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

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