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Note 7 - Underwriting Information
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

7. Underwriting Information

 

The Company has a single reportable segment and offers specialty insurance products.  Gross written premiums (“GWP”) by product are presented below:

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

($ in thousands)

 
      

% of

      

% of

 
  

Amount

  

GWP

  

Amount

  

GWP

 

Product (1)

                

Earthquake

 $105,729   28.7% $93,495   37.4%

Fronting

  94,831   25.8%  91,755   36.7%

Inland Marine and Other Property

  76,876   20.9%  52,705   21.1%

Casualty

  51,935   14.1%  12,157   4.9%

Crop

  38,707   10.5%  —   —%

Total Gross Written Premiums

 $368,078   100.0% $250,112   100.0%

 

(1) - Beginning in 2024, the Company has updated the categorization of its products to align with management's current strategy and view of the business. Prior year amounts have been reclassified for comparability purposes. The recategorization is for presentation purposes only and does not impact overall gross written premiums.

 

Gross written premiums by state are as follows:

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

($ in thousands)

 
      

% of

      

% of

 
  

Amount

  

GWP

  

Amount

  

GWP

 

State

                

California

 $157,217   42.7% $131,889   52.7%

Texas

  40,795   11.1%  23,210   9.3%

Florida

  13,924   3.8%  12,096   4.8%

Hawaii

  12,516   3.4%  10,105   4.0%

Washington

  12,002   3.3%  11,972   4.8%

Colorado

  9,605   2.6%  1,848   0.7%

New York

  8,030   2.2%  3,871   1.5%

New Mexico

  7,469   2.0%  194   0.1%

Other

  106,520   28.9%  54,927   22.0%

Total Gross Written Premiums

 $368,078   100.0% $250,112   100.0%

 

Gross written premiums by insurance subsidiary are as follows:

 

  

Three Months Ended March 31,

 
  

2024

  

2023

 
  

($ in thousands)

 
      

% of

      

% of

 
  

Amount

  

GWP

  

Amount

  

GWP

 

Subsidiary

                

PSIC

 $222,657   60.5% $150,704   60.3%

PESIC

  136,493   37.1%  99,408   39.7%

Laulima

  8,928   2.4%  —   —%

Total Gross Written Premiums

 $368,078   100.0% $250,112   100.0%