Palomar (PLMR) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 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	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		26,465,867

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	$ 882,980	$ 643,799
Equity securities, at fair value (cost: $32,987 in 2024; $43,003 in 2023)	40,196	43,160
Equity method investment	2,499	2,617
Other investments	5,207	0
Total investments	930,882	689,576
Cash and cash equivalents	86,479	51,546
Restricted cash	105	306
Accrued investment income	7,495	5,282
Premiums receivable	326,674	261,972
Deferred policy acquisition costs, net of ceding commissions and fronting fees	86,408	60,990
Reinsurance recoverable on paid losses and loss adjustment expenses	58,889	32,172
Reinsurance recoverable on unpaid losses and loss adjustment expenses	360,164	244,622
Ceded unearned premiums	298,509	265,808
Prepaid expenses and other assets	104,831	72,941
Deferred tax assets, net	4,019	10,119
Property and equipment, net	409	373
Goodwill and intangible assets, net	11,147	12,315
Total assets	2,276,011	1,708,022
Liabilities:
Accounts payable and other accrued liabilities	75,424	42,376
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	497,438	342,275
Unearned premiums	739,623	597,103
Ceded premium payable	235,157	181,742
Funds held under reinsurance treaty	25,056	13,419
Income taxes payable	0	7,255
Borrowings from credit agreements	0	52,600
Total liabilities	1,572,698	1,236,770
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,452,242 and 24,772,987 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	3	3
Additional paid-in capital	486,198	350,597
Accumulated other comprehensive loss	(10,139)	(23,991)
Retained earnings	227,251	144,643
Total stockholders' equity	703,313	471,252
Total liabilities and stockholders' equity	$ 2,276,011	$ 1,708,022

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Available-for-Sale, Amortized Cost	$ 896,775	$ 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	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)	26,452,242	24,772,987
Common Stock, Shares, Outstanding (in shares)	26,452,242	24,772,987

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gross written premiums	$ 414,977	$ 313,998	$ 1,168,239	$ 838,406
Ceded written premiums	(255,267)	(203,336)	(692,620)	(542,789)
Net written premiums	159,710	110,662	475,619	295,617
Change in unearned premiums	(24,064)	(24,845)	(109,823)	(43,453)
Net earned premiums	135,646	85,817	365,796	252,164
Net investment income	9,408	6,029	24,506	16,690
Net realized and unrealized gains (losses) on investments	2,734	(1,376)	5,768	(103)
Commission and other income	715	465	2,035	1,781
Total revenues	148,503	90,935	398,105	270,532
Expenses:
Losses and loss adjustment expenses	40,315	16,139	97,583	54,696
Acquisition expenses, net of ceding commissions and fronting fees	41,469	27,004	109,072	78,740
Other underwriting expenses	28,129	22,390	84,165	63,962
Interest expense	87	867	1,052	2,952
Total expenses	110,000	66,400	291,872	200,350
Income before income taxes	38,503	24,535	106,233	70,182
Income tax expense	8,006	6,103	23,625	16,877
Net income	30,497	18,432	82,608	53,305
Other comprehensive income, net:
Net unrealized gains (losses) on securities available for sale	17,916	(8,494)	13,852	(6,706)
Net comprehensive income	$ 48,413	$ 9,938	$ 96,460	$ 46,599
Per Share Data:
Basic (in dollars per share)	$ 1.18	$ 0.75	$ 3.28	$ 2.15
Diluted (in dollars per share)	$ 1.15	$ 0.73	$ 3.19	$ 2.1
Weighted-average common shares outstanding:
Basic (in shares)	25,766,697	24,740,455	25,194,114	24,847,164
Diluted (in shares)	26,479,566	25,244,828	25,877,257	25,340,602

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 (loss), net of tax	0	0	5,474	0	5,474
Stock-based compensation	$ 0	3,450	0	0	3,450
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)	41,685
Issuance of common stock via equity incentive plan	$ 0	90	0	0	90
Net income	$ 0	0	0	17,313	17,313
Repurchases of common stock (in shares)	(134,680)
Repurchases of common stock	$ 0	0	0	(6,826)	(6,826)
Balance (in shares) at Mar. 31, 2023	24,942,196
Balance at end of period at Mar. 31, 2023	$ 3	337,492	(31,041)	98,195	404,649
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 (loss), net of tax			(6,706)
Net income					53,305
Balance (in shares) at Sep. 30, 2023	24,730,885
Balance at end of period at Sep. 30, 2023	$ 3	345,673	(43,221)	118,879	421,334
Balance (in shares) at Mar. 31, 2023	24,942,196
Beginning Balance at Mar. 31, 2023	$ 3	337,492	(31,041)	98,195	404,649
Other comprehensive income (loss), net of tax	0	0	(3,685)	0	(3,685)
Stock-based compensation	$ 0	3,697	0	0	3,697
Issuance of common stock via employee stock purchase plan (in shares)	0
Issuance of common stock via employee stock purchase plan	$ 0	0	0	0	0
Issuance of common stock via equity incentive plan (in shares)	18,555
Issuance of common stock via equity incentive plan	$ 0	224	0	0	224
Net income	$ 0	0	0	17,562	17,562
Repurchases of common stock (in shares)	(166,482)
Repurchases of common stock	$ 0	0	0	(8,739)	(8,739)
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
Other comprehensive income (loss), net of tax	0	0	(8,495)	0	(8,495)
Stock-based compensation	$ 0	3,589	0	0	3,589
Issuance of common stock via employee stock purchase plan (in shares)	9,356
Issuance of common stock via employee stock purchase plan	$ 0	406	0	0	406
Issuance of common stock via equity incentive plan (in shares)	44,999
Issuance of common stock via equity incentive plan	$ 0	265	0	0	265
Net income	$ 0	0	0	18,432	18,432
Repurchases of common stock (in shares)	(117,739)
Repurchases of common stock	$ 0	0	0	(6,571)	(6,571)
Balance (in shares) at Sep. 30, 2023	24,730,885
Balance at end of period at Sep. 30, 2023	$ 3	345,673	(43,221)	118,879	421,334
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 (loss), net of tax	0	0	(2,514)	0	(2,514)
Stock-based compensation	$ 0	3,820	0	0	3,820
Issuance of common stock via employee stock purchase plan (in shares)	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)	138,267
Issuance of common stock via equity incentive plan	$ 0	1,857	0	0	1,857
Policyholder contribution to surplus	0	427	0	0	427
Net income	$ 0	0	0	26,382	26,382
Balance (in shares) at Mar. 31, 2024	24,921,060
Balance at end of period at Mar. 31, 2024	$ 3	357,135	(26,505)	171,025	501,658
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 (loss), net of tax			13,852
Issuance of common stock via employee stock purchase plan (in shares)					17,100
Net income					$ 82,608
Balance (in shares) at Sep. 30, 2024	26,452,242
Balance at end of period at Sep. 30, 2024	$ 3	486,198	(10,139)	227,251	703,313
Balance (in shares) at Mar. 31, 2024	24,921,060
Beginning Balance at Mar. 31, 2024	$ 3	357,135	(26,505)	171,025	501,658
Other comprehensive income (loss), net of tax	0	0	(1,550)	0	(1,550)
Stock-based compensation	$ 0	3,968	0	0	3,968
Issuance of common stock via employee stock purchase plan (in shares)	0
Issuance of common stock via employee stock purchase plan	$ 0	0	0	0	0
Issuance of common stock via equity incentive plan (in shares)	63,578
Issuance of common stock via equity incentive plan	$ 0	2,112	0	0	2,112
Policyholder contribution to surplus	0	689	0	0	689
Net income	$ 0	0	0	25,729	25,729
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
Other comprehensive income (loss), net of tax	0	0	17,916	0	17,916
Stock-based compensation	$ 0	4,117	0	0	4,117
Issuance of common stock via employee stock purchase plan (in shares)	7,294
Issuance of common stock via employee stock purchase plan	$ 0	468	0	0	468
Issuance of common stock via equity incentive plan (in shares)	80,310
Issuance of common stock via equity incentive plan	$ 0	1,064	0	0	1,064
Policyholder contribution to surplus	0	921	0	0	921
Net income	$ 0	0	0	30,497	$ 30,497
Issuance of common stock in stock offering, net of offering costs (in shares)	1,380,000				1,380,000
Issuance of common stock in stock offering, net of offering costs	$ 0	115,724	0	0	$ 115,724
Balance (in shares) at Sep. 30, 2024	26,452,242
Balance at end of period at Sep. 30, 2024	$ 3	$ 486,198	$ (10,139)	$ 227,251	$ 703,313

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Operating activities
Net cash provided by operating activities	$ 188,520	$ 93,836
Investing activities
Purchases of property and equipment	(194)	(15)
Capitalized software costs	(4,115)	(5,324)
Purchases of fixed maturity securities	(448,968)	(190,560)
Purchases of equity securities	(202)	(945)
Purchase of equity method investment	0	(3,000)
Sales and maturities of fixed maturity securities	227,748	104,505
Sales of equity securities	9,014	295
Change in securities receivable or payable, net	(2,960)	(3,576)
Investments in limited partnerships	(5,207)	0
Acquisitions, net of cash acquired	0	(5,536)
Net cash used in investing activities	(224,884)	(104,156)
Financing activities
Net (payments on) proceeds from line of credit	(52,600)	16,200
Proceeds from stock offering, net of offering costs	115,724	0
Proceeds from common stock issued via employee stock purchase plan	902	799
Proceeds from common stock issued via stock option exercises	5,033	579
Policy holder contribution to surplus	2,037	0
Repurchases of common stock	0	(22,134)
Net cash provided by (used in) financing activities	71,096	(4,556)
Net increase (decrease) in cash, cash equivalents and restricted cash	34,732	(14,876)
Cash, cash equivalents and restricted cash at beginning of period	51,852	68,164
Cash, cash equivalents and restricted cash at end of period	86,584	53,288
Supplementary cash flow information:
Cash paid for income taxes	29,299	21,093
Cash paid for interest	968	2,428
Cash and cash equivalents	86,479
Restricted cash	105
Cash and cash equivalents and restricted cash	$ 86,584	$ 53,288

Note 1 - Summary of Operations

Note 1 - Summary of Operations and Basis of Presentation	9 Months Ended
	Sep. 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 nine September 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	9 Months Ended
	Sep. 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 September 30, 2024 Cost or Cost Gains Losses Credit Losses Value (in thousands) Fixed maturities: U.S. Governments $ 32,839 $ 16 $ (660 ) $ — $ 32,195 U.S. States, Territories, and Political Subdivisions 10,615 105 (678 ) — 10,042 Special revenue excluding mortgage/asset-backed securities 30,755 189 (2,884 ) — 28,060 Corporate and other 467,290 6,776 (11,080 ) (904 ) 462,082 Mortgage/asset-backed securities 355,276 3,604 (8,279 ) — 350,601 Total available-for-sale investments $ 896,775 $ 10,690 $ (23,581 ) $ (904 ) $ 882,980 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 September 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 September 30, 2024 December 31, 2023 Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2024 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 16,037 $ (27 ) $ 15,122 $ (633 ) $ 31,159 $ (660 ) U.S. States, Territories, and Political Subdivisions 508 (8 ) 6,353 (670 ) 6,861 (678 ) Special revenue excluding mortgage/asset-backed securities 2,006 (282 ) 23,232 (2,602 ) 25,238 (2,884 ) Corporate and other 19,821 (243 ) 182,025 (10,837 ) 201,846 (11,080 ) Mortgage/asset-backed securities 24,195 (917 ) 98,170 (7,362 ) 122,365 (8,279 ) Total available-for-sale investments $ 62,567 $ (1,477 ) $ 324,902 $ (22,104 ) $ 387,469 $ (23,581 ) 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 two September 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 September 30, 2024 Amortized Fair Cost Value (in thousands) Due within one year $ 80,152 $ 78,731 Due after one year through five years 183,202 180,227 Due after five years through ten years 176,607 172,654 Due after ten years 101,538 100,767 Mortgage and asset-backed securities 355,276 350,601 $ 896,775 $ 882,980 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, 2024 2023 2024 2023 (in thousands) (in thousands) Interest income $ 9,365 $ 5,952 $ 24,317 $ 16,468 Dividend income 220 211 675 602 Investment expense (177 ) (134 ) (486 ) (380 ) Net investment income $ 9,408 $ 6,029 $ 24,506 $ 16,690 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, 2024 2023 2024 2023 (in thousands) (in thousands) Realized gains: Gains on sales of fixed maturity securities $ 42 $ — $ 59 $ 65 Total realized gains 42 — 59 65 Realized losses: Losses on sales of fixed maturity securities (328 ) — (330 ) (32 ) Losses on sales of equity securities — — (1,204 ) — Total realized losses (328 ) — (1,534 ) (32 ) Net realized investment (losses) gains (286 ) — (1,475 ) 33 Change in allowance for credit losses 327 — — (667 ) Net unrealized gains (losses) on equity securities 2,434 (1,299 ) 7,052 608 Net unrealized gains (losses) on equity method investment 148 (77 ) (118 ) (77 ) Net unrealized gains on other investments 111 — 309 — Net realized and unrealized gains (losses) on investments $ 2,734 $ (1,376 ) $ 5,768 $ (103 ) 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 $3.2 million and insignificant for the three September 30, 2024 2023 Proceeds from the sale of fixed maturity securities were $5.4 and $9.8 million for the nine September 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 September 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 September 30, 2024

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	9 Months Ended
	Sep. 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 September 30, 2024 December 31, 2023 September 30, 2024 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 32,195 $ — $ 32,195 U.S. States, Territories, and Political Subdivisions — 10,042 — 10,042 Special revenue excluding mortgage/asset-backed securities — 28,060 — 28,060 Corporate and other — 462,082 — 462,082 Mortgage/asset-backed securities — 350,601 — 350,601 Equity securities 40,196 — — 40,196 Cash, cash equivalents, and restricted cash 86,584 — — 86,584 Total assets $ 126,780 $ 882,980 $ — $ 1,009,760 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 reprice at market rates. Transfers between Level 3 2 September 30, 2024 December 31, 2023 3.

Note 4 - Reserve for Losses and

Note 4 - Reserve for Losses and Loss Adjustment Expenses	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) (in thousands) Reserve for losses and LAE net of reinsurance recoverables at beginning of period $ 118,761 $ 81,300 $ 97,653 $ 77,520 Add: Incurred losses and LAE, net of reinsurance, related to: Current year 40,536 15,116 100,225 50,954 Prior years (221 ) 1,023 (2,642 ) 3,742 Total incurred 40,315 16,139 97,583 54,696 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 16,153 6,646 27,909 14,215 Prior years 5,649 (1,385 ) 30,053 25,823 Total payments 21,802 5,261 57,962 40,038 Reserve for losses and LAE net of reinsurance recoverables at end of period 137,274 92,178 137,274 92,178 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 360,164 232,170 360,164 232,170 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $ 497,438 $ 324,348 $ 497,438 $ 324,348 Considerable variability is inherent in the estimate of the reserve for losses and LAE. Although management believes the liability recorded for losses and LAE is adequate, the variability inherent in this estimate could result in changes to the ultimate liability, which may The Company experienced favorable prior year development of $0.2 million and adverse prior year development $1.0 million during the three September 30, 2024 2023 The Company experienced favorable prior year development of $2.6 million and adverse prior year development of $3.7 million during the nine September 30, 2024 2023 Favorable prior year development during the three September 30, 2024 three September 30, 2023 Favorable prior year development during the nine September 30, 2024 nine September 30, 2023

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Equity [Text Block]	5. Equity As of September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 In August 2024, August 2024 August 2024 Common stock reserved for future issuance Common stock reserved for future issuance consists of the following as of September 30, 2024 Stock options outstanding under 2019 Equity Incentive Plan 641,856 Restricted stock units outstanding under 2019 Equity Incentive Plan 340,899 Performance stock units outstanding under 2019 Equity Incentive Plan, at target 461,520 Shares authorized for future issuance under 2019 Equity Incentive Plan 3,674,358 Shares authorized for future issuance under 2019 Employee Stock Purchase Plan 1,353,670 Total 6,472,303 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, 2024 2023 2024 2023 (in thousands) (in thousands) Stock-Based Compensation $ 4,117 $ 3,589 $ 11,905 $ 10,737 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 nine September 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 (155,078 ) 32.46 Options cancelled (10,751 ) 78.61 Outstanding at September 30, 2024 641,856 $ 34.01 5.1 $ 31,660 Vested and Exercisable at September 30, 2024 627,982 $ 33.54 5.1 $ 31,298 As of September 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 nine September 30, 2024 Number of shares Weighted-average grant date fair value Outstanding at January 1, 2024 332,077 $ 61.07 Granted 136,556 68.13 Released (114,432 ) 58.94 Forfeited (13,302 ) 53.85 Non-vested outstanding at September 30, 2024 340,899 $ 64.90 As of September 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 September 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 nine September 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 (6,468 ) 51.44 Non-vested outstanding at September 30, 2024 461,520 $ 40.46 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, 2024 2019 On April 16, 2019, 2019 “2019 2019 2019 January 1 2029, may Under the 2019 2019 nine September 30, 2024 Share repurchases In January 2022, March 31, 2024 no 2024.

Note 6 - Accumulated Other Comp

Note 6 - Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 (in thousands) Beginning Balance $ (23,991 ) $ (36,515 ) Other comprehensive (loss) income before reclassification 17,265 (8,453 ) Federal income tax expense (benefit) (3,626 ) 1,775 Other comprehensive (loss) income before reclassification, net of tax 13,639 (6,678 ) Amounts reclassified from AOCI 270 (36 ) Federal income tax expense (benefit) (57 ) 8 Amounts reclassified from AOCI, net of tax 213 (28 ) Other comprehensive (loss) income 13,852 (6,706 ) Balance at end of period $ (10,139 ) $ (43,221 )

Note 7 - Underwriting Informati

Note 7 - Underwriting Information	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Product (1) Earthquake $ 135,329 32.6 % $ 113,386 36.1 % $ 376,088 32.2 % $ 314,810 37.5 % Fronting 84,945 20.5 % 94,954 30.2 % 275,671 23.6 % 266,433 31.8 % Inland Marine and Other Property 78,734 19.0 % 64,499 20.5 % 249,147 21.3 % 186,983 22.3 % Crop 59,662 14.4 % 11,627 3.7 % 100,571 8.6 % 12,115 1.4 % Casualty 56,307 13.6 % 29,532 9.4 % 166,762 14.3 % 58,065 6.9 % Total Gross Written Premiums $ 414,977 100.0 % $ 313,998 100.0 % $ 1,168,239 100.0 % $ 838,406 100.0 % ( 1 2024, not Gross written premiums by state are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP State California $ 170,265 41.0 % $ 163,806 52.2 % $ 510,879 43.7 % $ 450,752 53.8 % Texas 27,019 6.5 % 24,336 7.8 % 96,414 8.3 % 72,777 8.7 % Hawaii 23,171 5.6 % 13,490 4.3 % 53,922 4.6 % 35,824 4.3 % North Dakota 18,716 4.5 % 2,898 0.9 % 19,893 1.7 % 3,326 0.4 % Washington 16,828 4.1 % 17,792 5.7 % 41,893 3.6 % 43,409 5.2 % Wisconsin 15,519 3.7 % 1,211 0.4 % 17,374 1.5 % 3,095 0.4 % Florida 14,433 3.5 % 11,549 3.7 % 58,153 5.0 % 36,309 4.3 % Oregon 8,402 2.0 % 8,536 2.7 % 21,253 1.8 % 21,223 2.5 % Other 120,624 29.1 % 70,380 22.4 % 348,458 29.8 % 171,691 20.5 % Total Gross Written Premiums $ 414,977 100.0 % $ 313,998 100.0 % $ 1,168,239 100.0 % $ 838,406 100.0 % Gross written premiums by insurance subsidiary are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Subsidiary PSIC $ 236,624 57.0 % $ 186,693 59.5 % $ 652,988 55.9 % $ 497,216 59.3 % PESIC 159,305 38.4 % 127,305 40.5 % 472,909 40.5 % 341,190 40.7 % Laulima 19,048 4.6 % — — % 42,342 3.6 % — — % Total Gross Written Premiums $ 414,977 100.0 % $ 313,998 100.0 % $ 1,168,239 100.0 % $ 838,406 100.0 %

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 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 September 30, 2024 three September 30, 2023 For the nine September 30, 2024 nine September 30, 2023

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands, except shares and per share data) (in thousands, except shares and per share data) Net income $ 30,497 $ 18,432 $ 82,608 $ 53,305 Weighted average common shares outstanding: Basic 25,766,697 24,740,455 25,194,114 24,847,164 Common Share equivalents 712,869 504,373 683,143 493,438 Diluted 26,479,566 25,244,828 25,877,257 25,340,602 Earnings per share: Basic $ 1.18 $ 0.75 $ 3.28 $ 2.15 Diluted $ 1.15 $ 0.73 $ 3.19 $ 2.10 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, 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 September 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 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	9 Months Ended
	Sep. 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 September 30, 2024 As of September 30, 2024 December 31, 2023 no three nine September 30, 2024 three nine September 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 September 30, 2024 three nine September 30, 2024 December 31, 2023 three nine September 30, 2023

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		5. Rule 10b5 1 During the quarter ended September 30, 2024 none 16a 1 1934 10b5 1 10b5 1 408
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine September 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)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	Gross Gross Allowance Amortized Unrealized Unrealized for Fair September 30, 2024 Cost or Cost Gains Losses Credit Losses Value (in thousands) Fixed maturities: U.S. Governments $ 32,839 $ 16 $ (660 ) $ — $ 32,195 U.S. States, Territories, and Political Subdivisions 10,615 105 (678 ) — 10,042 Special revenue excluding mortgage/asset-backed securities 30,755 189 (2,884 ) — 28,060 Corporate and other 467,290 6,776 (11,080 ) (904 ) 462,082 Mortgage/asset-backed securities 355,276 3,604 (8,279 ) — 350,601 Total available-for-sale investments $ 896,775 $ 10,690 $ (23,581 ) $ (904 ) $ 882,980 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 September 30, 2024 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 16,037 $ (27 ) $ 15,122 $ (633 ) $ 31,159 $ (660 ) U.S. States, Territories, and Political Subdivisions 508 (8 ) 6,353 (670 ) 6,861 (678 ) Special revenue excluding mortgage/asset-backed securities 2,006 (282 ) 23,232 (2,602 ) 25,238 (2,884 ) Corporate and other 19,821 (243 ) 182,025 (10,837 ) 201,846 (11,080 ) Mortgage/asset-backed securities 24,195 (917 ) 98,170 (7,362 ) 122,365 (8,279 ) Total available-for-sale investments $ 62,567 $ (1,477 ) $ 324,902 $ (22,104 ) $ 387,469 $ (23,581 ) 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 $ 80,152 $ 78,731 Due after one year through five years 183,202 180,227 Due after five years through ten years 176,607 172,654 Due after ten years 101,538 100,767 Mortgage and asset-backed securities 355,276 350,601 $ 896,775 $ 882,980
Investment Income [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in thousands) (in thousands) Interest income $ 9,365 $ 5,952 $ 24,317 $ 16,468 Dividend income 220 211 675 602 Investment expense (177 ) (134 ) (486 ) (380 ) Net investment income $ 9,408 $ 6,029 $ 24,506 $ 16,690
Gain (Loss) on Securities [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (in thousands) (in thousands) Realized gains: Gains on sales of fixed maturity securities $ 42 $ — $ 59 $ 65 Total realized gains 42 — 59 65 Realized losses: Losses on sales of fixed maturity securities (328 ) — (330 ) (32 ) Losses on sales of equity securities — — (1,204 ) — Total realized losses (328 ) — (1,534 ) (32 ) Net realized investment (losses) gains (286 ) — (1,475 ) 33 Change in allowance for credit losses 327 — — (667 ) Net unrealized gains (losses) on equity securities 2,434 (1,299 ) 7,052 608 Net unrealized gains (losses) on equity method investment 148 (77 ) (118 ) (77 ) Net unrealized gains on other investments 111 — 309 — Net realized and unrealized gains (losses) on investments $ 2,734 $ (1,376 ) $ 5,768 $ (103 )

Note 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	September 30, 2024 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 32,195 $ — $ 32,195 U.S. States, Territories, and Political Subdivisions — 10,042 — 10,042 Special revenue excluding mortgage/asset-backed securities — 28,060 — 28,060 Corporate and other — 462,082 — 462,082 Mortgage/asset-backed securities — 350,601 — 350,601 Equity securities 40,196 — — 40,196 Cash, cash equivalents, and restricted cash 86,584 — — 86,584 Total assets $ 126,780 $ 882,980 $ — $ 1,009,760 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)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 2024 2023 (in thousands) (in thousands) Reserve for losses and LAE net of reinsurance recoverables at beginning of period $ 118,761 $ 81,300 $ 97,653 $ 77,520 Add: Incurred losses and LAE, net of reinsurance, related to: Current year 40,536 15,116 100,225 50,954 Prior years (221 ) 1,023 (2,642 ) 3,742 Total incurred 40,315 16,139 97,583 54,696 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 16,153 6,646 27,909 14,215 Prior years 5,649 (1,385 ) 30,053 25,823 Total payments 21,802 5,261 57,962 40,038 Reserve for losses and LAE net of reinsurance recoverables at end of period 137,274 92,178 137,274 92,178 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 360,164 232,170 360,164 232,170 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $ 497,438 $ 324,348 $ 497,438 $ 324,348

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Capital Reserved for Future Issuance [Table Text Block]	Stock options outstanding under 2019 Equity Incentive Plan 641,856 Restricted stock units outstanding under 2019 Equity Incentive Plan 340,899 Performance stock units outstanding under 2019 Equity Incentive Plan, at target 461,520 Shares authorized for future issuance under 2019 Equity Incentive Plan 3,674,358 Shares authorized for future issuance under 2019 Employee Stock Purchase Plan 1,353,670 Total 6,472,303
Share-Based Payment Arrangement, Cost by Plan [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) (in thousands) Stock-Based Compensation $ 4,117 $ 3,589 $ 11,905 $ 10,737
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 (155,078 ) 32.46 Options cancelled (10,751 ) 78.61 Outstanding at September 30, 2024 641,856 $ 34.01 5.1 $ 31,660 Vested and Exercisable at September 30, 2024 627,982 $ 33.54 5.1 $ 31,298
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 136,556 68.13 Released (114,432 ) 58.94 Forfeited (13,302 ) 53.85 Non-vested outstanding at September 30, 2024 340,899 $ 64.90
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 (6,468 ) 51.44 Non-vested outstanding at September 30, 2024 461,520 $ 40.46

Note 6 - Accumulated Other Co_2

Note 6 - Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Nine Months Ended September 30, 2024 2023 (in thousands) Beginning Balance $ (23,991 ) $ (36,515 ) Other comprehensive (loss) income before reclassification 17,265 (8,453 ) Federal income tax expense (benefit) (3,626 ) 1,775 Other comprehensive (loss) income before reclassification, net of tax 13,639 (6,678 ) Amounts reclassified from AOCI 270 (36 ) Federal income tax expense (benefit) (57 ) 8 Amounts reclassified from AOCI, net of tax 213 (28 ) Other comprehensive (loss) income 13,852 (6,706 ) Balance at end of period $ (10,139 ) $ (43,221 )

Note 7 - Underwriting Informa_2

Note 7 - Underwriting Information (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Product (1) Earthquake $ 135,329 32.6 % $ 113,386 36.1 % $ 376,088 32.2 % $ 314,810 37.5 % Fronting 84,945 20.5 % 94,954 30.2 % 275,671 23.6 % 266,433 31.8 % Inland Marine and Other Property 78,734 19.0 % 64,499 20.5 % 249,147 21.3 % 186,983 22.3 % Crop 59,662 14.4 % 11,627 3.7 % 100,571 8.6 % 12,115 1.4 % Casualty 56,307 13.6 % 29,532 9.4 % 166,762 14.3 % 58,065 6.9 % Total Gross Written Premiums $ 414,977 100.0 % $ 313,998 100.0 % $ 1,168,239 100.0 % $ 838,406 100.0 % Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP State California $ 170,265 41.0 % $ 163,806 52.2 % $ 510,879 43.7 % $ 450,752 53.8 % Texas 27,019 6.5 % 24,336 7.8 % 96,414 8.3 % 72,777 8.7 % Hawaii 23,171 5.6 % 13,490 4.3 % 53,922 4.6 % 35,824 4.3 % North Dakota 18,716 4.5 % 2,898 0.9 % 19,893 1.7 % 3,326 0.4 % Washington 16,828 4.1 % 17,792 5.7 % 41,893 3.6 % 43,409 5.2 % Wisconsin 15,519 3.7 % 1,211 0.4 % 17,374 1.5 % 3,095 0.4 % Florida 14,433 3.5 % 11,549 3.7 % 58,153 5.0 % 36,309 4.3 % Oregon 8,402 2.0 % 8,536 2.7 % 21,253 1.8 % 21,223 2.5 % Other 120,624 29.1 % 70,380 22.4 % 348,458 29.8 % 171,691 20.5 % Total Gross Written Premiums $ 414,977 100.0 % $ 313,998 100.0 % $ 1,168,239 100.0 % $ 838,406 100.0 % Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 ($ in thousands) ($ in thousands) % of % of % of % of Amount GWP Amount GWP Amount GWP Amount GWP Subsidiary PSIC $ 236,624 57.0 % $ 186,693 59.5 % $ 652,988 55.9 % $ 497,216 59.3 % PESIC 159,305 38.4 % 127,305 40.5 % 472,909 40.5 % 341,190 40.7 % Laulima 19,048 4.6 % — — % 42,342 3.6 % — — % Total Gross Written Premiums $ 414,977 100.0 % $ 313,998 100.0 % $ 1,168,239 100.0 % $ 838,406 100.0 %

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands, except shares and per share data) (in thousands, except shares and per share data) Net income $ 30,497 $ 18,432 $ 82,608 $ 53,305 Weighted average common shares outstanding: Basic 25,766,697 24,740,455 25,194,114 24,847,164 Common Share equivalents 712,869 504,373 683,143 493,438 Diluted 26,479,566 25,244,828 25,877,257 25,340,602 Earnings per share: Basic $ 1.18 $ 0.75 $ 3.28 $ 2.15 Diluted $ 1.15 $ 0.73 $ 3.19 $ 2.10

Note 2 - Investments (Details T

Note 2 - Investments (Details Textual) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	399	399		483
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 387,469	$ 387,469		$ 450,989
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	23,581	23,581		34,303
Proceeds from Sale of Debt Securities, Available-for-Sale	3,200	5,400	$ 9,800
Debt Securities, Available-for-Sale	882,980	882,980		643,799
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	50,100	50,100
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	Sep. 30, 2024	Dec. 31, 2023
Available-for-Sale, Amortized Cost	$ 896,775	$ 675,130
Available-for-sale, Accumulated Gross Unrealized Gain	10,690	3,876
Available-for-sale, Accumulated Gross Unrealized Loss	(23,581)	(34,303)
Available-for-Sale, Allowance for Credit Loss	(904)	(904)
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	882,980	643,799
US Government Agencies Debt Securities [Member]
Available-for-Sale, Amortized Cost	32,839	40,836
Available-for-sale, Accumulated Gross Unrealized Gain	16	0
Available-for-sale, Accumulated Gross Unrealized Loss	(660)	(1,416)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	32,195	39,420
US States and Political Subdivisions Debt Securities [Member]
Available-for-Sale, Amortized Cost	10,615	10,641
Available-for-sale, Accumulated Gross Unrealized Gain	105	100
Available-for-sale, Accumulated Gross Unrealized Loss	(678)	(839)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	10,042	9,902
Special Revenue Excluding Asset Backed Securities [Member]
Available-for-Sale, Amortized Cost	30,755	32,513
Available-for-sale, Accumulated Gross Unrealized Gain	189	147
Available-for-sale, Accumulated Gross Unrealized Loss	(2,884)	(3,149)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	28,060	29,511
Corporate Debt Securities and Other Debt Obligations [Member]
Available-for-Sale, Amortized Cost	467,290	316,590
Available-for-sale, Accumulated Gross Unrealized Gain	6,776	1,750
Available-for-sale, Accumulated Gross Unrealized Loss	(11,080)	(17,197)
Available-for-Sale, Allowance for Credit Loss	(904)	(904)
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	462,082	300,239
Asset-Backed Securities [Member]
Available-for-Sale, Amortized Cost	355,276	274,550
Available-for-sale, Accumulated Gross Unrealized Gain	3,604	1,879
Available-for-sale, Accumulated Gross Unrealized Loss	(8,279)	(11,702)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $896,775 in 2024; $675,130 in 2023)	$ 350,601	$ 264,727

Note 2 - Investments - Security

Note 2 - Investments - Security Holdings in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Less than 12 Months, fair value	$ 62,567	$ 58,944
Less than 12 Months, Accumulated Loss	(1,477)	(726)
12 Months or Longer, fair value	324,902	392,045
12 Months or Longer, Accumulated Loss	(22,104)	(33,577)
Fair value	387,469	450,989
Accumulated Loss	(23,581)	(34,303)
US Government Agencies Debt Securities [Member]
Less than 12 Months, fair value	16,037	738
Less than 12 Months, Accumulated Loss	(27)	(1)
12 Months or Longer, fair value	15,122	38,063
12 Months or Longer, Accumulated Loss	(633)	(1,415)
Fair value	31,159	38,801
Accumulated Loss	(660)	(1,416)
US States and Political Subdivisions Debt Securities [Member]
Less than 12 Months, fair value	508	0
Less than 12 Months, Accumulated Loss	(8)	0
12 Months or Longer, fair value	6,353	6,196
12 Months or Longer, Accumulated Loss	(670)	(839)
Fair value	6,861	6,196
Accumulated Loss	(678)	(839)
Special Revenue Excluding Asset Backed Securities [Member]
Less than 12 Months, fair value	2,006	0
Less than 12 Months, Accumulated Loss	(282)	0
12 Months or Longer, fair value	23,232	26,736
12 Months or Longer, Accumulated Loss	(2,602)	(3,149)
Fair value	25,238	26,736
Accumulated Loss	(2,884)	(3,149)
Corporate Debt Securities and Other Debt Obligations [Member]
Less than 12 Months, fair value	19,821	28,872
Less than 12 Months, Accumulated Loss	(243)	(480)
12 Months or Longer, fair value	182,025	204,034
12 Months or Longer, Accumulated Loss	(10,837)	(16,717)
Fair value	201,846	232,906
Accumulated Loss	(11,080)	(17,197)
Asset-Backed Securities [Member]
Less than 12 Months, fair value	24,195	29,334
Less than 12 Months, Accumulated Loss	(917)	(245)
12 Months or Longer, fair value	98,170	117,016
12 Months or Longer, Accumulated Loss	(7,362)	(11,457)
Fair value	122,365	146,350
Accumulated Loss	$ (8,279)	$ (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	Sep. 30, 2024	Dec. 31, 2023
Due within one year, Amortized Cost	$ 80,152
Due within one year, Fair Value	78,731
Due after one year through five years, Amortized Cost	183,202
Due after one year through five years, Fair Value	180,227
Due after five years through ten years, Amortized Cost	176,607
Due after five years through ten years, Fair Value	172,654
Due after ten years, Amortized Cost	101,538
Due after ten years, Fair Value	100,767
Mortgage and asset-backed securities, Amortized Cost	355,276
Mortgage and asset-backed securities, Fair Value	350,601
Amortized Cost	896,775	$ 675,130
Total, Fair Value	$ 882,980	$ 643,799

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income	$ 9,365	$ 5,952	$ 24,317	$ 16,468
Dividend income	220	211	675	602
Investment expense	(177)	(134)	(486)	(380)
Net investment income	$ 9,408	$ 6,029	$ 24,506	$ 16,690

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gains on sales of fixed maturity securities	$ 42	$ 0	$ 59	$ 65
Total realized gains	42	0	59	65
Losses on sales of fixed maturity securities	(328)	0	(330)	(32)
Losses on sales of equity securities	0	0	(1,204)	0
Total realized losses	(328)	0	(1,534)	(32)
Net realized investment (losses) gains	(286)	0	(1,475)	33
Change in allowance for credit losses	327	0	0	(667)
Net unrealized gains (losses) on equity securities	2,434	(1,299)	7,052	608
Net unrealized gains (losses) on equity method investment	148	(77)	(118)	(77)
Net unrealized gains on other investments	111	0	309	0
Net realized and unrealized gains (losses) on investments	$ 2,734	$ (1,376)	$ 5,768	$ (103)

Note 3 - Fair Value Measureme_3

Note 3 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Sep. 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	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale	$ 882,980	$ 643,799
Equity securities	40,196	43,160
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	32,195	39,420
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	10,042	9,902
Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	28,060	29,511
Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	462,082	300,239
Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	350,601	264,727
Fair Value, Recurring [Member]
Equity securities	40,196	43,160
Cash, cash equivalents, and restricted cash	86,584	51,852
Total assets	1,009,760	738,811
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	32,195	39,420
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale	10,042	9,902
Fair Value, Recurring [Member] | Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	28,060	29,511
Fair Value, Recurring [Member] | Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-sale	462,082	300,239
Fair Value, Recurring [Member] | Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	350,601	264,727
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Equity securities	40,196	43,160
Cash, cash equivalents, and restricted cash	86,584	51,852
Total assets	126,780	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	882,980	643,799
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-sale	32,195	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	10,042	9,902
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-sale	28,060	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	462,082	300,239
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member]
Debt Securities, Available-for-sale	350,601	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Prior Year Claims and Claims Adjustment Expense	$ (221)	$ 1,023	$ (2,642)	$ 3,742

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$ 118,761	$ 81,300	$ 97,653	$ 77,520
Current year	40,536	15,116	100,225	50,954
Prior years	(221)	1,023	(2,642)	3,742
Total incurred	40,315	16,139	97,583	54,696
Current year	16,153	6,646	27,909	14,215
Prior years	5,649	(1,385)	30,053	25,823
Total payments	21,802	5,261	57,962	40,038
Reserve for losses and LAE net of reinsurance recoverables at end of period	137,274	92,178	137,274	92,178
Add: Reinsurance recoverables on unpaid losses and LAE at end of period	360,164	232,170	360,164	232,170	$ 244,622
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$ 497,438	$ 324,348	$ 497,438	$ 324,348	$ 342,275

Note 5 - Stockholders' Equity_2

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 15, 2021	Sep. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Jan. 24, 2022 USD ($)	Apr. 16, 2019 shares
Preferred Stock, Shares Authorized (in shares)		5,000,000		5,000,000		5,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Preferred Stock, Shares Issued (in shares)		0		0		0
Common Stock, Shares Authorized (in shares)		500,000,000		500,000,000		500,000,000
Common Stock, Shares, Issued (in shares)		26,452,242		26,452,242		24,772,987
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Additional Paid in Capital, Common Stock | $		$ 486,198		$ 486,198		$ 350,597
Stock Issued During Period, Shares, New Issues (in shares)		1,380,000
Shares Issued, Price Per Share (in dollars per share) | $ / shares		$ 88		$ 88
Proceeds from Issuance of Common Stock, Net of Underwriter Discounts Commissions and Estimated Offering Expenses | $		$ 115,700		$ 115,724	$ 0
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)				17,100
Share Repurchase Program, Authorized, Amount | $							$ 100,000
Treasury Stock, Shares, Acquired (in shares)			0
Preferred Stock, Shares Outstanding (in shares)		0		0		0
Common Stock, Shares, Outstanding (in shares)		26,452,242		26,452,242		24,772,987
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, Option, Cost Not yet Recognized, Amount | $		$ 300		$ 300
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				4 months 24 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)				1 year 10 months 24 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $		16,800		$ 16,800
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)				1 year 10 months 24 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $		$ 9,100		$ 9,100
Number of Stock Price Milestones Achieved		0		0
Predetermined Performance Achievement, Percentage	100%
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Number of Days, Achievement of Milestone Stock Price				30
Share-based Compensation Arrangement by Share-based Payment Award, Award Service Period (Year)				5 years
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Service Period (Year)				3 years
Employee Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)								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)		3,674,358		3,674,358				2,400,000
Share Based Compensation Arrangement By Share Based Payment Award Percentage, Number of Additional Shares Available for Grant								3%
Over-Allotment Option [Member]
Stock Issued During Period, Shares, New Issues (in shares)		180,000

Note 5 - Stockholders' Equity -

Note 5 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023	Apr. 16, 2019
Options, Outstanding, Number (in shares)	641,856	807,685
Total (in shares)	6,472,303
Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	340,899	332,077
Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	461,520	423,621
Equity Incentive Plan 2019 [Member]
Options, Outstanding, Number (in shares)	641,856
Number of Shares Authorized (in shares)	3,674,358		2,400,000
Equity Incentive Plan 2019 [Member] | Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	340,899
Equity Incentive Plan 2019 [Member] | Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	461,520
Employee Stock Purchase Plan 2019 [Member]
Number of Shares Authorized (in shares)	1,353,670

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-Based Compensation	$ 4,117	$ 3,589	$ 11,905	$ 10,737

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, 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	(155,078)
Options exercised, options, weighted average exercise price (in dollars per share) | $ / shares	$ 32.46
Options canceled, options (in shares) | shares	(10,751)
Options canceled, options, weighted average exercise price (in dollars per share) | $ / shares	$ 78.61
Outstanding, options (in shares) | shares	641,856
Outstanding, options, weighted average exercise price (in dollars per share) | $ / shares	$ 34.01
Outstanding, options, weighted average remaining contractual term (Year)	5 years 1 month 6 days
Outstanding, options, aggregate intrinsic value | $	$ 31,660
Vested and Exercisable, options (in shares) | shares	627,982
Vested and Exercisable, options, weighted average exercise price (in dollars per share) | $ / shares	$ 33.54
Vested and Exercisable, options, weighted average remaining contractual term (Year)	5 years 1 month 6 days
Vested and Exercisable, options, aggregate intrinsic value | $	$ 31,298

Note 5 - Stockholders' Equity_5

Note 5 - Stockholders' Equity - Summary of RSU Transactions (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 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	136,556
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 68.13
Released, shares (in shares) | shares	(114,432)
Released, weighted average grant date fair value (in dollars per share) | $ / shares	$ 58.94
Forfeited, shares (in shares) | shares	(13,302)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 53.85
Non-vested, shares (in shares) | shares	340,899
Non-vested outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 64.9

Note 5 - Stockholders' Equity_6

Note 5 - Stockholders' Equity - Summary of PSU Transactions (Details) - Performance Shares [Member]	9 Months Ended
	Sep. 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	(6,468)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 51.44
Non-vested, shares (in shares) | shares	461,520
Non-vested outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 40.46

Note 6 - Accumulated Other Co_3

Note 6 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Beginning Balance	$ 532,606	$ 501,658	$ 471,252	$ 413,708	$ 404,649	$ 384,754	$ 471,252	$ 384,754
Other comprehensive (loss) income	17,916	(1,550)	(2,514)	(8,495)	(3,685)	5,474
Balance at end of period	703,313	532,606	501,658	421,334	413,708	404,649	703,313	421,334
AOCI Attributable to Parent [Member]
Beginning Balance	(28,055)	(26,505)	(23,991)	(34,726)	(31,041)	(36,515)	(23,991)	(36,515)
Other comprehensive (loss) income before reclassification							17,265	(8,453)
Federal income tax expense (benefit)							(3,626)	1,775
Other comprehensive (loss) income before reclassification, net of tax							13,639	(6,678)
Amounts reclassified from AOCI							270	(36)
Federal income tax expense (benefit)							(57)	8
Amounts reclassified from AOCI, net of tax							213	(28)
Other comprehensive (loss) income	17,916	(1,550)	(2,514)	(8,495)	(3,685)	5,474	13,852	(6,706)
Balance at end of period	$ (10,139)	$ (28,055)	$ (26,505)	$ (43,221)	$ (34,726)	$ (31,041)	$ (10,139)	$ (43,221)

Note 7 - Underwriting Informa_3

Note 7 - Underwriting Information - Schedule of Gross Written Premiums (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gross written premiums	$ 414,977,000	$ 313,998,000	$ 1,168,239,000	$ 838,406,000
Percentage of Gross Written Premiums	100%	100%	100%	100%
Palomar Specialty Insurance Company [Member]
Gross written premiums	$ 236,624,000	$ 186,693,000	$ 652,988,000	$ 497,216,000
Percentage of Gross Written Premiums	57%	59.50%	55.90%	59.30%
Palomar Excess And Surplus Insurance Company [Member]
Gross written premiums	$ 159,305,000	$ 127,305,000	$ 472,909,000	$ 341,190,000
Percentage of Gross Written Premiums	38.40%	40.50%	40.50%	40.70%
Laulima Insurance Company [Member]
Gross written premiums	$ 19,048,000	$ 0	$ 42,342,000	$ 0
Percentage of Gross Written Premiums	4.60%	0%	3.60%	0%
CALIFORNIA
Gross written premiums	$ 170,265,000	$ 163,806,000	$ 510,879,000	$ 450,752,000
Percentage of Gross Written Premiums	41%	52.20%	43.70%	53.80%
TEXAS
Gross written premiums	$ 27,019,000	$ 24,336,000	$ 96,414,000	$ 72,777,000
Percentage of Gross Written Premiums	6.50%	7.80%	8.30%	8.70%
HAWAII
Gross written premiums	$ 23,171,000	$ 13,490,000	$ 53,922,000	$ 35,824,000
Percentage of Gross Written Premiums	5.60%	4.30%	4.60%	4.30%
NORTH DAKOTA
Gross written premiums	$ 18,716,000	$ 2,898,000	$ 19,893,000	$ 3,326,000
Percentage of Gross Written Premiums	4.50%	0.90%	1.70%	0.40%
WASHINGTON
Gross written premiums	$ 16,828,000	$ 17,792,000	$ 41,893,000	$ 43,409,000
Percentage of Gross Written Premiums	4.10%	5.70%	3.60%	5.20%
WISCONSIN
Gross written premiums	$ 15,519	$ 1,211	$ 17,374	$ 3,095
Percentage of Gross Written Premiums	3.70%	0.40%	1.50%	0.40%
FLORIDA
Gross written premiums	$ 14,433,000	$ 11,549,000	$ 58,153,000	$ 36,309,000
Percentage of Gross Written Premiums	3.50%	3.70%	5%	4.30%
OREGON
Gross written premiums	$ 8,402,000	$ 8,536,000	$ 21,253,000	$ 21,223,000
Percentage of Gross Written Premiums	2%	2.70%	1.80%	2.50%
Other States [Member]
Gross written premiums	$ 120,624,000	$ 70,380,000	$ 348,458,000	$ 171,691,000
Percentage of Gross Written Premiums	29.10%	22.40%	29.80%	20.50%
Earthquake Premiums [Member]
Gross written premiums	$ 135,329,000	$ 113,386,000	$ 376,088,000	$ 314,810,000
Percentage of Gross Written Premiums	32.60%	36.10%	32.20%	37.50%
Fronting Premium [Member]
Gross written premiums	$ 84,945,000	$ 94,954,000	$ 275,671,000	$ 266,433,000
Percentage of Gross Written Premiums	20.50%	30.20%	23.60%	31.80%
Inland Marine and Other Property [Member]
Gross written premiums	$ 78,734,000	$ 64,499,000	$ 249,147,000	$ 186,983,000
Percentage of Gross Written Premiums	19%	20.50%	21.30%	22.30%
Crop [Member]
Gross written premiums	$ 59,662,000	$ 11,627,000	$ 100,571,000	$ 12,115,000
Percentage of Gross Written Premiums	14.40%	3.70%	8.60%	1.40%
Casualty [Member]
Gross written premiums	$ 56,307,000	$ 29,532,000	$ 166,762,000	$ 58,065,000
Percentage of Gross Written Premiums	13.60%	9.40%	14.30%	6.90%

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation, Percent	20.80%	24.90%	22.20%	24%
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, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 30,497	$ 25,729	$ 26,382	$ 18,432	$ 17,562	$ 17,313	$ 82,608	$ 53,305
Basic (in shares)	25,766,697			24,740,455			25,194,114	24,847,164
Common Share equivalents (in shares)	712,869			504,373			683,143	493,438
Diluted (in shares)	26,479,566			25,244,828			25,877,257	25,340,602
Basic (in dollars per share)	$ 1.18			$ 0.75			$ 3.28	$ 2.15
Diluted (in dollars per share)	$ 1.15			$ 0.73			$ 3.19	$ 2.1

Note 10 - Reinsurance (Details

Note 10 - Reinsurance (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Catastrophe Bond, Face Value	$ 420,000	$ 200,000	$ 275,000
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		9 Months Ended
	Dec. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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			$ 800	800	$ 2,100
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	$ 100	$ 300	$ 900
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