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Note 7 - Underwriting Information
 9 Months Ended
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%