Palomar (PLMR) 10-K 25 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 22, 2022	Jun. 30, 2021
Cover [Abstract]
Entity Central Index Key	0001761312
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-38873
Entity Registrant Name	Palomar Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3972551
Entity Address, Address Line One	7979 Ivanhoe Avenue
Entity Address, Address Line Two	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
Entity Listing, Par Value Per Share	$ 0.0001
Trading Symbol	PLMR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,823,374,767
Entity Common Stock, Shares Outstanding		25,438,118
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Francisco, California
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $426,122 in 2021; $381,279 in 2020)	$ 432,682	$ 397,987
Equity securities, at fair value (cost: $31,834 in 2021; $22,291 in 2020)	33,261	24,322
Total investments	465,943	422,309
Cash and cash equivalents	50,284	33,538
Restricted cash	87	248
Accrued investment income	2,725	2,545
Premium receivable	88,012	48,842
Deferred policy acquisition costs	55,953	35,481
Reinsurance recoverable on paid losses and loss adjustment expenses	29,368	10,162
Reinsurance recoverable on unpaid losses and loss adjustment expenses	127,947	94,566
Ceded unearned premiums	58,315	35,031
Prepaid expenses and other assets	37,072	34,119
Property and equipment, net	527	739
Intangible assets, net	9,501	11,512
Total assets	925,734	729,092
Liabilities:
Accounts payable and other accrued liabilities	21,284	20,730
Reserve for losses and loss adjustment expenses	173,366	129,036
Unearned premiums	284,665	183,489
Ceded premium payable	37,460	22,233
Funds held under reinsurance treaty	10,882	4,515
Deferred tax liabilities, net	3,908	5,376
Total liabilities	531,565	365,379
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2021 and December 31, 2020, respectively, 0 shares issued and outstanding as of December 31, 2021 and December 31, 2020
Common stock, $0.0001 par value, 500,000,000 shares authorized, 25,428,929 and 25,525,796 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	3	3
Additional paid-in capital	318,902	310,507
Accumulated other comprehensive income	5,312	13,246
Retained earnings	69,952	39,957
Total stockholders' equity	394,169	363,713
Total liabilities and stockholders' equity	$ 925,734	$ 729,092

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Fixed maturity securities available for sale, amortized cost	$ 426,122	$ 381,279
Equity securities, cost	$ 31,834	$ 22,291
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)	25,428,929	25,525,796
Common stock, shares outstanding (in shares)	25,428,929	25,525,796

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Gross written premiums	$ 535,175	$ 354,360	$ 251,961
Ceded written premiums	(223,443)	(155,102)	(108,332)
Net written premiums	311,732	199,258	143,629
Change in unearned premiums	(77,906)	(44,190)	(43,422)
Net earned premiums	233,826	155,068	100,207
Net investment income	9,080	8,612	5,975
Net realized and unrealized gains on investments	1,277	1,488	4,443
Commission and other income	3,608	3,295	2,671
Total revenues	247,791	168,463	113,296
Expenses:
Losses and loss adjustment expenses	41,457	64,115	5,593
Acquisition expenses	95,433	64,041	37,259
Other underwriting expenses	53,723	34,084	51,299
Interest expense	40		1,068
Total expenses	190,653	162,240	95,219
Income before income taxes	57,138	6,223	18,077
Income tax expense (benefit)	11,291	(34)	7,456
Net income	45,847	6,257	10,621
Other comprehensive income, net:
Net unrealized gains (losses) on securities available for sale, net of taxes	(7,934)	8,560	5,249
Total comprehensive income	$ 37,913	$ 14,817	$ 15,870
Per Share Data:
Basic earnings per share	$ 1.80	$ 0.25	$ 0.49
Diluted earnings per share	$ 1.76	$ 0.24	$ 0.49
Weighted-average common shares outstanding:
Basic	25,459,514	24,872,251	21,501,541
Diluted	26,111,904	25,598,647	21,834,934

Consolidated Statements of In_2

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Income and Comprehensive Income
Stock-based compensation expense	$ 5,584	$ 2,167	$ 24,103

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common StockStock Issued in January	Common StockStock Issued in June	Common Stock	Additional Paid-In CapitalStock Issued in January	Additional Paid-In CapitalStock Issued in June	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Stock Issued in January	Stock Issued in June	Cumulative Effect, Period of Adoption, Adjustment	Total
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
Changes in Stockholders' Equity
Other comprehensive income (loss), net of tax							5,249						5,249
Distribution to stockholder									(5,120)				(5,120)
Stock-based compensation						24,103							24,103
Issuance of common stock in stock offerings, net of offering costs						87,411							87,411
Issuance of common stock in stock offerings, net of offering costs (in shares)			6,468,750
Net income									10,621				10,621
Ending balance at Dec. 31, 2019			$ 2			180,012	4,686	$ (156)	33,856			$ (156)	218,556
Ending balance (in shares) at Dec. 31, 2019			23,468,750
Changes in Stockholders' Equity
Other comprehensive income, net of tax							8,560						8,560
Other comprehensive income (loss), net of tax							8,560
Stock-based compensation						2,167							2,167
Issuance of common stock in stock offerings, net of offering costs		$ 1		$ 35,464	$ 90,082					$ 35,464	$ 90,083
Issuance of common stock in stock offerings, net of offering costs (in shares)	750,000	1,150,000
Issuance of common stock via employee stock purchase plan						741							$ 741
Issuance of common stock via employee stock purchase plan (in shares)			28,367										28,367
Issuance of common stock via equity incentive plan						2,041							$ 2,041
Issuance of common stock via equity incentive plan (in shares)			128,679
Net income									6,257				6,257
Ending balance at Dec. 31, 2020			$ 3			310,507	13,246		39,957				$ 363,713
Ending balance (in shares) at Dec. 31, 2020			25,525,796										25,525,796
Changes in Stockholders' Equity
Other comprehensive income (loss), net of tax							(7,934)						$ (7,934)
Stock-based compensation						5,584							5,584
Issuance of common stock via employee stock purchase plan						719							$ 719
Issuance of common stock via employee stock purchase plan (in shares)			9,793										9,793
Issuance of common stock via equity incentive plan						2,092							$ 2,092
Issuance of common stock via equity incentive plan (in shares)			132,436
Repurchases of common stock									(15,852)				(15,852)
Repurchases of common stock (in shares)			(239,096)
Net income									45,847				45,847
Ending balance at Dec. 31, 2021			$ 3			$ 318,902	$ 5,312		$ 69,952				$ 394,169
Ending balance (in shares) at Dec. 31, 2021			25,428,929										25,428,929

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income	$ 45,847	$ 6,257	$ 10,621
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	5,584	2,167	24,103
Depreciation and amortization expense	3,544	1,336	216
Amortization and write-off of debt issuance costs			921
Allowance for credit loss on fixed maturity securities	106
Loss on asset disposal			1
Net realized and unrealized losses (gains) on investments	(1,277)	(1,488)	(4,443)
Amortization of premium on fixed maturity securities	2,317	1,214	431
Deferred income tax expense	641	1,094	646
Changes in operating assets and liabilities:
Accrued investment income	(180)	(1,159)	(652)
Premium receivable	(39,170)	(12,754)	(17,604)
Deferred policy acquisition costs	(20,472)	(10,280)	(11,149)
Reinsurance recoverables	(52,587)	(87,473)	(2,693)
Ceded unearned premiums	(23,284)	(8,926)	(7,821)
Prepaid expenses and other assets	591	(16,414)	(6,187)
Accounts payable and other accrued liabilities	(946)	5,998	3,287
Reserve for losses and loss adjustment expenses	44,330	112,215	760
Unearned premiums	101,176	53,116	51,243
Ceded premiums payable	15,227	10,850	776
Funds held under reinsurance treaty	6,367	2,857	938
Income taxes payable		(1,117)	1,117
Net cash provided by operating activities	87,814	57,493	44,511
Investing activities
Purchases of property and equipment	(18)	(132)	(115)
Capitalized software costs	(4,836)	(3,942)	(2,811)
Purchases of fixed maturity securities	(166,894)	(295,002)	(211,587)
Purchases of equity securities	(49,680)	(46,944)	(58,858)
Sales and maturities of fixed maturity securities	120,198	124,243	124,151
Sales of equity securities	41,553	45,983	64,820
Securities receivable or payable, net	1,500	(2,523)	1,023
Purchase of policy renewal rights	(11)	(7,068)
Net cash used in investing activities	(58,188)	(185,385)	(83,377)
Financing activities
Proceeds from initial public offering, net of offering costs			87,411
Distribution to stockholder			(5,120)
Redemption of Floating Rate Notes			(20,000)
Proceeds from common stock issued via employee stock purchase plan	719	741
Proceeds from common stock issued via stock option exercises	2,092	2,041
Repurchase of common stock	(15,852)
Net cash provided by (used in) financing activities	(13,041)	128,329	62,291
Net increase in cash, cash equivalents and restricted cash	16,585	437	23,425
Cash, cash equivalents and restricted cash at beginning of period	33,786	33,349	9,924
Cash, cash equivalents and restricted cash at end of period	50,371	33,786	33,349
Supplementary cash flow information:
Cash paid for income taxes	$ 2,104	7,182	5,645
Cash paid for interest			$ 1,162
Stock Issued in January
Financing activities
Proceeds from stock offerings, net of offering costs		35,464
Stock Issued in June
Financing activities
Proceeds from stock offerings, net of offering costs		$ 90,083

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents and restricted cash and cash equivalents
Cash and cash equivalents	$ 50,284	$ 33,538
Restricted cash	87	248
Cash and cash equivalents and restricted cash	$ 50,371	$ 33,786	$ 33,349	$ 9,924

Summary of Operations and Basis

Summary of Operations and Basis of Presentation	12 Months Ended
	Dec. 31, 2021
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 a Delaware incorporated insurance holding company that was founded in 2014. The Company has several wholly owned subsidiaries including an Oregon domiciled insurance company, Palomar Specialty Insurance Company (“PSIC”), a Bermuda based reinsurance company, Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), an Arizona domiciled surplus lines insurance company, Palomar Excess and Surplus Insurance Company (“PESIC”), and a California domiciled property and casualty insurance agency, Palomar Insurance Agency, DBA Palomar General Insurance Agency (“PGIA”). PSIC is a property and casualty insurance company domiciled in the state of Oregon. The Company’s core focus is on the residential and commercial earthquake markets in earthquake-exposed states such as California, Oregon, Washington, and states with exposure to the New Madrid Seismic Zone. The Company also offers products tailored to broader geographic regions and perils, including Hawaii residential hurricane, Specialty Homeowners, Inland Marine, and Flood products. PSIC is licensed to underwrite insurance on an admitted basis in 34 PSRE is a Bermuda captive reinsurance company that has historically been used to reinsure certain premiums on a quota share basis exclusively for PSIC. PESIC is an Arizona domiciled surplus lines insurance company. PESIC is licensed in Arizona to write surplus lines policies across all the Company’s lines of business and was formed and began writing policies in 2020. PGIA is a property and casualty general insurance agency for PSIC, PESIC, and unaffiliated insurance carriers. As a general insurance agency, PGIA assists in developing insurance products, underwriting insurance policies, and receiving and disbursing funds from premium and loss transactions under contracts on behalf of insurance companies. PGIA earns commissions from the product development, marketing, and servicing of the insurance companies’ programs. PGIA also earns fee income from policyholder transactions. The Company operates as an insurance holding company system and is subject to the insurance holding company laws of the States of Oregon and Arizona, the states in which PSIC and PESIC are domiciled. The Company is also commercially domiciled in California, making it subject to California insurance holding company laws. These statutes require that each insurance company in the system register with the insurance department of its state of domicile and furnish information concerning the operations of companies within the holding company system that may materially affect the operations, management or financial condition of the insurers within the system and domiciled in that state. The Company has a single operating segment, the property and casualty insurance business. While the Company’s chief operating decision-maker reviews the revenue streams attributable to individual products, operations are managed, resources are allocated, and financial performance is evaluated on a consolidated basis. Basis of Presentation The accompanying 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 consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to reflect the stock split for the Company’s common stock for all periods presented. 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 offering expenses, net proceeds from the IPO were approximately $87.4 million. 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 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 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.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents include time deposits and marketable securities with original maturities of three months or less at acquisition and are stated at cost, which approximates fair value. The Company maintains cash balances in federally insured financial institutions. Restricted Cash Restricted cash includes cash on deposit with reinsurance carriers. Restricted cash also includes cash held in a fiduciary capacity for the benefit of third-party insurance carriers. Investments All of the Company’s investments in fixed maturity securities are classified as available-for-sale and are carried at fair value. Investment income consists primarily of interest and dividends. Interest income is recognized on an accrual basis. Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the prospective method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the prospective method. Dividend income is recognized on the ex-dividend date. Net investment income represents investment income, net of expenses. Unrealized gains and losses related to fixed maturity securities are included in accumulated other comprehensive income as a separate component of stockholders’ equity. Equity securities are carried at fair value with unrealized gains and losses included as a component of net income on the Company’s consolidated statement of income and comprehensive income. The Company uses the specific-identification method to determine the cost of fixed maturity securities sold and the first-in, first-out method for lots of equity securities sold. 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. Factors considered in the review include the extent to which the fair value has been less than amortized cost, and current market interest rates and whether the unrealized loss is credit- driven or a result of changes in market interest rates. The Company also considers factors specific to the issuer including the general financial condition of the issuer, the issuers industry and future business prospects, any past failure of issuer to make scheduled interest or principal payments, and the payment structure of the investment and the issuers ability to make contractual payments on the investment. The Company also considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. When assessing whether it intends to sell a fixed-maturity security or if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs, and potential sales of investments to capitalize on favorable pricing. For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, a credit-loss charge is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company has the intent and ability to hold, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income. The Company reports accrued interest receivable as a component of accrued investment income on its consolidated balance sheet which is presented separately from available-for-sale securities. The Company does not measure an allowance for credit losses on accrued interest receivable and instead would write off accrued interest receivable at the time an issuer defaults or is expected to default on payments. The Company recorded an immaterial allowance for credit losses related to its available-for-sale securities as of December 31, 2021. As of December 31, 2020, the Company had no allowance for credit losses related to its available-for-sale securities. Fair Value 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 valuation 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 fair value of the Company’s investments in equity securities is based on quoted prices available in active markets and classified and disclosed in Level 1 of the hierarchy. Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, fixed maturity securities and reinsurance recoverables. The Company places its cash and cash equivalents with high credit quality financial institutions and its fixed maturity securities in securities of the U.S. government, U.S. government agencies, and high credit quality issuers of debt securities. The Company evaluates the financial condition of its reinsurers and reinsures its business with highly rated reinsurers and sometimes requires letters of credit or retains funds from reinsurers (see Note 10). Premiums Receivable Premiums receivable represent amounts due from policyholders, insurance agents, or program administrators for policies written. Generally, premiums are collected prior to providing risk coverage, minimizing the Company’s exposure to credit risk. Premiums receivable are short-term in nature and due within a year. The Company has established an allowance for uncollectable premiums related to its credit risk, which it reviews on a quarterly basis and adjusts as appropriate. The company considers the current economic environment, specific regulatory developments, and historic payment and cancelation trends by line of business and location when determining whether to record an allowance for uncollectable premiums. The Company recorded an allowance for uncollectable premiums of $0.3 million and $0.2 million as of December 31, 2021 and December 31, 2020, respectively, and believes that all other amounts are collectable. Deferred Policy Acquisition Costs The costs of successfully acquiring new business, principally commission expense and premium taxes, are deferred and amortized over the terms of the policies in force, net of any ceding commissions. Premiums Earned Gross premiums written are recorded at policy inception and are earned as revenue ratably over the term of the respective policies. Premiums written not yet recognized as revenue are reflected as unearned premiums on the balance sheet, or as advanced premiums if received prior to the policy effective date. Premiums written where cash is not yet received are recognized as premiums receivable. A premium deficiency is recognized if the sum of expected losses and loss adjustment expenses, unamortized acquisition costs, and policy maintenance costs exceeds the remaining unearned premiums. A premium deficiency would first be recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency were greater than unamortized acquisition costs, a liability would be accrued for the excess deficiency. The Company does not consider anticipated investment income when determining if a premium deficiency exists. There was no premium deficiency at December 31, 2021 or 2020. Commission and Other Income Commission and other income is comprised of commissions earned on policies where the Company has no exposure to underlying risk and fees earned in conjunction with underwriting policies. Commission and fee income is earned at the time the policy is written. Property and Equipment Property and equipment are capitalized and carried at cost less accumulated depreciation. Depreciation for property and equipment is calculated on a straight-line basis using useful lives of 3 to 5 years. Leasehold improvements and other fixed assets are capitalized and depreciated over the useful lives of the properties and equipment. Expenditures for maintenance and repairs are charged to operations as incurred. Upon disposition, the asset cost and related depreciation are removed from the accounts and the resulting gain or loss is included in the Company’s results of operations. Capitalized Software Costs associated with the implementation of certain internal systems are capitalized and carried at capitalized cost less accumulated amortization and are included as a component of prepaid expenses and other assets on the Company’s consolidated balance sheet. Costs capitalized include internal personnel costs, external developer costs, and interest. The implementation costs relate to systems built on software which the Company purchases under a cloud computing arrangement and accounts for as a service contract. As such, capitalized costs are amortized over the term of the service contract, which currently ends in December 2026. Intangible Assets Intangible assets consist of both finite and indefinite lived assets. Finite lived intangible assets consist of customer relationships acquired from another insurer during 2020. Indefinite lived intangible assets consist of state licenses acquired upon formation of the Company. Intangible assets are initially recognized and measured at fair value and are subsequently evaluated for impairment annually or more frequently if circumstances warrant it. No impairments of intangible assets were recognized for the years ended December 31, 2021, 2020 or 2019. Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, the fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. This assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value. No impairments of long-lived assets were recognized for the years ended December 31, 2021, 2020 or 2019. Reserve for Losses and Loss Adjustment Expenses The reserve for unpaid losses and loss adjustment expenses includes estimates for unpaid claims and claim adjustment expenses on reported losses and estimates of losses incurred but not reported (“IBNR”), net of salvage and subrogation recoveries. The liability is based on individual claims, case reserves and other estimates reported by policyholders, as well as management estimates of ultimate losses and loss adjustment expenses. Inherent in the estimates of ultimate losses and loss adjustment expenses are expected trends in claims severity and frequency and other factors that could vary significantly as claims are settled. The Company’s estimates of ultimate losses and loss adjustment expenses are based in part upon the estimation of claims resulting from natural disasters such as hurricanes and earthquakes. Estimation by management of the ultimate losses and loss adjustment expenses resulting from catastrophic events is inherently difficult because of the potential severity of property catastrophe claims. Therefore, the Company uses both proprietary and commercially available models, as well as historic claims experience, for purposes of providing an estimate of ultimate losses and loss adjustment expenses. Reserves for IBNR are established in accordance with industry practice to provide for (i) the estimated amount of future loss payments on incurred claims not yet reported, and (ii) potential development on reported claims. IBNR reserves are estimated based on generally accepted actuarial reserving techniques that consider quantitative loss experience data and, where appropriate, qualitative factors. Ultimate losses and loss adjustment expenses may vary materially from the amounts provided in the consolidated financial statements. Estimates of unpaid losses and loss adjustment expenses are reviewed regularly and, as experience develops and new information becomes known, the liabilities are adjusted as necessary. Such adjustments, if any, are reflected in operations in the period in which they become known and are accounted for as changes in estimates. The Company does not discount its liability for unpaid losses and loss adjustment expenses. The Company does not write insurance policies covering toxic clean-up, asbestos-related illness or other environmental remediation exposures. Reinsurance The Company purchases excess of loss and quota share reinsurance to protect it against the impact of losses. Reinsurance premiums, commissions, ceded unearned premiums are accounted for on bases consistent with the underlying terms of the reinsurance contracts and in proportion to the amount of insurance protection provided. The Company receives ceding commissions in connection with quota share reinsurance. The ceding commissions are capitalized and amortized as a reduction of acquisition expenses. Amounts applicable to ceded unearned premiums are reported as assets in the accompanying consolidated balance sheets. Premiums earned and losses and loss adjustment expenses incurred are stated in the accompanying consolidated statements of income and comprehensive income net of amounts ceded to reinsurers. Reinsurance recoverables represent balances due to the Company from its reinsurers for paid and unpaid losses and loss adjustment expenses. The Company is exposed to credit losses from reinsurers being unable to meet their obligations. The Company evaluates the financial condition of potential reinsurers and reinsures its business only with highly rated reinsurers with a rating of “A-“ (Excellent) (Outlook Stable) or better from A.M. Best. Reinsurers who do not meet the Company’s rating criteria are required to post collateral. The Company reviews credit quality of its reinsurers on a quarterly basis. The Company’s reinsurance contracts also include special termination provisions that allow the Company to cancel and replace any participating reinsurer that is downgraded below a rating of “A−” from A.M. Best, or whose surplus drops by more than 20%. Historically, the Company has not experienced any credit losses from reinsurance recoverables and did not have an allowance for uncollectable reinsurance recoverables as of December 31, 2021 or December 31, 2020. Stock Based Compensation Expense Stock-based compensation expense is recognized on a straight-line basis over the vesting period of awards. The Company does not apply a forfeiture rate to unvested awards and accounts for forfeitures as they occur. For stock option grants, the fair value of awards is estimated using the Black Scholes Model. The fair value of restricted stock units is determined using the closing price of the Company's common stock on the grant date. The fair value of performance stock units containing employee service or company financial performance based conditions is determined using the closing price of the Company's common stock on the grant date. The fair value of performance stock units containing conditions based on performance of the Company’s stock is determined using a Monte Carlo simulation. All stock-based compensation is included in other underwriting expenses in the Company’s consolidated statements of income and comprehensive income. ​ Income Taxes The Company is taxed as a property/casualty insurer for federal income tax purposes. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and the tax bases of assets and liabilities, using enacted tax rates expected to be in effect during the year in which the basis differences reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company recognizes the tax benefit of uncertain tax positions where the position is more likely than not to be sustained assuming examination by taxing authorities. Based on its evaluation for the tax years ended December 31, 2021 and 2020, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The Company recognizes interest and penalties related to uncertain tax positions, if any, as a component of income tax expense. The Company has not been assessed interest or penalties by any major tax jurisdictions for the respective tax years ended December 31, 2021, 2020, or 2019. Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average common shares outstanding for the period. Diluted earnings per share reflects the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. When inclusion of additional common share equivalents increases the earnings per share or reduces the loss per share, the effect on earnings per share is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these common share equivalents. Recently adopted accounting pronouncements Income Taxes ​ In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. ​ ​ Recently issued accounting pronouncements not yet adopted To date, there have been no recent accounting pronouncements not yet effective that have significance, or potential significance, to the Company’s consolidated financial statements.

Investments

Investments	12 Months Ended
	Dec. 31, 2021
Investments
Investments	3. Investments The Company’s available-for-sale investments are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2021 ​ Cost or Cost ​ Gains ​ Losses ​ Value ​ (in thousands) Fixed maturities: ​ ​ ​ ​ ​ U.S. Governments ​ $ 16,713 ​ $ 347 ​ $ (190) ​ $ 16,870 States, territories, and possessions ​ 3,789 ​ 288 ​ (63) ​ 4,014 Political subdivisions ​ 6,295 ​ 107 ​ (22) ​ 6,380 Special revenue excluding mortgage/asset-backed securities ​ 43,301 ​ 1,273 ​ (76) ​ 44,498 Industrial and miscellaneous ​ 245,064 ​ 5,873 ​ ​ (1,891) ​ 249,046 Mortgage/asset-backed securities ​ 110,960 ​ 1,377 ​ (463) ​ 111,874 Total available-for-sale investments ​ $ 426,122 ​ $ 9,265 ​ $ (2,705) ​ $ 432,682 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2020 ​ Cost or Cost ​ Gains ​ Losses ​ Value ​ (in thousands) Fixed maturities: ​ ​ ​ ​ U.S. Governments ​ $ 16,308 ​ $ 756 ​ $ (5) ​ $ 17,059 States, territories, and possessions ​ 6,208 ​ 428 ​ — ​ 6,636 Political subdivisions ​ 2,027 ​ 125 ​ — ​ 2,152 Special revenue excluding mortgage/asset-backed securities ​ 39,704 ​ 1,525 ​ (2) ​ 41,227 Industrial and miscellaneous ​ 234,049 ​ 11,602 ​ (291) ​ 245,360 Mortgage/asset-backed securities ​ 82,983 ​ 2,785 ​ (215) ​ 85,553 Total available-for-sale investments ​ $ 381,279 ​ $ 17,221 ​ $ (513) ​ $ 397,987 ​ Security holdings in an unrealized loss position As of December 31, 2021, the Company held 231 fixed maturity securities in an unrealized loss position with a total estimated fair value of $170.1 million and total gross unrealized losses of $2.7 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, 2020, the Company held 90 fixed maturity securities in an unrealized loss position with a total estimated fair value of $41.5 million and total gross unrealized losses of $0.5 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 December 31, 2021 and 2020, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ More Than 12 Months ​ Total ​ Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 ​ Value ​ Losses ​ Value ​ Losses ​ Value ​ Losses ​ ​ (in thousands) Fixed maturity securities: ​ ​ ​ ​ ​ ​ U.S. Governments $ 5,968 ​ $ (147) ​ $ 1,457 ​ $ (43) ​ $ 7,425 ​ $ (190) States, territories, and possessions ​ 1,444 ​ ​ (63) ​ — ​ — ​ 1,444 ​ (63) Political subdivisions ​ 1,815 ​ ​ (22) ​ — ​ — ​ 1,815 ​ (22) Special revenue excluding mortgage/asset-backed securities ​ 6,280 ​ ​ (76) ​ — ​ — ​ 6,280 ​ (76) Industrial and miscellaneous ​ 94,020 ​ ​ (1,468) ​ 5,570 ​ (423) ​ 99,590 ​ (1,891) Mortgage/asset-backed securities ​ 51,246 ​ ​ (412) ​ 2,319 ​ (51) ​ 53,565 ​ (463) Total ​ $ 160,773 ​ $ (2,188) ​ $ 9,346 ​ $ (517) ​ $ 170,119 ​ $ (2,705) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ More Than 12 Months ​ Total ​ Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2020 ​ Value ​ Losses ​ Value ​ Losses ​ Value ​ Losses ​ ​ (in thousands) Fixed maturity securities: ​ ​ ​ ​ ​ ​ U.S. Governments ​ $ 1,496 ​ $ (5) ​ $ — ​ $ — ​ $ 1,496 ​ $ (5) States, territories, and possessions ​ — ​ ​ — ​ — ​ — ​ — ​ — Political subdivisions ​ — ​ ​ — ​ — ​ — ​ — ​ — Special revenue excluding mortgage/asset-backed securities ​ 520 ​ ​ (2) ​ — ​ — ​ 520 ​ (2) Industrial and miscellaneous ​ 22,718 ​ ​ (234) ​ 203 ​ (57) ​ 22,921 ​ (291) Mortgage/asset-backed securities ​ 16,092 ​ ​ (211) ​ 496 ​ (4) ​ 16,588 ​ (215) Total ​ $ 40,826 ​ $ (452) ​ $ 699 ​ $ (61) ​ $ 41,525 ​ $ (513) ​ ​ The Company reviewed the above securities at each balance sheet date to consider whether it was necessary to recognize a credit loss related to any of these securities. An immaterial allowance for credit losses was recorded pertaining to one investment security as of December 31, 2021. For the remaining securities, 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. 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. The Company did not recognize an allowance for credit losses related to any securities for the year ended December 31, 2020. Contractual maturities of available-for-sale fixed maturity securities The amortized cost and fair value of fixed maturity securities at December 31, 2021, by contractual maturity, are shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Fair ​ ​ Cost ​ Value ​ (in thousands) Due within one year ​ $ 21,435 ​ $ 21,550 Due after one year through five years ​ 133,235 ​ 134,946 Due after five years through ten years ​ 113,264 ​ 115,897 Due after ten years ​ 47,228 ​ 48,415 Mortgage and asset-backed securities ​ 110,960 ​ 111,874 ​ ​ $ 426,122 ​ $ 432,682 ​ Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. Change in unrealized gains (losses) of investments The following table presents the change in available-for-sale gross unrealized gains or losses by investment type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Change in net unrealized gains (losses) ​ ​ ​ ​ ​ ​ Fixed maturities ​ $ (10,148) ​ $ 10,835 ​ $ 6,602 Net increase (decrease) ​ $ (10,148) ​ $ 10,835 ​ $ 6,602 ​ Net investment income summary Net investment income is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (in thousands) Interest income ​ $ 9,119 ​ $ 8,554 ​ $ 5,894 Dividend income ​ 461 ​ 489 ​ 424 Investment management fees and expenses ​ (500) ​ (431) ​ (343) Net investment income ​ $ 9,080 ​ $ 8,612 ​ $ 5,975 ​ Net realized and unrealized investment gains and losses The following table presents net realized and unrealized investment gains and losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Realized gains: ​ ​ ​ Gains on sales of fixed maturity securities ​ $ 466 ​ $ 501 ​ $ 1,405 Gains on sales of equity securities ​ 1,416 ​ 62 ​ 177 Total realized gains ​ 1,882 ​ 563 ​ 1,582 Realized losses: ​ ​ ​ Losses on sales of fixed maturity securities ​ (1) ​ ​ (46) ​ ​ (84) Losses on sales of equity securities ​ — ​ ​ (68) ​ ​ (64) Total realized losses ​ (1) ​ (114) ​ (148) Net realized investment gains ​ 1,881 ​ 449 ​ 1,434 Net unrealized gains (losses) on equity securities ​ (604) ​ 1,039 ​ 3,009 Net realized and unrealized gains (losses) on investments ​ $ 1,277 ​ $ 1,488 ​ $ 4,443 ​ Proceeds from the sale of fixed maturity securities were $17.4 million, $39.8 million and $46.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. 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 consolidated balance sheets. At December 31, 2021 and 2020, the carrying value of securities on deposit with state regulatory authorities was $7.5 million and $7.5 million, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements
Fair value measurements	4. Fair value measurements 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 December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Level 1 Level 2 Level 3 Total ​ (in thousands) Assets: ​ ​ ​ ​ Fixed maturity securities ​ ​ ​ ​ U.S. Governments ​ $ — ​ $ 16,870 ​ $ — ​ $ 16,870 States, territories, and possessions ​ — ​ 4,014 ​ — ​ 4,014 Political subdivisions ​ — ​ 6,380 ​ — ​ 6,380 Special revenue excluding mortgage/asset-backed securities ​ — ​ 44,498 ​ — ​ 44,498 Industrial and miscellaneous ​ — ​ 249,046 ​ — ​ 249,046 Mortgage/asset-backed securities ​ — ​ 110,374 ​ 1,500 ​ 111,874 Equity securities ​ 33,261 ​ — ​ — ​ 33,261 Cash, cash equivalents, and restricted cash ​ 50,371 ​ — ​ — ​ 50,371 Total assets ​ $ 83,632 ​ $ 431,182 ​ $ 1,500 ​ $ 516,314 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Level 1 Level 2 Level 3 Total ​ (in thousands) Assets: ​ ​ ​ ​ Fixed maturity securities ​ ​ ​ ​ U.S. Governments ​ $ — ​ $ 17,059 ​ $ — ​ $ 17,059 States, territories, and possessions ​ — ​ 6,636 ​ — ​ 6,636 Political subdivisions ​ — ​ 2,152 ​ — ​ 2,152 Special revenue excluding mortgage/asset-backed securities ​ — ​ 41,227 ​ — ​ 41,227 Industrial and miscellaneous ​ — ​ 245,360 ​ — ​ 245,360 Mortgage/asset-backed securities ​ — ​ 85,553 ​ — ​ 85,553 Equity securities ​ 24,322 ​ — ​ — ​ 24,322 Cash, cash equivalents, and restricted cash ​ 33,786 ​ — ​ — ​ 33,786 Total assets ​ $ 58,108 ​ $ 397,987 ​ $ — ​ $ 456,095 ​ The carrying amounts of financial assets and liabilities reported in the accompanying consolidated balance sheets 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. Transfers between Level 3 and Level 2 securities result from changes in the availability of market observable inputs and are recorded at the beginning of the reporting period. As of December 31, 2021, the Company had $1.5 million of fixed income securities classified as Level 3 due to the availability of market observable inputs.

Policy Acquisition Costs

Policy Acquisition Costs	12 Months Ended
	Dec. 31, 2021
Policy Acquisition Costs
Policy Acquisition Costs	5. Policy Acquisition Costs The following tables present the policy acquisition costs deferred and amortized over the terms of the policies in force: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Deferred Policy Acquisition Costs: ​ ​ ​ Balance, beginning of year ​ $ 35,481 ​ $ 25,201 ​ $ 14,052 Additions to deferred balance: ​ ​ ​ ​ ​ Direct commissions ​ 133,242 ​ 82,786 ​ 59,676 Ceding commissions ​ (32,249) ​ (19,371) ​ (17,257) Premium taxes ​ 8,209 ​ 7,024 ​ 5,236 Total net additions ​ 109,202 ​ 70,439 ​ 47,655 Amortization of net policy acquisition costs ​ (88,730) ​ (60,159) ​ (36,506) Balance, end of year ​ $ 55,953 ​ $ 35,481 ​ $ 25,201 Acquisition expenses: ​ ​ ​ Amortization of net policy acquisition costs ​ $ 88,730 ​ $ 60,159 ​ $ 36,506 Period costs ​ 6,703 ​ 3,882 ​ 753 Total Acquisition expenses ​ $ 95,433 ​ $ 64,041 ​ $ 37,259 ​

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2021
Intangible Assets
Intangible Assets	6. Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 ​ ​ (in thousands) Indefinite-lived intangibles: ​ ​ ​ ​ ​ ​ State insurance licenses ​ $ 744 ​ $ 744 Finite-lived intangibles: ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ 10,008 ​ ​ 10,768 Accumulated amortization on finite-lived intangibles ​ ​ (1,251) ​ ​ — Total intangible assets ​ $ 9,501 ​ $ 11,512 ​ ​ ​ State insurance licenses consist of licenses acquired at the inception of PSIC. ​ Customer relationships represents the fair value of acquired policy renewal rights. The Company began amortizing this intangible asset on a straight line basis in 2021 and is amortizing it over a period of 8 years . Amortization expense for the year ended December 31, 2021 was

Capitalized Assets

Capitalized Assets	12 Months Ended
	Dec. 31, 2021
Capitalized Assets
Capitalized Assets	7. Capitalized Assets Capitalized software balances are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Net December 31, 2021 Cost ​ Amortization Book Value ​ ​ (in thousands) Capitalized Software $ 13,205 $ (3,831) $ 9,374 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Net December 31, 2020 Cost Amortization Book Value ​ ​ (in thousands) Capitalized Software $ 8,450 $ (1,767) $ 6,683 ​ ​ Amortization expense relating to capitalized software for the years ended December 31, 2021, 2020 and 2019 was $2.1 million, $1.1 million, and $0.6 million, respectively. ​ Property and Equipment consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Net December 31, 2021 Cost ​ Depreciation Book Value ​ ​ (in thousands) Leasehold improvements ​ $ 879 $ (576) ​ $ 303 Computer hardware ​ 294 ​ (148) ​ 146 Office equipment and furniture ​ 519 ​ (441) ​ 78 Total ​ $ 1,692 ​ $ (1,165) ​ $ 527 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Net December 31, 2020 Cost Depreciation Book Value ​ ​ (in thousands) Leasehold improvements ​ $ 879 $ (459) ​ $ 420 Computer hardware ​ 276 ​ (100) ​ 176 Office equipment and furniture ​ 519 ​ (376) ​ 143 Total ​ $ 1,674 ​ $ (935) ​ $ 739 ​ ​ Depreciation expense for the years ended December 31, 2021, 2020 and 2019 was $0.2 million, $0.2 million, and $0.2 million respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	8. Leases ​ The Company has operating leases for office space used to conduct its insurance operations and administration activities. Operating lease right-of-use (“ROU”) assets are a component of prepaid expenses and other assets and operating lease liabilities are included in accounts payable and other accrued liabilities in the Company's consolidated balance sheets. ​ The Company determines whether an arrangement is a lease at its inception. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of lease payments, the Company uses its incremental borrowing rate, which it calculates based on information available at the lease commencement date. For certain leases that contain options to extend, the options are included in lease liabilities only if the company is reasonably certain the option will be exercised. Variable lease costs such as parking are expensed in the period the obligation is incurred and are not included in the Company’s operating lease liability. The Company's lease agreements do not contain any residual value guarantees. ​ Operating lease costs for the years ended December 31, 2021, 2020 and 2019 were $0.7 million, $0.7 million and $0.6 million, respectively. Operating lease costs are comprised of rental expense for operating leases. Lease expense is recognized on a straight-line basis over the lease term and is included as a component of other underwriting expenses in the Company’s consolidated statements of income and comprehensive income. ​ The following tables provide supplementary information about the Company’s leases: ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ (in thousands) ​ Operating cash outflows from operating leases ​ $ 879 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ($ in thousands) ​ Operating lease ROU assets ​ $ 1,636 ​ Operating lease liabilities ​ $ 2,187 ​ Weighted-average remaining lease term on operating leases ​ ​ 2.5 years Weighted-average discount rate on operating leases ​ ​ 2.1 % ​ ​ Future minimum lease payments as of December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ Years ending December 31, ​ (in thousands) ​ 2022 ​ $ 904 ​ 2023 ​ ​ 862 ​ 2024 ​ ​ 478 ​ 2025 ​ ​ — ​ 2026 ​ ​ — ​ Total future minimum lease payments ​ $ 2,244 ​ Less: imputed interest ​ ​ (57) ​ Total operating lease liability ​ $ 2,187 ​ ​

Reserve for Losses and Loss Adj

Reserve for Losses and Loss Adjustment Expenses	12 Months Ended
	Dec. 31, 2021
Reserve for Losses and Loss Adjustment Expenses
Reserve for Losses and Loss Adjustment Expenses	9. Reserve for Losses and Loss Adjustment Expenses Loss and loss adjustment expenses reserves represent management’s best estimate of the ultimate cost of all reported and unreported losses incurred for the years ended December 31, 2021, 2020, and 2019. The Company does not discount loss and loss adjustment expense reserves. The reserves for unpaid losses and loss adjustment expenses are estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in loss severity and frequency. In addition to case reserves, which are generally based on reported claims, the Company establishes reserves for incurred but not reported claims (“IBNR”). IBNR reserves are developed to provide for (i) the estimated amount of future loss payments on incurred claims not yet reported, and (ii) potential development on reported claims. IBNR reserves are estimated based on generally accepted actuarial reserving techniques that consider quantitative loss experience data and, where appropriate, qualitative factors. With the assistance of an independent, actuarial firm, the Company uses statistical analysis to estimate the cost of losses and loss adjustment expenses related to IBNR. Those estimates are based on historical information, industry information and practices, and estimates of trends that may affect the ultimate frequency of incurred but not reported claims and changes in ultimate claims severity. The Company regularly reviews its reserve estimates and adjusts them as necessary as experience develops or as new information becomes known. Such adjustments are included in current operations. During the loss settlement period, if there are indications that claims frequency or severity exceeds initial expectations, the Company generally increases its reserves for losses and loss adjustment expenses. Conversely, when claims frequency and severity trends are more favorable than initially anticipated, the Company generally reduces its reserves for losses and loss adjustment expenses once it has sufficient data to confirm the validity of the favorable trends. Even after such adjustments, the ultimate liability may exceed or be less than the revised estimates. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimate included in the Company’s consolidated financial statements. Although considerable variability is inherent in such estimates, management believes the reserves for losses and loss adjustment expenses are adequate. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known. Any adjustments to estimates are recorded in the current period. The following table provides a reconciliation of the beginning and ending reserve balances for losses and LAE on a net of reinsurance basis to the gross amounts reported in the accompanying consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period ​ $ 34,470 ​ $ 3,869 ​ $ 4,165 Add: Incurred losses and loss adjustment expenses, net of reinsurance, related to: ​ ​ ​ ​ ​ ​ ​ ​ ​ Current year ​ 45,042 ​ ​ 64,179 ​ ​ 5,774 Prior years ​ (3,585) ​ ​ (64) ​ ​ (181) Total incurred ​ 41,457 ​ 64,115 ​ 5,593 Deduct: Loss and loss adjustment expense payments, net of reinsurance, related to: ​ ​ ​ Current year ​ ​ 12,063 ​ ​ 31,879 ​ ​ 2,179 Prior years ​ ​ 18,445 ​ ​ 1,635 ​ ​ 3,710 Total payments ​ 30,508 ​ 33,514 ​ 5,889 Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period ​ 45,419 ​ 34,470 ​ 3,869 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period ​ ​ 127,947 ​ ​ 94,566 ​ ​ 12,952 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period ​ $ 173,366 ​ $ 129,036 ​ $ 16,821 ​ The foregoing reconciliation shows loss and loss adjustment expense reserve redundancies of $3.6 million, $0.1 million and $0.2 million developed in 2021, 2020 and 2019, respectively. During 2021, this net favorable reserve development was primarily due to the effect of ceding gross unfavorable development under our reinsurance program and lower than anticipated severity of catastrophe losses associated with certain hurricanes that occurred during the second half of 2020. During 2020, this favorable reserve development related to lower than anticipated frequency and severity of claims in our homeowners and special property lines of business offset by higher than anticipated frequency and severity of claims in our assumed reinsurance line. During 2019, this favorable reserve development was primarily related to lower than originally anticipated frequency and severity of claims in our homeowners lines of business, offset by higher than originally anticipated frequency and severity of claims in our special property lines of business. The Company compiles and aggregates its claims data by grouping the claims according to the year in which the claim occurred (“Accident Year”) when analyzing claim payment and emergence patterns and trends over time. For the purpose of defining claims frequency, the number of reported claims is by loss occurrence and includes claims that do not result in a liability or payment associated with them. The Company analyzed the usefulness of disaggregation of its results and determined the characteristics associated with the policies and the related unpaid loss reserves, incurred losses, and payment patterns are similar in nature. The Company separates its special property and other claim experience from its homeowner claim experience when analyzing losses and allocated loss adjustment expenses incurred and paid development and claim count triangles, as there are distinct differences in the development and claim count emergence patterns as well as methods of IBNR projection. The Special Property classification includes fire, allied lines, inland marine, and earthquake claims. As such, the following tables show the Company’s historical homeowner and special property incurred and cumulative paid losses and LAE development, net of reinsurance, as well as IBNR loss reserves and the number of reported claims on an aggregate basis as of December 31, 2021 and for previous accident years. The information provided herein about incurred and paid accident year claims development for the years ended December 31, 2020 and prior is presented as unaudited supplementary information. Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Homeowners’ Insurance (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred but ​ Cumulative ​ ​ Year Ended December 31, ​ Not Reported ​ Number of Accident Year 2015(1) 2016(1) 2017(1) 2018(1) 2019(1) 2020(1) 2021 Liabilities Claims 2015 ​ $ 2,048 ​ $ 1,785 ​ $ 1,658 ​ $ 1,636 ​ $ 1,642 ​ $ 1,636 ​ $ 1,643 ​ $ — ​ 421 2016 ​ ​ ​ ​ ​ 6,069 ​ ​ 5,878 ​ ​ 5,721 ​ ​ 5,636 ​ ​ 5,622 ​ ​ 5,609 ​ ​ — ​ 1,121 2017 ​ ​ ​ 9,354 ​ 7,418 ​ 6,630 ​ 6,388 ​ 5,587 ​ — ​ 3,049 2018 ​ ​ ​ ​ 2,193 ​ 2,008 ​ 1,930 ​ 1,929 ​ 2 ​ 799 2019 ​ ​ ​ ​ ​ 914 ​ 838 ​ 807 ​ 102 ​ 1,213 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,100 ​ ​ 15,088 ​ ​ 1,470 ​ 4,015 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,453 ​ ​ 2,866 ​ 3,479 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 39,116 ​ $ 4,440 14,097 ​ Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Homeowners’ Insurance (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Accident Year 2015(1) 2016(1) 2017(1) 2018(1) 2019(1) 2020(1) 2021 2015 ​ $ 860 ​ $ 1,379 ​ $ 1,523 ​ $ 1,615 ​ $ 1,634 ​ $ 1,636 ​ $ 1,643 2016 ​ ​ ​ ​ ​ 4,120 ​ ​ 5,356 ​ ​ 5,585 ​ ​ 5,607 ​ ​ 5,619 ​ ​ 5,609 2017 ​ ​ ​ 7,135 ​ 7,375 ​ 6,628 ​ 6,371 ​ 5,586 2018 ​ ​ ​ ​ 1,550 ​ 1,853 ​ 1,922 ​ 1,922 2019 ​ ​ ​ ​ ​ 546 ​ 685 ​ 685 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,588 ​ ​ 13,095 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,351 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 32,891 Reserve for losses and loss adjustment expense, net of reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,225 (1) Data presented for these calendar years is required supplementary information, which is unaudited. Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Homeowners’ Insurance (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 (2) Year 6 (2) Year 7 Payout percentage 77.58 % 14.60 % 0.61 % 0.35 % (4.23) % (0.18) % 0.43 % ​ (2) Negative payout percentages are due to timing of reinsurance payments, allocations of reinsurance between different lines of business based on actual results, and allocation of reinsurance to different periods for reinsurance treaties in effect for multiple periods. These are primarily associated with larger recoveries from catastrophe events in earlier years of operation. ​ ​ Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Special Property Insurance (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 20201 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred but ​ Cumulative ​ ​ Year Ended December 31, ​ Not Reported ​ Number of Accident Year 2015(1) 2016(1) 2017(1) 2018(1) 2019(1) 2020(1) 2021 Liabilities Claims 2015 ​ $ 630 ​ $ 719 ​ $ 671 ​ $ 671 ​ $ 678 ​ $ 677 ​ $ 673 ​ $ — ​ 523 2016 ​ ​ ​ ​ ​ 1,381 ​ ​ 1,249 ​ ​ 1,251 ​ ​ 1,454 ​ ​ 1,453 ​ ​ 1,453 ​ ​ — ​ 1,353 2017 ​ ​ ​ 3,071 ​ 3,475 ​ 4,014 ​ 4,264 ​ 4,974 ​ — ​ 3,615 2018 ​ ​ ​ ​ 5,970 ​ 6,095 ​ 6,009 ​ 6,021 ​ — ​ 1,317 2019 ​ ​ ​ ​ ​ 3,661 ​ 3,385 ​ 3,140 ​ 33 ​ 1,780 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 42,334 ​ ​ 42,160 ​ ​ 2,328 ​ 2,573 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 21,383 ​ ​ 3,689 ​ 1,542 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 79,804 ​ $ 6,050 12,703 ​ Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Special Property Insurance (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accident Year 2015(1) 2016(1) 2017(1) 2018(1) 2019(1) 2020(1) 2021 2015 ​ $ 265 ​ $ 438 ​ $ 586 ​ $ 626 ​ $ 666 ​ $ 673 ​ $ 673 2016 ​ ​ ​ ​ ​ 703 ​ ​ 1,064 ​ ​ 1,216 ​ ​ 1,444 ​ ​ 1,453 ​ ​ 1,453 2017 ​ ​ ​ 1,967 ​ 3,344 ​ 4,011 ​ 4,269 ​ 4,974 2018 ​ ​ ​ ​ 2,859 ​ 6,036 ​ 6,009 ​ 6,021 2019 ​ ​ ​ ​ ​ 1,633 ​ 2,825 ​ 3,072 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,274 ​ ​ 36,127 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,004 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 59,324 Reserve for losses and loss adjustment expense, net of reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20,480 ​ (1) Data presented for these calendar years is required supplementary information, which is unaudited. Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Special Property Insurance (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Payout percentage 43.27 % 35.22 % 10.66 % 6.76 % 6.91 % 0.52 % — % ​ The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated balance sheets is as follows: ​ ​ ​ ​ ​ ​ 2021 ​ ​ (in thousands) Net outstanding liabilities: ​ Homeowners’ insurance ​ $ 6,225 Special property ​ ​ 20,480 Reinsurance- Nonproportional assumed property(1) ​ 9,542 Other ​ ​ 9,172 Reserve for losses and loss adjustment expense, net of reinsurance ​ 45,419 Reinsurance recoverable on unpaid claims: ​ Homeowners’ insurance ​ $ 17,214 Special property ​ ​ 108,906 Other ​ 1,827 Total reinsurance recoverable on unpaid claims ​ 127,947 Total reserve for losses and loss adjustment expenses ​ $ 173,366 ​ (1) Reflects the Company’s share of Loss and Loss Adjustment Expense related to non-proportional assumed reinsurance business. This amount reflects gross and net reserves related to this treaty and the ultimate incurred amount reflects IBNR only. The Company does not have direct access to individual claim information underlying the assumed quota arrangement. The Company does not use claim frequency information in the determination of loss reserves or for other internal purposes. Based on these considerations, the Company does not believe providing claims frequency information is practicable as it relates to this line of business . ​ ​

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2021
Reinsurance
Reinsurance	10. Reinsurance 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. In an XOL treaty, the Company retains losses for any occurrence up to a specified amount (its “retention”) and reinsurers assume any losses above that amount. Historically, the Company has had a retention of between $5 million and $15 million for hurricane and earthquake events. As of December 31, 2021, the Company’s catastrophe event retention is $12.5 million for all perils. As of December 31, 2021, the Company’s XOL reinsurance structure provides protection up to $1.68 billion for earthquake events and $700 million for hurricane events. In a quota share agreement, the Company transfers, or cedes, part or all of its exposure to a reinsurer who receives a portion of the associated premium in exchange. The reinsurer also must share an agreed upon portion of losses and agreed upon portion of the associated commission expense. The Company has quota share reinsurance agreements on several of its lines with the Commercial Earthquake, Inland Marine, Specialty Homeowners, and Commercial All Risk lines are currently accounting for the largest amount of ceded written premiums. The following table shows ceded written premiums under quota share arrangements by line of business for certain quota shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (in thousands) Inland Marine ​ $ 28,389 ​ $ 5,339 ​ $ 1,506 Specialty Homeowners ​ 27,394 ​ 22,295 ​ 25,384 Commercial Earthquake ​ ​ 14,447 ​ ​ 6,929 ​ ​ — Commercial All Risk ​ 3,948 ​ 19,218 ​ 19,236 Others ​ ​ 21,823 ​ ​ 5,495 ​ ​ 5,230 Total ​ $ 96,001 ​ $ 59,276 ​ $ 51,356 ​ No other quota share program accounted for more than 10% of total ceded written premiums for the above periods. The Company recognizes ceded unearned premiums related to quota share agreements as an asset on its consolidated balance sheets. As of December 31, 2021 and 2020, ceded unearned premiums totaled $58.3 million and $35.0 million, respectively. The increase was driven primarily by premium growth in lines subject to quota shares and the timing at which the Company entered quota share arrangements. As part of its reinsurance program, in May 2017, the Company obtained catastrophe protection through a reinsurance agreement with Torrey Pines Re Ltd. (“TPRe”). In connection with the reinsurance agreement, TPRe issued notes to unrelated investors in an amount equal to the full $166 million of coverage provided under the reinsurance agreement covering a three-year period, ending May 31, 2020. During the first quarter of 2021, the Company closed a $400 million 144A catastrophe bond which became effective June 1, 2021. The catastrophe bond was completed through Torrey Pines Re Pte. Ltd. (“Torrey Pines Re”). Written premiums ceded under these catastrophe bond agreements were $11.7 million, $5.0 million and $10.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. The effect of reinsurance on premiums written and earned and on losses and LAE incurred for the years ended December 31, 2021, 2020 and 2019, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ Written Earned Written Earned Written Earned ​ ​ (in thousands) Premiums Written and Earned: ​ ​ ​ ​ ​ ​ Direct ​ $ 467,424 ​ $ 384,463 ​ $ 324,253 ​ $ 271,887 ​ $ 220,568 ​ $ 178,536 Assumed ​ 67,751 ​ 49,535 ​ 30,107 ​ 29,569 ​ 31,393 ​ 21,985 Ceded ​ (223,443) ​ (200,172) ​ (155,102) ​ (146,388) ​ (108,332) ​ (100,314) Net ​ $ 311,732 ​ $ 233,826 ​ $ 199,258 ​ $ 155,068 ​ $ 143,629 ​ $ 100,207 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ Losses LAE Total ​ ​ (in thousands) Losses and LAE Incurred: ​ ​ ​ Direct ​ $ 168,292 ​ $ 13,295 ​ $ 181,587 Assumed ​ 17,184 ​ 1,926 ​ 19,110 Ceded ​ (148,106) ​ (11,134) ​ (159,240) Net ​ $ 37,370 ​ $ 4,087 ​ $ 41,457 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ Losses LAE Total ​ ​ (in thousands) Losses and LAE Incurred: ​ ​ ​ Direct ​ $ 145,774 ​ $ 18,777 ​ $ 164,551 Assumed ​ 3,485 ​ 159 ​ 3,644 Ceded ​ (91,969) ​ (12,111) ​ (104,080) Net ​ $ 57,290 ​ $ 6,825 ​ $ 64,115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Losses LAE Total ​ ​ (in thousands) Losses and LAE Incurred: ​ ​ ​ Direct ​ $ 20,105 ​ $ 2,837 ​ $ 22,942 Assumed ​ 1,201 ​ 34 ​ 1,235 Ceded ​ (16,564) ​ (2,020) ​ (18,584) Net ​ $ 4,742 ​ $ 851 ​ $ 5,593 ​ The ceding of insurance does not legally discharge the Company from its primary liability for the full amount of the policy coverage, and therefore the Company will be required to pay the loss and bear collection risk if the reinsurer fails to meet its obligations under the reinsurance agreement. To minimize exposure to significant losses from reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk. To reduce credit exposure to reinsurance recoverable balances, the Company obtains letters of credit from certain reinsurers that are not authorized as reinsurers under U.S. state insurance regulations. In addition, under the terms of its reinsurance contracts, the Company may retain funds due from reinsurers as security for those recoverable balances. As of December 31, 2021 and 2020, the Company had retained $10.9 million and $4.5 million in funds from reinsurers, respectively. The Company is able to use the funds in the ordinary course of its business. The funds are held in cash and cash equivalents and investments with an offsetting liability on the accompanying consolidated balance sheets. For the year ended December 31, 2021, reinsurance premiums ceded to the Company’s three largest reinsurers totaled $24.7 million, $11.7 million and $10.4 of the total balance. For the year ended December 31, 2020, reinsurance premiums ceded to the Company’s three largest reinsurers totaled $9.7 million, $8.6 million and $6.0 of the total balance. For the year ended December 31, 2019, reinsurance premiums ceded to the Company’s three largest reinsurers totaled $21.7 million, $7.5 million and $4.9 million, representing 31.5% of the total balance. At December 31, 2021 reinsurance recoverable on unpaid losses by the Company’s three largest reinsurers were $21.9 million, $10.5 % of the total balance. At December 31, 2020 reinsurance recoverable on unpaid losses by the Company’s three largest reinsurers were $36.0 million, $5.8 % of the total balance. All of the Company’s reinsurers are required to have an A.M. best rating of A− (excellent) or better or post collateral.

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt
Debt	11. Debt Floating Rate notes Prior to May 2019, the Company had $20.0 million floating rate senior secured notes (the “Floating Rate Notes”), bearing interest at the three-month treasury rate plus 6.50% per annum. The Company redeemed its Floating Rate Notes pursuant to their terms 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 Company recognized a charge of $1.3 million upon redemption with $0.4 million due to the redemption premium and $0.9 million due to the write-off of unamortized debt issuance costs. The $0.4 million redemption premium was recognized as a component of interest expense and the $0.9 million issuance cost write-off was recognized as a component of other underwriting expenses in the Company’s consolidated statements of income and comprehensive income. The Company incurred $1.1 million and paid $1.2 million in interest expense related to the Floating Rate Notes for the year ended December 31, 2019 (inclusive of the $0.4 million redemption premium). Credit Agreement In December 2021, the Company entered into a Credit Agreement (the “Credit Agreement”) with certain lenders which provides a revolving credit facility of up to $100.0 million (the “Revolving Loan”). The maturity of the facility is December 8, 2026. The Revolving Loan may be either a SOFR rate loan or a base rate loan, at the Company’s discretion. The Revolving Loan may be prepaid in full or in part at any time with no prepayment premium and may be reduced in full or in part at any time upon prior notice. Interest on the Revolving Loan accrues on each SOFR rate loan at the applicable SOFR (as defined in the Credit Agreement) plus 1.75% and on each base rate loan at the applicable Alternate Base Rate (as defined in the Credit Agreement) plus (ii) 0.75% . In addition, the Company paid a commitment fee of $0.3 million upon closing of the Credit Agreement and must pay an unused line fee of 0.25% per annum on any unborrowed amount under the Credit Agreement. ​ The Company’s obligations under the Credit Agreement are unsecured with a negative pledge against all assets of Palomar and its subsidiaries as described in the Credit Agreement. 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 in the Credit agreement require the Company not to exceed a maximum leverage ratio and maintain a minimum net worth at the end of each quarter. The Company’s insurance subsidiaries are also required to maintain a minimum Risk Based Capital Ratio at the end of each year and must always maintain a minimum AM Best Financial Strength rating. As of December 31, 2021, the Company was in compliance with all covenants. ​ The Credit Agreement provides for events of default customary for revolving loans of this type, including but not limited to non-payment, breaches, or defaults in the performance of covenants, insolvency, bankruptcy and the occurrence of a material adverse effect on Palomar. During the existence of an event of default, all outstanding amounts of the Revolving Loan shall bear interest at a rate per annum equal to the rate otherwise applicable thereto plus 2.00%. ​ As of December 31, 2021, there were no outstanding borrowings under this Credit Agreement. For the year ended December 31, 2021, the Company incurred an immaterial amount of interest related to amortization of the commitment fee and unused line fee paid on the Credit Agreement.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity
Stockholders' Equity	12. Stockholders’ Equity As of December 31, 2021 and December 31, 2020, the Company has 5,000,000 preferred shares authorized with a par value of $0.0001 and no preferred shares issued and outstanding. As of December 31, 2021 and December 31, 2020, the Company has 500,000,000 common shares authorized and 25,428,929 and 25,525,796 common shares issued and outstanding , respectively, with a par value of $0.0001. Additional paid in capital is $318.9 million as of December 31, 2021 and $310.5 million as of December 31, 2020. ​ Common stock reserved for future issuance consists of the following as of December 31, 2021: ​ ​ ​ Stock options outstanding under 2019 Equity Incentive Plan 933,051 Restricted stock units outstanding under 2019 Equity Incentive Plan 235,696 Performance stock units outstanding under 2019 Equity Incentive Plan 358,401 Shares authorized for future issuance under 2019 Equity Incentive Plan 2,073,183 Shares authorized for future issuance under 2019 Employee Stock Purchase Plan 681,840 Total 4,282,171 ​ The below table summarizes the Company’s stock-based compensation expense for each period presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 ​ (in thousands) Stock-Based Compensation Expense $ 5,584 ​ $ 2,167 ​ $ 24,103 ​ Stock-based compensation expense is recognized on a straight-line basis over the vesting period of awards. The Company does not apply a forfeiture rate to unvested awards and accounts for forfeitures as they occur. All stock-based compensation is included in other underwriting expenses in the Company’s consolidated statements of income and comprehensive income. The Company recognized approximately $23.0 million of stock-based compensation expense in March 2019 relating to the modification of its 2014 Management Incentive Plan. The Company began recognizing stock-based compensation expense relating to its 2019 Equity Incentive Plan and the 2019 Employee Stock Purchase Plan upon their inception and initial equity grants in April 2019. Aside from the aforementioned $23.0 million charge, all stock-based compensation expense recognized during the years ended December 31, 2021, December 31, 2020 and December 31, 2019 relates to the 2019 Equity Incentive Plan and 2019 Employee Stock Purchase Plan. Management Incentive Plan prior to IPO 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 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 prior to 2019 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 during the quarter ending March 31, 2019. The stock compensation charge is included in other underwriting expenses in the Company’s consolidated statements of income and comprehensive income. 2019 Equity Incentive Plan On April 16, 2019, the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective. The 2019 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (“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. A total of 2,400,000 shares of common stock were initially authorized and reserved for issuance under the 2019 Plan. This reserve increases on January 1 of each year 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, or an amount determined by the board of directors. 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 first grant vesting period The following table summarizes stock option transactions for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ ​ ​ ​ remaining ​ Aggregate ​ ​ Number of ​ Weighted-average ​ contractual term ​ intrinsic value ​ shares exercise price (in years) (in thousands) Outstanding at January 1, 2021 ​ 1,008,648 ​ $ 23.92 ​ 8.43 ​ $ 66,028 Options granted ​ 73,515 ​ ​ 94.28 ​ ​ ​ ​ ​ Options exercised ​ (126,449) ​ ​ 16.55 ​ ​ ​ ​ ​ Options canceled ​ (22,663) ​ ​ 67.27 ​ ​ ​ ​ ​ Outstanding at December 31, 2021 ​ 933,051 ​ $ 29.41 ​ 7.59 ​ $ 36,679 Vested and Exercisable at December 31, 2021 ​ 636,961 ​ $ 19.62 ​ 7.38 ​ $ 29,283 ​ The total intrinsic value of stock options exercised during the years ended December 31, 2021 and December 31, 2020 was $8.5 million and $7.7 million, respectively. No options were exercised prior to 2020. As of December 31, 2021, the Company had approximately $3.4 million of total unrecognized stock-based compensation expense related to stock options expected to be recognized over a weighted-average period of 1.82 years. The fair value of each option granted was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions in each year presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 ​ (in thousands) Risk free rate of return (1) ​ 0.57% - 1.35% ​ ​ 0.32% - 1.52% ​ ​ 1.59% - 2.45% Expected share price volatility (2) ​ 26.06% - 39.41% ​ ​ 18.13% - 25.67% ​ ​ 18.12% - 18.45% Expected life in years (3) ​ 5.89 ​ ​ 5.63 - 6.08 ​ ​ 5.64 - 6.08 Dividend yield (4) ​ 0% ​ ​ 0% ​ ​ 0% (1) Determined based on the U.S. Treasury yield in effect at the time of the grant for zero-coupon U.S. Treasury notes with remaining terms similar to the expected term of the options. (2) Determined based on a blend of the Company’s historic stock price volatility and the historic volatility of a peer group of publicly traded companies. (3) Determined using the “simplified method” for estimating the expected option life, which is the average of the weighted-average vesting period and contractual term of the option as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its common stock has been publicly traded. (4) Determined to be zero as the Company does not currently plan to issue dividends. ​ Restricted Stock Units Restricted stock units are valued on their grant date and generally vest first one third vesting anniversary value grant The following table summarizes RSU transactions for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ Number of ​ grant date ​ shares fair value Non vested outstanding at January 1, 2021 ​ 14,734 ​ $ 95.86 Granted ​ 228,528 ​ ​ 78.70 Vested ​ (5,987) ​ ​ 91.08 Forfeited ​ (1,579) ​ ​ 97.08 Non vested outstanding at December 31, 2021 ​ 235,696 ​ $ 79.33 ​ As of December 31, 2021, the Company had approximately $16.5 million of total unrecognized stock-based compensation expense related to RSUs expected to be recognized over a weighted-average period of 4.04 years. Performance Stock Units ​ During the year ended December 31, 2021, the Company began issuing PSUs to certain employees. The Company issues PSUs with a combination of service, performance, and market conditions. ​ The majority of PSUs were issued pursuant to the executive stock grants, as described below. For other PSU grants, 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. The PSU’s performance period is the fiscal year of the grant. At the end of the performance period, the actual results will be measured against the predetermined targets to determine the number of PSUs to be earned as compensation. The earned PSUs are then subject to a required service period of approximately three years from the grant date before vesting and being issued as common stock. The following table summarizes PSU transactions for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ Number of ​ grant date ​ shares fair value Non vested outstanding at January 1, 2021 ​ — ​ $ — Granted ​ 358,658 ​ ​ 36.91 Vested ​ — ​ ​ — Forfeited ​ (257) ​ ​ 97.87 Non vested outstanding at December 31, 2021 ​ 358,401 ​ $ 36.87 ​ The PSU grants above represent the number of shares that would vest based on achievement of all stock price milestones in the executive stock grants and the 100% achievement of the predetermined company performance conditions for the other PSU grants. The actual number of PSUs which will vest is subject to adjustment based on the Company’s actual stock price performance and financial performance relative to the predetermined targets. As of December 31, 2021, the Company had approximately $12.2 million of total unrecognized stock-based compensation expense related to PSUs expected to be recognized over a weighted-average period of 4.64 years. 2021 Executive Stock Grants ​ During the year ended December 31, 2021, the Company granted 192,307 RSUs and 350,000 PSUs to various executives, including the Company’s CEO. The RSUs vest over a period of five years with one fifth vesting upon the first, second and third anniversary of the grants and the remainder vesting monthly thereafter. ​ The PSUs are earned based on the achievement of stock price milestones. If the Company’s stock price reaches and remains at certain milestones for ​ The RSUs were valued based on the closing price of the Company’s stock on the grant date. The PSUs were valued using a Monte Carlo simulation to account for the market condition within the award. The Company expects to recognize $14.6 million of expense relating to the RSUs and $12.4 million relating to the PSUs. The expense shall be recognized straight-line over the requisite service period of approximately five years . Should these executives leave prior to the requisite service period, any recognized compensation expense related to unvested RSUs and PSUs will be reversed. ​ 2019 Employee Stock Purchase Plan On April 16, 2019, the Company's 2019 Employee Stock Purchase Plan (“the 2019 ESPP”) became effective. 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 on January 1 of each year through 2029, equal to the smaller of 240,000 shares of the Company’s common stock or such other amount as may be determined by the board of directors. Under the 2019 ESPP, employees can purchase Company stock at a discount via payroll withholdings. The 2019 ESPP is administered through employee participation in discrete offering periods. During each discrete offering period employee funds are withheld, and the stock purchase occurs upon the conclusion of the offering period. The Company issued 9,793 and 28,367 shares pursuant to the ESPP during the years ended December 31, 2021 and December 31,2020, respectively. Share repurchases ​ On March 29, 2021, the Company’s Board of Directors approved the adoption of a share repurchase program which became effective March 31, 2021. The program authorized the repurchase by the Company of up to $40 million of its outstanding shares of common stock. The Company purchased 239,096 shares for $15.9 million under this program during the year ended December 31, 2021. The Company accounts for share repurchases by charging the excess of repurchase price over the common stock’s par value entirely to retained earnings. All repurchased shares are retired and become authorized but unissued shares.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2021
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income	13. Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income (loss) (“AOCI”) are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Balance as of January 1 ​ $ 13,246 ​ $ 4,686 ​ $ (563) ​ Other comprehensive income (loss) before reclassification ​ (9,579) ​ ​ 11,292 ​ ​ 6,555 ​ Federal income tax (expense) benefit ​ 2,012 ​ ​ (2,371) ​ ​ (1,344) ​ Other comprehensive income (loss) before reclassification, net of tax ​ (7,567) ​ 8,921 ​ 5,211 ​ Amounts reclassified from AOCI ​ (464) ​ ​ (456) ​ ​ 47 ​ Federal income tax expense (benefit) ​ 97 ​ ​ 95 ​ ​ (9) ​ Amounts reclassified from AOCI, net of tax ​ (367) ​ (361) ​ 38 ​ Other comprehensive income (loss) ​ (7,934) ​ 8,560 ​ 5,249 ​ Balance at end of period ​ $ 5,312 ​ $ 13,246 ​ $ 4,686 ​ ​

Underwriting Information

Underwriting Information	12 Months Ended
	Dec. 31, 2021
Underwriting Information
Underwriting Information	​ 14. Underwriting Information The Company has a single ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 2019 ​ ​ ($ in thousands) ​ ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ ​ % of ​ ​ Amount ​ GWP ​ Amount ​ GWP Amount ​ GWP Product ​ ​ ​ ​ ​ Residential Earthquake ​ $ 171,048 ​ 32.0 % $ 140,934 ​ 39.8 % $ 130,473 ​ 51.8 % Commercial Earthquake ​ 90,552 ​ 16.9 % 58,890 ​ 16.6 % 38,741 ​ 15.4 % Specialty Homeowners ​ 67,894 ​ 12.7 % 49,849 ​ 14.1 % 32,788 ​ 13.0 % Inland Marine ​ 57,124 ​ 10.7 % 15,423 ​ 4.3 % 2,465 ​ 1.0 % Commercial All Risk ​ ​ 38,640 ​ 7.2 % ​ 53,933 ​ 15.2 % ​ 30,358 ​ 12.0 % Hawaii Hurricane ​ 30,298 ​ 5.6 % 13,824 ​ 3.9 % 10,764 ​ 4.3 % Residential Flood ​ 11,652 ​ 2.2 % 8,176 ​ 2.3 % 5,216 ​ 2.1 % Other ​ ​ 67,967 ​ 12.7 % ​ 13,331 ​ 3.8 % ​ 1,156 ​ 0.4 % Total Gross Written Premiums ​ $ 535,175 100.0 % $ 354,360 100.0 % $ 251,961 100.0 % ​ Gross written premiums by state are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 2019 ​ ​ ($ in thousands) ​ ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ ​ % of ​ ​ Amount ​ GWP ​ Amount ​ GWP Amount ​ GWP State ​ ​ ​ ​ ​ California ​ $ 244,416 ​ 45.6 % $ 172,765 ​ 48.8 % $ 141,743 ​ 56.3 % Texas ​ ​ 62,893 ​ 11.8 % ​ 67,974 ​ 19.2 % ​ 44,087 ​ 17.5 % Hawaii ​ ​ 34,993 ​ 6.5 % ​ 16,398 ​ 4.6 % ​ 11,851 ​ 4.7 % Florida ​ ​ 27,386 ​ 5.1 % ​ 5,795 ​ 1.7 % — ​ — % Washington ​ 23,608 ​ 4.4 % 14,328 ​ 4.0 % 9,607 3.8 % North Carolina ​ ​ 15,271 ​ 2.9 % ​ 11,143 ​ 3.1 % 3,894 ​ 1.5 % Oregon ​ 13,677 ​ 2.6 % 10,038 ​ 2.8 % 7,396 2.9 % Illinois ​ 12,133 ​ 2.3 % 6,133 ​ 1.7 % ​ 6,133 2.4 % Other ​ 100,798 ​ 18.8 % 49,786 ​ 14.1 % 27,250 10.9 % Total Gross Written Premiums ​ $ 535,175 100.0 % $ 354,360 100.0 % $ 251,961 100.0 % ​ Gross written premiums by insurance subsidiary are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 2019 ​ ​ ($ in thousands) ​ ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ ​ % of ​ ​ Amount ​ GWP ​ Amount ​ GWP Amount ​ GWP Subsidiary ​ ​ ​ ​ ​ PSIC ​ $ 383,063 ​ 71.4 % $ 324,870 ​ 91.7 % $ — ​ 0.0 % PESIC ​ 152,111 ​ 28.6 % 29,490 ​ 8.3 % — 0.0 % Total Gross Written Premiums ​ $ 535,175 100.0 % $ 354,360 100.0 % $ — 0.0 % ​ The Company distributes a significant portion of its Residential Earthquake, Commercial Earthquake, Specialty Homeowners and Hawaii Hurricane products through longstanding relationships with two program administrators. Each of the four products managed by the program administrators operates as a separate program that is governed by an independent, separately negotiated agreement with unique terms and conditions, including geographic scope, key men provisions, economics and exclusivity. These programs also feature separate managerial oversight and leadership, policy administration systems and retail agents originating policies. In total, these four products accounted for $255.8 million or 48.2% of the Company’s gross written premiums for the year ended December 31, 2021, $191.3 million or 54.0% of the Company’s gross written premiums for the year ended December 31, 2020, and $148.6 million or 59.0% of the Company’s gross written premiums for the year ended December 31, 2019.

Retirement and Post-Employment

Retirement and Post-Employment Retirement Plans	12 Months Ended
	Dec. 31, 2021
Retirement and Post-Employment Retirement Plans
Retirement and Post-Employment Retirement Plans	15. Retirement and Post-Employment Retirement Plans For employees meeting certain eligibility requirements, the Company provides a defined contribution retirement plan under IRC Section 401(k). Under a safe-harbor plan, the Company contributes 3% of each participant’s gross wages regardless of the employee’s contribution. For the years ended December 31, 2021, 2020 and 2019 the Company’s contributions to the plan were $0.7 million, $0.3 million and $0.3 million, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	16. Income Taxes The components of the Company’s federal income tax expense (benefit) are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Current ​ $ 10,650 ​ $ (1,128) ​ $ 6,810 Deferred ​ 641 ​ 1,094 ​ 646 Income tax expense (benefit) ​ $ 11,291 ​ $ (34) ​ $ 7,456 ​ As of December 31, 2021 and 2020, significant components of the Company’s deferred tax assets and liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Deferred tax assets: ​ ​ Losses and LAE reserve discount ​ $ 279 ​ $ 238 State tax net operating losses ​ 2,879 ​ 680 Unearned premiums ​ 9,569 ​ 6,272 Capitalized organizational costs ​ 214 ​ 244 Deferred compensation ​ 997 ​ 511 Other ​ 1,285 ​ 652 Total deferred tax assets ​ $ 15,223 ​ $ 8,597 Deferred tax liabilities: ​ ​ Deferred acquisition costs ​ $ (11,754) ​ $ (7,454) Unrealized gains on investments ​ (1,612) ​ (3,884) Internally developed software ​ ​ (1,969) ​ ​ (1,283) Other ​ (919) ​ (672) Total deferred tax liabilities ​ (16,254) ​ (13,293) Net deferred tax liability before valuation allowance ​ (1,031) ​ (4,696) Valuation allowance ​ (2,879) ​ (680) Total net deferred tax liabilities ​ $ (3,910) ​ $ (5,376) ​ The valuation allowance shown above relates to deferred tax assets associated with state net operating loss carryforwards. These carryforwards do not meet the “more likely than not” criteria under ASC 740, Income Taxes As of December 31, 2021, there are no federal net operating losses or tax credit carryforwards . The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the tax years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ($ in thousands) Expense computed at federal tax rate $ 11,999 ​ 21.00 % $ 1,321 ​ 21.00 % $ 3,802 21.00 % Stock-based compensation ​ (1,067) ​ (1.87) % (1,538) ​ (24.44) % 4,822 26.63 % Dividend received deduction and tax‑exempt interest ​ (81) ​ (0.14) % (67) ​ (1.06) % (36) (0.20) % Valuation allowance ​ 2,199 ​ 3.85 % 606 ​ 9.63 % (1,677) (9.27) % Other ​ (1,759) ​ (3.08) % (356) ​ (5.67) % 545 3.01 % Income tax expense (benefit) ​ $ 11,291 19.76 % $ (34) (0.54) % $ 7,456 41.17 % ​ For the year ended December 31, 2021, the difference relates primarily to a benefit from the permanent component of employee stock option exercises and charges related to state tax accruals. For the year ended December 31, 2020, the difference relates primarily the permanent component of employee stock option exercises. For the year ended December 31, 2019, this difference relates primarily to a non-deductible stock compensation charge of $23.1 million incurred by the Company in March 2019. For the years ended December 31, 2021 and Decembers 31, 2020, the Company increased its valuation allowance relating to deferred tax assets associated with state net operating losses. The Company reversed the valuation allowance on its U.S. tax attributes during the year ended December 31, 2019 because of Domestication in the United States and projected future operating income in the U.S. As of December 31, 2021 and 2020, the Company had no uncertain tax positions that required either recognition or disclosure in the consolidated financial statements. This is not expected to change significantly during the next twelve months. The Company classifies interest and penalties, if any, related to the liability for unrecognized tax benefits as a component of the provision for income taxes. The Company’s income tax returns for 2018 through 2020 remain subject to examination by the tax authorities.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share
Earnings Per Share	17 ​ The following table sets forth the computation of earnings per share of common stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 ​ (in thousands, except shares and per share data) Net income ​ $ 45,847 ​ $ 6,257 ​ $ 10,621 Weighted average common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 25,459,514 ​ 24,872,251 ​ 21,501,541 Common Share equivalents ​ ​ 652,390 ​ ​ 726,396 ​ ​ 333,393 Diluted ​ ​ 26,111,904 ​ ​ 25,598,647 ​ ​ 21,834,934 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.80 ​ $ 0.25 ​ $ 0.49 Diluted ​ $ 1.76 ​ $ 0.24 ​ $ 0.49 ​ Common share equivalents relate to outstanding stock options and PSUs under the 2019 Plan and unpurchased shares under the 2019 ESPP and are calculated using the treasury stock method.

Statutory financial information

Statutory financial information	12 Months Ended
	Dec. 31, 2021
Statutory financial information
Statutory financial information	18. Statutory financial information U.S. U.S. state insurance laws and regulations prescribe accounting practices for determining statutory net income and capital and surplus for insurance companies. In addition, state regulators may permit statutory accounting practices that differ from prescribed practices. Statutory accounting practices (“SAP”) prescribed or permitted by regulatory authorities for the Company’s insurance subsidiaries differ from U.S. GAAP. The principal differences between SAP and GAAP as they relate to the financial statements of the Company’s insurance subsidiaries are (a) policy acquisition costs are expensed as incurred under SAP, whereas they are deferred and amortized under GAAP, (b) certain assets are not admitted for purposes of determining surplus under SAP, (c) investments in fixed income securities are carried at fair value under GAAP whereas such securities are carried at amortized cost under SAP, and (d) the criteria for recognizing net DTAs and the methodologies used to determine such amounts are different under SAP and GAAP. Combined statutory net income and statutory capital surplus for the U.S. insurance subsidiaries, PSIC and PESIC as of December 31, 2021, 2020 and 2019 and for the years then ended are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Statutory net income (loss) ​ $ 51,410 ​ $ 1,753 ​ $ (17,911) Statutory capital and surplus ​ 271,977 ​ 213,721 ​ 116,296 ​ Risk-Based Capital (“RBC”) requirements promulgated by the NAIC require property/casualty insurers to maintain minimum capitalization levels determined based on formulas incorporating various business risks of the insurance subsidiaries. As of December 31, 2021 and 2020, the company’s capital and surplus exceeds its authorized control level. Bermuda Under the Bermuda Insurance Act, 1978 and related regulations, PSRE is required to maintain certain solvency and liquidity levels. The minimum statutory solvency margin required at December 31, 2021 and 2020 was approximately $1.2 PSRE had stockholder’s equity of $17.0 million and $41.9 million on a GAAP basis at December 31, 2021 and 2020, respectively. The principal difference between statutory capital and surplus and stockholder’s equity presented in accordance with GAAP are prepaid expenses, which are non-admitted assets for Bermuda statutory purposes. In the third and fourth quarter of 2021 PSRE distributed $15.0 million and $10.0 million in dividends to the Company. PSRE maintains a Class 3A license and thus must maintain a minimum liquidity ratio in which the value of its relevant assets is not less than 75.0% of the amount of its relevant liabilities for general business. Relevant assets include cash and cash equivalents, fixed maturity securities, accrued interest income, premiums receivable, losses recoverable from reinsurers, and funds withheld. The relevant liabilities include total general business insurance reserves and total other liabilities, less sundry liabilities. As of December 31, 2021 and 2020, the Company met the minimum liquidity ratio requirement.

Dividend Restrictions

Dividend Restrictions	12 Months Ended
	Dec. 31, 2021
Dividend Restrictions
Dividend Restrictions	19. Dividend Restrictions U.S. The Company’s U.S. insurance company subsidiaries, PSIC and PESIC are restricted by the statutes as to the amount of dividends that they may pay without prior approval by state insurance commissioners. Under California and Oregon statute which govern PSIC, dividends paid in a consecutive twelve month period cannot exceed the greater of (i) 10% of an insurance company’s statutory policyholders’ surplus as of December 31 of the preceding year or (ii) 100% of its statutory net income for the preceding calendar year. Any dividends or distributions in excess of these amounts would require regulatory approval. In addition, under Oregon statute, PSIC may only declare a dividend from earned surplus, which does not include contributed capital. Surplus arising from unrealized capital gains or revaluation of assets is not considered part of earned surplus. Based on the above restrictions, PSIC may pay a dividend or distribution of no greater than Under Arizona statute with governs PESIC, dividends paid in a consecutive twelve month period cannot exceed the lesser of (i) 10% of an insurance company’s statutory policyholders’ surplus as of December 31 of the preceding year or (ii) 100% of its statutory net income for the preceding calendar year. Based on the above restrictions, PESIC may pay a dividend or distribution of no greater than $1.2 million in 2022 without approval of the Arizona Insurance Commissioner. In addition to the above limitations, any dividend or distribution declared is also subject to state regulatory approval prior to payment. In the future, state insurance regulatory authorities may adopt statutory provisions and dividend limitations more restrictive than those currently in effect. Bermuda Bermuda regulations limit the amount of dividends and return of capital paid by a regulated entity. A Class 3A insurer is prohibited from declaring or paying a dividend if it is in breach of its minimum solvency margin, its enhanced capital requirement, or its minimum liquidity ratio, or if the declaration or payment of such dividend would cause such a breach, or if there are reasonable grounds for believing there has been such a breach. Pursuant to Bermuda regulations, the maximum amount of dividends and return of capital available to be paid by a reinsurer is determined pursuant to a formula. Under this formula, the maximum amount of dividends and return of capital available to the Company from PSRE during 2022 is calculated to be approximately $4.2 million. However, this dividend amount is subject to annual enhanced solvency requirement calculations.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	20. Commitments and Contingencies Litigation The Company is subject to legal proceedings arising from the normal conduct of its business. In the opinion of management, any ultimate liability that may arise from these proceedings will not have a material effect on the Company’s financial position. Letters of Credit As of December 31, 2021, the Company has three irrevocable standby letters of credit for the benefit of ceding insurance companies to secure the unearned premium assumed by PSIC. The bank letters of credit amount to $1.5 million, $0.3 million and $0.4 million. The $1.5 million and $0.4 million letters of credit expire December 31, 2022 with no renewal terms. The $0.4 million letter of credit auto renews each year. The letters of credit are collateralized by $3.2 million of U.S. Treasury bonds which are included in available-for-sale investments on the consolidated balance sheets. ​ In addition, the Company established a Regulation 114 Trust account for the benefit of ceding insurance companies to secure the unearned premium assumed by PSIC. As of December 31, 2021 the trust had a par value of $2.2 million. ​ ​

Schedule II

Schedule II	12 Months Ended
	Dec. 31, 2021
Schedule II
Schedule II	Schedule II Palomar Holdings, Inc. and Subsidiaries Balance Sheets (Parent Company) (In Thousands, except shares and par value data) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Assets ​ ​ Investments: ​ ​ ​ ​ ​ ​ Fixed maturity securities available for sale, at fair value (amortized cost: $50,916 in 2021, $50,177 in 2020) ​ $ 49,221 ​ $ 51,252 Equity securities, at fair value: (cost: $1,724 in 2021, $1,661 in 2020) ​ 1,839 ​ 1,727 Total investments ​ 51,060 ​ 52,979 Cash and cash equivalents ​ 4,437 ​ 7,290 Accrued investment income ​ 313 ​ 300 Prepaid expenses and other assets ​ ​ 966 ​ ​ 7,322 Receivables from subsidiaries ​ ​ 2,322 ​ ​ 1,552 Investment in subsidiaries ​ 365,018 ​ 317,663 Total assets ​ $ 424,116 ​ $ 387,106 Liabilities and Stockholders' equity ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Accounts payable and other liabilities ​ $ 4,672 ​ $ 94 Payables to subsidiaries ​ ​ 11,102 ​ ​ 17,923 Federal income tax payable ​ ​ 10,265 ​ ​ — Deferred tax liabilities ​ ​ 3,908 ​ ​ 5,376 Total liabilities ​ 29,947 ​ 23,393 Stockholders' equity: ​ ​ Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2021 and December 31, 2020, respectively, 0 shares issued and outstanding as of December 31, 2021 and December 31, 2020 ​ ​ — ​ ​ — Common stock, $0.0001 par value, 500,000,000 shares authorized, 25,428,929 and 25,525,796 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively ​ ​ 3 ​ ​ 3 Additional paid‑in capital ​ 318,902 ​ 310,507 Accumulated other comprehensive income ​ 5,312 ​ 13,246 Retained earnings ​ 69,952 ​ 39,957 Total stockholders' equity ​ 394,169 ​ 363,713 Total liabilities and stockholders' equity ​ $ 424,116 ​ $ 387,106 ​ See accompanying notes. ​ Schedule II Palomar Holdings, Inc. and Subsidiaries Statements of Income (Parent Company) (In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment income ​ $ 555 $ 939 $ 1,039 Net realized and unrealized gains on investments ​ 217 ​ 63 ​ 131 Total revenues ​ ​ 772 ​ ​ 1,002 ​ ​ 1,170 Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating expenses ​ ​ 19,480 ​ ​ 8,696 ​ ​ 8 Income (loss) before income taxes ​ ​ (18,708) ​ ​ (7,694) ​ ​ 1,162 Income tax expense (benefit) ​ ​ 11,039 ​ ​ (34) ​ ​ 7,441 Loss before equity in net income of subsidiaries ​ (29,747) ​ (7,660) ​ (6,279) Equity in net income of subsidiaries ​ 75,594 ​ 13,917 ​ 16,900 Net income ​ ​ 45,847 ​ 6,257 ​ 10,621 Other comprehensive income: ​ ​ ​ Net unrealized gains on securities available for sale ​ 580 ​ 1,075 ​ 708 Equity in other comprehensive income (loss) of subsidiaries, net of taxes ​ (8,514) ​ 7,485 ​ 4,541 Total comprehensive income ​ $ 37,913 ​ $ 14,817 ​ $ 15,870 ​ See accompanying notes. ​ Schedule II Palomar Holdings, Inc. and Subsidiaries Statements of Cash Flows (Parent Company) (In Thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 ​ 2020 2019 Operating activities ​ ​ ​ Net income ​ $ 45,847 ​ $ 6,257 ​ $ 10,621 Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ Equity in undistributed earnings of subsidiaries ​ (75,594) ​ (13,917) ​ (16,900) Stock-based compensation expense ​ ​ 4,755 ​ ​ — ​ — Net realized and unrealized losses on investments ​ (217) ​ (63) ​ (131) Amortization of premium on fixed maturity securities ​ ​ 443 ​ ​ 350 ​ ​ 114 Deferred income tax expense ​ ​ 634 ​ ​ 1,094 ​ ​ 646 Changes in operating assets and liabilities: ​ 13,596 ​ 7,772 ​ 4,218 Net cash provided by (used in) operating activities ​ (10,536) ​ 1,493 ​ (1,432) Investing activities ​ ​ ​ Purchases of fixed maturity securities ​ ​ (2,177) ​ ​ (71,048) ​ ​ (73,901) Sales and maturities of fixed maturity securities ​ 11,396 ​ ​ 6,651 ​ ​ 13,930 Cash paid to subsidiaries ​ ​ (15,595) ​ ​ (59,789) ​ ​ — Cash received from subsidiaries ​ ​ 27,100 ​ ​ — ​ ​ 226 Net cash provided by (used in) investing activities ​ 20,724 ​ (124,186) ​ (59,745) Financing activities ​ ​ ​ Proceeds from initial public offering, net of offering costs ​ ​ — ​ ​ — ​ ​ 87,411 Distribution to stockholder ​ ​ — ​ ​ — ​ ​ (5,120) Redemption of Floating Rate Notes ​ ​ — ​ ​ — ​ ​ (20,000) Proceeds from January 2020 stock offering, net of offering costs ​ ​ — ​ ​ 35,464 ​ ​ — Proceeds from June 2020 stock offering, net of offering costs ​ ​ — ​ ​ 90,083 ​ ​ — Proceeds from common stock issued via equity incentive plans ​ ​ 2,811 ​ ​ 2,782 ​ ​ — Repurchase of common stock ​ ​ (15,852) ​ ​ — ​ ​ — Net cash provided by (used in) financing activities ​ (13,041) ​ 128,329 ​ 62,291 Net (decrease) increase in cash and cash equivalents ​ (2,853) ​ 5,636 ​ 1,114 Cash and cash equivalents at beginning of period ​ 7,290 ​ 1,654 ​ 540 Cash and cash equivalents at end of period ​ $ 4,437 ​ $ 7,290 ​ $ 1,654 Supplementary cash flow information: ​ ​ ​ Cash paid for income taxes ​ $ 2,104 ​ $ 7,182 ​ $ 5,645 ​ See accompanying notes. ​ Schedule II 1. Organization Palomar Holdings, Inc. (“the Company”), is an insurance holding company that domesticated in Delaware in March 2019. Prior to domestication 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. Basis of Presentation The accompanying condensed financial statements have been prepared using the equity method. Under the equity method, the investment in consolidated subsidiaries is stated at cost plus equity in undistributed earnings of consolidated subsidiaries since the date of acquisition. These condensed financial statements should be read in conjunction with the Company’s consolidated financial statements. Estimates and Assumptions Preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.

Schedule V - Valuation and Qual

Schedule V - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2021
Valuation and Qualifying Accounts
Valuation and Qualifying Accounts	Schedule V Palomar Holdings, Inc. and Subsidiaries Valuation and Qualifying Accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ Deductions ​ ​ ​ ​ Balance at ​ Amounts ​ Amounts ​ Balance at ​ ​ Beginning ​ Charged to ​ Written ​ End of (in thousands) of Period Expense Off Period Year Ended December 31, 2021 ​ ​ ​ ​ Valuation Allowance for deferred tax assets ​ $ 680 ​ $ 2,199 ​ $ — ​ $ 2,879 Valuation Allowance for premium receivable ​ $ 203 ​ $ 285 ​ ​ 173 ​ $ 315 Year Ended December 31, 2020 ​ ​ ​ ​ Valuation Allowance for deferred tax assets ​ $ 74 ​ $ 606 ​ $ — ​ $ 680 Valuation Allowance for premium receivable ​ $ 150 ​ $ 53 ​ $ — ​ $ 203 ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Significant Accounting Policies
Summary of Operations	Summary of Operations Palomar Holdings, Inc. (“the Company”) is a Delaware incorporated insurance holding company that was founded in 2014. The Company has several wholly owned subsidiaries including an Oregon domiciled insurance company, Palomar Specialty Insurance Company (“PSIC”), a Bermuda based reinsurance company, Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), an Arizona domiciled surplus lines insurance company, Palomar Excess and Surplus Insurance Company (“PESIC”), and a California domiciled property and casualty insurance agency, Palomar Insurance Agency, DBA Palomar General Insurance Agency (“PGIA”). PSIC is a property and casualty insurance company domiciled in the state of Oregon. The Company’s core focus is on the residential and commercial earthquake markets in earthquake-exposed states such as California, Oregon, Washington, and states with exposure to the New Madrid Seismic Zone. The Company also offers products tailored to broader geographic regions and perils, including Hawaii residential hurricane, Specialty Homeowners, Inland Marine, and Flood products. PSIC is licensed to underwrite insurance on an admitted basis in 34 PSRE is a Bermuda captive reinsurance company that has historically been used to reinsure certain premiums on a quota share basis exclusively for PSIC. PESIC is an Arizona domiciled surplus lines insurance company. PESIC is licensed in Arizona to write surplus lines policies across all the Company’s lines of business and was formed and began writing policies in 2020. PGIA is a property and casualty general insurance agency for PSIC, PESIC, and unaffiliated insurance carriers. As a general insurance agency, PGIA assists in developing insurance products, underwriting insurance policies, and receiving and disbursing funds from premium and loss transactions under contracts on behalf of insurance companies. PGIA earns commissions from the product development, marketing, and servicing of the insurance companies’ programs. PGIA also earns fee income from policyholder transactions. The Company operates as an insurance holding company system and is subject to the insurance holding company laws of the States of Oregon and Arizona, the states in which PSIC and PESIC are domiciled. The Company is also commercially domiciled in California, making it subject to California insurance holding company laws. These statutes require that each insurance company in the system register with the insurance department of its state of domicile and furnish information concerning the operations of companies within the holding company system that may materially affect the operations, management or financial condition of the insurers within the system and domiciled in that state. The Company has a single operating segment, the property and casualty insurance business. While the Company’s chief operating decision-maker reviews the revenue streams attributable to individual products, operations are managed, resources are allocated, and financial performance is evaluated on a consolidated basis.
Basis of Presentation	Basis of Presentation The accompanying 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 consolidated financial statements and notes to the consolidated financial statements have been retroactively adjusted to reflect the stock split for the Company’s common stock for all periods presented.
Initial Public Offering (IPO)	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 offering expenses, net proceeds from the IPO were approximately $87.4 million.
Use of Estimates	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 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 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include time deposits and marketable securities with original maturities of three months or less at acquisition and are stated at cost, which approximates fair value. The Company maintains cash balances in federally insured financial institutions.
Restricted Cash	Restricted Cash Restricted cash includes cash on deposit with reinsurance carriers. Restricted cash also includes cash held in a fiduciary capacity for the benefit of third-party insurance carriers.
Investments	Investments All of the Company’s investments in fixed maturity securities are classified as available-for-sale and are carried at fair value. Investment income consists primarily of interest and dividends. Interest income is recognized on an accrual basis. Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the prospective method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the prospective method. Dividend income is recognized on the ex-dividend date. Net investment income represents investment income, net of expenses. Unrealized gains and losses related to fixed maturity securities are included in accumulated other comprehensive income as a separate component of stockholders’ equity. Equity securities are carried at fair value with unrealized gains and losses included as a component of net income on the Company’s consolidated statement of income and comprehensive income. The Company uses the specific-identification method to determine the cost of fixed maturity securities sold and the first-in, first-out method for lots of equity securities sold. 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. Factors considered in the review include the extent to which the fair value has been less than amortized cost, and current market interest rates and whether the unrealized loss is credit- driven or a result of changes in market interest rates. The Company also considers factors specific to the issuer including the general financial condition of the issuer, the issuers industry and future business prospects, any past failure of issuer to make scheduled interest or principal payments, and the payment structure of the investment and the issuers ability to make contractual payments on the investment. The Company also considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. When assessing whether it intends to sell a fixed-maturity security or if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs, and potential sales of investments to capitalize on favorable pricing. For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, a credit-loss charge is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company has the intent and ability to hold, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income. The Company reports accrued interest receivable as a component of accrued investment income on its consolidated balance sheet which is presented separately from available-for-sale securities. The Company does not measure an allowance for credit losses on accrued interest receivable and instead would write off accrued interest receivable at the time an issuer defaults or is expected to default on payments. The Company recorded an immaterial allowance for credit losses related to its available-for-sale securities as of December 31, 2021. As of December 31, 2020, the Company had no allowance for credit losses related to its available-for-sale securities.
Fair Value	Fair Value 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 valuation 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 fair value of the Company’s investments in equity securities is based on quoted prices available in active markets and classified and disclosed in Level 1 of the hierarchy.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, fixed maturity securities and reinsurance recoverables. The Company places its cash and cash equivalents with high credit quality financial institutions and its fixed maturity securities in securities of the U.S. government, U.S. government agencies, and high credit quality issuers of debt securities. The Company evaluates the financial condition of its reinsurers and reinsures its business with highly rated reinsurers and sometimes requires letters of credit or retains funds from reinsurers (see Note 10).
Premiums Receivable	Premiums Receivable Premiums receivable represent amounts due from policyholders, insurance agents, or program administrators for policies written. Generally, premiums are collected prior to providing risk coverage, minimizing the Company’s exposure to credit risk. Premiums receivable are short-term in nature and due within a year. The Company has established an allowance for uncollectable premiums related to its credit risk, which it reviews on a quarterly basis and adjusts as appropriate. The company considers the current economic environment, specific regulatory developments, and historic payment and cancelation trends by line of business and location when determining whether to record an allowance for uncollectable premiums. The Company recorded an allowance for uncollectable premiums of $0.3 million and $0.2 million as of December 31, 2021 and December 31, 2020, respectively, and believes that all other amounts are collectable.
Deferred Policy Acquisition Costs	Deferred Policy Acquisition Costs The costs of successfully acquiring new business, principally commission expense and premium taxes, are deferred and amortized over the terms of the policies in force, net of any ceding commissions.
Premiums Earned	Premiums Earned Gross premiums written are recorded at policy inception and are earned as revenue ratably over the term of the respective policies. Premiums written not yet recognized as revenue are reflected as unearned premiums on the balance sheet, or as advanced premiums if received prior to the policy effective date. Premiums written where cash is not yet received are recognized as premiums receivable. A premium deficiency is recognized if the sum of expected losses and loss adjustment expenses, unamortized acquisition costs, and policy maintenance costs exceeds the remaining unearned premiums. A premium deficiency would first be recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency were greater than unamortized acquisition costs, a liability would be accrued for the excess deficiency. The Company does not consider anticipated investment income when determining if a premium deficiency exists. There was no premium deficiency at December 31, 2021 or 2020.
Commission and Other Income	Commission and Other Income Commission and other income is comprised of commissions earned on policies where the Company has no exposure to underlying risk and fees earned in conjunction with underwriting policies. Commission and fee income is earned at the time the policy is written.
Property and Equipment	Property and Equipment Property and equipment are capitalized and carried at cost less accumulated depreciation. Depreciation for property and equipment is calculated on a straight-line basis using useful lives of 3 to 5 years. Leasehold improvements and other fixed assets are capitalized and depreciated over the useful lives of the properties and equipment. Expenditures for maintenance and repairs are charged to operations as incurred. Upon disposition, the asset cost and related depreciation are removed from the accounts and the resulting gain or loss is included in the Company’s results of operations.
Capitalized Software	Capitalized Software Costs associated with the implementation of certain internal systems are capitalized and carried at capitalized cost less accumulated amortization and are included as a component of prepaid expenses and other assets on the Company’s consolidated balance sheet. Costs capitalized include internal personnel costs, external developer costs, and interest. The implementation costs relate to systems built on software which the Company purchases under a cloud computing arrangement and accounts for as a service contract. As such, capitalized costs are amortized over the term of the service contract, which currently ends in December 2026.
Intangible Assets	Intangible Assets Intangible assets consist of both finite and indefinite lived assets. Finite lived intangible assets consist of customer relationships acquired from another insurer during 2020. Indefinite lived intangible assets consist of state licenses acquired upon formation of the Company. Intangible assets are initially recognized and measured at fair value and are subsequently evaluated for impairment annually or more frequently if circumstances warrant it. No impairments of intangible assets were recognized for the years ended December 31, 2021, 2020 or 2019.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, the fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. This assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value. No impairments of long-lived assets were recognized for the years ended December 31, 2021, 2020 or 2019.
Reserve for Losses and Loss Adjustment Expenses	Reserve for Losses and Loss Adjustment Expenses The reserve for unpaid losses and loss adjustment expenses includes estimates for unpaid claims and claim adjustment expenses on reported losses and estimates of losses incurred but not reported (“IBNR”), net of salvage and subrogation recoveries. The liability is based on individual claims, case reserves and other estimates reported by policyholders, as well as management estimates of ultimate losses and loss adjustment expenses. Inherent in the estimates of ultimate losses and loss adjustment expenses are expected trends in claims severity and frequency and other factors that could vary significantly as claims are settled. The Company’s estimates of ultimate losses and loss adjustment expenses are based in part upon the estimation of claims resulting from natural disasters such as hurricanes and earthquakes. Estimation by management of the ultimate losses and loss adjustment expenses resulting from catastrophic events is inherently difficult because of the potential severity of property catastrophe claims. Therefore, the Company uses both proprietary and commercially available models, as well as historic claims experience, for purposes of providing an estimate of ultimate losses and loss adjustment expenses. Reserves for IBNR are established in accordance with industry practice to provide for (i) the estimated amount of future loss payments on incurred claims not yet reported, and (ii) potential development on reported claims. IBNR reserves are estimated based on generally accepted actuarial reserving techniques that consider quantitative loss experience data and, where appropriate, qualitative factors. Ultimate losses and loss adjustment expenses may vary materially from the amounts provided in the consolidated financial statements. Estimates of unpaid losses and loss adjustment expenses are reviewed regularly and, as experience develops and new information becomes known, the liabilities are adjusted as necessary. Such adjustments, if any, are reflected in operations in the period in which they become known and are accounted for as changes in estimates. The Company does not discount its liability for unpaid losses and loss adjustment expenses. The Company does not write insurance policies covering toxic clean-up, asbestos-related illness or other environmental remediation exposures.
Reinsurance	Reinsurance The Company purchases excess of loss and quota share reinsurance to protect it against the impact of losses. Reinsurance premiums, commissions, ceded unearned premiums are accounted for on bases consistent with the underlying terms of the reinsurance contracts and in proportion to the amount of insurance protection provided. The Company receives ceding commissions in connection with quota share reinsurance. The ceding commissions are capitalized and amortized as a reduction of acquisition expenses. Amounts applicable to ceded unearned premiums are reported as assets in the accompanying consolidated balance sheets. Premiums earned and losses and loss adjustment expenses incurred are stated in the accompanying consolidated statements of income and comprehensive income net of amounts ceded to reinsurers. Reinsurance recoverables represent balances due to the Company from its reinsurers for paid and unpaid losses and loss adjustment expenses. The Company is exposed to credit losses from reinsurers being unable to meet their obligations. The Company evaluates the financial condition of potential reinsurers and reinsures its business only with highly rated reinsurers with a rating of “A-“ (Excellent) (Outlook Stable) or better from A.M. Best. Reinsurers who do not meet the Company’s rating criteria are required to post collateral. The Company reviews credit quality of its reinsurers on a quarterly basis. The Company’s reinsurance contracts also include special termination provisions that allow the Company to cancel and replace any participating reinsurer that is downgraded below a rating of “A−” from A.M. Best, or whose surplus drops by more than 20%. Historically, the Company has not experienced any credit losses from reinsurance recoverables and did not have an allowance for uncollectable reinsurance recoverables as of December 31, 2021 or December 31, 2020.
Stock Based Compensation Expense	Stock Based Compensation Expense Stock-based compensation expense is recognized on a straight-line basis over the vesting period of awards. The Company does not apply a forfeiture rate to unvested awards and accounts for forfeitures as they occur. For stock option grants, the fair value of awards is estimated using the Black Scholes Model. The fair value of restricted stock units is determined using the closing price of the Company's common stock on the grant date. The fair value of performance stock units containing employee service or company financial performance based conditions is determined using the closing price of the Company's common stock on the grant date. The fair value of performance stock units containing conditions based on performance of the Company’s stock is determined using a Monte Carlo simulation. All stock-based compensation is included in other underwriting expenses in the Company’s consolidated statements of income and comprehensive income.
Income Taxes	Income Taxes The Company is taxed as a property/casualty insurer for federal income tax purposes. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and the tax bases of assets and liabilities, using enacted tax rates expected to be in effect during the year in which the basis differences reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company recognizes the tax benefit of uncertain tax positions where the position is more likely than not to be sustained assuming examination by taxing authorities. Based on its evaluation for the tax years ended December 31, 2021 and 2020, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The Company recognizes interest and penalties related to uncertain tax positions, if any, as a component of income tax expense. The Company has not been assessed interest or penalties by any major tax jurisdictions for the respective tax years ended December 31, 2021, 2020, or 2019.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average common shares outstanding for the period. Diluted earnings per share reflects the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. When inclusion of additional common share equivalents increases the earnings per share or reduces the loss per share, the effect on earnings per share is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these common share equivalents.
Recently adopted accounting pronouncements and recently issued accounting pronouncements not yet adopted	Recently adopted accounting pronouncements Income Taxes ​ In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. ​ ​ Recently issued accounting pronouncements not yet adopted To date, there have been no recent accounting pronouncements not yet effective that have significance, or potential significance, to the Company’s consolidated financial statements.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Investments
Schedule of available-for-sale investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2021 ​ Cost or Cost ​ Gains ​ Losses ​ Value ​ (in thousands) Fixed maturities: ​ ​ ​ ​ ​ U.S. Governments ​ $ 16,713 ​ $ 347 ​ $ (190) ​ $ 16,870 States, territories, and possessions ​ 3,789 ​ 288 ​ (63) ​ 4,014 Political subdivisions ​ 6,295 ​ 107 ​ (22) ​ 6,380 Special revenue excluding mortgage/asset-backed securities ​ 43,301 ​ 1,273 ​ (76) ​ 44,498 Industrial and miscellaneous ​ 245,064 ​ 5,873 ​ ​ (1,891) ​ 249,046 Mortgage/asset-backed securities ​ 110,960 ​ 1,377 ​ (463) ​ 111,874 Total available-for-sale investments ​ $ 426,122 ​ $ 9,265 ​ $ (2,705) ​ $ 432,682 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2020 ​ Cost or Cost ​ Gains ​ Losses ​ Value ​ (in thousands) Fixed maturities: ​ ​ ​ ​ U.S. Governments ​ $ 16,308 ​ $ 756 ​ $ (5) ​ $ 17,059 States, territories, and possessions ​ 6,208 ​ 428 ​ — ​ 6,636 Political subdivisions ​ 2,027 ​ 125 ​ — ​ 2,152 Special revenue excluding mortgage/asset-backed securities ​ 39,704 ​ 1,525 ​ (2) ​ 41,227 Industrial and miscellaneous ​ 234,049 ​ 11,602 ​ (291) ​ 245,360 Mortgage/asset-backed securities ​ 82,983 ​ 2,785 ​ (215) ​ 85,553 Total available-for-sale investments ​ $ 381,279 ​ $ 17,221 ​ $ (513) ​ $ 397,987
Schedule of aggregate fair value and gross unrealized losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ More Than 12 Months ​ Total ​ Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 ​ Value ​ Losses ​ Value ​ Losses ​ Value ​ Losses ​ ​ (in thousands) Fixed maturity securities: ​ ​ ​ ​ ​ ​ U.S. Governments $ 5,968 ​ $ (147) ​ $ 1,457 ​ $ (43) ​ $ 7,425 ​ $ (190) States, territories, and possessions ​ 1,444 ​ ​ (63) ​ — ​ — ​ 1,444 ​ (63) Political subdivisions ​ 1,815 ​ ​ (22) ​ — ​ — ​ 1,815 ​ (22) Special revenue excluding mortgage/asset-backed securities ​ 6,280 ​ ​ (76) ​ — ​ — ​ 6,280 ​ (76) Industrial and miscellaneous ​ 94,020 ​ ​ (1,468) ​ 5,570 ​ (423) ​ 99,590 ​ (1,891) Mortgage/asset-backed securities ​ 51,246 ​ ​ (412) ​ 2,319 ​ (51) ​ 53,565 ​ (463) Total ​ $ 160,773 ​ $ (2,188) ​ $ 9,346 ​ $ (517) ​ $ 170,119 ​ $ (2,705) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less Than 12 Months ​ More Than 12 Months ​ Total ​ Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2020 ​ Value ​ Losses ​ Value ​ Losses ​ Value ​ Losses ​ ​ (in thousands) Fixed maturity securities: ​ ​ ​ ​ ​ ​ U.S. Governments ​ $ 1,496 ​ $ (5) ​ $ — ​ $ — ​ $ 1,496 ​ $ (5) States, territories, and possessions ​ — ​ ​ — ​ — ​ — ​ — ​ — Political subdivisions ​ — ​ ​ — ​ — ​ — ​ — ​ — Special revenue excluding mortgage/asset-backed securities ​ 520 ​ ​ (2) ​ — ​ — ​ 520 ​ (2) Industrial and miscellaneous ​ 22,718 ​ ​ (234) ​ 203 ​ (57) ​ 22,921 ​ (291) Mortgage/asset-backed securities ​ 16,092 ​ ​ (211) ​ 496 ​ (4) ​ 16,588 ​ (215) Total ​ $ 40,826 ​ $ (452) ​ $ 699 ​ $ (61) ​ $ 41,525 ​ $ (513)
Schedule of contractual maturities of available-for-sale securities	​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Fair ​ ​ Cost ​ Value ​ (in thousands) Due within one year ​ $ 21,435 ​ $ 21,550 Due after one year through five years ​ 133,235 ​ 134,946 Due after five years through ten years ​ 113,264 ​ 115,897 Due after ten years ​ 47,228 ​ 48,415 Mortgage and asset-backed securities ​ 110,960 ​ 111,874 ​ ​ $ 426,122 ​ $ 432,682
Schedule of change in unrealized gains (losses) of investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Change in net unrealized gains (losses) ​ ​ ​ ​ ​ ​ Fixed maturities ​ $ (10,148) ​ $ 10,835 ​ $ 6,602 Net increase (decrease) ​ $ (10,148) ​ $ 10,835 ​ $ 6,602
Schedule of net investment income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (in thousands) Interest income ​ $ 9,119 ​ $ 8,554 ​ $ 5,894 Dividend income ​ 461 ​ 489 ​ 424 Investment management fees and expenses ​ (500) ​ (431) ​ (343) Net investment income ​ $ 9,080 ​ $ 8,612 ​ $ 5,975
Schedule of net realized and unrealized investment gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Realized gains: ​ ​ ​ Gains on sales of fixed maturity securities ​ $ 466 ​ $ 501 ​ $ 1,405 Gains on sales of equity securities ​ 1,416 ​ 62 ​ 177 Total realized gains ​ 1,882 ​ 563 ​ 1,582 Realized losses: ​ ​ ​ Losses on sales of fixed maturity securities ​ (1) ​ ​ (46) ​ ​ (84) Losses on sales of equity securities ​ — ​ ​ (68) ​ ​ (64) Total realized losses ​ (1) ​ (114) ​ (148) Net realized investment gains ​ 1,881 ​ 449 ​ 1,434 Net unrealized gains (losses) on equity securities ​ (604) ​ 1,039 ​ 3,009 Net realized and unrealized gains (losses) on investments ​ $ 1,277 ​ $ 1,488 ​ $ 4,443

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements
Schedule of hierarchy for financial assets and liabilities measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Level 1 Level 2 Level 3 Total ​ (in thousands) Assets: ​ ​ ​ ​ Fixed maturity securities ​ ​ ​ ​ U.S. Governments ​ $ — ​ $ 16,870 ​ $ — ​ $ 16,870 States, territories, and possessions ​ — ​ 4,014 ​ — ​ 4,014 Political subdivisions ​ — ​ 6,380 ​ — ​ 6,380 Special revenue excluding mortgage/asset-backed securities ​ — ​ 44,498 ​ — ​ 44,498 Industrial and miscellaneous ​ — ​ 249,046 ​ — ​ 249,046 Mortgage/asset-backed securities ​ — ​ 110,374 ​ 1,500 ​ 111,874 Equity securities ​ 33,261 ​ — ​ — ​ 33,261 Cash, cash equivalents, and restricted cash ​ 50,371 ​ — ​ — ​ 50,371 Total assets ​ $ 83,632 ​ $ 431,182 ​ $ 1,500 ​ $ 516,314 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Level 1 Level 2 Level 3 Total ​ (in thousands) Assets: ​ ​ ​ ​ Fixed maturity securities ​ ​ ​ ​ U.S. Governments ​ $ — ​ $ 17,059 ​ $ — ​ $ 17,059 States, territories, and possessions ​ — ​ 6,636 ​ — ​ 6,636 Political subdivisions ​ — ​ 2,152 ​ — ​ 2,152 Special revenue excluding mortgage/asset-backed securities ​ — ​ 41,227 ​ — ​ 41,227 Industrial and miscellaneous ​ — ​ 245,360 ​ — ​ 245,360 Mortgage/asset-backed securities ​ — ​ 85,553 ​ — ​ 85,553 Equity securities ​ 24,322 ​ — ​ — ​ 24,322 Cash, cash equivalents, and restricted cash ​ 33,786 ​ — ​ — ​ 33,786 Total assets ​ $ 58,108 ​ $ 397,987 ​ $ — ​ $ 456,095

Policy Acquisition Costs (Table

Policy Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Policy Acquisition Costs
Schedule of policy acquisition costs deferred and amortized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Deferred Policy Acquisition Costs: ​ ​ ​ Balance, beginning of year ​ $ 35,481 ​ $ 25,201 ​ $ 14,052 Additions to deferred balance: ​ ​ ​ ​ ​ Direct commissions ​ 133,242 ​ 82,786 ​ 59,676 Ceding commissions ​ (32,249) ​ (19,371) ​ (17,257) Premium taxes ​ 8,209 ​ 7,024 ​ 5,236 Total net additions ​ 109,202 ​ 70,439 ​ 47,655 Amortization of net policy acquisition costs ​ (88,730) ​ (60,159) ​ (36,506) Balance, end of year ​ $ 55,953 ​ $ 35,481 ​ $ 25,201 Acquisition expenses: ​ ​ ​ Amortization of net policy acquisition costs ​ $ 88,730 ​ $ 60,159 ​ $ 36,506 Period costs ​ 6,703 ​ 3,882 ​ 753 Total Acquisition expenses ​ $ 95,433 ​ $ 64,041 ​ $ 37,259

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Intangible Assets
Schedule of intangible assets, indefinite-lived	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 ​ ​ (in thousands) Indefinite-lived intangibles: ​ ​ ​ ​ ​ ​ State insurance licenses ​ $ 744 ​ $ 744 Finite-lived intangibles: ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ 10,008 ​ ​ 10,768 Accumulated amortization on finite-lived intangibles ​ ​ (1,251) ​ ​ — Total intangible assets ​ $ 9,501 ​ $ 11,512 ​

Capitalized Assets (Tables)

Capitalized Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Capitalized Assets
Schedule of capitalized assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Net December 31, 2021 Cost ​ Amortization Book Value ​ ​ (in thousands) Capitalized Software $ 13,205 $ (3,831) $ 9,374 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Net December 31, 2020 Cost Amortization Book Value ​ ​ (in thousands) Capitalized Software $ 8,450 $ (1,767) $ 6,683 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Net December 31, 2021 Cost ​ Depreciation Book Value ​ ​ (in thousands) Leasehold improvements ​ $ 879 $ (576) ​ $ 303 Computer hardware ​ 294 ​ (148) ​ 146 Office equipment and furniture ​ 519 ​ (441) ​ 78 Total ​ $ 1,692 ​ $ (1,165) ​ $ 527 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Net December 31, 2020 Cost Depreciation Book Value ​ ​ (in thousands) Leasehold improvements ​ $ 879 $ (459) ​ $ 420 Computer hardware ​ 276 ​ (100) ​ 176 Office equipment and furniture ​ 519 ​ (376) ​ 143 Total ​ $ 1,674 ​ $ (935) ​ $ 739 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases
Schedule of leases	​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ (in thousands) ​ Operating cash outflows from operating leases ​ $ 879 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ($ in thousands) ​ Operating lease ROU assets ​ $ 1,636 ​ Operating lease liabilities ​ $ 2,187 ​ Weighted-average remaining lease term on operating leases ​ ​ 2.5 years Weighted-average discount rate on operating leases ​ ​ 2.1 % ​
Schedule of future minimum lease payments	​ ​ ​ ​ ​ ​ Years ending December 31, ​ (in thousands) ​ 2022 ​ $ 904 ​ 2023 ​ ​ 862 ​ 2024 ​ ​ 478 ​ 2025 ​ ​ — ​ 2026 ​ ​ — ​ Total future minimum lease payments ​ $ 2,244 ​ Less: imputed interest ​ ​ (57) ​ Total operating lease liability ​ $ 2,187 ​

Reserve for Losses and Loss A_2

Reserve for Losses and Loss Adjustment Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Claims Development
Schedule of reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses ("LAE")	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Reserve for losses and loss adjustment expenses net of reinsurance recoverables at beginning of period ​ $ 34,470 ​ $ 3,869 ​ $ 4,165 Add: Incurred losses and loss adjustment expenses, net of reinsurance, related to: ​ ​ ​ ​ ​ ​ ​ ​ ​ Current year ​ 45,042 ​ ​ 64,179 ​ ​ 5,774 Prior years ​ (3,585) ​ ​ (64) ​ ​ (181) Total incurred ​ 41,457 ​ 64,115 ​ 5,593 Deduct: Loss and loss adjustment expense payments, net of reinsurance, related to: ​ ​ ​ Current year ​ ​ 12,063 ​ ​ 31,879 ​ ​ 2,179 Prior years ​ ​ 18,445 ​ ​ 1,635 ​ ​ 3,710 Total payments ​ 30,508 ​ 33,514 ​ 5,889 Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period ​ 45,419 ​ 34,470 ​ 3,869 Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period ​ ​ 127,947 ​ ​ 94,566 ​ ​ 12,952 Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period ​ $ 173,366 ​ $ 129,036 ​ $ 16,821
Schedule of reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses	​ ​ ​ ​ ​ ​ 2021 ​ ​ (in thousands) Net outstanding liabilities: ​ Homeowners’ insurance ​ $ 6,225 Special property ​ ​ 20,480 Reinsurance- Nonproportional assumed property(1) ​ 9,542 Other ​ ​ 9,172 Reserve for losses and loss adjustment expense, net of reinsurance ​ 45,419 Reinsurance recoverable on unpaid claims: ​ Homeowners’ insurance ​ $ 17,214 Special property ​ ​ 108,906 Other ​ 1,827 Total reinsurance recoverable on unpaid claims ​ 127,947 Total reserve for losses and loss adjustment expenses ​ $ 173,366 ​ (1) Reflects the Company’s share of Loss and Loss Adjustment Expense related to non-proportional assumed reinsurance business. This amount reflects gross and net reserves related to this treaty and the ultimate incurred amount reflects IBNR only. The Company does not have direct access to individual claim information underlying the assumed quota arrangement. The Company does not use claim frequency information in the determination of loss reserves or for other internal purposes. Based on these considerations, the Company does not believe providing claims frequency information is practicable as it relates to this line of business . ​
Homeowners' Insurance
Claims Development
Schedule of Incurred and Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Homeowners’ Insurance (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred but ​ Cumulative ​ ​ Year Ended December 31, ​ Not Reported ​ Number of Accident Year 2015(1) 2016(1) 2017(1) 2018(1) 2019(1) 2020(1) 2021 Liabilities Claims 2015 ​ $ 2,048 ​ $ 1,785 ​ $ 1,658 ​ $ 1,636 ​ $ 1,642 ​ $ 1,636 ​ $ 1,643 ​ $ — ​ 421 2016 ​ ​ ​ ​ ​ 6,069 ​ ​ 5,878 ​ ​ 5,721 ​ ​ 5,636 ​ ​ 5,622 ​ ​ 5,609 ​ ​ — ​ 1,121 2017 ​ ​ ​ 9,354 ​ 7,418 ​ 6,630 ​ 6,388 ​ 5,587 ​ — ​ 3,049 2018 ​ ​ ​ ​ 2,193 ​ 2,008 ​ 1,930 ​ 1,929 ​ 2 ​ 799 2019 ​ ​ ​ ​ ​ 914 ​ 838 ​ 807 ​ 102 ​ 1,213 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,100 ​ ​ 15,088 ​ ​ 1,470 ​ 4,015 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 8,453 ​ ​ 2,866 ​ 3,479 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 39,116 ​ $ 4,440 14,097 ​ Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Homeowners’ Insurance (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Accident Year 2015(1) 2016(1) 2017(1) 2018(1) 2019(1) 2020(1) 2021 2015 ​ $ 860 ​ $ 1,379 ​ $ 1,523 ​ $ 1,615 ​ $ 1,634 ​ $ 1,636 ​ $ 1,643 2016 ​ ​ ​ ​ ​ 4,120 ​ ​ 5,356 ​ ​ 5,585 ​ ​ 5,607 ​ ​ 5,619 ​ ​ 5,609 2017 ​ ​ ​ 7,135 ​ 7,375 ​ 6,628 ​ 6,371 ​ 5,586 2018 ​ ​ ​ ​ 1,550 ​ 1,853 ​ 1,922 ​ 1,922 2019 ​ ​ ​ ​ ​ 546 ​ 685 ​ 685 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13,588 ​ ​ 13,095 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,351 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 32,891 Reserve for losses and loss adjustment expense, net of reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,225 (1) Data presented for these calendar years is required supplementary information, which is unaudited.
Schedule of Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Homeowners' Insurance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 (2) Year 6 (2) Year 7 Payout percentage 77.58 % 14.60 % 0.61 % 0.35 % (4.23) % (0.18) % 0.43 % ​ (2) Negative payout percentages are due to timing of reinsurance payments, allocations of reinsurance between different lines of business based on actual results, and allocation of reinsurance to different periods for reinsurance treaties in effect for multiple periods. These are primarily associated with larger recoveries from catastrophe events in earlier years of operation. ​
Special Property
Claims Development
Schedule of Incurred and Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Special Property Insurance (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 20201 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred but ​ Cumulative ​ ​ Year Ended December 31, ​ Not Reported ​ Number of Accident Year 2015(1) 2016(1) 2017(1) 2018(1) 2019(1) 2020(1) 2021 Liabilities Claims 2015 ​ $ 630 ​ $ 719 ​ $ 671 ​ $ 671 ​ $ 678 ​ $ 677 ​ $ 673 ​ $ — ​ 523 2016 ​ ​ ​ ​ ​ 1,381 ​ ​ 1,249 ​ ​ 1,251 ​ ​ 1,454 ​ ​ 1,453 ​ ​ 1,453 ​ ​ — ​ 1,353 2017 ​ ​ ​ 3,071 ​ 3,475 ​ 4,014 ​ 4,264 ​ 4,974 ​ — ​ 3,615 2018 ​ ​ ​ ​ 5,970 ​ 6,095 ​ 6,009 ​ 6,021 ​ — ​ 1,317 2019 ​ ​ ​ ​ ​ 3,661 ​ 3,385 ​ 3,140 ​ 33 ​ 1,780 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 42,334 ​ ​ 42,160 ​ ​ 2,328 ​ 2,573 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 21,383 ​ ​ 3,689 ​ 1,542 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 79,804 ​ $ 6,050 12,703 ​ Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Special Property Insurance (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accident Year 2015(1) 2016(1) 2017(1) 2018(1) 2019(1) 2020(1) 2021 2015 ​ $ 265 ​ $ 438 ​ $ 586 ​ $ 626 ​ $ 666 ​ $ 673 ​ $ 673 2016 ​ ​ ​ ​ ​ 703 ​ ​ 1,064 ​ ​ 1,216 ​ ​ 1,444 ​ ​ 1,453 ​ ​ 1,453 2017 ​ ​ ​ 1,967 ​ 3,344 ​ 4,011 ​ 4,269 ​ 4,974 2018 ​ ​ ​ ​ 2,859 ​ 6,036 ​ 6,009 ​ 6,021 2019 ​ ​ ​ ​ ​ 1,633 ​ 2,825 ​ 3,072 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 18,274 ​ ​ 36,127 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,004 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 59,324 Reserve for losses and loss adjustment expense, net of reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20,480 ​ (1) Data presented for these calendar years is required supplementary information, which is unaudited.
Schedule of Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Homeowners' Insurance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Payout percentage 43.27 % 35.22 % 10.66 % 6.76 % 6.91 % 0.52 % — %

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2021
Reinsurance
Schedule of ceded written premiums under quota share arrangements by line of business for certain quota shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ (in thousands) Inland Marine ​ $ 28,389 ​ $ 5,339 ​ $ 1,506 Specialty Homeowners ​ 27,394 ​ 22,295 ​ 25,384 Commercial Earthquake ​ ​ 14,447 ​ ​ 6,929 ​ ​ — Commercial All Risk ​ 3,948 ​ 19,218 ​ 19,236 Others ​ ​ 21,823 ​ ​ 5,495 ​ ​ 5,230 Total ​ $ 96,001 ​ $ 59,276 ​ $ 51,356
Schedule of effect of reinsurance on premiums written and earned and on losses and LAE incurred	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ Written Earned Written Earned Written Earned ​ ​ (in thousands) Premiums Written and Earned: ​ ​ ​ ​ ​ ​ Direct ​ $ 467,424 ​ $ 384,463 ​ $ 324,253 ​ $ 271,887 ​ $ 220,568 ​ $ 178,536 Assumed ​ 67,751 ​ 49,535 ​ 30,107 ​ 29,569 ​ 31,393 ​ 21,985 Ceded ​ (223,443) ​ (200,172) ​ (155,102) ​ (146,388) ​ (108,332) ​ (100,314) Net ​ $ 311,732 ​ $ 233,826 ​ $ 199,258 ​ $ 155,068 ​ $ 143,629 ​ $ 100,207 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ Losses LAE Total ​ ​ (in thousands) Losses and LAE Incurred: ​ ​ ​ Direct ​ $ 168,292 ​ $ 13,295 ​ $ 181,587 Assumed ​ 17,184 ​ 1,926 ​ 19,110 Ceded ​ (148,106) ​ (11,134) ​ (159,240) Net ​ $ 37,370 ​ $ 4,087 ​ $ 41,457 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ Losses LAE Total ​ ​ (in thousands) Losses and LAE Incurred: ​ ​ ​ Direct ​ $ 145,774 ​ $ 18,777 ​ $ 164,551 Assumed ​ 3,485 ​ 159 ​ 3,644 Ceded ​ (91,969) ​ (12,111) ​ (104,080) Net ​ $ 57,290 ​ $ 6,825 ​ $ 64,115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ Losses LAE Total ​ ​ (in thousands) Losses and LAE Incurred: ​ ​ ​ Direct ​ $ 20,105 ​ $ 2,837 ​ $ 22,942 Assumed ​ 1,201 ​ 34 ​ 1,235 Ceded ​ (16,564) ​ (2,020) ​ (18,584) Net ​ $ 4,742 ​ $ 851 ​ $ 5,593

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity
Schedule of common stock reserved for future issuance	​ ​ ​ Stock options outstanding under 2019 Equity Incentive Plan 933,051 Restricted stock units outstanding under 2019 Equity Incentive Plan 235,696 Performance stock units outstanding under 2019 Equity Incentive Plan 358,401 Shares authorized for future issuance under 2019 Equity Incentive Plan 2,073,183 Shares authorized for future issuance under 2019 Employee Stock Purchase Plan 681,840 Total 4,282,171
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 ​ (in thousands) Stock-Based Compensation Expense $ 5,584 ​ $ 2,167 ​ $ 24,103
Schedule of stock option transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ ​ ​ ​ remaining ​ Aggregate ​ ​ Number of ​ Weighted-average ​ contractual term ​ intrinsic value ​ shares exercise price (in years) (in thousands) Outstanding at January 1, 2021 ​ 1,008,648 ​ $ 23.92 ​ 8.43 ​ $ 66,028 Options granted ​ 73,515 ​ ​ 94.28 ​ ​ ​ ​ ​ Options exercised ​ (126,449) ​ ​ 16.55 ​ ​ ​ ​ ​ Options canceled ​ (22,663) ​ ​ 67.27 ​ ​ ​ ​ ​ Outstanding at December 31, 2021 ​ 933,051 ​ $ 29.41 ​ 7.59 ​ $ 36,679 Vested and Exercisable at December 31, 2021 ​ 636,961 ​ $ 19.62 ​ 7.38 ​ $ 29,283
Schedule of fair value of each option granted was estimated on the grant date using the Black-Scholes option pricing model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 ​ (in thousands) Risk free rate of return (1) ​ 0.57% - 1.35% ​ ​ 0.32% - 1.52% ​ ​ 1.59% - 2.45% Expected share price volatility (2) ​ 26.06% - 39.41% ​ ​ 18.13% - 25.67% ​ ​ 18.12% - 18.45% Expected life in years (3) ​ 5.89 ​ ​ 5.63 - 6.08 ​ ​ 5.64 - 6.08 Dividend yield (4) ​ 0% ​ ​ 0% ​ ​ 0% (1) Determined based on the U.S. Treasury yield in effect at the time of the grant for zero-coupon U.S. Treasury notes with remaining terms similar to the expected term of the options. (2) Determined based on a blend of the Company’s historic stock price volatility and the historic volatility of a peer group of publicly traded companies. (3) Determined using the “simplified method” for estimating the expected option life, which is the average of the weighted-average vesting period and contractual term of the option as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its common stock has been publicly traded. (4) Determined to be zero as the Company does not currently plan to issue dividends. ​
Schedule of RSU transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ Number of ​ grant date ​ shares fair value Non vested outstanding at January 1, 2021 ​ 14,734 ​ $ 95.86 Granted ​ 228,528 ​ ​ 78.70 Vested ​ (5,987) ​ ​ 91.08 Forfeited ​ (1,579) ​ ​ 97.08 Non vested outstanding at December 31, 2021 ​ 235,696 ​ $ 79.33
Schedule of Performance stock unit transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ Number of ​ grant date ​ shares fair value Non vested outstanding at January 1, 2021 ​ — ​ $ — Granted ​ 358,658 ​ ​ 36.91 Vested ​ — ​ ​ — Forfeited ​ (257) ​ ​ 97.87 Non vested outstanding at December 31, 2021 ​ 358,401 ​ $ 36.87

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2021
Accumulated Other Comprehensive Income
Schedule of changes in accumulated other comprehensive income (AOCI)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Balance as of January 1 ​ $ 13,246 ​ $ 4,686 ​ $ (563) ​ Other comprehensive income (loss) before reclassification ​ (9,579) ​ ​ 11,292 ​ ​ 6,555 ​ Federal income tax (expense) benefit ​ 2,012 ​ ​ (2,371) ​ ​ (1,344) ​ Other comprehensive income (loss) before reclassification, net of tax ​ (7,567) ​ 8,921 ​ 5,211 ​ Amounts reclassified from AOCI ​ (464) ​ ​ (456) ​ ​ 47 ​ Federal income tax expense (benefit) ​ 97 ​ ​ 95 ​ ​ (9) ​ Amounts reclassified from AOCI, net of tax ​ (367) ​ (361) ​ 38 ​ Other comprehensive income (loss) ​ (7,934) ​ 8,560 ​ 5,249 ​ Balance at end of period ​ $ 5,312 ​ $ 13,246 ​ $ 4,686 ​

Underwriting Information (Table

Underwriting Information (Tables)	12 Months Ended
	Dec. 31, 2021
Underwriting Information
Schedule of gross written premiums	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 2019 ​ ​ ($ in thousands) ​ ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ ​ % of ​ ​ Amount ​ GWP ​ Amount ​ GWP Amount ​ GWP Product ​ ​ ​ ​ ​ Residential Earthquake ​ $ 171,048 ​ 32.0 % $ 140,934 ​ 39.8 % $ 130,473 ​ 51.8 % Commercial Earthquake ​ 90,552 ​ 16.9 % 58,890 ​ 16.6 % 38,741 ​ 15.4 % Specialty Homeowners ​ 67,894 ​ 12.7 % 49,849 ​ 14.1 % 32,788 ​ 13.0 % Inland Marine ​ 57,124 ​ 10.7 % 15,423 ​ 4.3 % 2,465 ​ 1.0 % Commercial All Risk ​ ​ 38,640 ​ 7.2 % ​ 53,933 ​ 15.2 % ​ 30,358 ​ 12.0 % Hawaii Hurricane ​ 30,298 ​ 5.6 % 13,824 ​ 3.9 % 10,764 ​ 4.3 % Residential Flood ​ 11,652 ​ 2.2 % 8,176 ​ 2.3 % 5,216 ​ 2.1 % Other ​ ​ 67,967 ​ 12.7 % ​ 13,331 ​ 3.8 % ​ 1,156 ​ 0.4 % Total Gross Written Premiums ​ $ 535,175 100.0 % $ 354,360 100.0 % $ 251,961 100.0 % ​ Gross written premiums by state are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 2019 ​ ​ ($ in thousands) ​ ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ ​ % of ​ ​ Amount ​ GWP ​ Amount ​ GWP Amount ​ GWP State ​ ​ ​ ​ ​ California ​ $ 244,416 ​ 45.6 % $ 172,765 ​ 48.8 % $ 141,743 ​ 56.3 % Texas ​ ​ 62,893 ​ 11.8 % ​ 67,974 ​ 19.2 % ​ 44,087 ​ 17.5 % Hawaii ​ ​ 34,993 ​ 6.5 % ​ 16,398 ​ 4.6 % ​ 11,851 ​ 4.7 % Florida ​ ​ 27,386 ​ 5.1 % ​ 5,795 ​ 1.7 % — ​ — % Washington ​ 23,608 ​ 4.4 % 14,328 ​ 4.0 % 9,607 3.8 % North Carolina ​ ​ 15,271 ​ 2.9 % ​ 11,143 ​ 3.1 % 3,894 ​ 1.5 % Oregon ​ 13,677 ​ 2.6 % 10,038 ​ 2.8 % 7,396 2.9 % Illinois ​ 12,133 ​ 2.3 % 6,133 ​ 1.7 % ​ 6,133 2.4 % Other ​ 100,798 ​ 18.8 % 49,786 ​ 14.1 % 27,250 10.9 % Total Gross Written Premiums ​ $ 535,175 100.0 % $ 354,360 100.0 % $ 251,961 100.0 % ​ Gross written premiums by insurance subsidiary are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 2019 ​ ​ ($ in thousands) ​ ​ ​ ​ ​ % of ​ ​ ​ ​ % of ​ ​ ​ % of ​ ​ Amount ​ GWP ​ Amount ​ GWP Amount ​ GWP Subsidiary ​ ​ ​ ​ ​ PSIC ​ $ 383,063 ​ 71.4 % $ 324,870 ​ 91.7 % $ — ​ 0.0 % PESIC ​ 152,111 ​ 28.6 % 29,490 ​ 8.3 % — 0.0 % Total Gross Written Premiums ​ $ 535,175 100.0 % $ 354,360 100.0 % $ — 0.0 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of federal income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Current ​ $ 10,650 ​ $ (1,128) ​ $ 6,810 Deferred ​ 641 ​ 1,094 ​ 646 Income tax expense (benefit) ​ $ 11,291 ​ $ (34) ​ $ 7,456
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (in thousands) Deferred tax assets: ​ ​ Losses and LAE reserve discount ​ $ 279 ​ $ 238 State tax net operating losses ​ 2,879 ​ 680 Unearned premiums ​ 9,569 ​ 6,272 Capitalized organizational costs ​ 214 ​ 244 Deferred compensation ​ 997 ​ 511 Other ​ 1,285 ​ 652 Total deferred tax assets ​ $ 15,223 ​ $ 8,597 Deferred tax liabilities: ​ ​ Deferred acquisition costs ​ $ (11,754) ​ $ (7,454) Unrealized gains on investments ​ (1,612) ​ (3,884) Internally developed software ​ ​ (1,969) ​ ​ (1,283) Other ​ (919) ​ (672) Total deferred tax liabilities ​ (16,254) ​ (13,293) Net deferred tax liability before valuation allowance ​ (1,031) ​ (4,696) Valuation allowance ​ (2,879) ​ (680) Total net deferred tax liabilities ​ $ (3,910) ​ $ (5,376)
Schedule of effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ($ in thousands) Expense computed at federal tax rate $ 11,999 ​ 21.00 % $ 1,321 ​ 21.00 % $ 3,802 21.00 % Stock-based compensation ​ (1,067) ​ (1.87) % (1,538) ​ (24.44) % 4,822 26.63 % Dividend received deduction and tax‑exempt interest ​ (81) ​ (0.14) % (67) ​ (1.06) % (36) (0.20) % Valuation allowance ​ 2,199 ​ 3.85 % 606 ​ 9.63 % (1,677) (9.27) % Other ​ (1,759) ​ (3.08) % (356) ​ (5.67) % 545 3.01 % Income tax expense (benefit) ​ $ 11,291 19.76 % $ (34) (0.54) % $ 7,456 41.17 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share
Schedule of earnings per share of common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 2019 ​ (in thousands, except shares and per share data) Net income ​ $ 45,847 ​ $ 6,257 ​ $ 10,621 Weighted average common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 25,459,514 ​ 24,872,251 ​ 21,501,541 Common Share equivalents ​ ​ 652,390 ​ ​ 726,396 ​ ​ 333,393 Diluted ​ ​ 26,111,904 ​ ​ 25,598,647 ​ ​ 21,834,934 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.80 ​ $ 0.25 ​ $ 0.49 Diluted ​ $ 1.76 ​ $ 0.24 ​ $ 0.49

Statutory financial informati_2

Statutory financial information (Tables)	12 Months Ended
	Dec. 31, 2021
Statutory financial information
Summary of statutory net income and statutory capital surplus	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 2019 ​ ​ (in thousands) Statutory net income (loss) ​ $ 51,410 ​ $ 1,753 ​ $ (17,911) Statutory capital and surplus ​ 271,977 ​ 213,721 ​ 116,296

Summary of Operations and Bas_2

Summary of Operations and Basis of Presentation - Summary of Operations (Details)	12 Months Ended
	Dec. 31, 2021state
Summary of Operations and Basis of Presentation.
Number states Company underwrites catastrophe insurance on an admitted basis	34

Summary of Operations and Bas_3

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

Summary of Operations and Bas_4

Summary of Operations and Basis of Presentation - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 22, 2019	Dec. 31, 2019
Sale of Stock
Proceeds from initial public offering, net of offering costs		$ 87,411
IPO
Sale of Stock
Issuance of common stock in stock offerings, net of offering costs (in shares)	6,468,750
Share Price	$ 15
Proceeds from initial public offering, net of offering costs	$ 87,400
Underwriter Option
Sale of Stock
Issuance of common stock in stock offerings, net of offering costs (in shares)	843,750

Significant Accounting Polici_3

Significant Accounting Policies - Investments (Details)	Dec. 31, 2020USD ($)
Significant Accounting Policies
Allowance of credit loss related to available for sale securities	$ 0

Significant Accounting Polici_4

Significant Accounting Policies - Premiums Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Premiums Receivable
Allowance for doubtful accounts	$ 0.3	$ 0.2

Significant Accounting Polici_5

Significant Accounting Policies - Premiums Earned (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies
Premium deficiency	$ 0	$ 0

Significant Accounting Polici_6

Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Property and Equipment
Useful life	3 years
Maximum
Property and Equipment
Useful life	5 years

Significant Accounting Polici_7

Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets
Impairments of intangible assets	$ 0	$ 0	$ 0

Significant Accounting Polici_8

Significant Accounting Policies - Impairment of Long-lived Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Impairment of Long-lived Assets
Impairments of long-lived assets	$ 0	$ 0	$ 0

Investments - Available for Sal

Investments - Available for Sale Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Available for sale investments
Amortized Cost	$ 426,122	$ 381,279
Gross Unrealized Gains	9,265	17,221
Gross Unrealized Losses	(2,705)	(513)
Fair Value	432,682	397,987
U.S. Governments
Available for sale investments
Amortized Cost	16,713	16,308
Gross Unrealized Gains	347	756
Gross Unrealized Losses	(190)	(5)
Fair Value	16,870	17,059
States, territories, and possessions
Available for sale investments
Amortized Cost	3,789	6,208
Gross Unrealized Gains	288	428
Gross Unrealized Losses	(63)
Fair Value	4,014	6,636
Political subdivisions
Available for sale investments
Amortized Cost	6,295	2,027
Gross Unrealized Gains	107	125
Gross Unrealized Losses	(22)
Fair Value	6,380	2,152
Special revenue excluding mortgage/asset-backed securities
Available for sale investments
Amortized Cost	43,301	39,704
Gross Unrealized Gains	1,273	1,525
Gross Unrealized Losses	(76)	(2)
Fair Value	44,498	41,227
Industrial and miscellaneous
Available for sale investments
Amortized Cost	245,064	234,049
Gross Unrealized Gains	5,873	11,602
Gross Unrealized Losses	(1,891)	(291)
Fair Value	249,046	245,360
Mortgage/asset-backed securities
Available for sale investments
Amortized Cost	110,960	82,983
Gross Unrealized Gains	1,377	2,785
Gross Unrealized Losses	(463)	(215)
Fair Value	$ 111,874	$ 85,553

Investments - Security Holdings

Investments - Security Holdings in an Unrealized Loss Position - General Information (Details) $ in Thousands	Dec. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
Number of positions:
Number of unrealized loss positions | security	231	90
Fair Value
Fair Value	$ 170,119	$ 41,525
Unrealized Losses
Unrealized Losses	$ 2,705	$ 513

Investments - Security Holdin_2

Investments - Security Holdings in an Unrealized Loss Position - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value
Fair Value - Less Than 12 Months	$ 160,773	$ 40,826
Fair Value - More Than 12 Months	9,346	699
Fair Value - Total	170,119	41,525
Unrealized Losses
Unrealized Losses - Less Than 12 Months	(2,188)	(452)
Unrealized Losses - More Than 12 Months	(517)	(61)
Unrealized Losses - Total	(2,705)	(513)
U.S. Governments
Fair Value
Fair Value - Less Than 12 Months	5,968	1,496
Fair Value - More Than 12 Months	1,457
Fair Value - Total	7,425	1,496
Unrealized Losses
Unrealized Losses - Less Than 12 Months	(147)	(5)
Unrealized Losses - More Than 12 Months	(43)
Unrealized Losses - Total	(190)	(5)
States, territories, and possessions
Fair Value
Fair Value - Less Than 12 Months	1,444
Fair Value - Total	1,444
Unrealized Losses
Unrealized Losses - Less Than 12 Months	(63)
Unrealized Losses - Total	(63)
Political subdivisions
Fair Value
Fair Value - Less Than 12 Months	1,815
Fair Value - Total	1,815
Unrealized Losses
Unrealized Losses - Less Than 12 Months	(22)
Unrealized Losses - Total	(22)
Special revenue excluding mortgage/asset-backed securities
Fair Value
Fair Value - Less Than 12 Months	6,280	520
Fair Value - Total	6,280	520
Unrealized Losses
Unrealized Losses - Less Than 12 Months	(76)	(2)
Unrealized Losses - Total	(76)	(2)
Industrial and miscellaneous
Fair Value
Fair Value - Less Than 12 Months	94,020	22,718
Fair Value - More Than 12 Months	5,570	203
Fair Value - Total	99,590	22,921
Unrealized Losses
Unrealized Losses - Less Than 12 Months	(1,468)	(234)
Unrealized Losses - More Than 12 Months	(423)	(57)
Unrealized Losses - Total	(1,891)	(291)
Mortgage/asset-backed securities
Fair Value
Fair Value - Less Than 12 Months	51,246	16,092
Fair Value - More Than 12 Months	2,319	496
Fair Value - Total	53,565	16,588
Unrealized Losses
Unrealized Losses - Less Than 12 Months	(412)	(211)
Unrealized Losses - More Than 12 Months	(51)	(4)
Unrealized Losses - Total	$ (463)	$ (215)

Investments - Contractual Matur

Investments - Contractual Maturities of Available for Sale Fixed Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
Due within one year	$ 21,435
Due after one year through five years	133,235
Due after five years through ten years	113,264
Due after ten years	47,228
Mortgage and asset-backed securities	110,960
Amortized Cost	426,122	$ 381,279
Fair Value
Due within one year	21,550
Due after one year through five years	134,946
Due after five years through ten years	115,897
Due after ten years	48,415
Mortgage and asset-backed securities	111,874
Fair Value	$ 432,682	$ 397,987

Investments - Change in Unreali

Investments - Change in Unrealized Gains (Losses) of Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt and Equity Securities, Unrealized Gain (Loss) [Abstract]
Change in net unrealized gains (losses) on fixed maturities	$ (10,148)	$ 10,835	$ 6,602
Change in net unrealized gains (losses)	$ (10,148)	$ 10,835	$ 6,602

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net investment income
Interest income	$ 9,119	$ 8,554	$ 5,894
Dividend income	461	489	424
Investment management fees and expenses	(500)	(431)	(343)
Net investment income	$ 9,080	$ 8,612	$ 5,975

Investments - Net Realized and

Investments - Net Realized and Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net realized and unrealized investment gains and losses
Gains on sales of fixed maturity securities	$ 466	$ 501	$ 1,405
Gains on sales of equity securities	1,416	62	177
Total realized gains	1,882	563	1,582
Losses on sales of fixed maturity securities	(1)	(46)	(84)
Losses on sales of equity securities		(68)	(64)
Total realized losses	(1)	(114)	(148)
Net realized investment gains	1,881	449	1,434
Net unrealized gains (losses) on equity securities	(604)	1,039	3,009
Net realized and unrealized gains (losses) on investments	1,277	1,488	4,443
Proceeds from sales of fixed maturity securities
Proceeds from the sale of fixed maturity securities	$ 17,400	$ 39,800	$ 46,300

Investments - Securities on Dep

Investments - Securities on Deposit (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments
Fair Value	$ 432,682	$ 397,987
Securities on deposit with state regulatory authorities
Investments
Fair Value	$ 7,500	$ 7,500

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Fair Value	$ 432,682	$ 397,987
Equity securities at fair value	33,261	24,322
U.S. Governments
Assets:
Fair Value	16,870	17,059
States, territories, and possessions
Assets:
Fair Value	4,014	6,636
Political subdivisions
Assets:
Fair Value	6,380	2,152
Special revenue excluding mortgage/asset-backed securities
Assets:
Fair Value	44,498	41,227
Industrial and miscellaneous
Assets:
Fair Value	249,046	245,360
Mortgage/asset-backed securities
Assets:
Fair Value	111,874	85,553
Fair Value, Measurements, Recurring
Assets:
Equity securities at fair value	33,261	24,322
Cash, cash equivalents, and restricted cash	50,371	33,786
Total assets	516,314	456,095
Fair Value, Measurements, Recurring | U.S. Governments
Assets:
Fair Value	16,870	17,059
Fair Value, Measurements, Recurring | States, territories, and possessions
Assets:
Fair Value	4,014	6,636
Fair Value, Measurements, Recurring | Political subdivisions
Assets:
Fair Value	6,380	2,152
Fair Value, Measurements, Recurring | Special revenue excluding mortgage/asset-backed securities
Assets:
Fair Value	44,498	41,227
Fair Value, Measurements, Recurring | Industrial and miscellaneous
Assets:
Fair Value	249,046	245,360
Fair Value, Measurements, Recurring | Mortgage/asset-backed securities
Assets:
Fair Value	111,874	85,553
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Assets:
Equity securities at fair value	33,261	24,322
Cash, cash equivalents, and restricted cash	50,371	33,786
Total assets	83,632	58,108
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Assets:
Total assets	431,182	397,987
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. Governments
Assets:
Fair Value	16,870	17,059
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | States, territories, and possessions
Assets:
Fair Value	4,014	6,636
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Political subdivisions
Assets:
Fair Value	6,380	2,152
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Special revenue excluding mortgage/asset-backed securities
Assets:
Fair Value	44,498	41,227
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Industrial and miscellaneous
Assets:
Fair Value	249,046	245,360
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Mortgage/asset-backed securities
Assets:
Fair Value	110,374	$ 85,553
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3
Assets:
Total assets	1,500
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Mortgage/asset-backed securities
Assets:
Fair Value	$ 1,500

Fair Value Measurements - Trans

Fair Value Measurements - Transfers (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Fair Value Measurements
Fair value, assets, transfers out of Level 3	$ 1.5

Policy Acquisition Costs (Detai

Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Policy Acquisition Costs:
Balance, beginning of year	$ 35,481	$ 25,201	$ 14,052
Direct commissions	133,242	82,786	59,676
Ceding commissions	(32,249)	(19,371)	(17,257)
Premium taxes	8,209	7,024	5,236
Total net additions	109,202	70,439	47,655
Amortization of net policy acquisition costs	(88,730)	(60,159)	(36,506)
Balance, end of year	55,953	35,481	25,201
Acquisition expenses:
Amortization of net policy acquisition costs	88,730	60,159	36,506
Period costs	6,703	3,882	753
Total Acquisition expenses	$ 95,433	$ 64,041	$ 37,259

Intangible Assets - Tabular Dis

Intangible Assets - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Indefinite-lived intangibles:
State insurance licenses	$ 744	$ 744
Finite-lived intangibles:
Customer relationships	10,008	10,768
Accumulated amortization on finite-lived intangibles	(1,251)
Total intangible assets	$ 9,501	$ 11,512

Intangible Assets - Useful Live

Intangible Assets - Useful Lives (Details) - Customer Relationships $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Finite-lived intangibles:
Finite-lived intangible asset, useful life	8 years
Amortization expense	$ 1.3

Capitalized Assets - Capitalize

Capitalized Assets - Capitalized Software - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Capitalized software
Cost	$ 13,205	$ 8,450
Accumulated Amortization	(3,831)	(1,767)
Net Book Value	$ 9,374	$ 6,683

Capitalized Assets - Capitali_2

Capitalized Assets - Capitalized Software - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Capitalized Assets
Amortization expense relating to capitalized software	$ 2,100	$ 1,100	$ 600

Capitalized Assets - Property a

Capitalized Assets - Property and Equipment - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment
Cost	$ 1,692	$ 1,674
Accumulated Depreciation	(1,165)	(935)
Net Book Value	527	739
Leasehold improvements
Property and Equipment
Cost	879	879
Accumulated Depreciation	(576)	(459)
Net Book Value	303	420
Computer hardware
Property and Equipment
Cost	294	276
Accumulated Depreciation	(148)	(100)
Net Book Value	146	176
Office equipment and furniture
Property and Equipment
Cost	519	519
Accumulated Depreciation	(441)	(376)
Net Book Value	$ 78	$ 143

Capitalized Assets - Property_2

Capitalized Assets - Property and Equipment - Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property and Equipment
Depreciation	$ 0.2	$ 0.2	$ 0.2

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease, cost
Operating lease costs	$ 0.7	$ 0.7	$ 0.6

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Leases
Operating cash outflows from operating leases	$ 879

Leases - Assets and Liabilities

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets and liabilities
Operating lease ROU assets	$ 1,636
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Prepaid expenses and other assets	Prepaid expenses and other assets
Operating lease, liability
Operating lease liabilities	$ 2,187
Operating Lease, Liability, Statement of Financial Position	us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent

Leases - Weighted-average Discl

Leases - Weighted-average Disclosures (Details)	Dec. 31, 2021
Leases
Weighted-average remaining lease term on operating leases	2 years 6 months
Weighted-average discount rate on operating leases (as a percent)	2.10%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Future minimum lease payments
2022	$ 904
2023	862
2024	478
Total future minimum lease payments	$ 2,244

Leases - Gross Difference (Deta

Leases - Gross Difference (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases
Total future minimum lease payments	$ 2,244
Less: imputed interest	(57)
Total operating lease liability	$ 2,187

Reserve for Losses and Loss A_3

Reserve for Losses and Loss Adjustment Expenses - Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reserve for Losses and Loss Adjustment Expenses
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$ 34,470	$ 3,869	$ 4,165
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year	45,042	64,179	5,774
Prior years	(3,585)	(64)	(181)
Total incurred	41,457	64,115	5,593
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year	12,063	31,879	2,179
Prior years	18,445	1,635	3,710
Total payments	30,508	33,514	5,889
Reserve for losses and LAE net of reinsurance recoverables at end of period	$ 45,419	$ 34,470	$ 3,869

Reserve for Losses and Loss A_4

Reserve for Losses and Loss Adjustment Expenses - Total (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reserve for Losses and Loss Adjustment Expenses
Total reserve for losses and LAE	$ 45,419	$ 34,470	$ 3,869	$ 4,165
Add: Reinsurance recoverables on unpaid losses and LAE at end of period	127,947	94,566	12,952
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$ 173,366	$ 129,036	$ 16,821

Reserve for Losses and Loss A_5

Reserve for Losses and Loss Adjustment Expenses - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reserve for Losses and Loss Adjustment Expenses
Loss and loss adjustment expense reserve redundancy	$ 3.6	$ 0.1	$ 0.2

Reserve for Losses and Loss A_6

Reserve for Losses and Loss Adjustment Expenses - Incurred and Paid Accident Year Claims Development (Details) $ in Thousands	Dec. 31, 2021USD ($)claim	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Homeowners' Insurance
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 39,116
Incurred but Not Reported Liabilities	$ 4,440
Cumulative Number of Claims	14,097
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 32,891
Reserve for losses and loss adjustment expense, net of reinsurance	6,225
Homeowners' Insurance | 2015
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 1,643	$ 1,636	$ 1,642	$ 1,636	$ 1,658	$ 1,785	$ 2,048
Cumulative Number of Claims	421
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 1,643	1,636	1,634	1,615	1,523	1,379	860
Homeowners' Insurance | 2016
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 5,609	5,622	5,636	5,721	5,878	6,069
Cumulative Number of Claims	1,121
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 5,609	5,619	5,607	5,585	5,356	4,120
Homeowners' Insurance | 2017
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 5,587	6,388	6,630	7,418	9,354
Cumulative Number of Claims	3,049
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 5,586	6,371	6,628	7,375	7,135
Homeowners' Insurance | 2018
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	1,929	1,930	2,008	2,193
Incurred but Not Reported Liabilities	$ 2
Cumulative Number of Claims	799
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 1,922	1,922	1,853	1,550
Homeowners' Insurance | 2019
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	807	838	914
Incurred but Not Reported Liabilities	$ 102
Cumulative Number of Claims	1,213
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 685	685	546
Homeowners' Insurance | 2020
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	15,088	19,100
Incurred but Not Reported Liabilities	$ 1,470
Cumulative Number of Claims	4,015
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 13,095	13,588
Homeowners' Insurance | 2021
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	8,453
Incurred but Not Reported Liabilities	$ 2,866
Cumulative Number of Claims	3,479
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 4,351
Special Property
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	79,804
Incurred but Not Reported Liabilities	$ 6,050
Cumulative Number of Claims	12,703
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 59,324
Reserve for losses and loss adjustment expense, net of reinsurance	20,480
Special Property | 2015
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 673	677	678	671	671	719	630
Cumulative Number of Claims | claim	523
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 673	673	666	626	586	438	$ 265
Special Property | 2016
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 1,453	1,453	1,454	1,251	1,249	1,381
Cumulative Number of Claims | claim	1,353
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 1,453	1,453	1,444	1,216	1,064	$ 703
Special Property | 2017
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 4,974	4,264	4,014	3,475	3,071
Cumulative Number of Claims | claim	3,615
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 4,974	4,269	4,011	3,344	$ 1,967
Special Property | 2018
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 6,021	6,009	6,095	5,970
Cumulative Number of Claims | claim	1,317
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 6,021	6,009	6,036	$ 2,859
Special Property | 2019
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	3,140	3,385	3,661
Incurred but Not Reported Liabilities	$ 33
Cumulative Number of Claims | claim	1,780
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 3,072	2,825	$ 1,633
Special Property | 2020
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	42,160	42,334
Incurred but Not Reported Liabilities	$ 2,328
Cumulative Number of Claims | claim	2,573
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 36,127	$ 18,274
Special Property | 2021
Claims Development
Incurred Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	21,383
Incurred but Not Reported Liabilities	$ 3,689
Cumulative Number of Claims | claim	1,542
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance	$ 7,004

Reserve for Losses and Loss A_7

Reserve for Losses and Loss Adjustment Expenses - Average Annual Percentage Payout of Incurred Claims by Age (Details)	Dec. 31, 2021
Homeowners' Insurance
Short-duration Insurance Contracts, Historical Claims Duration
Year 1	77.58%
Year 2	14.60%
Year 3	0.61%
Year 4	0.35%
Year 5, net	(4.23%)
Year 6, net	(0.18%)
Year 7	0.43%
Special Property
Short-duration Insurance Contracts, Historical Claims Duration
Year 1	43.27%
Year 2	35.22%
Year 3	10.66%
Year 4	6.76%
Year 5	6.91%
Year 6	0.52%

Reserve for Losses and Loss A_8

Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Liability for Claims and Claim Adjustment Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Short-duration Insurance Contracts, Historical Claims Duration
Reserve for losses and loss adjustment expense net of reinsurance	$ 45,419	$ 34,470	$ 3,869	$ 4,165
Reinsurance recoverable on unpaid losses and loss adjustment expenses	127,947	94,566	12,952
Reserve for losses and loss adjustment expenses	173,366	$ 129,036	$ 16,821
Homeowners' Insurance
Short-duration Insurance Contracts, Historical Claims Duration
Reserve for losses and loss adjustment expense net of reinsurance	6,225
Reinsurance recoverable on unpaid losses and loss adjustment expenses	17,214
Special Property
Short-duration Insurance Contracts, Historical Claims Duration
Reserve for losses and loss adjustment expense net of reinsurance	20,480
Reinsurance recoverable on unpaid losses and loss adjustment expenses	108,906
Reinsurance- Nonproportional assumed property
Short-duration Insurance Contracts, Historical Claims Duration
Reserve for losses and loss adjustment expense net of reinsurance	9,542
Other
Short-duration Insurance Contracts, Historical Claims Duration
Reserve for losses and loss adjustment expense net of reinsurance	9,172
Reinsurance recoverable on unpaid losses and loss adjustment expenses	$ 1,827

Reinsurance - General Informati

Reinsurance - General Information (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)Counterparty	Dec. 31, 2020USD ($)Counterparty	Dec. 31, 2019USD ($)Counterparty
Reinsurance Retention Policy
Retention amount			$ 10,900	$ 4,500
Number of Company's largest reinsurers | Counterparty			3	3	3
Reinsurance premiums ceded			$ 200,172	$ 146,388	$ 100,314
Percentage of reinsurance premiums ceded on total premium			20.90%	22.40%	31.50%
Percentage of reinsurance recoverable on paid and unpaid losses on total balance			19.30%	42.80%
Ceded unearned premiums			$ 58,315	$ 35,031
Ceded written premiums			223,443	155,102	$ 108,332
Catastrophe
Reinsurance Retention Policy
Retention amount			12,500
Catastrophe bond, issuance costs		$ 400,000
Ceded written premiums			11,700	5,000	10,600
Hurricane and Earthquake Events | Minimum
Reinsurance Retention Policy
Retention amount			5,000
Hurricane and Earthquake Events | Maximum
Reinsurance Retention Policy
Retention amount			15,000
Earthquake events
Reinsurance Retention Policy
XOL reinsurance, protection			1,680,000
Hurricane events | Catastrophe
Reinsurance Retention Policy
XOL reinsurance, protection			700,000
Torrey Pines Re Ltd. ("TPRe") | Catastrophe
Reinsurance Retention Policy
Notes issued for reinsurance coverage	$ 166,000
First largest insurer
Reinsurance Retention Policy
Reinsurance premiums ceded			24,700	9,700	21,700
Reinsurance recoverables on paid and unpaid losses			21,900	36,000
Second largest insurer
Reinsurance Retention Policy
Reinsurance premiums ceded			11,700	8,600	7,500
Reinsurance recoverables on paid and unpaid losses			10,500	5,800
Third largest insurer
Reinsurance Retention Policy
Reinsurance premiums ceded			10,400	6,000	$ 4,900
Reinsurance recoverables on paid and unpaid losses			$ 9,200	$ 3,100

Reinsurance - Ceded Written Pre

Reinsurance - Ceded Written Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reinsurance Retention Policy [Line Items]
Ceded written premiums	$ 223,443	$ 155,102	$ 108,332
Ceded Written Premiums [Member]
Reinsurance Retention Policy [Line Items]
Ceded written premiums	96,001	59,276	51,356
Inland Marine | Ceded Written Premiums [Member]
Reinsurance Retention Policy [Line Items]
Ceded written premiums	28,389	5,339	1,506
Specialty Homeowners | Ceded Written Premiums [Member]
Reinsurance Retention Policy [Line Items]
Ceded written premiums	27,394	22,295	25,384
Commercial Earthquake | Ceded Written Premiums [Member]
Reinsurance Retention Policy [Line Items]
Ceded written premiums	14,447	6,929
Commercial All Risk | Ceded Written Premiums [Member]
Reinsurance Retention Policy [Line Items]
Ceded written premiums	3,948	19,218	19,236
Others | Ceded Written Premiums [Member]
Reinsurance Retention Policy [Line Items]
Ceded written premiums	$ 21,823	$ 5,495	$ 5,230

Reinsurance - Effect of Reinsur

Reinsurance - Effect of Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Premiums Written:
Direct	$ 467,424	$ 324,253	$ 220,568
Assumed	67,751	30,107	31,393
Ceded	(223,443)	(155,102)	(108,332)
Net written premiums	311,732	199,258	143,629
Premiums Earned:
Direct	384,463	271,887	178,536
Assumed	49,535	29,569	21,985
Ceded	(200,172)	(146,388)	(100,314)
Net earned premiums	233,826	155,068	100,207
Losses Incurred:
Direct	168,292	145,774	20,105
Assumed	17,184	3,485	1,201
Ceded	(148,106)	(91,969)	(16,564)
Net losses incurred	37,370	57,290	4,742
LAE Incurred:
Direct	13,295	18,777	2,837
Assumed	1,926	159	34
Ceded	(11,134)	(12,111)	(2,020)
Total LAE incurred	4,087	6,825	851
Total losses and LAE incurred:
Direct	181,587	164,551	22,942
Assumed	19,110	3,644	1,235
Ceded	(159,240)	(104,080)	(18,584)
Net total	$ 41,457	$ 64,115	$ 5,593

Debt - Floating Rate Notes (Det

Debt - Floating Rate Notes (Details) - Senior Notes - 2018 Floating Rate Notes - USD ($) $ in Millions	May 23, 2019	May 19, 2019	Dec. 31, 2019
Long-term debt
Debt Instrument, Face Amount		$ 20
Debt instrument, redemption price, percentage (as a percent)	102.00%
Redemption price	$ 20.4
Accrued interest and unpaid interest	0.3
Interest expense			$ 1.1
Interest paid			1.2
Redemption charge	1.3
Redemption Premium	0.4		$ 0.4
Write-off of unamortized debt issuance costs	0.9
Interest Expense.
Long-term debt
Redemption Premium	0.4
Other Underwriting Expenses
Long-term debt
Redemption Premium	$ 0.9
Three-month Treasury Rate
Long-term debt
Interest rate spread (as a percent)		6.50%

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) - Revolving Credit Facility [Member] $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Long-term debt
Maximum credit facility borrowing amount	$ 100	$ 100
Interest rate spread (as a percent)	2.00%
Commitment fees	$ 0.3
Percentage of unused line fee payable on unborrowed amount	0.25%
Line of credit facility outstanding		$ 0
Secured Overnight Financing Rate
Long-term debt
Interest rate spread (as a percent)	1.75%
Alternate Base Rate
Long-term debt
Interest rate spread (as a percent)	0.75%

Stockholders' Equity - Shares I

Stockholders' Equity - Shares Issued and Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Preferred stock
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	25,428,929	25,525,796
Common stock, shares outstanding (in shares)	25,428,929	25,525,796
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Additional paid-in capital
Additional paid-in capital	$ 318,902	$ 310,507

Stockholders' Equity - Reserved

Stockholders' Equity - Reserved for Future Issuance (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Apr. 16, 2019
Common stock reserved for future issuance
Stock options outstanding (in shares)	933,051	1,008,648
Total (in shares)	4,282,171
2019 Equity Incentive Plan
Common stock reserved for future issuance
Stock options outstanding (in shares)	933,051
Shares authorized for future issuance (in shares)	2,073,183		2,400,000
2019 Employee Stock Purchase Plan
Common stock reserved for future issuance
Shares authorized for future issuance (in shares)	681,840
Restricted Stock Units
Common stock reserved for future issuance
Stock units outstanding (in shares)	235,696	14,734
Restricted Stock Units | 2019 Equity Incentive Plan
Common stock reserved for future issuance
Stock units outstanding (in shares)	235,696
Performance Stock Units
Common stock reserved for future issuance
Stock units outstanding (in shares)	358,401
Performance Stock Units | 2019 Equity Incentive Plan
Common stock reserved for future issuance
Stock units outstanding (in shares)	358,401

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation expense
Stock-based compensation expense		$ 5,584	$ 2,167	$ 24,103
2014 Management Incentive Plan
Stock-based compensation expense
Stock-based compensation expense	$ 23,000

Stockholders' Equity - Manageme

Stockholders' Equity - Management Incentive Plan Prior to IPO (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 15, 2019
Stock-Based Compensation
Stock-based compensation			$ 5,584	$ 2,167	$ 24,103
Increase in additional paid in capital			$ 5,584	$ 2,167	$ 24,103
2014 Management Incentive Plan
Stock-Based Compensation
Units outstanding (in shares)						12,552,825
Stock-based compensation	$ 23,000
Increase in additional paid in capital		$ 23,000

Stockholders' Equity - 2019 Equ

Stockholders' Equity - 2019 Equity Incentive Plan (Details) - 2019 Equity Incentive Plan - shares	Dec. 31, 2021	Apr. 16, 2019
Stock-Based Compensation
Shares authorized (in shares)	2,073,183	2,400,000
Annual automatic increase to the number of shares of common stock reserved for issuance, as a percentage of common stock issued and outstanding as at the immediately preceding fiscal year end (as a percent)		3.00%

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options -Vesting (Details)	12 Months Ended
	Dec. 31, 2021
Stock Options
Stock-Based Compensation
Expiry period	10 years
Stock Options | Share-based Payment Arrangement, Tranche One
Stock-Based Compensation
Vesting period	2 years
Stock Options | Share-based Payment Arrangement, Tranche One, First Anniversary
Stock-Based Compensation
Vesting period	1 year
Stock Options | Share-based Payment Arrangement, Tranche One, First Anniversary | Minimum
Stock-Based Compensation
Vesting percentage (as a percent)	25.00%
Stock Options | Share-based Payment Arrangement, Tranche One, First Anniversary | Maximum
Stock-Based Compensation
Vesting percentage (as a percent)	50.00%
Stock Options | Share-based Payment Arrangement, Tranche Two
Stock-Based Compensation
Vesting period	4 years
Stock Options | Share-based Payment Arrangement, Tranche Two, First Anniversary
Stock-Based Compensation
Vesting period	1 year
Stock Options | Share-based Payment Arrangement, Tranche Two, First Anniversary | Minimum
Stock-Based Compensation
Vesting percentage (as a percent)	25.00%
Stock Options | Share-based Payment Arrangement, Tranche Two, First Anniversary | Maximum
Stock-Based Compensation
Vesting percentage (as a percent)	50.00%
Restricted Stock Units
Stock-Based Compensation
Vesting period	5 years
Restricted Stock Units | Share-based Payment Arrangement, Tranche One
Stock-Based Compensation
Vesting period	1 year
Vesting percentage (as a percent)	100.00%
Restricted Stock Units | Share-based Payment Arrangement, Tranche Two
Stock-Based Compensation
Vesting period	3 years
Restricted Stock Units | Share-based Payment Arrangement, Tranche Two, First Anniversary
Stock-Based Compensation
Vesting percentage (as a percent)	33.33%
Restricted Stock Units | Share-based Payment Arrangement, Tranche Two, Second Anniversary
Stock-Based Compensation
Vesting period	1 year
Vesting percentage (as a percent)	33.33%
Restricted Stock Units | Share-based Payment Arrangement, Tranche Two, Third Anniversary
Stock-Based Compensation
Vesting period	1 year
Vesting percentage (as a percent)	33.33%

Stockholders' Equity - Stock _2

Stockholders' Equity - Stock Options - Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of shares
Outstanding at beginning of period (in shares)	1,008,648
Granted (in shares)	73,515
Exercised (in shares)	(126,449)
Canceled (in shares)	(22,663)
Outstanding at end of period (in shares)	933,051	1,008,648
Weighted-average exercise price
Outstanding at beginning of period (in dollars per share)	$ 23.92
Granted (in dollars per share)	94.28
Exercised (in dollars per share)	16.55
Canceled (in dollars per share)	67.27
Outstanding at end of period (in dollars per share)	$ 29.41	$ 23.92
Additional disclosures
Weighted average remaining contractual term	7 years 7 months 2 days	8 years 5 months 4 days
Aggregate intrinsic value	$ 36,679	$ 66,028
Vested and Exercisable
Vested and exercisable, number (in shares)	636,961
Vested and exercisable, weighted average exercise price (in dollars per share)	$ 19.62
Vested and exercisable, weighted average remaining contractual term	7 years 4 months 17 days
Vested and exercisable, aggregate intrinsic value	$ 29,283

Stockholders' Equity - Stock _3

Stockholders' Equity - Stock Options - Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair value assumptions
Risk free rate of return, minimum (as a percent)			1.59%
Risk free rate of return, maximum (as a percent)			2.45%
Expected share price volatility, minimum (as a percent)			18.12%
Expected share price volatility, maximum (as a percent)			18.45%
Dividend yield (as a percent)			0.00%
Minimum
Fair value assumptions
Expected life in years			5 years 7 months 20 days
Maximum
Fair value assumptions
Expected life in years			6 years 29 days
Stock Options
Fair value assumptions
Risk free rate of return, minimum (as a percent)	0.57%	0.32%
Risk free rate of return, maximum (as a percent)	1.35%	1.52%
Expected share price volatility, minimum (as a percent)	26.06%	18.13%
Expected share price volatility, maximum (as a percent)	39.41%	25.67%
Dividend yield (as a percent)	0.00%	0.00%
Stock Options | Minimum
Fair value assumptions
Expected life in years	5 years 10 months 20 days	5 years 7 months 17 days
Stock Options | Maximum
Fair value assumptions
Expected life in years		6 years 29 days

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Units (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Number of shares
Outstanding at beginning of period (in shares) | shares	14,734
Granted (in shares) | shares	228,528
Vested (in shares) | shares	(5,987)
Forfeited (in shares) | shares	(1,579)
Non vested at end of period (in shares) | shares	235,696
Weighted-average grant date fair value
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 95.86
Granted (in dollars per share) | $ / shares	78.70
Vested (in dollars per share) | $ / shares	91.08
Forfeited (in dollars per share) | $ / shares	97.08
Non vested outstanding at end of period (in dollars per share) | $ / shares	$ 79.33

Stockholders' Equity - Performa

Stockholders' Equity - Performance Stock Units (Details) - Performance Stock Units	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Number of shares
Granted (in shares) | shares	358,658
Forfeited (in shares) | shares	(257)
Non vested at end of period (in shares) | shares	358,401
Weighted-average grant date fair value
Granted (in dollars per share) | $ / shares	$ 36.91
Forfeited (in dollars per share) | $ / shares	97.87
Non vested outstanding at end of period (in dollars per share) | $ / shares	$ 36.87

Stockholders' Equity - Unrecogn

Stockholders' Equity - Unrecognized Compensation Expense and July 2021 CEO Stock Grant (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Dshares	Dec. 31, 2020USD ($)
Unrecognized stock-based compensation expense
Total intrinsic value of stock options exercised	$ 8,500	$ 7,700
Total unrecognized stock-based compensation expense, options	$ 3,400
Weighted-average period over which unrecognized stock-based compensation expense is expected to be recognized	5 years
Stock Options
Unrecognized stock-based compensation expense
Weighted-average period over which unrecognized stock-based compensation expense is expected to be recognized	1 year 9 months 25 days
Restricted Stock Units
Unrecognized stock-based compensation expense
Total unrecognized stock-based compensation expense, options	$ 14,600
Total unrecognized stock-based compensation expense, restricted stock units and performance stock units	$ 16,500
Weighted-average period over which unrecognized stock-based compensation expense is expected to be recognized	4 years 14 days
Granted (in shares) | shares	228,528
Restricted stock units vested (in shares) | shares	5,987
Restricted Stock Units | CEO
Unrecognized stock-based compensation expense
Granted (in shares) | shares	350,000
Performance Stock Units
Unrecognized stock-based compensation expense
Total unrecognized stock-based compensation expense, options	$ 12,200
Total unrecognized stock-based compensation expense, restricted stock units and performance stock units	$ 12,400
Weighted-average period over which unrecognized stock-based compensation expense is expected to be recognized	4 years 7 months 20 days
Granted (in shares) | shares	358,658
Number of days, achievement of milestone stock price | D	30
Stock price milestones	0
Percentage of predetermined performance achievement	100.00%
Award service period	3 years
Performance Stock Units | CEO
Unrecognized stock-based compensation expense
Granted (in shares) | shares	192,307

Stockholders' Equity - 2019 Emp

Stockholders' Equity - 2019 Employee Stock Purchase Plan (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Apr. 16, 2019
Stock-Based Compensation
Issuance of common stock via employee stock purchase plan (in shares)	9,793	28,367
Employee Stock
Stock-Based Compensation
Shares authorized (in shares)			240,000
Annual increase (in shares)	240,000

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 29, 2021
Stockholders' Equity
Amount of authorizes repurchase		$ 40
Amount of repurchase of shares	$ 15.9
Repurchase of shares (in shares)	239,096

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in accumulated other comprehensive income
Beginning balance	$ 363,713	$ 218,556	$ 96,292
Other comprehensive income (loss)	(7,934)		5,249
Ending balance	394,169	363,713	218,556
Cumulative Effect, Period of Adoption, Adjustment
Changes in accumulated other comprehensive income
Beginning balance		(156)
Ending balance			(156)
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income
Beginning balance	13,246	4,686	(563)
Other comprehensive income (loss) before reclassification	(9,579)	11,292	6,555
Federal income tax (expense) benefit	2,012	(2,371)	(1,344)
Other comprehensive income (loss) before reclassification, net of tax	(7,567)	8,921	5,211
Amounts reclassified from AOCI	(464)	(456)	47
Federal income tax expense (benefit)	97	95	(9)
Amounts reclassified from AOCI, net of tax	(367)	(361)	38
Other comprehensive income (loss)	(7,934)	8,560	5,249
Ending balance	$ 5,312	$ 13,246	$ 4,686

Underwriting Information - Repo

Underwriting Information - Reportable Segments (Details)	12 Months Ended
	Dec. 31, 2021segment
Reportable segment
Number of reportable segments	1

Underwriting Information - Gros

Underwriting Information - Gross Written Premiums by Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gross written premiums
Amount	$ 535,175	$ 354,360	$ 251,961
% of GWP	100.00%	100.00%	100.00%
Residential Earthquake
Gross written premiums
Amount	$ 171,048	$ 140,934	$ 130,473
% of GWP	32.00%	39.80%	51.80%
Commercial Earthquake
Gross written premiums
Amount	$ 90,552	$ 58,890	$ 38,741
% of GWP	16.90%	16.60%	15.40%
Specialty Homeowners
Gross written premiums
Amount	$ 67,894	$ 49,849	$ 32,788
% of GWP	12.70%	14.10%	13.00%
Inland Marine
Gross written premiums
Amount	$ 57,124	$ 15,423	$ 2,465
% of GWP	10.70%	4.30%	1.00%
Commercial All Risk
Gross written premiums
Amount	$ 38,640	$ 53,933	$ 30,358
% of GWP	7.20%	15.20%	12.00%
Hawaii Hurricane
Gross written premiums
Amount	$ 30,298	$ 13,824	$ 10,764
% of GWP	5.60%	3.90%	4.30%
Residential Flood
Gross written premiums
Amount	$ 11,652	$ 8,176	$ 5,216
% of GWP	2.20%	2.30%	2.10%
Others
Gross written premiums
Amount	$ 67,967	$ 13,331	$ 1,156
% of GWP	12.70%	3.80%	0.40%

Underwriting Information - Gr_2

Underwriting Information - Gross Written Premiums by State (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gross written premiums
Amount	$ 535,175	$ 354,360	$ 251,961
% of GWP	100.00%	100.00%	100.00%
California
Gross written premiums
Amount	$ 244,416	$ 172,765	$ 141,743
% of GWP	45.60%	48.80%	56.30%
Texas
Gross written premiums
Amount	$ 62,893	$ 67,974	$ 44,087
% of GWP	11.80%	19.20%	17.50%
Hawaii
Gross written premiums
Amount	$ 34,993	$ 16,398	$ 11,851
% of GWP	6.50%	4.60%	4.70%
Florida
Gross written premiums
Amount	$ 27,386	$ 5,795
% of GWP	5.10%	1.70%
Washington
Gross written premiums
Amount	$ 23,608	$ 14,328	$ 9,607
% of GWP	4.40%	4.00%	3.80%
Oregon
Gross written premiums
Amount	$ 13,677	$ 10,038	$ 7,396
% of GWP	2.60%	2.80%	2.90%
North Carolina
Gross written premiums
Amount	$ 15,271	$ 11,143	$ 3,894
% of GWP	2.90%	3.10%	1.50%
Illinois
Gross written premiums
Amount	$ 12,133	$ 6,133	$ 6,133
% of GWP	2.30%	1.70%	2.40%
Other States
Gross written premiums
Amount	$ 100,798	$ 49,786	$ 27,250
% of GWP	18.80%	14.10%	10.90%

Underwriting Information - Gr_3

Underwriting Information - Gross Written Premiums by Insurance Subsidiary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gross written premiums
Amount	$ 535,175	$ 354,360	$ 251,961
% of GWP	100.00%	100.00%	100.00%
Subsidiaries
Gross written premiums
Amount	$ 535,175	$ 354,360
% of GWP	100.00%	100.00%	0.00%
PSIC
Gross written premiums
Amount	$ 383,063	$ 324,870
% of GWP	71.40%	91.70%	0.00%
PESIC
Gross written premiums
Amount	$ 152,111	$ 29,490
% of GWP	28.60%	8.30%	0.00%

Underwriting Information - Addi

Underwriting Information - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)productitem	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Underwriting Information
Gross written premiums	$ 535,175	$ 354,360	$ 251,961
% of GWP	100.00%	100.00%	100.00%
Number of program administrators | item	2
Number of products | product	4
Sales Revenue | Product Concentration Risk
Underwriting Information
Gross written premiums	$ 255,800	$ 191,300	$ 148,600
% of GWP	48.20%	54.00%	59.00%

Retirement and Post-Employmen_2

Retirement and Post-Employment Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement and Post-Employment Retirement Plans
Employer matching participants gross wages (as a percent)	3.00%
Contributions to plan	$ 0.7	$ 0.3	$ 0.3

Income Taxes - Federal Income T

Income Taxes - Federal Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Current	$ 10,650	$ (1,128)	$ 6,810
Deferred	641	1,094	646
Income tax expense (benefit)	$ 11,291	$ (34)	$ 7,456

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Losses and LAE reserve discount	$ 279	$ 238
State tax net operating losses	2,879	680
Unearned premiums	9,569	6,272
Capitalized organizational costs	214	244
Deferred compensation	997	511
Other	1,285	652
Total deferred tax assets	15,223	8,597
Deferred tax liabilities:
Deferred acquisition costs	(11,754)	(7,454)
Unrealized gains on investments	(1,612)	(3,884)
Internally developed software	(1,969)	(1,283)
Other	(919)	(672)
Total deferred tax liabilities	(16,254)	(13,293)
Net deferred tax liability before valuation allowance	(1,031)	(4,696)
Valuation allowance	(2,879)	(680)
Total net deferred tax liabilities	$ (3,910)	$ (5,376)

Income Taxes - Net Operating Lo

Income Taxes - Net Operating Loss Carryforwards (Details) $ in Thousands	Dec. 31, 2021USD ($)
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 0

Income Taxes - Tax Credit Carry

Income Taxes - Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2021USD ($)
Domestic Tax Authority
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	$ 0

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rate - Tabular Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount
Expense computed at federal tax rate	$ 11,999	$ 1,321	$ 3,802
Stock-based compensation	(1,067)	(1,538)	4,822
Dividend received deduction and tax-exempt interest	(81)	(67)	(36)
Valuation allowance	2,199	606	(1,677)
Other	(1,759)	(356)	545
Income tax expense (benefit)	$ 11,291	$ (34)	$ 7,456
Effective Income Tax Rate Reconciliation, Percent
Expense computed at federal tax rate	21.00%	21.00%	21.00%
Stock-based compensation	(1.87%)	(24.44%)	26.63%
Dividend received deduction and tax-exempt interest	(0.14%)	(1.06%)	(0.20%)
Valuation allowance	3.85%	9.63%	(9.27%)
Other	(3.08%)	(5.67%)	3.01%
Income tax expense (benefit)	19.76%	(0.54%)	41.17%

Income Taxes - Effective Tax _2

Income Taxes - Effective Tax Rate - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Income Taxes
Non-deductible stock compensation charge	$ 23.1

Income Taxes - Uncertain Tax Po

Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Unrecognized Tax Benefits	$ 0	$ 0

Income Taxes - Tax Returns Subj

Income Taxes - Tax Returns Subject to Examination (Details)	12 Months Ended
	Dec. 31, 2021
Earliest Tax Year
Income Taxes
Open Tax Year	2018
Latest Tax Year
Income Taxes
Open Tax Year	2020

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share
Net income	$ 45,847	$ 6,257	$ 10,621
Weighted average common shares outstanding:
Basic	25,459,514	24,872,251	21,501,541
Common Share equivalents (in shares)	652,390	726,396	333,393
Diluted (in shares)	26,111,904	25,598,647	21,834,934
Earnings per share:
Basic (in dollars per share)	$ 1.80	$ 0.25	$ 0.49
Earnings per share:
Diluted (in dollars per share)	$ 1.76	$ 0.24	$ 0.49

Statutory financial informati_3

Statutory financial information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statutory Accounting Practices
Statutory net income (loss)			$ 51,410	$ 1,753	$ (17,911)
Statutory capital and surplus	$ 271,977		271,977	213,721	116,296
Shareholder's equity	394,169		394,169	363,713	218,556	$ 96,292
Dividends received from subsidiary	10,000	$ 15,000
BERMUDA
Statutory Accounting Practices
Statutory net income (loss)			1,400	900	$ 18,500
Statutory capital and surplus	15,700		15,700	39,200
Minimum statutory solvency margin	1,200		1,200	1,200
Shareholder's equity	$ 17,000		$ 17,000	$ 41,900
BERMUDA | Minimum
Statutory Accounting Practices
Liquidity ratio	75.00%		75.00%

Dividend Restrictions (Details)

Dividend Restrictions (Details) $ in Millions	Dec. 31, 2021USD ($)
Dividend Restrictions
Threshold dividend or distribution without the prior approval, California and Oregon Insurance Commissioners	$ 45.7
Threshold dividend or distribution without the prior approval, Arizona Commissioner	1.2
Palomar Specialty Reinsurance Company Bermuda Ltd
Dividend Restrictions
Dividends receivable	$ 4.2

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2021USD ($)LetterOfCredit
Letters of Credit
Letters of credit, collateralized	$ 3.2
Trust, par value	$ 2.2
Standby Letters of Credit
Letters of Credit
Letters of credit, number | LetterOfCredit	3
Standby Letters of Credit | Irrevocable Bank Standby Letter of Credit, One, Expires 31 December 2021
Letters of Credit
Letters of credit, amount	$ 1.5
Standby Letters of Credit | Irrevocable Bank Standby Letter of Credit, Two, Expires 31 December 2021
Letters of Credit
Letters of credit, amount	0.3
Standby Letters of Credit | Irrevocable Bank Standby Letter of Credit, Auto Renews
Letters of Credit
Letters of credit, amount	$ 0.4

Schedule II - Balance Sheets (D

Schedule II - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $426,122 in 2021; $381,279 in 2020)	$ 432,682	$ 397,987
Equity securities at fair value	33,261	24,322
Total investments	465,943	422,309
Cash and cash equivalents	50,284	33,538
Accrued investment income	2,725	2,545
Prepaid expenses and other assets	37,072	34,119
Total assets	925,734	729,092
Liabilities:
Accounts payable and other liabilities	21,284	20,730
Deferred tax liabilities	3,908	5,376
Total liabilities	531,565	365,379
Shareholder's equity
Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2021 and December 31, 2020, respectively, 0 shares issued and outstanding as of December 31, 2021 and December 31, 2020
Common stock, $0.0001 par value, 500,000,000 shares authorized, 25,428,929 and 25,525,796 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	3	3
Additional paid-in capital	318,902	310,507
Accumulated other comprehensive income	5,312	13,246
Retained earnings	69,952	39,957
Total stockholders' equity	394,169	363,713	$ 218,556	$ 96,292
Total liabilities and stockholders' equity	925,734	729,092
Parent Company
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $426,122 in 2021; $381,279 in 2020)	49,221	51,252
Equity securities at fair value	1,839	1,727
Total investments	51,060	52,979
Cash and cash equivalents	4,437	7,290
Accrued investment income	313	300
Prepaid expenses and other assets	966	7,322
Receivables from subsidiaries	2,322	1,552
Investment in subsidiaries	365,018	317,663
Total assets	424,116	387,106
Liabilities:
Accounts payable and other liabilities	4,672	94
Payables to subsidiaries	11,102	17,923
Federal income tax payable	10,265
Deferred tax liabilities	3,908	5,376
Total liabilities	29,947	23,393
Shareholder's equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 25,428,929 and 25,525,796 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	3	3
Additional paid-in capital	318,902	310,507
Accumulated other comprehensive income	5,312	13,246
Retained earnings	69,952	39,957
Total stockholders' equity	394,169	363,713
Total liabilities and stockholders' equity	$ 424,116	$ 387,106

Schedule II - Balance Sheets -

Schedule II - Balance Sheets - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fixed maturity securities available for sale, amortized cost	$ 426,122	$ 381,279
Equity securities, cost	$ 31,834	$ 22,291
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)	25,428,929	25,525,796
Common stock, shares outstanding (in shares)	25,428,929	25,525,796
Parent Company
Fixed maturity securities available for sale, amortized cost	$ 50,916	$ 50,177
Equity securities, cost	$ 1,724	$ 1,661
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)	25,428,929	25,525,796
Common stock, shares outstanding (in shares)	25,428,929	25,525,796

Schedule II - Statements of Inc

Schedule II - Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net investment income	$ 9,080	$ 8,612	$ 5,975
Net realized and unrealized gains on investments	1,277	1,488	4,443
Total revenues	247,791	168,463	113,296
Other operating expenses	190,653	162,240	95,219
Income before income taxes	57,138	6,223	18,077
Income tax expense (benefit)	11,291	(34)	7,456
Net income	45,847	6,257	10,621
Other comprehensive income:
Net unrealized gains on securities available for sale		8,560
Total comprehensive income	37,913	14,817	15,870
Parent Company
Net investment income	555	939	1,039
Net realized and unrealized gains on investments	217	63	131
Total revenues	772	1,002	1,170
Other operating expenses	19,480	8,696	8
Income before income taxes	(18,708)	(7,694)	1,162
Income tax expense (benefit)	11,039	(34)	7,441
Loss before equity in net income of subsidiaries	(29,747)	(7,660)	(6,279)
Equity in net income of subsidiaries	75,594	13,917	16,900
Net income	45,847	6,257	10,621
Other comprehensive income:
Net unrealized gains on securities available for sale	580	1,075	708
Equity in other comprehensive income (loss) of subsidiaries, net of taxes	(8,514)	7,485	4,541
Total comprehensive income	$ 37,913	$ 14,817	$ 15,870

Schedule II - Statements of Cas

Schedule II - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income	$ 45,847	$ 6,257	$ 10,621
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	5,584	2,167	24,103
Net realized and unrealized losses on investments	(1,277)	(1,488)	(4,443)
Amortization of premium on fixed maturity securities	2,317	1,214	431
Deferred income tax expense	641	1,094	646
Net cash provided by operating activities	87,814	57,493	44,511
Investing activities
Purchases of fixed maturity securities	(166,894)	(295,002)	(211,587)
Sales and maturities of fixed maturity securities	120,198	124,243	124,151
Net cash used in investing activities	(58,188)	(185,385)	(83,377)
Financing activities
Proceeds from initial public offering, net of offering costs			87,411
Distribution to stockholder			(5,120)
Redemption of Floating Rate Notes			(20,000)
Proceeds from common stock issued via equity incentive plans	719	741
Repurchase of common stock	(15,852)
Net cash provided by (used in) financing activities	(13,041)	128,329	62,291
Net increase in cash, cash equivalents and restricted cash	16,585	437	23,425
Cash, cash equivalents and restricted cash at beginning of period	33,786	33,349	9,924
Cash, cash equivalents and restricted cash at end of period	50,371	33,786	33,349
Supplementary cash flow information:
Cash paid for income taxes	2,104	7,182	5,645
Parent Company
Operating activities
Net income	45,847	6,257	10,621
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(75,594)	(13,917)	(16,900)
Stock-based compensation expense	4,755
Net realized and unrealized losses on investments	(217)	(63)	(131)
Amortization of premium on fixed maturity securities	443	350	114
Deferred income tax expense	634	1,094	646
Changes in operating assets and liabilities:	13,596	7,772	4,218
Net cash provided by operating activities	(10,536)	1,493	(1,432)
Investing activities
Purchases of fixed maturity securities	(2,177)	(71,048)	(73,901)
Sales and maturities of fixed maturity securities	11,396	6,651	13,930
Cash paid to subsidiaries	(15,595)	(59,789)
Cash received from subsidiaries	27,100		226
Net cash used in investing activities	20,724	(124,186)	(59,745)
Financing activities
Proceeds from initial public offering, net of offering costs			87,411
Distribution to stockholder			(5,120)
Redemption of Floating Rate Notes			(20,000)
Proceeds from common stock issued via equity incentive plans	2,811	2,782
Repurchase of common stock	(15,852)
Net cash provided by (used in) financing activities	(13,041)	128,329	62,291
Net increase in cash, cash equivalents and restricted cash	(2,853)	5,636	1,114
Cash, cash equivalents and restricted cash at beginning of period	7,290	1,654	540
Cash, cash equivalents and restricted cash at end of period	4,437	7,290	1,654
Supplementary cash flow information:
Cash paid for income taxes	$ 2,104	7,182	$ 5,645
Stock Issued in January
Financing activities
Proceeds from stock offerings, net of offering costs		35,464
Stock Issued in January | Parent Company
Financing activities
Proceeds from stock offerings, net of offering costs		35,464
Stock Issued in June
Financing activities
Proceeds from stock offerings, net of offering costs		90,083
Stock Issued in June | Parent Company
Financing activities
Proceeds from stock offerings, net of offering costs		$ 90,083

Schedule V - Valuation and Qu_2

Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Valuation Allowance for deferred tax assets
Valuation and Qualifying Accounts
Balance at Beginning of Period	$ 680	$ 74
Amounts Charged to Expense	2,199	606
Balance at End of Period	2,879	680
Valuation Allowance for premium receivable
Valuation and Qualifying Accounts
Balance at Beginning of Period	203	150
Amounts Charged to Expense	285	53
Amounts Written Off	173
Balance at End of Period	$ 315	$ 203