total assets $ 95,012 $ 643,799 $ — $ 738,811 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 any 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 credit agreements have variable rates which frequently reprices at market rates. Transfers between Level 3 2 June 30, 2024 December 31, 2023 3.

Note 4 - Reserve for Losses and

Note 4 - Reserve for Losses and Loss Adjustment Expenses	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 (in thousands) (in thousands) Reserve for losses and LAE net of reinsurance recoverables at beginning of period $ 110,163 $ 81,366 $ 97,653 $ 77,520 Add: Incurred losses and LAE, net of reinsurance, related to: Current year 33,355 18,539 59,688 35,839 Prior years (2,924 ) (634 ) (2,420 ) 2,718 Total incurred 30,431 17,905 57,268 38,557 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 6,861 6,176 11,756 7,569 Prior years 14,972 11,795 24,404 27,208 Total payments 21,833 17,971 36,160 34,777 Reserve for losses and LAE net of reinsurance recoverables at end of period 118,761 81,300 118,761 81,300 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 347,840 216,783 347,840 216,783 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $ 466,601 $ 298,083 $ 466,601 $ 298,083 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 $2.9 million and $0.6 million during the three June 30, 2024 2023 The Company experienced favorable prior year development of $2.4 million and adverse prior year development of $2.7 million during the six June 30, 2024 2023 Favorable prior year development during the three June 30, 2024 three June 30, 2023 Favorable prior year development during the six June 30, 2024 six June 30, 2023

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
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, 2024 Stock options outstanding under 2019 Equity Incentive Plan 694,527 Restricted stock units outstanding under 2019 Equity Incentive Plan 358,607 Performance stock units outstanding under 2019 Equity Incentive Plan, at target 462,409 Shares authorized for future issuance under 2019 Equity Incentive Plan 3,682,511 Shares authorized for future issuance under 2019 Employee Stock Purchase Plan 1,360,964 Total 6,559,018 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, 2024 2023 2024 2023 (in thousands) (in thousands) Stock-Based Compensation $ 3,968 $ 3,697 $ 7,789 $ 7,147 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 period between two four first ten The following table summarizes stock option transactions for the six June 30, 2024 Number of shares Weighted-average exercise price Weighted-average remaining contractual term (in years) Aggregate intrinsic value (in thousands) Outstanding at January 1, 2024 807,685 $ 34.31 — $ — Options granted — — Options exercised (104,525 ) 37.96 Options cancelled (8,633 ) 74.57 Outstanding at June 30, 2024 694,527 $ 33.26 5.3 $ 34,708 Vested and Exercisable at June 30, 2024 669,188 $ 32.32 5.3 $ 34,081 As of June 30, 2024 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, 2024 Number of shares Weighted-average grant date fair value Outstanding at January 1, 2024 332,077 $ 61.07 Granted 121,556 65.10 Released (84,675 ) 55.43 Forfeited (10,351 ) 52.55 Non-vested outstanding at June 30, 2024 358,607 $ 64.01 As of June 30, 2024 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, 2024 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 six June 30, 2024 Number of shares Weighted-average grant date fair value Outstanding at January 1, 2024 423,621 $ 38.90 Granted 57,012 65.78 Vested (12,645 ) 96.74 Forfeited (5,579 ) 50.12 Non-vested outstanding at June 30, 2024 462,409 $ 40.50 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, 2024 2019 On April 16, 2019, 2019 “2019 2019 2019 January 1 2029, may Under the 2019 2019 six June 30, 2024 Share repurchases In January 2022, March 31, 2024 no 2024.

Note 6 - Accumulated Other Comp

Note 6 - Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 (in thousands) Beginning Balance $ (23,991 ) $ (36,515 ) Other comprehensive (loss) income before reclassification (5,129 ) 2,300 Federal income tax expense (benefit) 1,078 (483 ) Other comprehensive (loss) income before reclassification, net of tax (4,051 ) 1,817 Amounts reclassified from AOCI (16 ) (36 ) Federal income tax expense 3 8 Amounts reclassified from AOCI, net of tax (13 ) (28 ) Other comprehensive (loss) income (4,064 ) 1,789 Balance at end of period $ (28,055 ) $ (34,726 )

Note 7 - Underwriting Informati

Note 7 - Underwriting Information	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7. The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (“GWP”) by product are presented below: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Product (1) Earthquake $ 135,029 35.1 % $ 107,929 39.3 % $ 240,759 32.0 % $ 201,424 38.4 % Fronting 95,896 24.9 % 79,724 29.1 % 190,727 25.3 % 171,479 32.7 % Inland Marine and Other Property 93,453 24.3 % 69,779 25.4 % 170,329 22.6 % 122,484 23.4 % Casualty 58,605 15.2 % 16,376 6.0 % 110,539 14.7 % 28,532 5.4 % Crop 2,201 0.6 % 488 0.2 % 40,908 5.4 % 488 0.1 % Total Gross Written Premiums $ 385,184 100.0 % $ 274,296 100.0 % $ 753,262 100.0 % $ 524,407 100.0 % ( 1 2024, not Gross written premiums by state are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP State California $ 183,396 47.6 % $ 157,057 57.3 % $ 340,614 45.2 % $ 288,946 55.1 % Florida 29,796 7.7 % 12,664 4.6 % 43,720 5.8 % 24,760 4.7 % Texas 28,600 7.4 % 25,231 9.2 % 69,396 9.2 % 48,441 9.2 % Hawaii 18,235 4.7 % 12,228 4.5 % 30,751 4.1 % 22,333 4.3 % Washington 13,063 3.4 % 13,645 5.0 % 25,066 3.3 % 25,617 4.9 % New York 7,980 2.1 % 3,785 1.4 % 16,010 2.1 % 7,656 1.5 % Oregon 5,776 1.5 % 5,907 2.2 % 12,851 1.7 % 12,687 2.4 % Michigan 5,008 1.3 % 848 0.3 % 6,711 0.9 % 1,711 0.3 % Other 93,330 24.2 % 42,931 15.7 % 208,143 27.6 % 92,256 17.6 % Total Gross Written Premiums $ 385,184 100.0 % $ 274,296 100.0 % $ 753,262 100.0 % $ 524,407 100.0 % Gross written premiums by insurance subsidiary are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Subsidiary PSIC $ 193,709 50.3 % $ 159,846 58.3 % $ 416,366 55.3 % $ 310,550 59.2 % PESIC 177,109 46.0 % 114,450 41.7 % 313,603 41.6 % 213,857 40.8 % Laulima 14,366 3.7 % — — % 23,293 3.1 % — — % Total Gross Written Premiums $ 385,184 100.0 % $ 274,296 100.0 % $ 753,262 100.0 % $ 524,407 100.0 %

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Jun. 30, 2024
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, 2024 three June 30, 2023 For the six June 30, 2024 six June 30, 2023

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 (in thousands, except shares and per share data) (in thousands, except shares and per share data) Net income $ 25,729 $ 17,562 $ 52,111 $ 34,874 Weighted average common shares outstanding: Basic 24,946,987 24,833,852 24,904,677 24,901,403 Common Share equivalents 670,929 475,674 649,768 483,006 Diluted 25,617,916 25,309,526 25,554,445 25,384,409 Earnings per share: Basic $ 1.03 $ 0.71 $ 2.09 $ 1.40 Diluted $ 1.00 $ 0.69 $ 2.04 $ 1.37 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, 2024
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, 2024 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. second 2024, 144A June 1, 2024. June 1, 2027.

Note 11 - Credit Agreements

Note 11 - Credit Agreements	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	11. U.S. Bank Credit Agreement In December 2021, December 8, 2026. may may no 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, 2024 As of June 30, 2024 December 31, 2023 no three six June 30, 2024 three six 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, 2024 three six June 30, 2024 December 31, 2023 three six June 30, 2023

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
ecd_TradingArrByIndTable
Material Terms of Trading Arrangement [Text Block]		5. Rule 10b5 1 On June 10, 2024 Chris Uchida Chief Financial Officer entered 10b5 1c 1,156 may September 8, 2024 February 28, 2025. On June 7, 2024 Jon Christianson President entered 10b5 1c may September 8, 2024 February 28, 2025. None 16a 1 1934 10b5 1 10b5 1 408 June 30, 2024
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Chris Uchida [Member]
ecd_TradingArrByIndTable
Trading Arrangement, Securities Aggregate Available Amount	13,445	13,445
Trading Arrangement Adoption Date	June 10, 2024
Trading Arrangement, Individual Name	Chris Uchida
Trading Arrangement, Individual Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted [Flag]	true
Jon Christianson [Member]
ecd_TradingArrByIndTable
Trading Arrangement, Securities Aggregate Available Amount	18,000	18,000
Trading Arrangement Adoption Date	June 7, 2024
Trading Arrangement, Individual Name	Jon Christianson
Trading Arrangement, Individual Title	President
Rule 10b5-1 Arrangement Adopted [Flag]	true

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
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. Within footnote 7, These condensed consolidated financial statements do not 10 December 31, 2023 February 23, 2024 ( “2023 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 six June 30, 2024 Recently issued accounting pronouncements not Segment Reporting In November 2023, No. 2023 07, Segment Reporting (Topic 280 may one 2023 07 December 15, 2023, December 15, 2024. Income Taxes In December 2023, No. 2023 09, Income Taxes (Topic 740 2023 09 2023 09 December 15, 2024.

Note 2 - Investments (Tables)

Note 2 - Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	Gross Gross Allowance Amortized Unrealized Unrealized for Fair June 30, 2024 Cost or Cost Gains Losses Credit Losses Value (in thousands) Fixed maturities: U.S. Governments $ 34,818 $ 3 $ (1,204 ) $ — $ 33,617 U.S. States, Territories, and Political Subdivisions 10,624 28 (884 ) — 9,768 Special revenue excluding mortgage/asset-backed securities 30,941 127 (3,588 ) — 27,480 Corporate and other 357,193 884 (18,891 ) (1,230 ) 337,956 Mortgage/asset-backed securities 290,364 1,247 (13,294 ) — 278,317 Total available-for-sale investments $ 723,940 $ 2,289 $ (37,861 ) $ (1,230 ) $ 687,138 Gross Gross Allowance Amortized Unrealized Unrealized for Fair December 31, 2023 Cost or Cost Gains Losses Credit Losses Value (in thousands) Fixed maturities: U.S. Governments $ 40,836 $ — $ (1,416 ) $ — $ 39,420 U.S. States, Territories, and Political Subdivisions 10,641 100 (839 ) — 9,902 Special revenue excluding mortgage/asset-backed securities 32,513 147 (3,149 ) — 29,511 Corporate and other 316,590 1,750 (17,197 ) (904 ) 300,239 Mortgage/asset-backed securities 274,550 1,879 (11,702 ) — 264,727 Total available-for-sale investments $ 675,130 $ 3,876 $ (34,303 ) $ (904 ) $ 643,799
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, 2024 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 15,221 $ (187 ) $ 17,992 $ (1,017 ) $ 33,213 $ (1,204 ) U.S. States, Territories, and Political Subdivisions 1,518 (14 ) 6,158 (870 ) 7,676 (884 ) Special revenue excluding mortgage/asset-backed securities 544 (6 ) 24,728 (3,582 ) 25,272 (3,588 ) Corporate and other 78,901 (1,274 ) 204,194 (17,617 ) 283,095 (18,891 ) Mortgage/asset-backed securities 65,282 (1,091 ) 110,184 (12,203 ) 175,466 (13,294 ) Total available-for-sale investments $ 161,466 $ (2,572 ) $ 363,256 $ (35,289 ) $ 524,722 $ (37,861 ) Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2023 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 738 $ (1 ) $ 38,063 $ (1,415 ) $ 38,801 $ (1,416 ) U.S. States, Territories, and Political Subdivisions — — 6,196 (839 ) 6,196 (839 ) Special revenue excluding mortgage/asset-backed securities — — 26,736 (3,149 ) 26,736 (3,149 ) Corporate and other 28,872 (480 ) 204,034 (16,717 ) 232,906 (17,197 ) Mortgage/asset-backed securities 29,334 (245 ) 117,016 (11,457 ) 146,350 (11,702 ) Total available-for-sale investments $ 58,944 $ (726 ) $ 392,045 $ (33,577 ) $ 450,989 $ (34,303 )
Investments Classified by Contractual Maturity Date [Table Text Block]	Amortized Fair Cost Value (in thousands) Due within one year $ 67,474 $ 65,042 Due after one year through five years 174,285 166,790 Due after five years through ten years 142,476 132,119 Due after ten years 49,341 44,870 Mortgage and asset-backed securities 290,364 278,317 $ 723,940 $ 687,138
Investment Income [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands) (in thousands) Interest income $ 7,626 $ 5,456 $ 14,952 $ 10,516 Dividend income 257 210 455 391 Investment income (expense) 77 (125 ) (309 ) (246 ) Net investment income $ 7,960 $ 5,541 $ 15,098 $ 10,661
Gain (Loss) on Securities [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 (in thousands) (in thousands) Realized gains: Gains on sales of fixed maturity securities $ 18 $ 37 $ 18 $ 65 Total realized gains 18 37 18 65 Realized losses: Losses on sales of fixed maturity securities — (29 ) (2 ) (32 ) Losses on sales of equity securities — — (1,204 ) — Total realized losses — (29 ) (1,206 ) (32 ) Net realized investment (losses) gains 18 8 (1,188 ) 33 Change in allowance for credit losses (327 ) (8 ) (327 ) (667 ) Net unrealized gains (losses) on equity securities 388 1,127 4,617 1,907 Net unrealized (losses) gains on equity method investment (245 ) — (266 ) — Net unrealized (losses) gains on other investments 198 — 198 — Net realized and unrealized gains on investments $ 32 $ 1,127 $ 3,034 $ 1,273

Note 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	June 30, 2024 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 33,617 $ — $ 33,617 U.S. States, Territories, and Political Subdivisions — 9,768 — 9,768 Special revenue excluding mortgage/asset-backed securities — 27,480 — 27,480 Corporate and other — 337,956 — 337,956 Mortgage/asset-backed securities — 278,317 — 278,317 Equity securities 37,761 — — 37,761 Cash, cash equivalents, and restricted cash 48,019 — — 48,019 Total assets $ 85,780 $ 687,138 $ — $ 772,918 December 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 39,420 $ — $ 39,420 U.S. States, Territories, and Political Subdivisions — 9,902 — 9,902 Special revenue excluding mortgage/asset-backed securities — 29,511 — 29,511 Corporate and other — 300,239 — 300,239 Mortgage/asset-backed securities — 264,727 — 264,727 Equity securities 43,160 — — 43,160 Cash, cash equivalents, and restricted cash 51,852 — — 51,852 Total assets $ 95,012 $ 643,799 $ — $ 738,811

Note 4 - Reserve for Losses a_2

Note 4 - Reserve for Losses and Loss Adjustment Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 2023 2024 2023 (in thousands) (in thousands) Reserve for losses and LAE net of reinsurance recoverables at beginning of period $ 110,163 $ 81,366 $ 97,653 $ 77,520 Add: Incurred losses and LAE, net of reinsurance, related to: Current year 33,355 18,539 59,688 35,839 Prior years (2,924 ) (634 ) (2,420 ) 2,718 Total incurred 30,431 17,905 57,268 38,557 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 6,861 6,176 11,756 7,569 Prior years 14,972 11,795 24,404 27,208 Total payments 21,833 17,971 36,160 34,777 Reserve for losses and LAE net of reinsurance recoverables at end of period 118,761 81,300 118,761 81,300 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 347,840 216,783 347,840 216,783 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $ 466,601 $ 298,083 $ 466,601 $ 298,083

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Capital Reserved for Future Issuance [Table Text Block]	Stock options outstanding under 2019 Equity Incentive Plan 694,527 Restricted stock units outstanding under 2019 Equity Incentive Plan 358,607 Performance stock units outstanding under 2019 Equity Incentive Plan, at target 462,409 Shares authorized for future issuance under 2019 Equity Incentive Plan 3,682,511 Shares authorized for future issuance under 2019 Employee Stock Purchase Plan 1,360,964 Total 6,559,018
Share-Based Payment Arrangement, Cost by Plan [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) (in thousands) Stock-Based Compensation $ 3,968 $ 3,697 $ 7,789 $ 7,147
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, 2024 807,685 $ 34.31 — $ — Options granted — — Options exercised (104,525 ) 37.96 Options cancelled (8,633 ) 74.57 Outstanding at June 30, 2024 694,527 $ 33.26 5.3 $ 34,708 Vested and Exercisable at June 30, 2024 669,188 $ 32.32 5.3 $ 34,081
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of shares Weighted-average grant date fair value Outstanding at January 1, 2024 332,077 $ 61.07 Granted 121,556 65.10 Released (84,675 ) 55.43 Forfeited (10,351 ) 52.55 Non-vested outstanding at June 30, 2024 358,607 $ 64.01
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]	Number of shares Weighted-average grant date fair value Outstanding at January 1, 2024 423,621 $ 38.90 Granted 57,012 65.78 Vested (12,645 ) 96.74 Forfeited (5,579 ) 50.12 Non-vested outstanding at June 30, 2024 462,409 $ 40.50

Note 6 - Accumulated Other Co_2

Note 6 - Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Six Months Ended June 30, 2024 2023 (in thousands) Beginning Balance $ (23,991 ) $ (36,515 ) Other comprehensive (loss) income before reclassification (5,129 ) 2,300 Federal income tax expense (benefit) 1,078 (483 ) Other comprehensive (loss) income before reclassification, net of tax (4,051 ) 1,817 Amounts reclassified from AOCI (16 ) (36 ) Federal income tax expense 3 8 Amounts reclassified from AOCI, net of tax (13 ) (28 ) Other comprehensive (loss) income (4,064 ) 1,789 Balance at end of period $ (28,055 ) $ (34,726 )

Note 7 - Underwriting Informa_2

Note 7 - Underwriting Information (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Product (1) Earthquake $ 135,029 35.1 % $ 107,929 39.3 % $ 240,759 32.0 % $ 201,424 38.4 % Fronting 95,896 24.9 % 79,724 29.1 % 190,727 25.3 % 171,479 32.7 % Inland Marine and Other Property 93,453 24.3 % 69,779 25.4 % 170,329 22.6 % 122,484 23.4 % Casualty 58,605 15.2 % 16,376 6.0 % 110,539 14.7 % 28,532 5.4 % Crop 2,201 0.6 % 488 0.2 % 40,908 5.4 % 488 0.1 % Total Gross Written Premiums $ 385,184 100.0 % $ 274,296 100.0 % $ 753,262 100.0 % $ 524,407 100.0 % Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP State California $ 183,396 47.6 % $ 157,057 57.3 % $ 340,614 45.2 % $ 288,946 55.1 % Florida 29,796 7.7 % 12,664 4.6 % 43,720 5.8 % 24,760 4.7 % Texas 28,600 7.4 % 25,231 9.2 % 69,396 9.2 % 48,441 9.2 % Hawaii 18,235 4.7 % 12,228 4.5 % 30,751 4.1 % 22,333 4.3 % Washington 13,063 3.4 % 13,645 5.0 % 25,066 3.3 % 25,617 4.9 % New York 7,980 2.1 % 3,785 1.4 % 16,010 2.1 % 7,656 1.5 % Oregon 5,776 1.5 % 5,907 2.2 % 12,851 1.7 % 12,687 2.4 % Michigan 5,008 1.3 % 848 0.3 % 6,711 0.9 % 1,711 0.3 % Other 93,330 24.2 % 42,931 15.7 % 208,143 27.6 % 92,256 17.6 % Total Gross Written Premiums $ 385,184 100.0 % $ 274,296 100.0 % $ 753,262 100.0 % $ 524,407 100.0 % Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Subsidiary PSIC $ 193,709 50.3 % $ 159,846 58.3 % $ 416,366 55.3 % $ 310,550 59.2 % PESIC 177,109 46.0 % 114,450 41.7 % 313,603 41.6 % 213,857 40.8 % Laulima 14,366 3.7 % — — % 23,293 3.1 % — — % Total Gross Written Premiums $ 385,184 100.0 % $ 274,296 100.0 % $ 753,262 100.0 % $ 524,407 100.0 %

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands, except shares and per share data) (in thousands, except shares and per share data) Net income $ 25,729 $ 17,562 $ 52,111 $ 34,874 Weighted average common shares outstanding: Basic 24,946,987 24,833,852 24,904,677 24,901,403 Common Share equivalents 670,929 475,674 649,768 483,006 Diluted 25,617,916 25,309,526 25,554,445 25,384,409 Earnings per share: Basic $ 1.03 $ 0.71 $ 2.09 $ 1.40 Diluted $ 1.00 $ 0.69 $ 2.04 $ 1.37

Note 2 - Investments (Details T

Note 2 - Investments (Details Textual) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	574	574		483
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 524,722	$ 524,722		$ 450,989
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	37,861	37,861		34,303
Proceeds from Sale of Debt Securities, Available-for-Sale	1,900	2,200	$ 7,100
Debt Securities, Available-for-Sale	687,138	687,138		643,799
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	32,600	32,600
Securities on Deposit With State Regulatory Authorities [Member]
Debt Securities, Available-for-Sale	$ 7,800	$ 7,800		$ 8,600

Note 2 - Investments - Summary

Note 2 - Investments - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Available-for-Sale, Amortized Cost	$ 723,940	$ 675,130
Available-for-sale, Accumulated Gross Unrealized Gain	2,289	3,876
Available-for-sale, Accumulated Gross Unrealized Loss	(37,861)	(34,303)
Available-for-Sale, Allowance for Credit Loss	(1,230)	(904)
Fixed maturity securities available for sale, at fair value (amortized cost: $723,940 in 2024; $675,130 in 2023)	687,138	643,799
US Government Agencies Debt Securities [Member]
Available-for-Sale, Amortized Cost	34,818	40,836
Available-for-sale, Accumulated Gross Unrealized Gain	3	0
Available-for-sale, Accumulated Gross Unrealized Loss	(1,204)	(1,416)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $723,940 in 2024; $675,130 in 2023)	33,617	39,420
US States and Political Subdivisions Debt Securities [Member]
Available-for-Sale, Amortized Cost	10,624	10,641
Available-for-sale, Accumulated Gross Unrealized Gain	28	100
Available-for-sale, Accumulated Gross Unrealized Loss	(884)	(839)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $723,940 in 2024; $675,130 in 2023)	9,768	9,902
Special Revenue Excluding Asset Backed Securities [Member]
Available-for-Sale, Amortized Cost	30,941	32,513
Available-for-sale, Accumulated Gross Unrealized Gain	127	147
Available-for-sale, Accumulated Gross Unrealized Loss	(3,588)	(3,149)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $723,940 in 2024; $675,130 in 2023)	27,480	29,511
Corporate Debt Securities and Other Debt Obligations [Member]
Available-for-Sale, Amortized Cost	357,193	316,590
Available-for-sale, Accumulated Gross Unrealized Gain	884	1,750
Available-for-sale, Accumulated Gross Unrealized Loss	(18,891)	(17,197)
Available-for-Sale, Allowance for Credit Loss	(1,230)	(904)
Fixed maturity securities available for sale, at fair value (amortized cost: $723,940 in 2024; $675,130 in 2023)	337,956	300,239
Asset-Backed Securities [Member]
Available-for-Sale, Amortized Cost	290,364	274,550
Available-for-sale, Accumulated Gross Unrealized Gain	1,247	1,879
Available-for-sale, Accumulated Gross Unrealized Loss	(13,294)	(11,702)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $723,940 in 2024; $675,130 in 2023)	$ 278,317	$ 264,727

Note 2 - Investments - Security

Note 2 - Investments - Security Holdings in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Less than 12 Months, fair value	$ 161,466	$ 58,944
Less than 12 Months, Accumulated Loss	(2,572)	(726)
12 Months or Longer, fair value	363,256	392,045
12 Months or Longer, Accumulated Loss	(35,289)	(33,577)
Fair value	524,722	450,989
Accumulated Loss	(37,861)	(34,303)
US Government Agencies Debt Securities [Member]
Less than 12 Months, fair value	15,221	738
Less than 12 Months, Accumulated Loss	(187)	(1)
12 Months or Longer, fair value	17,992	38,063
12 Months or Longer, Accumulated Loss	(1,017)	(1,415)
Fair value	33,213	38,801
Accumulated Loss	(1,204)	(1,416)
US States and Political Subdivisions Debt Securities [Member]
Less than 12 Months, fair value	1,518	0
Less than 12 Months, Accumulated Loss	(14)	0
12 Months or Longer, fair value	6,158	6,196
12 Months or Longer, Accumulated Loss	(870)	(839)
Fair value	7,676	6,196
Accumulated Loss	(884)	(839)
Special Revenue Excluding Asset Backed Securities [Member]
Less than 12 Months, fair value	544	0
Less than 12 Months, Accumulated Loss	(6)	0
12 Months or Longer, fair value	24,728	26,736
12 Months or Longer, Accumulated Loss	(3,582)	(3,149)
Fair value	25,272	26,736
Accumulated Loss	(3,588)	(3,149)
Corporate Debt Securities and Other Debt Obligations [Member]
Less than 12 Months, fair value	78,901	28,872
Less than 12 Months, Accumulated Loss	(1,274)	(480)
12 Months or Longer, fair value	204,194	204,034
12 Months or Longer, Accumulated Loss	(17,617)	(16,717)
Fair value	283,095	232,906
Accumulated Loss	(18,891)	(17,197)
Asset-Backed Securities [Member]
Less than 12 Months, fair value	65,282	29,334
Less than 12 Months, Accumulated Loss	(1,091)	(245)
12 Months or Longer, fair value	110,184	117,016
12 Months or Longer, Accumulated Loss	(12,203)	(11,457)
Fair value	175,466	146,350
Accumulated Loss	$ (13,294)	$ (11,702)

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, 2024	Dec. 31, 2023
Due within one year, Amortized Cost	$ 67,474
Due within one year, Fair Value	65,042
Due after one year through five years, Amortized Cost	174,285
Due after one year through five years, Fair Value	166,790
Due after five years through ten years, Amortized Cost	142,476
Due after five years through ten years, Fair Value	132,119
Due after ten years, Amortized Cost	49,341
Due after ten years, Fair Value	44,870
Mortgage and asset-backed securities, Amortized Cost	290,364
Mortgage and asset-backed securities, Fair Value	278,317
Amortized Cost	723,940	$ 675,130
Total, Fair Value	$ 687,138	$ 643,799

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income	$ 7,626	$ 5,456	$ 14,952	$ 10,516
Dividend income	257	210	455	391
Investment income (expense)	77	(125)	(309)	(246)
Net investment income	$ 7,960	$ 5,541	$ 15,098	$ 10,661

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gains on sales of fixed maturity securities	$ 18	$ 37	$ 18	$ 65
Total realized gains	18	37	18	65
Losses on sales of fixed maturity securities	0	(29)	(2)	(32)
Losses on sales of equity securities	0	0	(1,204)	0
Total realized losses	0	(29)	(1,206)	(32)
Net realized investment (losses) gains	18	8	(1,188)	33
Change in allowance for credit losses	(327)	(8)	(327)	(667)
Net unrealized gains (losses) on equity securities	388	1,127	4,617	1,907
Net unrealized (losses) gains on equity method investment	(245)	0	(266)	0
Net unrealized (losses) gains on other investments	198	0	198	0
Net realized and unrealized gains on investments	$ 32	$ 1,127	$ 3,034	$ 1,273

Note 3 - Fair Value Measureme_3

Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
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, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale	$ 687,138	$ 643,799
Equity securities	37,761	43,160
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	33,617	39,420
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	9,768	9,902
Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	27,480	29,511
Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	337,956	300,239
Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	278,317	264,727
Fair Value, Recurring [Member]
Equity securities	37,761	43,160
Cash, cash equivalents, and restricted cash	48,019	51,852
Total assets	772,918	738,811
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	33,617	39,420
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	9,768	9,902
Fair Value, Recurring [Member] | Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	27,480	29,511
Fair Value, Recurring [Member] | Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	337,956	300,239
Fair Value, Recurring [Member] | Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	278,317	264,727
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Equity securities	37,761	43,160
Cash, cash equivalents, and restricted cash	48,019	51,852
Total assets	85,780	95,012
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Equity securities	0	0
Cash, cash equivalents, and restricted cash	0	0
Total assets	687,138	643,799
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	33,617	39,420
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	9,768	9,902
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	27,480	29,511
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	337,956	300,239
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	278,317	264,727
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Equity securities	0	0
Cash, cash equivalents, and restricted cash	0	0
Total assets	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-Backed Securities [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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Prior Year Claims and Claims Adjustment Expense	$ (2,924)	$ (634)	$ (2,420)	$ 2,718

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$ 110,163	$ 81,366	$ 97,653	$ 77,520
Current year	33,355	18,539	59,688	35,839
Prior years	(2,924)	(634)	(2,420)	2,718
Total incurred	30,431	17,905	57,268	38,557
Current year	6,861	6,176	11,756	7,569
Prior years	14,972	11,795	24,404	27,208
Total payments	21,833	17,971	36,160	34,777
Reserve for losses and LAE net of reinsurance recoverables at end of period	118,761	81,300	118,761	81,300
Add: Reinsurance recoverables on unpaid losses and LAE at end of period	347,840	216,783	347,840	216,783	$ 244,622
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$ 466,601	$ 298,083	$ 466,601	$ 298,083	$ 342,275

Note 5 - Stockholders' Equity_2

Note 5 - Stockholders' Equity (Details Textual) $ in Millions		3 Months Ended	6 Months Ended
	Jul. 15, 2021	Mar. 31, 2024 shares	Jun. 30, 2024 USD ($) shares	Jan. 24, 2022 USD ($)	Apr. 16, 2019 shares
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $			$ 0.6
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)			9,806
Share Repurchase Program, Authorized, Amount | $				$ 100
Treasury Stock, Shares, Acquired (in shares)		0
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)			7 months 6 days
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			2 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage			25%
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage			50%
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years 1 month 6 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $			$ 18
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 1 month 6 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $			$ 10.5
Number of Stock Price Milestones Achieved			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
Equity Incentive Plan 2019 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)			3,682,511		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, 2024	Dec. 31, 2023	Apr. 16, 2019
Options, Outstanding, Number (in shares)	694,527	807,685
Total (in shares)	6,559,018
Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	358,607	332,077
Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	462,409	423,621
Equity Incentive Plan 2019 [Member]
Options, Outstanding, Number (in shares)	694,527
Number of Shares Authorized (in shares)	3,682,511		2,400,000
Equity Incentive Plan 2019 [Member] | Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	358,607
Equity Incentive Plan 2019 [Member] | Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	462,409
Employee Stock Purchase Plan 2019 [Member]
Number of Shares Authorized (in shares)	1,360,964

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-Based Compensation	$ 3,968	$ 3,697	$ 7,789	$ 7,147

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, 2024 USD ($) $ / shares shares
Outstanding, options (in shares) | shares	807,685
Outstanding, options, weighted average exercise price (in dollars per share) | $ / shares	$ 34.31
Options exercised, options (in shares) | shares	(104,525)
Options exercised, options, weighted average exercise price (in dollars per share) | $ / shares	$ 37.96
Options canceled, options (in shares) | shares	(8,633)
Options canceled, options, weighted average exercise price (in dollars per share) | $ / shares	$ 74.57
Outstanding, options (in shares) | shares	694,527
Outstanding, options, weighted average exercise price (in dollars per share) | $ / shares	$ 33.26
Outstanding, options, weighted average remaining contractual term (Year)	5 years 3 months 18 days
Outstanding, options, aggregate intrinsic value | $	$ 34,708
Vested and Exercisable, options (in shares) | shares	669,188
Vested and Exercisable, options, weighted average exercise price (in dollars per share) | $ / shares	$ 32.32
Vested and Exercisable, options, weighted average remaining contractual term (Year)	5 years 3 months 18 days
Vested and Exercisable, options, aggregate intrinsic value | $	$ 34,081

Note 5 - Stockholders' Equity_5

Note 5 - Stockholders' Equity - Summary of RSU Transactions (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Outstanding, shares (in shares) | shares	332,077
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 61.07
Granted, shares (in shares) | shares	121,556
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 65.1
Released, shares (in shares) | shares	(84,675)
Released, weighted average grant date fair value (in dollars per share) | $ / shares	$ 55.43
Forfeited, shares (in shares) | shares	(10,351)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 52.55
Non-vested, shares (in shares) | shares	358,607
Non-vested outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 64.01

Note 5 - Stockholders' Equity_6

Note 5 - Stockholders' Equity - Summary of PSU Transactions (Details) - Performance Shares [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Outstanding, shares (in shares) | shares	423,621
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 38.9
Granted, shares (in shares) | shares	57,012
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 65.78
Released, shares (in shares) | shares	(12,645)
Released, weighted average grant date fair value (in dollars per share) | $ / shares	$ 96.74
Forfeited, shares (in shares) | shares	(5,579)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 50.12
Non-vested, shares (in shares) | shares	462,409
Non-vested outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 40.5

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, 2024	Jun. 30, 2023
Beginning Balance	$ 471,252	$ 384,754
Other comprehensive (loss) income	(4,064)	1,789
Balance at end of period	532,606	413,708
AOCI Attributable to Parent [Member]
Beginning Balance	(23,991)	(36,515)
Other comprehensive (loss) income before reclassification	(5,129)	2,300
Federal income tax expense (benefit)	1,078	(483)
Other comprehensive (loss) income before reclassification, net of tax	(4,051)	1,817
Amounts reclassified from AOCI	(16)	(36)
Federal income tax expense	3	8
Amounts reclassified from AOCI, net of tax	(13)	(28)
Other comprehensive (loss) income	(4,064)	1,789
Balance at end of period	$ (28,055)	$ (34,726)

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gross written premiums	$ 385,184	$ 274,296	$ 753,262	$ 524,407
Percentage of Gross Written Premiums	100%	100%	100%	100%
Palomar Specialty Insurance Company [Member]
Gross written premiums	$ 193,709	$ 159,846	$ 416,366	$ 310,550
Percentage of Gross Written Premiums	50.30%	58.30%	55.30%	59.20%
Palomar Excess And Surplus Insurance Company [Member]
Gross written premiums	$ 177,109	$ 114,450	$ 313,603	$ 213,857
Percentage of Gross Written Premiums	46%	41.70%	41.60%	40.80%
Laulima Insurance Company [Member]
Gross written premiums	$ 14,366	$ 0	$ 23,293	$ 0
Percentage of Gross Written Premiums	3.70%	0%	3.10%	0%
CALIFORNIA
Gross written premiums	$ 183,396	$ 157,057	$ 340,614	$ 288,946
Percentage of Gross Written Premiums	47.60%	57.30%	45.20%	55.10%
FLORIDA
Gross written premiums	$ 29,796	$ 12,664	$ 43,720	$ 24,760
Percentage of Gross Written Premiums	7.70%	4.60%	5.80%	4.70%
TEXAS
Gross written premiums	$ 28,600	$ 25,231	$ 69,396	$ 48,441
Percentage of Gross Written Premiums	7.40%	9.20%	9.20%	9.20%
HAWAII
Gross written premiums	$ 18,235	$ 12,228	$ 30,751	$ 22,333
Percentage of Gross Written Premiums	4.70%	4.50%	4.10%	4.30%
WASHINGTON
Gross written premiums	$ 13,063	$ 13,645	$ 25,066	$ 25,617
Percentage of Gross Written Premiums	3.40%	5%	3.30%	4.90%
NEW YORK
Gross written premiums	$ 7,980	$ 3,785	$ 16,010	$ 7,656
Percentage of Gross Written Premiums	2.10%	1.40%	2.10%	1.50%
OREGON
Gross written premiums	$ 5,776	$ 5,907	$ 12,851	$ 12,687
Percentage of Gross Written Premiums	1.50%	2.20%	1.70%	2.40%
MICHIGAN
Gross written premiums	$ 5,008	$ 848	$ 6,711	$ 1,711
Percentage of Gross Written Premiums	1.30%	0.30%	0.90%	0.30%
Other States [Member]
Gross written premiums	$ 93,330	$ 42,931	$ 208,143	$ 92,256
Percentage of Gross Written Premiums	24.20%	15.70%	27.60%	17.60%
Earthquake Premiums [Member]
Gross written premiums	$ 135,029	$ 107,929	$ 240,759	$ 201,424
Percentage of Gross Written Premiums	35.10%	39.30%	32%	38.40%
Fronting Premium [Member]
Gross written premiums	$ 95,896	$ 79,724	$ 190,727	$ 171,479
Percentage of Gross Written Premiums	24.90%	29.10%	25.30%	32.70%
Inland Marine and Other Property [Member]
Gross written premiums	$ 93,453	$ 69,779	$ 170,329	$ 122,484
Percentage of Gross Written Premiums	24.30%	25.40%	22.60%	23.40%
Casualty [Member]
Gross written premiums	$ 58,605	$ 16,376	$ 110,539	$ 28,532
Percentage of Gross Written Premiums	15.20%	6%	14.70%	5.40%
Crop [Member]
Gross written premiums	$ 2,201	$ 488	$ 40,908	$ 488
Percentage of Gross Written Premiums	0.60%	0.20%	5.40%	0.10%

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Effective Income Tax Rate Reconciliation, Percent	22.90%	23.70%	23.10%	23.60%
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income	$ 25,729	$ 17,562	$ 52,111	$ 34,874
Basic (in shares)	24,946,987	24,833,852	24,904,677	24,901,403
Common Share equivalents (in shares)	670,929	475,674	649,768	483,006
Diluted (in shares)	25,617,916	25,309,526	25,554,445	25,384,409
Basic (in dollars per share)	$ 1.03	$ 0.71	$ 2.09	$ 1.4
Diluted (in dollars per share)	$ 1	$ 0.69	$ 2.04	$ 1.37

Note 10 - Reinsurance (Details

Note 10 - Reinsurance (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2021
Catastrophe Bond, Face Value	$ 420,000	$ 200,000	$ 275,000	$ 400,000
Earthquake [Member]
Reinsurance, Amount Retained, Per Event	20,000
Reinsurance Policy, Excess of Loss Protection Amount	3,060
Hurricane [Member]
Reinsurance, Amount Retained, Per Event	15,500
Hawaii Hurricane [Member]
Reinsurance Policy, Excess of Loss Protection Amount	735,000
U.S. Hurricane [Member]
Reinsurance Policy, Excess of Loss Protection Amount	$ 117,500

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available as Percentage of Statutory Admitted Assets		10%		10%
Federal Home Loan Bank, Advance, Branch of FHLBank, Amount		$ 0		$ 0		$ 52,600
Interest Expense, Loans from Other Federal Home Loan Banks		100	$ 800	800	$ 1,300
Federal Home Loan Bank, Advance, Branch of FHLBank, Interest Rate						5.62%
Revolving Credit Facility [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Long-Term Line of Credit		0		0		$ 0
Interest Expense, Debt		$ 100	$ 200	$ 200	$ 800
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [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