Palomar (PLMR) 10-Q 17 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	3 Months Ended
	Mar. 31, 2019	May 15, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Palomar Holdings, Inc.
Entity Central Index Key	0001761312
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Trading Symbol	PLMR
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Listing, Par Value Per Share	$ 0.0001
Entity Common Stock, Shares Outstanding		23,468,750
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $125,051 in 2019; $122,949 in 2018)	$ 126,946	$ 122,220
Equity securities, at fair value: (cost: $21,429 in 2019; $27,188 in 2018)	21,778	25,171
Total investments	148,724	147,391
Cash and cash equivalents	10,494	9,525
Restricted cash	397	399
Accrued investment income	856	734
Premium receivable	24,348	18,633
Deferred policy acquisition costs	16,741	14,052
Reinsurance recoverable on unpaid losses and loss adjustment expenses	10,296	11,896
Reinsurance recoverable on paid losses and loss adjustment expenses	2,094	2,666
Prepaid reinsurance premium	21,838	18,284
Prepaid expenses and other assets	8,264	5,863
Property and equipment, net	921	947
Intangible assets	744	744
Deferred tax assets, net	523
Total assets	246,240	231,134
Liabilities:
Accounts payable and other accrued liabilities	8,361	9,245
Reserve for losses and loss adjustment expenses	12,628	16,061
Unearned premiums	92,259	79,130
Ceded premium payable	9,664	10,607
Funds held under reinsurance treaty	750	720
Income and excise taxes payable	1,566
Long‑term notes payable	19,103	19,079
Total liabilities	144,331	134,842
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 and 0 shares authorized as of March 31, 2019 and December 31, 2018, respectively, 0 shares issued and outstanding as of March 31, 2019 and December 31, 2018
Common stock, $0.0001 par value, 500,000,000 shares authorized, 17,000,000 shares issued and outstanding as of March 31, 2019 and December 31, 2018	2	2
Additional paid in capital	91,459	68,498
Accumulated other comprehensive income (loss)	1,624	(563)
Retained earnings	8,824	28,355
Total stockholders' equity	101,909	96,292
Total liabilities and stockholders' equity	$ 246,240	$ 231,134

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Condensed Consolidated Balance Sheets
Fixed maturity securities available for sale, amortized cost	$ 125,051	$ 122,949
Equity securities, cost	$ 21,429	$ 27,188
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	17,000,000	17,000,000
Common stock, shares outstanding	17,000,000	17,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Gross written premiums	$ 54,031	$ 34,033
Ceded written premiums	(26,106)	(13,762)
Net written premiums	27,925	20,271
Change in unearned premiums	(9,575)	(2,284)
Net earned premiums	18,350	17,987
Net investment income	960	617
Net realized and unrealized gains (losses) on investments	2,411	(621)
Commission and other income	586	540
Total revenues	22,307	18,523
Expenses:
Losses and loss adjustment expenses	316	938
Acquisition expenses	6,975	7,790
Other underwriting expenses (includes stock-based compensation of $22,961 and $0, respectively)	28,853	3,805
Interest expense	429	404
Total expenses	36,573	12,937
(Loss) Income before income taxes	(14,266)	5,586
Income tax expense (benefit)	145	(6)
Net (loss) income	(14,411)	5,592
Other comprehensive income, net:
Net unrealized gains (losses) on securities available for sale for the three months ended March 31, 2019 and 2018 respectively	2,187	(899)
Net comprehensive (loss) income	$ (12,224)	$ 4,693
Per Share Data:
Earnings per share, basic and diluted	$ (0.85)	$ 0.33
Weighted average common shares outstanding:	17,000,000	17,000,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Unaudited)
Stock-based compensation expense	$ 22,961	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity (unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Total
Beginning balance at Dec. 31, 2017	$ 2	$ 68,498	$ 2,993	$ 6,921	$ 78,414
Beginning balance (in shares) at Dec. 31, 2017	17,000,000
Changes in Stockholders’ Equity
Impact of equity accounting guidance adoption			(3,215)	3,215
Change in net unrealized loss (gain) on investments			(899)		(899)
Net income (loss)				5,592	5,592
Ending balance at Mar. 31, 2018	$ 2	68,498	(1,121)	15,728	83,107
Ending balance (in shares) at Mar. 31, 2018	17,000,000
Beginning balance at Dec. 31, 2018	$ 2	68,498	(563)	28,355	$ 96,292
Beginning balance (in shares) at Dec. 31, 2018	17,000,000				17,000,000
Changes in Stockholders’ Equity
Change in net unrealized loss (gain) on investments			2,187		$ 2,187
Net income (loss)				(14,411)	(14,411)
Distribution to stockholder				(5,120)	(5,120)
Stock-based compensation		22,961			22,961
Ending balance at Mar. 31, 2019	$ 2	$ 91,459	$ 1,624	$ 8,824	$ 101,909
Ending balance (in shares) at Mar. 31, 2019	17,000,000				17,000,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net cash provided by operating activities	$ 2,457	$ 8,410
Investing activities
Purchases of property and equipment	(27)	(249)
Purchases of fixed maturity securities	(14,738)	(24,469)
Purchases of equity securities	(21,430)	(1,495)
Sales and maturities of fixed maturity securities	12,547	13,225
Sales of equity securities	27,278	1,430
Receivable for securities		250
Net cash provided by (used in) investing activities	3,630	(11,308)
Financing activities
Distribution to stockholder	(5,120)
Net cash used in financing activities	(5,120)
Net increase (decrease) in cash, cash equivalents and restricted cash	967	(2,898)
Cash, cash equivalents and restricted cash at beginning of period	9,924	10,932
Cash, cash equivalents and restricted cash at end of period	10,891	8,034
Supplementary cash flow information:
Cash paid for interest	$ 444	$ 424

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Cash and cash equivalents and restricted cash and cash equivalents
Cash and cash equivalents	$ 10,494	$ 9,525
Restricted cash	397	399
Cash and cash equivalents and restricted cash	$ 10,891	$ 9,924	$ 8,034	$ 10,932

Summary of Operations and Basis

Summary of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Summary of Operations and Basis of Presentation
Summary of Operations and Basis of Presentation	1. Summary of Operations and Basis of Presentation Summary of Operations Palomar Holdings, Inc. (the Company), is an insurance holding company that was incorporated in Delaware on March 14, 2019. Prior to incorporation in Delaware, the Company was known as GC Palomar Holdings (GCPH), which was a Cayman Islands incorporated insurance holding company formed on October 4, 2013 when GC Palomar Investor LP (GCPI) acquired control of GCPH. The Company and its wholly owned subsidiaries include Palomar Specialty Reinsurance Company (PSRE) and Palomar Insurance Holdings, Inc. (PIH), which wholly owns Palomar Specialty Insurance Company (PSIC) and Prospect General Insurance Agency, Inc. (PGIA). Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and include the accounts of the Company and its wholly‑owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Stock Split On March 15, 2019, the Company effected a 17,000,000 for one forward stock split in conjunction with domestication in the United States. All share and per share information included in the accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements have been retroactively adjusted to reflect the stock split for the Company’s common stock for all periods presented. 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 limited to, reserves for losses and loss adjustment expenses, reinsurance recoverables on unpaid losses, and the fair values of investments. Recent Accounting Pronouncements The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. Accordingly, the Company is provided the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to non‑emerging growth companies or (ii) within the same time periods as private companies. The Company has elected to adopt new or revised accounting guidance within the same time period as private companies, unless, as indicated below, management determines it is preferable to take advantage of early adoption provisions offered within the applicable guidance. Recently issued accounting pronouncements not yet adopted In May 2014, the FASB issued new accounting guidance related to revenue recognition, “ASU 2014‑09, Revenue from Contracts with Customers (Topic 606) .” The guidance applies to all companies that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards, such as insurance contracts. Under this guidance, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligations. According to the superseding standard ASU 2015-14 that deferred the effective dates of the preceding, and because the Company is filing as an emerging growth company, the standard became effective for the Company January 1, 2019, but the Company is not required to present the impacts of the standard until it files its annual report on Form 10-K for the fiscal year ended December 31, 2019. The Company expects to adopt this standard using the modified retrospective method. The Company does not expect adoption to have a material impact on its consolidated financial statements, but will continue to assess the potential impact of adoption throughout 2019. In February 2016, the FASB issued new guidance for accounting for leases, “ASU 2016‑02, Leases (Topic 842) .” Under current guidance, leases are only included on the balance sheet if the criteria to classify the agreement as a capital lease are met. This update will require the recognition of a right‑of‑use asset and a corresponding lease liability, discounted to the present value, for all leases that extend beyond 12 months. This guidance was subsequently amended multiple times and offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. This new guidance requires a modified retrospective adoption, applying the new standard to all leases existing at the date of initial application, with early adoption permitted. An entity may choose to use the standard’s effective date, rather than the beginning of the earliest comparative period presented, as the date of initial application. An entity would record the effects of initially applying the new guidance as a cumulative‑effect adjustment to retained earnings. Consequently, an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with the current guidance, including the current disclosure requirements. To facilitate transition, the new guidance includes a package of practical expedients that entities may elect to apply on adoption. The package of practical expedients relates to the identification and classification of leases that commenced before the effective date and initial direct costs for leases that commenced before the effective date. The new guidance also includes a practical expedient permitting the use of hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. This update is effective for annual reporting periods beginning after December 15, 2019, and interim reporting periods within fiscal years beginning after December 31, 2020 with early adoption permitted. The Company is currently evaluating the impact that this new guidance will have on its condensed consolidated financial statements. In June 2016, the FASB issued “ASU 2016‑13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .” Current guidance delays the recognition of credit losses until it is probable a loss has been incurred. This updated guidance will require financial assets measured at amortized cost to be presented at the net amount expected to be collected by means of an allowance for credit losses that runs through net income. Credit losses relating to available‑for‑sale debt securities will also be recorded through an allowance for credit losses, with the amount of the allowance limited to the amount by which fair value is below amortized cost. This update will be effective for annual reporting periods beginning after December 15, 2020 and interim reporting periods within fiscal years beginning after December 15, 2021. Early adoption is permitted, but not before annual reporting periods beginning on or after December 15, 2018. The Company is currently evaluating the impact that this new guidance will have on its condensed consolidated financial statements. In August 2018, the FASB issued “ASU 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement . Among other things, this new guidance eliminates the need to disclose transfers between Level 1 and Level 2 of the fair value hierarchy, changes the policy for timing of transfers and the valuation processes for Level 3 fair value measurements and includes requirements to disclose quantitative information about Level 3 measurements. This new guidance will be effective for annual and interim reporting periods beginning after December 15, 2019. The Company is currently evaluating the impact that this new guidance will have on its condensed consolidated financial statements.

Investments

Investments	3 Months Ended
	Mar. 31, 2019
Investments
Investments	2. Investments The Company’s available‑for‑sale investments are summarized as follows: Gross Gross Amortized Unrealized Unrealized Fair March 31, 2019 Cost or Cost Gains Losses Value (in thousands) Fixed maturities: U.S. Governments $ 12,326 $ 195 $ (59) $ 12,462 States, territories, and possessions 2,304 59 — 2,363 Political subdivisions 818 — (5) 813 Special revenue excluding mortgage/asset-backed securities 11,388 220 (27) 11,581 Industrial and miscellaneous 70,626 1,368 (199) 71,795 Mortgage/asset-backed securities 27,589 359 (16) 27,932 Total available-for-sale investments $ 125,051 $ 2,201 $ (306) $ 126,946 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2018 Cost or Cost Gains Losses Value (in thousands) Fixed maturities: U.S. Governments $ 15,299 $ 96 $ (126) $ 15,269 States, territories, and possessions 1,227 — (6) 1,221 Political subdivisions 825 — (10) 815 Special revenue excluding mortgage/asset-backed securities 12,429 115 (91) 12,453 Industrial and miscellaneous 65,885 192 (951) 65,126 Mortgage/asset-backed securities 27,284 133 (81) 27,336 Total available-for-sale investments $ 122,949 $ 536 $ (1,265) $ 122,220 Security holdings in an unrealized loss position As of March 31, 2019, the Company held 91 fixed maturity securities in an unrealized loss position with a total estimated fair value of $36.8 million and total gross unrealized losses of $0.3 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment. As of December 31, 2018, the Company held 173 fixed maturity securities in an unrealized loss position with a total estimated fair value of $73.8 million and total gross unrealized losses of $1.3 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on, a scheduled principal or interest payment. 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 March 31, 2019 and December 31, 2018, are as follows: Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2019 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments — — $ 5,742 $ (59) $ 5,742 $ (59) States, territories, and possessions — — — — — — Political subdivisions — — 549 (5) 549 (5) Special revenue excluding mortgage/asset-backed securities — — 5,237 (27) 5,237 (27) Industrial and miscellaneous 2,723 (22) 20,029 (177) 22,752 (199) Mortgage/asset-backed securities 867 (5) 1,696 (11) 2,563 (16) $ 3,590 $ (27) $ 33,253 $ (279) $ 36,843 $ (306) Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2018 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 1,970 $ (25) $ 6,197 $ (101) $ 8,167 $ (126) States, territories, and possessions 719 (5) 501 (1) 1,220 (6) Political subdivisions 264 (1) 550 (9) 814 (10) Special revenue excluding mortgage/asset-backed securities 1,706 (14) 5,916 (77) 7,622 (91) Industrial and miscellaneous 30,544 (556) 14,913 (395) 45,457 (951) Mortgage/asset-backed securities 6,653 (39) 3,830 (42) 10,483 (81) Total $ 41,856 $ (640) $ 31,907 $ (625) $ 73,763 $ (1,265) The Company considers the following factors in determining whether declines in the fair value of investments are other‑than‑temporary: · The significance of the decline in fair value compared to the cost basis, · The time period during which there has been a significant decline in fair value, · Whether the unrealized loss is credit‑driven or a result of changes in market interest rates, · A fundamental analysis of the business prospects and financial condition of the issuer, · The Company’s intent to sell the securities as of each reporting date, and · If the Company does not expect to recover the entire amortized cost basis or cost of the investment. Based on the Company’s reviews as of March 31, 2019 and December 31, 2018, the Company determined that the fixed maturity securities’ unrealized losses were primarily the result of the interest rate environment and not the credit quality of the issuers. None of the fixed maturity securities were determined to be other‑than‑temporarily impaired. The company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis. Therefore, none of the fixed maturity securities were written down during the respective periods. Contractual maturities of available‑for‑sale fixed maturity securities The amortized cost and fair value of fixed maturity securities at March 31, 2019, by contractual maturity, are shown below. Amortized Fair Cost Value (in thousands) Due within one year $ 2,968 $ 2,959 Due after one year through five years 46,692 46,600 Due after five years through ten years 35,745 37,053 Due after ten years 12,057 12,402 Mortgage and asset-backed securities 27,589 27,932 $ 125,051 $ 126,946 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. Net investment income summary Net investment income is summarized as follows: Three Months Ended March 31, 2019 2018 (in thousands) Interest income $ 1,010 $ 578 Dividend income 30 122 Less: investment expense (80) (83) Net investment income $ 960 $ 617 Net realized and unrealized investment gains and losses The following table presents net realized and unrealized investment gains and losses: Three Months Ended March 31, 2019 2018 (in thousands) Realized gains: Gains on sales of fixed maturity securities $ 44 $ 9 Gains on sales of equity securities 66 26 Total realized gains 110 35 Realized losses: Losses on sales of fixed maturity securities (66) (42) Losses on sales of equity securities (156) (446) Total realized losses (222) (488) Net realized investment losses (112) (453) Net unrealized gains (losses) on equity securities 2,523 (168) Net realized and unrealized gains (losses) on investments $ 2,411 $ (621) 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. At March 31, 2019 and December 31, 2018, the carrying value of securities on deposit with state regulatory authorities was $5.0 million.

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2019
Fair value measurements
Fair value measurements	3. Fair value measurements 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 broad levels listed below: Level 1—Unadjusted quoted prices are available in active markets for identical investments as of the reporting date. Level 2—Pricing inputs are quoted prices for similar investments in active markets; quoted prices for identical or similar investments in inactive markets; or valuations based on models where the significant inputs are observable or can be corroborated by observable market data. Level 3—Pricing inputs into models are unobservable for the investment. The unobservable inputs require significant management judgment or estimation. 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 available, the Company uses prices of similar securities. The fair values obtained from the outside investment managers are reviewed for reasonableness and any discrepancies are investigated for final valuation. 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 of the hierarchy. The following tables present the Company’s fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018. March 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 12,462 $ — $ 12,462 States, territories, and possessions — 2,363 — 2,363 Political subdivisions — 813 — 813 Special revenue excluding mortgage/asset-backed securities — 11,581 — 11,581 Industrial and miscellaneous — 71,795 — 71,795 Mortgage/asset-backed securities — 27,932 — 27,932 Equity securities 21,778 — — 21,778 Cash, cash equivalents, and restricted cash 10,891 — — 10,891 Total assets $ 32,669 $ 126,946 $ — $ 159,615 Liabilities: Long-term notes payable $ — $ — $ 20,000 $ 20,000 Total liabilities $ — $ — $ 20,000 $ 20,000 December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 15,269 $ — $ 15,269 States, territories, and possessions — 1,221 — 1,221 Political subdivisions — 815 — 815 Special revenue excluding mortgage/asset-backed securities — 12,453 — 12,453 Industrial and miscellaneous — 65,126 — 65,126 Mortgage/asset-backed securities — 27,336 — 27,336 Equity securities 25,171 — — 25,171 Cash, cash equivalents, and restricted cash 9,924 — — 9,924 Total assets $ 35,095 $ 122,220 $ — $ 157,315 Liabilities: Long-term notes payable $ — $ — $ 20,000 $ 20,000 Total liabilities $ — $ — $ 20,000 $ 20,000 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 fair value of the Company’s long‑term debt was determined by calculating the present value of expected future cash flows under the terms of the note agreements discounted at an estimated market rate of interest at March 31, 2019 and December 31, 2018, respectively. This is a level 3 measurement.

Reserve for Losses and Loss Adj

Reserve for Losses and Loss Adjustment Expenses	3 Months Ended
	Mar. 31, 2019
Reserve for Losses and Loss Adjustment Expenses
Reserve for Losses and Loss Adjustment Expenses	4. Reserve for Losses and Loss Adjustment Expenses The following table provides a reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses on a net of reinsurance basis to the gross amounts reported in the accompanying balance sheet: Three Months Ended March 31, 2019 2018 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 4,165 $ 4,432 Add: Incurred losses and loss adjustment expenses, net of reinsurance, related to: Current year 278 2,436 Prior year 38 (1,498) Total incurred 316 938 Deduct: Loss and loss adjustment expense payments, net of reinsurance, related to: Current year 106 558 Prior year 2,043 1,057 Total payments 2,149 1,615 Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period 2,332 3,755 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 10,296 10,692 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 12,628 $ 14,447 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 be material to shareholder’s equity. The foregoing reconciliation shows a loss and loss adjustment expense reserve shortfall of $0.04 million and reserve redundancy of $1.5 million developed in the three months ended March 31, 2019 and 2018, respectively. Unfavorable development for the three months ended March 31, 2019 was primarily due to development of a Hurricane Michael claim offset by favorable development in the Texas homeowners line of business due to lower than originally anticipated frequency and severity of claims. Favorable loss development for the three months ended March 31, 2018 was primarily due to favorable development in the Texas homeowners and All Risk lines of business due to lower than originally anticipated frequency and severity of claims.

Long-term debt

Long-term debt	3 Months Ended
	Mar. 31, 2019
Long-term debt
Long-term debt	5. Long-term debt Prior to September 2018, the Company had $17.5 million in outstanding surplus notes which had been issued by PSIC on February 3, 2015 for a term of seven years. The surplus notes bore interest at the rate of LIBOR plus 8.00% and had restrictions as to payments of interest and principal and any such payment required the prior approval of the Oregon Insurance Commissioners before such payment could be made. Such payments could only be made from surplus. In September 2018, the Company completed a private placement financing of $20.0 million floating rate senior secured notes (the “Floating Rate Notes”). As part of the financing agreement, the Company immediately used surplus funds to pay down the existing $17.5 million in surplus notes. As part of this pre‑payment, the Company incurred a penalty of $0.1 million which, along with unamortized debt issuance costs of $0.4 million, was charged to income in 2018. The Floating Rate Notes mature on September 6, 2028 and bear interest at the three‑month treasury rate plus 6.50% per annum. This rate resets quarterly and interest is payable quarterly in arrears on March 20, June 20, September 20 and December 20 of each year, commencing on December 20, 2018. Prior to September 6, 2019, Palomar Insurance Holdings, Inc. may redeem the Floating Rate Notes at its option, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Floating Rate Notes redeemed, plus a “make‑whole” premium and accrued and unpaid interest and additional interest, if any. After September 6, 2019, Palomar Insurance Holdings, Inc. may redeem the Floating Rate Notes at its option, in whole or in part, at certain redemption prices. If a change of control occurs, Palomar Insurance Holdings, Inc. must offer to purchase the Floating Rate Notes at 100% of their principal amount, plus accrued and unpaid interest. The Floating Rate Notes are fully and unconditionally guaranteed on a senior secured basis by a pledge of the capital stock owned by Palomar Holdings, Inc. of its equity interests in Palomar Insurance Holdings, Inc. Such security interest consists of a first‑priority lien with respect to the collateral. The Floating Rate Notes contain certain customary affirmative and negative covenants and events of default. The negative covenants limit Palomar Insurance Holdings, Inc.’s ability to, among other things, incur additional indebtedness, create liens on certain assets, pay dividends or prepay junior debt or make other restricted payments, make certain loans, acquisitions or investments, engage in transactions with affiliates, conduct asset sales, restrict dividends from subsidiaries or restrict liens, or merge, consolidate, sell or otherwise dispose of all or substantially all of Palomar Insurance Holdings, Inc.’s assets. The Company was in compliance with all debt covenants as of March 31, 2019 and December 31, 2018. The Company incurred $0.4 million in interest expense related to the Floating Rate Notes for the three months ended March 31, 2019 and $0.4 million in interest expense related to the surplus notes for the three months end March 31, 2018 and paid $0.4 million in interest for each period. The Company had $0.4 million and $0.1 million of interest accrued at March 31, 2019 and December 31, 2018, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Taxes
Income Taxes	6. Income Taxes Prior to March 2019, the Company was a Cayman Islands incorporated holding company with U.K. tax residency. On March 14, 2019, the Company implemented a domestication (the Domestication) pursuant to Section 388 of the Delaware General Corporation Law and Section 206 of the Companies Law (2018 Revision), as amended, of the Cayman Islands pursuant to which it became a Delaware corporation and no longer subject to the laws of the Cayman Islands. Historically, the Company’s Bermuda based subsidiary, PSRE, was not required to pay any taxes on its income or capital gains but was subject to a 1% U.S. federal excise tax on reinsurance premiums assumed. As a result of the Domestication, PSRE’s income is subject to U.S. federal income tax in 2019. Prior to the three months ended March 31, 2019, the Company maintained a valuation allowance on the U.S. tax attributes due to significant negative evidence, including cumulative U.S. losses in the most recent three-year period and our assessment that the realization of the net deferred tax assets did not meet the "more likely than not" criteria under ASC 740, Income Taxes . Management assessed available positive and negative evidence to estimate whether sufficient future taxable income would be generated to permit use of the existing deferred tax assets. The projected reversal of temporary differences, recent domestication in March of 2019, and projected future operating income in the U.S. represents significant positive evidence, which outweighed the historical negative evidence. Based on this evidence, management determined it was more likely than not that the federal deferred tax assets are recoverable and therefore the associated valuation allowance was released as of March 31, 2019. State NOL carryforwards, due to the limited carryforward period, do not meet the “more likely than not” criteria and the Company will continue to maintain a valuation allowance on the associated deferred tax assets. The Company decreased the valuation allowance on the federal deferred tax assets by $1.7 million as a result of this analysis. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period change or if objective negative evidence in the form of cumulative losses is no longer present. The tax expense for the three months ended March 31, 2019 differs from the expected tax computed at the statutory tax rate of 21% primarily due to a U.S. tax benefit of $1.7 million for the reversal of a significant portion of our U.S. deferred tax valuation allowance offset by tax expense of $4.8 million from the addback related to the stock compensation charge recognized during the quarter that is not deductible for tax purposes.

Capital Stock

Capital Stock	3 Months Ended
	Mar. 31, 2019
Capital Stock
Capital Stock	7. Capital Stock As of March 31, 2019, the Company has 5,000,000 preferred shares authorized with a par value of $0.0001 and 0 preferred shares issued and outstanding. There were no preferred shares authorized as of December 31, 2018. As of March 31, 2019 and December 31, 2018, the Company has 500,000,000 common shares authorized and 17,000,000 common shares issued and outstanding with a par value of $0.0001. Additional paid in capital is $91.5 million as of March 31, 2019 and $68.5 million as of December 31, 2018. As of March 31, 2019, the Company does not have any additional securities outstanding which could convert to preferred or common stock.

Management Incentive Plan

Management Incentive Plan	3 Months Ended
	Mar. 31, 2019
Management Incentive Plan
Management Incentive Plan	8. Management Incentive Plan The Company’s former parent, GC Palomar Investor LP, adopted a 2014 Management Incentive Plan (in the form of profits interests) on February 12, 2014 under which certain officers and employees of PSIC and its affiliates were entitled to Class P Units in GC Palomar Investor LP. Class P unit holders were expected to realize value only upon the occurrence of liquidity events meeting requisite financial thresholds after the Class A unit holders have recovered their investment. The Class P unit holders had no voting rights. The Company did not record stock based compensation expense related to this plan for the period ended March 31, 2018 because no liquidity events were probable of occurring. On March 15, 2019, the Company modified its 2014 Management Incentive Plan by eliminating the requirement of a liquidity event to occur for the holders of its Class P units to realize value. The 12,552,825 Class P units outstanding were modified such that the vesting of each Class P unit holder’s awards was accelerated and their Class P distribution percentages were determined and distributed based on these percentages. This modification resulted in a stock compensation charge and corresponding increase to additional paid‑in capital of $23.0 million for the quarter ending March 31, 2019. The stock compensation charge is included in other underwriting expenses in the Company’s Unaudited Condensed Consolidated Statement of (Loss) Income and Comprehensive (Loss) Income.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2019
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income	9. Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income (AOCI) are as follows: Three Months Ended March 31, 2019 2018 (in thousands) Balance as of January 1 $ (563) $ 2,993 Effect of equity accounting guidance adoption — (3,215) Beginning Balance (563) (222) Other comprehensive income (loss) before reclassification 2,632 (932) Federal income taxes (459) 6 Other comprehensive income (loss) before reclassification, net of tax 2,173 (926) Amounts reclassified from AOCI 18 33 Federal income taxes (4) (6) Amounts reclassified from AOCI, net of tax 14 27 Other comprehensive income (loss) 2,187 (899) Balance at end of period $ 1,624 $ (1,121)

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share
Earnings Per Share	10. Earnings Per Share The following table sets out earnings per share of common stock: Three months ended March 31, 2019 2018 (in thousands, except shares and per share data) Net (Loss) Income $ (14,411) $ 5,592 Weighted average shares used in computing net income per share 17,000,000 17,000,000 Net (Loss) Income per share, basic and diluted $ (0.85) $ 0.33

Cash Distribution

Cash Distribution	3 Months Ended
	Mar. 31, 2019
Cash Distribution
Cash Distribution	11. Cash Distribution In March 2019, the Company made a one‑time cash distribution totaling approximately $5.1 million to its then‑sole stockholder, GC Palomar Investor LP, enabling it to distribute funds to its partners, including Genstar Capital, in order to allow such partners to satisfy tax obligations incurred as a result of the domestication transactions.

Underwriting information

Underwriting information	3 Months Ended
	Mar. 31, 2019
Underwriting information
Underwriting information	12. Underwriting information The Company has a single reportable segment and offers primarily earthquake, wind, and flood insurance products. Gross written premiums (GWP) by product are presented below: Three Months Ended March 31, 2019 2018 ($ in thousands) % of % of Amount GWP Amount GWP Product Residential Earthquake $ 29,308 54.3 % $ 16,751 % Specialty Homeowners 7,780 14.4 % 6,636 % Commercial All Risk 7,565 14.0 % 2,936 % Commercial Earthquake 6,532 12.1 % 5,830 % Hawaii Hurricane 2,074 3.8 % 1,504 % Flood 772 1.4 % 376 % Total Gross Written Premium $ 54,031 100 % $ 34,033 % Gross written premiums by state are as follows: Three Months Ended March 31, 2019 2018 ($ in thousands) % of % of Amount GWP Amount GWP State California $ 30,449 56.4 % $ 17,726 % Texas 10,439 19.3 % 7,687 % Hawaii 2,091 3.9 % 1,504 % South Carolina 1,669 3.1 % 843 % Washington 1,594 3.0 % 1,012 % Oregon 1,456 2.7 % 1,052 % Illinois 1,050 1.9 % 1,045 % Other 5,283 9.7 % 3,164 % Total Gross Written Premium $ 54,031 100 % $ 34,033 %

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events
Subsequent Events	13. Subsequent Events Initial Public Offering (IPO) On April 22, 2019, the Company completed its IPO with the sale of 6,468,750 shares of common stock at a price to the public of $15.00 per share, including 843,750 shares sold upon the exercise in full of the underwriter’s option to purchase additional shares. After underwriter discounts and commissions and estimated offering expenses, net proceeds from the IPO were approximately $86.7 million. 2019 Equity Incentive Plan On April 16, 2019 , the Company’s 2019 Equity Incentive Plan (“the 2019 Plan”) became effective immediately prior to the effectiveness of the registration statement filed in connection with the IPO. The 2019 Plan will provide for the grant of stock options, stock appreciation rights, restricted stock, RSUs, performance shares, and units and other cash‑based or share‑based awards. In addition, the 2019 Plan contains a mechanism through which the Company may adopt a deferred compensation arrangement in the future. The 2019 Plan will be administered by the compensation committee of the Company’s board of directors. Subject to the provisions of the 2019 Plan, the compensation committee will determine at its discretion the persons to whom and the times at which awards are granted, the sizes of such awards and all of their terms and conditions. A total of 2,400,000 shares of common stock are initially authorized and reserved for issuance under the 2019 Plan. This reserve will automatically increase on January 1, 2020 and each subsequent anniversary through 2029, by an amount equal to the smaller of: · 3% of the number of shares of common stock issued and outstanding on the immediately preceding December 31; and · an amount determined by the board of directors. In connection with the adoption of the 2019 Plan, the Company’s Compensation Committee granted 990,393 stock options and restricted stock unit awards. Stock options were issued with an exercise price equal to the IPO price of $15.00 per share. The options will vest monthly over a two to four year period with a one year cliff and the restricted stock unit awards will vest annually. All stock options expire after ten years. 2019 Employee Stock Purchase Plan On April 16, 2019 , the Company’s 2019 Employee Stock Purchase Plan (“the 2019 ESPP”) became effective immediately prior to the effectiveness of the registration statement filed in connection with the IPO. A total of 240,000 shares of common stock are initially authorized and reserved for issuance under the 2019 ESPP. In addition, the 2019 ESPP provides for annual increases in the number of shares available for issuance under the 2019 ESPP on January 1, 2020 and each subsequent anniversary through 2029, equal to the smaller of: · 240,000 shares of our common stock; or · such other amount as may be determined by the board of directors. The compensation committee of the board of directors will administer the 2019 ESPP and have full authority to interpret the terms of the 2019 ESPP. Redemption of the Floating Rate Notes On April 23, 2019, the Company issued a notice of redemption to redeem all of the outstanding principal amount of Palomar Insurance Holdings, Inc.’s $20.0 million Floating Rate Senior Secured Notes due 2028. The Floating Rate Notes will be redeemed on May 23, 2019, at a redemption price equal to 102% of the principal amount of the Floating Rate Notes, or $20.4 million (plus $0.3 million of accrued and unpaid interest thereon). The total redemption price of $20.7 million will be paid on May 23, 2019. The Company will recognize a charge of $1.3 million upon payment of the debt with $0.4 million due to the redemption premium and $0.9 due to the write-off of unamortized debt issuance costs.

Summary of Operations and Bas_2

Summary of Operations and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Summary of Operations and Basis of Presentation
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and include the accounts of the Company and its wholly‑owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Stock Split	Stock Split On March 15, 2019, the Company effected a 17,000,000 for one forward stock split in conjunction with domestication in the United States. All share and per share information included in the accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements have been retroactively adjusted to reflect the stock split for the Company’s common stock for all periods presented.
Use of Estimate	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 limited to, reserves for losses and loss adjustment expenses, reinsurance recoverables on unpaid losses, and the fair values of investments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. Accordingly, the Company is provided the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to non‑emerging growth companies or (ii) within the same time periods as private companies. The Company has elected to adopt new or revised accounting guidance within the same time period as private companies, unless, as indicated below, management determines it is preferable to take advantage of early adoption provisions offered within the applicable guidance. Recently issued accounting pronouncements not yet adopted In May 2014, the FASB issued new accounting guidance related to revenue recognition, “ASU 2014‑09, Revenue from Contracts with Customers (Topic 606) .” The guidance applies to all companies that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards, such as insurance contracts. Under this guidance, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligations. According to the superseding standard ASU 2015-14 that deferred the effective dates of the preceding, and because the Company is filing as an emerging growth company, the standard became effective for the Company January 1, 2019, but the Company is not required to present the impacts of the standard until it files its annual report on Form 10-K for the fiscal year ended December 31, 2019. The Company expects to adopt this standard using the modified retrospective method. The Company does not expect adoption to have a material impact on its consolidated financial statements, but will continue to assess the potential impact of adoption throughout 2019. In February 2016, the FASB issued new guidance for accounting for leases, “ASU 2016‑02, Leases (Topic 842) .” Under current guidance, leases are only included on the balance sheet if the criteria to classify the agreement as a capital lease are met. This update will require the recognition of a right‑of‑use asset and a corresponding lease liability, discounted to the present value, for all leases that extend beyond 12 months. This guidance was subsequently amended multiple times and offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. This new guidance requires a modified retrospective adoption, applying the new standard to all leases existing at the date of initial application, with early adoption permitted. An entity may choose to use the standard’s effective date, rather than the beginning of the earliest comparative period presented, as the date of initial application. An entity would record the effects of initially applying the new guidance as a cumulative‑effect adjustment to retained earnings. Consequently, an entity’s reporting for the comparative periods presented in the year of adoption would continue to be in accordance with the current guidance, including the current disclosure requirements. To facilitate transition, the new guidance includes a package of practical expedients that entities may elect to apply on adoption. The package of practical expedients relates to the identification and classification of leases that commenced before the effective date and initial direct costs for leases that commenced before the effective date. The new guidance also includes a practical expedient permitting the use of hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. This update is effective for annual reporting periods beginning after December 15, 2019, and interim reporting periods within fiscal years beginning after December 31, 2020 with early adoption permitted. The Company is currently evaluating the impact that this new guidance will have on its condensed consolidated financial statements. In June 2016, the FASB issued “ASU 2016‑13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .” Current guidance delays the recognition of credit losses until it is probable a loss has been incurred. This updated guidance will require financial assets measured at amortized cost to be presented at the net amount expected to be collected by means of an allowance for credit losses that runs through net income. Credit losses relating to available‑for‑sale debt securities will also be recorded through an allowance for credit losses, with the amount of the allowance limited to the amount by which fair value is below amortized cost. This update will be effective for annual reporting periods beginning after December 15, 2020 and interim reporting periods within fiscal years beginning after December 15, 2021. Early adoption is permitted, but not before annual reporting periods beginning on or after December 15, 2018. The Company is currently evaluating the impact that this new guidance will have on its condensed consolidated financial statements. In August 2018, the FASB issued “ASU 2018‑13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement . Among other things, this new guidance eliminates the need to disclose transfers between Level 1 and Level 2 of the fair value hierarchy, changes the policy for timing of transfers and the valuation processes for Level 3 fair value measurements and includes requirements to disclose quantitative information about Level 3 measurements. This new guidance will be effective for annual and interim reporting periods beginning after December 15, 2019. The Company is currently evaluating the impact that this new guidance will have on its condensed consolidated financial statements.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Investments
Schedule of available-for-sale investments	Gross Gross Amortized Unrealized Unrealized Fair March 31, 2019 Cost or Cost Gains Losses Value (in thousands) Fixed maturities: U.S. Governments $ 12,326 $ 195 $ (59) $ 12,462 States, territories, and possessions 2,304 59 — 2,363 Political subdivisions 818 — (5) 813 Special revenue excluding mortgage/asset-backed securities 11,388 220 (27) 11,581 Industrial and miscellaneous 70,626 1,368 (199) 71,795 Mortgage/asset-backed securities 27,589 359 (16) 27,932 Total available-for-sale investments $ 125,051 $ 2,201 $ (306) $ 126,946 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2018 Cost or Cost Gains Losses Value (in thousands) Fixed maturities: U.S. Governments $ 15,299 $ 96 $ (126) $ 15,269 States, territories, and possessions 1,227 — (6) 1,221 Political subdivisions 825 — (10) 815 Special revenue excluding mortgage/asset-backed securities 12,429 115 (91) 12,453 Industrial and miscellaneous 65,885 192 (951) 65,126 Mortgage/asset-backed securities 27,284 133 (81) 27,336 Total available-for-sale investments $ 122,949 $ 536 $ (1,265) $ 122,220
Schedule of aggregate fair value and gross unrealized losses	Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2019 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments — — $ 5,742 $ (59) $ 5,742 $ (59) States, territories, and possessions — — — — — — Political subdivisions — — 549 (5) 549 (5) Special revenue excluding mortgage/asset-backed securities — — 5,237 (27) 5,237 (27) Industrial and miscellaneous 2,723 (22) 20,029 (177) 22,752 (199) Mortgage/asset-backed securities 867 (5) 1,696 (11) 2,563 (16) $ 3,590 $ (27) $ 33,253 $ (279) $ 36,843 $ (306) Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2018 Value Losses Value Losses Value Losses (in thousands) Fixed maturity securities: U.S. Governments $ 1,970 $ (25) $ 6,197 $ (101) $ 8,167 $ (126) States, territories, and possessions 719 (5) 501 (1) 1,220 (6) Political subdivisions 264 (1) 550 (9) 814 (10) Special revenue excluding mortgage/asset-backed securities 1,706 (14) 5,916 (77) 7,622 (91) Industrial and miscellaneous 30,544 (556) 14,913 (395) 45,457 (951) Mortgage/asset-backed securities 6,653 (39) 3,830 (42) 10,483 (81) Total $ 41,856 $ (640) $ 31,907 $ (625) $ 73,763 $ (1,265)
Schedule of contractual maturities of available-for-sale securities	Amortized Fair Cost Value (in thousands) Due within one year $ 2,968 $ 2,959 Due after one year through five years 46,692 46,600 Due after five years through ten years 35,745 37,053 Due after ten years 12,057 12,402 Mortgage and asset-backed securities 27,589 27,932 $ 125,051 $ 126,946
Schedule of net investment income	Three Months Ended March 31, 2019 2018 (in thousands) Interest income $ 1,010 $ 578 Dividend income 30 122 Less: investment expense (80) (83) Net investment income $ 960 $ 617
Schedule of net realized and unrealized investment gains and losses	Three Months Ended March 31, 2019 2018 (in thousands) Realized gains: Gains on sales of fixed maturity securities $ 44 $ 9 Gains on sales of equity securities 66 26 Total realized gains 110 35 Realized losses: Losses on sales of fixed maturity securities (66) (42) Losses on sales of equity securities (156) (446) Total realized losses (222) (488) Net realized investment losses (112) (453) Net unrealized gains (losses) on equity securities 2,523 (168) Net realized and unrealized gains (losses) on investments $ 2,411 $ (621)

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair value measurements
Schedule of fair value hierarchy for financial assets and liabilities	March 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 12,462 $ — $ 12,462 States, territories, and possessions — 2,363 — 2,363 Political subdivisions — 813 — 813 Special revenue excluding mortgage/asset-backed securities — 11,581 — 11,581 Industrial and miscellaneous — 71,795 — 71,795 Mortgage/asset-backed securities — 27,932 — 27,932 Equity securities 21,778 — — 21,778 Cash, cash equivalents, and restricted cash 10,891 — — 10,891 Total assets $ 32,669 $ 126,946 $ — $ 159,615 Liabilities: Long-term notes payable $ — $ — $ 20,000 $ 20,000 Total liabilities $ — $ — $ 20,000 $ 20,000 December 31, 2018 Level 1 Level 2 Level 3 Total (in thousands) Assets: Fixed maturity securities U.S. Governments $ — $ 15,269 $ — $ 15,269 States, territories, and possessions — 1,221 — 1,221 Political subdivisions — 815 — 815 Special revenue excluding mortgage/asset-backed securities — 12,453 — 12,453 Industrial and miscellaneous — 65,126 — 65,126 Mortgage/asset-backed securities — 27,336 — 27,336 Equity securities 25,171 — — 25,171 Cash, cash equivalents, and restricted cash 9,924 — — 9,924 Total assets $ 35,095 $ 122,220 $ — $ 157,315 Liabilities: Long-term notes payable $ — $ — $ 20,000 $ 20,000 Total liabilities $ — $ — $ 20,000 $ 20,000

Reserve for Losses and Loss A_2

Reserve for Losses and Loss Adjustment Expenses (Tables)	3 Months Ended
	Mar. 31, 2019
Reserve for Losses and Loss Adjustment Expenses
Schedule of reconciliation of the beginning and ending reserve balances for losses and LAE on a net of reinsurance basis to the gross amounts	Three Months Ended March 31, 2019 2018 (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period $ 4,165 $ 4,432 Add: Incurred losses and loss adjustment expenses, net of reinsurance, related to: Current year 278 2,436 Prior year 38 (1,498) Total incurred 316 938 Deduct: Loss and loss adjustment expense payments, net of reinsurance, related to: Current year 106 558 Prior year 2,043 1,057 Total payments 2,149 1,615 Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period 2,332 3,755 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period 10,296 10,692 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period $ 12,628 $ 14,447

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2019
Accumulated Other Comprehensive Income
Schedule of changes in accumulated other comprehensive income (AOCI)	Three Months Ended March 31, 2019 2018 (in thousands) Balance as of January 1 $ (563) $ 2,993 Effect of equity accounting guidance adoption — (3,215) Beginning Balance (563) (222) Other comprehensive income (loss) before reclassification 2,632 (932) Federal income taxes (459) 6 Other comprehensive income (loss) before reclassification, net of tax 2,173 (926) Amounts reclassified from AOCI 18 33 Federal income taxes (4) (6) Amounts reclassified from AOCI, net of tax 14 27 Other comprehensive income (loss) 2,187 (899) Balance at end of period $ 1,624 $ (1,121)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share
Schedule of net income per share of common stock	: Three months ended March 31, 2019 2018 (in thousands, except shares and per share data) Net (Loss) Income $ (14,411) $ 5,592 Weighted average shares used in computing net income per share 17,000,000 17,000,000 Net (Loss) Income per share, basic and diluted $ (0.85) $ 0.33

Underwriting information (Table

Underwriting information (Tables)	3 Months Ended
	Mar. 31, 2019
Underwriting information
Schedule of gross written premiums	Gross written premiums (GWP) by product are presented below: Three Months Ended March 31, 2019 2018 ($ in thousands) % of % of Amount GWP Amount GWP Product Residential Earthquake $ 29,308 54.3 % $ 16,751 % Specialty Homeowners 7,780 14.4 % 6,636 % Commercial All Risk 7,565 14.0 % 2,936 % Commercial Earthquake 6,532 12.1 % 5,830 % Hawaii Hurricane 2,074 3.8 % 1,504 % Flood 772 1.4 % 376 % Total Gross Written Premium $ 54,031 100 % $ 34,033 % Gross written premiums by state are as follows: Three Months Ended March 31, 2019 2018 ($ in thousands) % of % of Amount GWP Amount GWP State California $ 30,449 56.4 % $ 17,726 % Texas 10,439 19.3 % 7,687 % Hawaii 2,091 3.9 % 1,504 % South Carolina 1,669 3.1 % 843 % Washington 1,594 3.0 % 1,012 % Oregon 1,456 2.7 % 1,052 % Illinois 1,050 1.9 % 1,045 % Other 5,283 9.7 % 3,164 % Total Gross Written Premium $ 54,031 100 % $ 34,033 %

Summary of Operations and Bas_3

Summary of Operations and Basis of Presentation (Details)	Mar. 15, 2019
Summary of Operations and Basis of Presentation
Forward stock split	17,000,000

Investments - Available for Sal

Investments - Available for Sale Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Available for sale investments
Amortized Cost	$ 125,051	$ 122,949
Gross Unrealized Gains	2,201	536
Gross Unrealized Losses	(306)	(1,265)
Fair Value	126,946	122,220
U.S. Governments
Available for sale investments
Amortized Cost	12,326	15,299
Gross Unrealized Gains	195	96
Gross Unrealized Losses	(59)	(126)
Fair Value	12,462	15,269
States, territories, and possessions
Available for sale investments
Amortized Cost	2,304	1,227
Gross Unrealized Gains	59
Gross Unrealized Losses		(6)
Fair Value	2,363	1,221
Political subdivisions
Available for sale investments
Amortized Cost	818	825
Gross Unrealized Losses	(5)	(10)
Fair Value	813	815
Special revenue excluding mortgage/asset-backed securities
Available for sale investments
Amortized Cost	11,388	12,429
Gross Unrealized Gains	220	115
Gross Unrealized Losses	(27)	(91)
Fair Value	11,581	12,453
Industrial and miscellaneous
Available for sale investments
Amortized Cost	70,626	65,885
Gross Unrealized Gains	1,368	192
Gross Unrealized Losses	(199)	(951)
Fair Value	71,795	65,126
Mortgage/asset-backed securities
Available for sale investments
Amortized Cost	27,589	27,284
Gross Unrealized Gains	359	133
Gross Unrealized Losses	(16)	(81)
Fair Value	$ 27,932	$ 27,336

Investments - Security Holdings

Investments - Security Holdings in an Unrealized Loss Position - General Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)security	Dec. 31, 2018USD ($)security
Number of positions:
Number of unrealized loss positions | security	91	173
Other
Payment missed (as a percent)	0.00%	0.00%
Payment delinquent (as a percent)	0.00%	0.00%
Fair Value
Fair Value	$ 36,843	$ 73,763
Unrealized Losses
Unrealized Losses	$ 306	$ 1,265

Investments - Security Holdin_2

Investments - Security Holdings in an Unrealized Loss Position - Tabular Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value
Fair Value - Less Than 12 Months	$ 3,590	$ 41,856
Fair Value - More Than 12 Months	33,253	31,907
Fair Value - Total	36,843	73,763
Unrealized Losses
Unrealized Losses - Less Than 12 Months	(27)	(640)
Unrealized Losses - More Than 12 Months	(279)	(625)
Unrealized Losses - Total	(306)	(1,265)
U.S. Governments
Fair Value
Fair Value - Less Than 12 Months		1,970
Fair Value - More Than 12 Months	5,742	6,197
Fair Value - Total	5,742	8,167
Unrealized Losses
Unrealized Losses - Less Than 12 Months		(25)
Unrealized Losses - More Than 12 Months	(59)	(101)
Unrealized Losses - Total	(59)	(126)
States, territories, and possessions
Fair Value
Fair Value - Less Than 12 Months		719
Fair Value - More Than 12 Months		501
Fair Value - Total		1,220
Unrealized Losses
Unrealized Losses - Less Than 12 Months		(5)
Unrealized Losses - More Than 12 Months		(1)
Unrealized Losses - Total		(6)
Political subdivisions
Fair Value
Fair Value - Less Than 12 Months		264
Fair Value - More Than 12 Months	549	550
Fair Value - Total	549	814
Unrealized Losses
Unrealized Losses - Less Than 12 Months		(1)
Unrealized Losses - More Than 12 Months	(5)	(9)
Unrealized Losses - Total	(5)	(10)
Special revenue excluding mortgage/asset-backed securities
Fair Value
Fair Value - Less Than 12 Months		1,706
Fair Value - More Than 12 Months	5,237	5,916
Fair Value - Total	5,237	7,622
Unrealized Losses
Unrealized Losses - Less Than 12 Months		(14)
Unrealized Losses - More Than 12 Months	(27)	(77)
Unrealized Losses - Total	(27)	(91)
Industrial and miscellaneous
Fair Value
Fair Value - Less Than 12 Months	2,723	30,544
Fair Value - More Than 12 Months	20,029	14,913
Fair Value - Total	22,752	45,457
Unrealized Losses
Unrealized Losses - Less Than 12 Months	(22)	(556)
Unrealized Losses - More Than 12 Months	(177)	(395)
Unrealized Losses - Total	(199)	(951)
Mortgage/asset-backed securities
Fair Value
Fair Value - Less Than 12 Months	867	6,653
Fair Value - More Than 12 Months	1,696	3,830
Fair Value - Total	2,563	10,483
Unrealized Losses
Unrealized Losses - Less Than 12 Months	(5)	(39)
Unrealized Losses - More Than 12 Months	(11)	(42)
Unrealized Losses - Total	$ (16)	$ (81)

Investments - Other-than-tempor

Investments - Other-than-temporarily Impaired (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Investments
Other-than-temporarily impaired	$ 0	$ 0

Investments - Contractual Matur

Investments - Contractual Maturities of Available for Sale Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Amortized Cost
Due within one year	$ 2,968
Due after one year through five years	46,692
Due after five years through ten years	35,745
Due after ten years	12,057
Mortgage and asset-backed securities	27,589
Amortized Cost	125,051	$ 122,949
Fair Value
Due within one year	2,959
Due after one year through five years	46,600
Due after five years through ten years	37,053
Due after ten years	12,402
Mortgage and asset-backed securities	27,932
Total	$ 126,946	$ 122,220

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net investment income
Interest income	$ 1,010	$ 578
Dividend income	30	122
Less: investment expense	(80)	(83)
Net investment income	$ 960	$ 617

Investments - Net Realized and

Investments - Net Realized and Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net realized and unrealized investment gains and losses
Gains on sales of fixed maturity securities	$ 44	$ 9
Gains on sales of equity securities	66	26
Total realized gains	110	35
Losses on sales of fixed maturity securities	(66)	(42)
Losses on sales of equity securities	(156)	(446)
Total realized losses	(222)	(488)
Net realized investment losses	(112)	(453)
Net unrealized gains (losses) on equity securities	2,523	(168)
Net realized and unrealized gains (losses) on investments	$ 2,411	$ (621)

Investments - Securities on Dep

Investments - Securities on Deposit (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments
Fair Value	$ 126,946	$ 122,220
Securities on deposit with state regulatory authorities
Investments
Fair Value	$ 5,000	$ 5,000

Fair value measurements - Finan

Fair value measurements - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Equity securities	$ 21,778	$ 25,171
Fair Value, Measurements, Recurring
Assets:
Equity securities	21,778	25,171
Cash, cash equivalents, and restricted cash	10,891	9,924
Total assets	159,615	157,315
Liabilities:
Long-term notes payable	20,000	20,000
Total liabilities	20,000	20,000
Fair Value, Measurements, Recurring | U.S. Governments
Assets:
Fair Value Assets	12,462	15,269
Fair Value, Measurements, Recurring | States, territories, and possessions
Assets:
Fair Value Assets	2,363	1,221
Fair Value, Measurements, Recurring | Political subdivisions
Assets:
Fair Value Assets	813	815
Fair Value, Measurements, Recurring | Special revenue excluding mortgage/asset-backed securities
Assets:
Fair Value Assets	11,581	12,453
Fair Value, Measurements, Recurring | Industrial and miscellaneous
Assets:
Fair Value Assets	71,795	65,126
Fair Value, Measurements, Recurring | Mortgage/asset-backed securities
Assets:
Fair Value Assets	27,932	27,336
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Assets:
Equity securities	21,778	25,171
Cash, cash equivalents, and restricted cash	10,891	9,924
Total assets	32,669	35,095
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Assets:
Total assets	126,946	122,220
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. Governments
Assets:
Fair Value Assets	12,462	15,269
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | States, territories, and possessions
Assets:
Fair Value Assets	2,363	1,221
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Political subdivisions
Assets:
Fair Value Assets	813	815
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Special revenue excluding mortgage/asset-backed securities
Assets:
Fair Value Assets	11,581	12,453
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Industrial and miscellaneous
Assets:
Fair Value Assets	71,795	65,126
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Mortgage/asset-backed securities
Assets:
Fair Value Assets	27,932	27,336
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3
Liabilities:
Long-term notes payable	20,000	20,000
Total liabilities	$ 20,000	$ 20,000

Fair value measurements - Trans

Fair value measurements - Transfers (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair value measurements
Fair value, assets, Level 1 to Level 2	$ 0	$ 0
Fair value, assets, Level 2 to Level 1	0	0
Fair value, liabilities, Level 1 to Level 2	0	0
Fair value, liabilities, Level 2 to Level 1	0	0
Fair value, assets, transfers into Level 3	0	0
Fair value, assets, transfers out of Level 3	0	0
Fair value, liabilities, transfers into Level 3	0	0
Fair value, liabilities, transfers out of Level 3	$ 0	$ 0

Reserve for Losses and Loss A_3

Reserve for Losses and Loss Adjustment Expenses - Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reserve for Losses and Loss Adjustment Expenses
Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period	$ 4,165	$ 4,432
Add: Incurred losses and loss adjustment expenses, net of reinsurance, related to:
Current year	278	2,436
Prior year	38	(1,498)
Total incurred	316	938
Deduct: Loss and loss adjustment expense payments, net of reinsurance, related to:
Current year	106	558
Prior year	2,043	1,057
Total payments	2,149	1,615
Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period	$ 2,332	$ 3,755

Reserve for Losses and Loss A_4

Reserve for Losses and Loss Adjustment Expenses - Total (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Reserve for Losses and Loss Adjustment Expenses
Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period	$ 2,332	$ 4,165	$ 3,755	$ 4,432
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	10,296	11,896	10,692
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$ 12,628	$ 16,061	$ 14,447

Reserve for Losses and Loss A_5

Reserve for Losses and Loss Adjustment Expenses - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reserve for Losses and Loss Adjustment Expenses
Loss and loss adjustment expense reserve shortfall	$ 40	$ 40
Loss and loss adjustment expense reserve redundancy	$ 1,500	$ 1,500

Long-term debt - Surplus Notes

Long-term debt - Surplus Notes (Details) - USD ($) $ in Millions	Feb. 03, 2015	Sep. 30, 2018	Aug. 31, 2018
Long-term debt
Outstanding surplus notes			$ 17.5
Notes Payable, Other Payables | Surplus Notes
Long-term debt
Term	7 years
Pay down of surplus notes		$ 17.5
Pre-payment, penalty		0.1
Unamortized debt issuance costs		$ 0.4
Notes Payable, Other Payables | Surplus Notes | London Interbank Offered Rate (LIBOR)
Long-term debt
Interest rate spread (as a percent)	8.00%

Long-term debt - Floating Rate

Long-term debt - Floating Rate Notes (Details) - Senior Notes - 2018 Floating Rate Notes $ in Millions	1 Months Ended
	Sep. 30, 2018USD ($)
Long-term debt
Debt instrument, face amount	$ 20
Debt instrument, redemption price, percentage (as a percent)	100.00%
Three-month Treasury Rate
Long-term debt
Interest rate spread (as a percent)	6.50%

Long-term debt - Interest (Deta

Long-term debt - Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Long-term debt
Interest accrued	$ 0.4		$ 0.1
Senior Notes | 2018 Floating Rate Notes
Long-term debt
Interest expense	0.4
Interest paid	$ 0.4
Notes Payable, Other Payables | Surplus Notes
Long-term debt
Interest expense		$ 0.4
Interest paid		$ 0.4

Income Taxes - Excise Tax (Deta

Income Taxes - Excise Tax (Details)	12 Months Ended
	Dec. 31, 2018
Income Taxes
Federal excise tax rate (as a percent)	1.00%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2018
Income Taxes
Deferred tax assets, valuation allowance		$ 0	$ 0
Valuation allowance, deferred tax asset, increase (decrease), amount	$ (1.7)

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Effective Income Tax Rate Reconciliation, Percent
Statutory tax rate (as a percent)	21.00%
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount
Reversal of U.S. deferred tax valuation allowance	$ 1.7
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount
Addback related to stock compensation not deductible for tax purposes	$ 4.8

Capital Stock (Details)

Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Capital Stock
Preferred stock, shares authorized	5,000,000	0
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	17,000,000	17,000,000
Common stock, shares outstanding	17,000,000	17,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Additional paid in capital	$ 91,459	$ 68,498

Management Incentive Plan (Deta

Management Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 15, 2019
Management Incentive Plan
Increase in additional paid in capital	$ 22,961
2014 Management Incentive Plan
Management Incentive Plan
Units outstanding		12,552,825
Stock compensation charge	23,000
Increase in additional paid in capital	$ 23,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Effect of Equity Accounting Guidance Adoption (Details) - Accumulated Other Comprehensive (Loss) Income - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income
Beginning balance	$ 1,624	$ (563)	$ (1,121)	$ 2,993
Effect of equity accounting guidance adoption				(3,215)
Adjusted beginning balance		$ (563)		$ (222)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Roll Forward (Details) - Accumulated Other Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Changes in accumulated other comprehensive income
Beginning balance	$ (563)	$ 2,993
Effect of equity accounting guidance adoption		(3,215)
Adjusted beginning balance	(563)	(222)
Other comprehensive income (loss) before reclassification	2,632	(932)
Federal income (taxes) benefit	(459)	6
Other comprehensive income (loss) before reclassification, net of tax	2,173	(926)
Amounts reclassified from AOCI	18	33
Federal income taxes	(4)	(6)
Amounts reclassified from AOCI, net of tax	14	27
Other comprehensive income (loss)	2,187	(899)
Ending balance	$ 1,624	$ (1,121)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share
Net income (loss)	$ (14,411)	$ 5,592
Weighted average shares used in computing net income per share	17,000,000	17,000,000
Net (Loss) Income per share, basic and diluted	$ (0.85)	$ 0.33

Cash Distribution (Details)

Cash Distribution (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2019
Cash Distribution
One-time cash distribution	$ 5,100	$ 5,120

Underwriting information - Gros

Underwriting information - Gross Written Premiums by Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Gross written premiums
Amount	$ 54,031	$ 34,033
% of GWP	100.00%	100.00%
Residential Earthquake
Gross written premiums
Amount	$ 29,308	$ 16,751
% of GWP	54.30%	49.30%
Specialty Homeowners
Gross written premiums
Amount	$ 7,780	$ 6,636
% of GWP	14.40%	19.50%
Commercial Earthquake
Gross written premiums
Amount	$ 6,532	$ 5,830
% of GWP	12.10%	17.10%
Commercial All Risk
Gross written premiums
Amount	$ 7,565	$ 2,936
% of GWP	14.00%	8.60%
Hawaii Hurricane
Gross written premiums
Amount	$ 2,074	$ 1,504
% of GWP	3.80%	4.40%
Flood
Gross written premiums
Amount	$ 772	$ 376
% of GWP	1.40%	1.10%

Underwriting information - Gr_2

Underwriting information - Gross Written Premiums by State (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Gross written premiums
Amount	$ 54,031	$ 34,033
% of GWP	100.00%	100.00%
California
Gross written premiums
Amount	$ 30,449	$ 17,726
% of GWP	56.40%	52.10%
Texas
Gross written premiums
Amount	$ 10,439	$ 7,687
% of GWP	19.30%	22.60%
Hawaii
Gross written premiums
Amount	$ 2,091	$ 1,504
% of GWP	3.90%	4.40%
South Carolina
Gross written premiums
Amount	$ 1,669	$ 843
% of GWP	3.10%	2.50%
Washington
Gross written premiums
Amount	$ 1,594	$ 1,012
% of GWP	3.00%	3.00%
Oregon
Gross written premiums
Amount	$ 1,456	$ 1,052
% of GWP	2.70%	3.10%
Illinois
Gross written premiums
Amount	$ 1,050	$ 1,045
% of GWP	1.90%	3.10%
Other
Gross written premiums
Amount	$ 5,283	$ 3,164
% of GWP	9.70%	9.20%

Subsequent Events - Initial Pub

Subsequent Events - Initial Public Offering (Details) - Subsequent Event $ / shares in Units, $ in Millions	Apr. 22, 2019USD ($)$ / sharesshares
IPO
Subsequent Events
Shares issued (in shares)	6,468,750
Share price (in dollars per share) | $ / shares	$ 15
Net proceeds | $	$ 86.7
Underwriter's option
Subsequent Events
Shares issued (in shares)	843,750

Subsequent Events - 2019 Equity

Subsequent Events - 2019 Equity Incentive Plan (Details) - 2019 Equity Incentive Plan	Apr. 16, 2019$ / sharesshares
Stock Options | Minimum
Subsequent Events
Vesting period	2 years
Stock Options | Maximum
Subsequent Events
Vesting period	4 years
Subsequent Event
Subsequent Events
Shares authorized (in shares)	2,400,000
Percentage of number of shares of common stock issued and outstanding (as a percent)	3.00%
Stock options and restricted stock units granted (in shares)	990,393
Exercise price (in dollars per share) | $ / shares	$ 15
Subsequent Event | Stock Options
Subsequent Events
Expiry period	10 years
Subsequent Event | Restricted Stock Units
Subsequent Events
Vesting period	1 year
Cliff period	1 year

Subsequent Events - 2019 Employ

Subsequent Events - 2019 Employee Stock Purchase Plan (Details) - Subsequent Event - 2019 Employee Stock Purchase Plan - shares	12 Months Ended
	Dec. 31, 2020	Apr. 16, 2019
Subsequent Events
Shares authorized (in shares)		240,000
Scenario, Forecast | Maximum
Subsequent Events
Annual increase (in shares)	240,000

Subsequent Events - Floating Ra

Subsequent Events - Floating Rate Notes (Details) - Subsequent Event - Senior Notes - 2018 Floating Rate Notes - Scenario, Forecast $ in Millions	May 23, 2019USD ($)
Long-term debt
Debt instrument, repurchased face amount	$ 20
Redemption price, percentage (as a percent)	102.00%
Redemption price	$ 20.4
Accrued interest and unpaid interest	0.3
Total redemption price	$ 20.7