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Note 15 - Underwriting Information | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | 15. Underwriting Information The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (“GWP”) by product are presented below:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
|  |  |  |  | % of |  |  |  |  |  | % of |  |  |  |  |  | % of |
|  | Amount |  |  | GWP |  |  | Amount |  |  | GWP |  |  | Amount |  |  | GWP |
Product |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earthquake |  | $ | 571,373 |  |  |  | 28.2 | % |  | $ | 522,864 |  |  |  | 33.9 | % |  | $ | 436,897 |  |  |  | 38.3 | %
Casualty |  |  | 542,949 |  |  |  | 26.8 | % |  |  | 235,592 |  |  |  | 15.3 | % |  |  | 90,388 |  |  |  | 7.9 | %
Inland Marine and Other Property |  |  | 446,184 |  |  |  | 22.0 | % |  |  | 334,079 |  |  |  | 21.7 | % |  |  | 250,022 |  |  |  | 21.9 | %
Crop |  |  | 247,547 |  |  |  | 12.2 | % |  |  | 116,239 |  |  |  | 7.5 | % |  |  | 12,110 |  |  |  | 1.1 | %
Fronting |  |  | 220,199 |  |  |  | 10.8 | % |  |  | 333,188 |  |  |  | 21.6 | % |  |  | 352,141 |  |  |  | 30.8 | %
Total gross written premiums |  | $ | 2,028,252 |  |  |  | 100.0 | % |  | $ | 1,541,962 |  |  |  | 100.0 | % |  | $ | 1,141,558 |  |  |  | 100.0 | %
Gross written premiums by state are as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
|  |  |  |  | % of |  |  |  |  |  | % of |  |  |  |  |  | % of |
|  | Amount |  |  | GWP |  |  | Amount |  |  | GWP |  |  | Amount |  |  | GWP |
State |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
California |  | $ | 626,399 |  |  |  | 30.9 | % |  | $ | 668,635 |  |  |  | 43.4 | % |  | $ | 600,791 |  |  |  | 52.6 | %
Texas |  |  | 160,639 |  |  |  | 7.9 | % |  |  | 124,416 |  |  |  | 8.1 | % |  |  | 95,517 |  |  |  | 8.4 | %
Florida |  |  | 96,764 |  |  |  | 4.8 | % |  |  | 67,008 |  |  |  | 4.3 | % |  |  | 47,595 |  |  |  | 4.2 | %
Hawaii |  |  | 92,585 |  |  |  | 4.6 | % |  |  | 72,558 |  |  |  | 4.7 | % |  |  | 47,388 |  |  |  | 4.2 | %
Washington |  |  | 70,188 |  |  |  | 3.4 | % |  |  | 57,900 |  |  |  | 3.8 | % |  |  | 49,494 |  |  |  | 4.3 | %
New York |  |  | 68,119 |  |  |  | 3.4 | % |  |  | 38,919 |  |  |  | 2.5 | % |  |  | 18,424 |  |  |  | 1.6 | %
Illinois |  |  | 54,406 |  |  |  | 2.7 | % |  |  | 20,901 |  |  |  | 1.4 | % |  |  | 22,340 |  |  |  | 2.0 | %
Colorado |  |  | 39,384 |  |  |  | 1.9 | % |  |  | 20,149 |  |  |  | 1.3 | % |  |  | 8,628 |  |  |  | 0.8 | %
Other |  |  | 819,768 |  |  |  | 40.4 | % |  |  | 471,476 |  |  |  | 30.5 | % |  |  | 251,381 |  |  |  | 21.9 | %
Total gross written premiums |  | $ | 2,028,252 |  |  |  | 100.0 | % |  | $ | 1,541,962 |  |  |  | 100.0 | % |  | $ | 1,141,558 |  |  |  | 100.0 | %
Gross written premiums by insurance subsidiary are as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | ($ in thousands) |
|  |  |  |  | % of |  |  |  |  |  | % of |  |  |  |  |  | % of |
|  | Amount |  |  | GWP |  |  | Amount |  |  | GWP |  |  | Amount |  |  | GWP |
Subsidiary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PSIC |  | $ | 995,901 |  |  |  | 49.1 | % |  | $ | 823,263 |  |  |  | 53.4 | % |  | $ | 653,809 |  |  |  | 57.3 | %
PESIC |  |  | 936,971 |  |  |  | 46.2 | % |  |  | 661,404 |  |  |  | 42.9 | % |  |  | 487,749 |  |  |  | 42.7 | %
Laulima |  |  | 76,727 |  |  |  | 3.8 | % |  |  | 57,295 |  |  |  | 3.7 | % |  |  | — |  |  |  | — | %
FIA |  |  | 18,653 |  |  |  | 0.9 | % |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — | %
Total gross written premiums |  | $ | 2,028,252 |  |  |  | 100.0 | % |  | $ | 1,541,962 |  |  |  | 100.0 | % |  | $ | 1,141,558 |  |  |  | 100.0 | %
The Company distributes a significant portion of its products through select program administrators. Each of the 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. For the year ended December 31, 2025, our largest program administrator distributed $411.0 million or 20.3% of our gross written premiums and our second largest program administrator distributed $237.3 million or 11.7% of our gross written premiums. There were no other program administrators which distributed greater than 10% of our gross written premiums for the year ended December 31, 2025. For the year ended December 31, 2024, our largest program administrator distributed $403.4 million or 26.2% of our gross written premiums. There were no other program administrators which distributed greater than 10% of our gross written premiums for the year ended December 31, 2024. For the year ended December 31, 2023, our largest program administrator distributed $394.1 million or 34.5% of our gross written premiums and our second largest program administrator distributed $152.4 million, or 13.3% of our gross written premiums. There were no other program administrators which distributed greater than 10% of our gross written premiums for the year ended December 31, 2023.

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