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Note 22 - Variable Interest Entities ("VIEs") | 12 Months Ended
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Dec. 31, 2025
Disclosure Text Block [Abstract] |
Variable Interest Entity Disclosure [Text Block] | 22. Variable Interest Entities (“VIEs”) Laulima Insurance Exchange, a Hawaii domiciled reciprocal exchange (“Laulima”) is a consolidated VIE. Laulima was formed in 2023 as an insurance carrier organized as an unincorporated association. The Company’s PUEO entity manages the business operations of Laulima and receives a management fee for the services provided to Laulima. Upon formation of Laulima, PSIC provided capital of $15.0 million in the form of a contribution to the surplus note issued by Laulima, which remains outstanding as of December 31, 2025. The Company holds an interest in the form of this surplus note which is included in other liabilities on the Statement of Assets and Liabilities of Laulima. In addition, the Company provides quota share reinsurance on the property business of Laulima. The Company has determined that it has the ability to direct the activities that most significantly impact the economic performance of Laulima and, as it has provided capital to Laulima, would absorb any expected losses which could be significant to Laulima. As such, the Company is deemed the primary beneficiary and consolidates the results of Laulima. The Company does not own the equity of Laulima, which is owned by the policyholders. In the event of dissolution, policyholders would share any residual unassigned surplus but are not subject to assessment for any deficit in unassigned surplus of Laulima. The assets of Laulima can be used only to settle the obligations of Laulima and general creditors have no recourse to the Company. The results of operations of Laulima are included in the Company’s consolidated statement of income and comprehensive income and Laulima generated $2.2 million of net income in 2025 and $0.1 million of net loss in 2024. As of December 31, 2025, Laulima’s assets totaled $74.1 million, primarily comprised of $19.2 million of cash and investments and $16.9 million of prepaid reinsurance premiums and are included in the Company’s consolidated balance sheets. For the same year, Laulima’s liabilities totaled $65.8 million and primarily include $38.2 million of unearned premiums and $15.0 million of surplus notes. As of December 31, 2024, Laulima’s assets totaled $51.0 million, primarily comprised of $18.5 million of cash and investments, and $30.5 million of prepaid reinsurance premiums and are included in the Company’s consolidated balance sheets. For the same year, Laulima’s liabilities totaled $48.9 million and primarily include $15.0 million of surplus notes. The surplus notes are payable to PSIC and eliminate in consolidation for all years presented.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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