0001193125-26-067364 | 10-K | XBRL Viewer

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Note 13 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Apr. 16, 2019
Schedule Of Capital Reserved For Future Issuance [Line Items]
Options, Outstanding, Number (in shares)	499,676	588,385
Total (in shares)	7,091,091
Restricted Stock Units (RSUs) [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Equity Instruments Other than Options, Nonvested, Number (in shares)	296,285	320,411
Performance Shares [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Equity Instruments Other than Options, Nonvested, Number (in shares)	502,022	460,450
Equity Incentive Plan 2019 [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Options, Outstanding, Number (in shares)	499,676
Number of Shares Authorized (in shares)	4,211,864		2,400,000
Equity Incentive Plan 2019 [Member] \| Restricted Stock Units (RSUs) [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Equity Instruments Other than Options, Nonvested, Number (in shares)	296,285
Equity Incentive Plan 2019 [Member] \| Performance Shares [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Equity Instruments Other than Options, Nonvested, Number (in shares)	502,022
Employee Stock Purchase Plan 2019 [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Number of Shares Authorized (in shares)	1,581,244

Note 23 - Business Acquisitions (Details Textual) - USD ($) $ in Millions	Apr. 01, 2025	Jan. 01, 2025
First Indemnity of America Insurance Company [Member]
Business Combination [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Business Combination, Consideration Transferred		$ 29.5
Advanced AgProtection, LLC [Member]
Business Combination [Line Items]
Business Combination, Consideration Transferred	$ 32.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Note 11 - Reinsurance - Schedule of Ceded Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reinsurance Retention [Line Items]
Ceded premiums written	$ 1,064,230	$ 897,111	$ 731,531
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member]
Reinsurance Retention [Line Items]
Ceded premiums written	804,246	654,597	526,280
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member] \| Casualty
Reinsurance Retention [Line Items]
Ceded premiums written	235,119	86,120	36,677
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member] \| Fronting
Reinsurance Retention [Line Items]
Ceded premiums written	203,813	312,173	339,376
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member] \| Crop
Reinsurance Retention [Line Items]
Ceded premiums written	176,200	109,975	12,110
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member] \| Inland Marine and Other Property
Reinsurance Retention [Line Items]
Ceded premiums written	145,223	103,863	108,409
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member] \| Earthquake
Reinsurance Retention [Line Items]
Ceded premiums written	$ 43,891	$ 42,466	$ 29,708

Note 18 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table sets out earnings per share of common stock:


	Year ended December 31,
	2025		2024		2023
	(in thousands, except shares and per share data)
Net income	$	197,070	$	117,573	$	79,201
Weighted average common shares outstanding:
Basic		26,639,733		25,520,343		24,822,004
Common Share equivalents		845,517		703,499		505,087
Diluted		27,485,250		26,223,842		25,327,091

Earnings per share:
Basic	$	7.40	$	4.61	$	3.19
Diluted	$	7.17	$	4.48	$	3.13

Note 15 - Underwriting Information - Schedule of Gross Written Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 2,028,252	$ 1,541,962	$ 1,141,558
Percentage of Gross Written Premiums	100.00%	100.00%	100.00%
Palomar Specialty Insurance Company [Member]
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 995,901	$ 823,263	$ 653,809
Percentage of Gross Written Premiums	49.10%	53.40%	57.30%
Palomar Excess And Surplus Insurance Company [Member]
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 936,971	$ 661,404	$ 487,749
Percentage of Gross Written Premiums	46.20%	42.90%	42.70%
Laulima Insurance Company [Member]
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 76,727	$ 57,295	$ 0
Percentage of Gross Written Premiums	3.80%	3.70%	0.00%
First Indemnity of America Insurance Company [Member]
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 18,653	$ 0	$ 0
Percentage of Gross Written Premiums	0.90%	0.00%	0.00%
CALIFORNIA
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 626,399	$ 668,635	$ 600,791
Percentage of Gross Written Premiums	30.90%	43.40%	52.60%
TEXAS
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 160,639	$ 124,416	$ 95,517
Percentage of Gross Written Premiums	7.90%	8.10%	8.40%
FLORIDA
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 96,764	$ 67,008	$ 47,595
Percentage of Gross Written Premiums	4.80%	4.30%	4.20%
HAWAII
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 92,585	$ 72,558	$ 47,388
Percentage of Gross Written Premiums	4.60%	4.70%	4.20%
WASHINGTON
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 70,188	$ 57,900	$ 49,494
Percentage of Gross Written Premiums	3.40%	3.80%	4.30%
NEW YORK
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 68,119	$ 38,919	$ 18,424
Percentage of Gross Written Premiums	3.40%	2.50%	1.60%
ILLINOIS
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 54,406	$ 20,901	$ 22,340
Percentage of Gross Written Premiums	2.70%	1.40%	2.00%
COLORADO
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 39,384	$ 20,149	$ 8,628
Percentage of Gross Written Premiums	1.90%	1.30%	0.80%
Other States [Member]
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 819,768	$ 471,476	$ 251,381
Percentage of Gross Written Premiums	40.40%	30.50%	21.90%
Earthquake Premiums [Member]
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 571,373	$ 522,864	$ 436,897
Percentage of Gross Written Premiums	28.20%	33.90%	38.30%
Casualty [Member]
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 542,949	$ 235,592	$ 90,388
Percentage of Gross Written Premiums	26.80%	15.30%	7.90%
Inland Marine and Other Property [Member]
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 446,184	$ 334,079	$ 250,022
Percentage of Gross Written Premiums	22.00%	21.70%	21.90%
Crop [Member]
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 247,547	$ 116,239	$ 12,110
Percentage of Gross Written Premiums	12.20%	7.50%	1.10%
Fronting Premium [Member]
Disaggregation of Revenue [Line Items]
Total gross written premiums	$ 220,199	$ 333,188	$ 352,141
Percentage of Gross Written Premiums	10.80%	21.60%	30.80%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Plans On December 3, 2025, Mac Armstrong, the Company’s Chairman and Chief Executive Officer, entered a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1c under the Exchange Act, providing for the sale of up to 42,000 shares of the Company’s common stock. Pursuant to this plan, Mr. Armstrong may sell shares beginning March 23, 2026 and ending February 28, 2027. On December 15, 2025, Angela Grant, the Company’s Chief Legal Officer, entered a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1c under the Exchange Act, providing for the exercise and sale of up to 1,254 shares of Company stock options. Pursuant to this plan, Ms. Grant may sell shares beginning March 16, 2026 and ending August 31, 2026. On December 15, 2025 Chris Uchida, the Company’s Chief Financial Officer, entered a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1c under the Exchange Act, providing for the exercise and sale of up to 3,150 shares of Company stock options and the sale of up to 5,671 shares of the Company’s common stock. Pursuant to this plan, Mr. Uchida may sell shares beginning April 15, 2026 and ending September 30, 2026. On December 15, 2025, Jon Christianson, the Company’s President, entered a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1c under the Exchange Act, providing for the exercise and sale of up to 18,000 shares of Company stock options. Pursuant to this plan, Mr. Christianson may sell shares beginning March 16, 2026 and ending August 31, 2026. None of our other directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the quarter ended December 31, 2025, There were no “non-Rule 10b5-1 trading arrangements” (as defined in Item 408 of Regulation S-K of the Exchange Act) adopted, modified or terminated during the fiscal year ended December 31, 2025 by our directors and Section 16 officers. Each of the Rule 10b5-1 trading arrangements are in accordance with our Insider Trading Policy and actual sale transactions made pursuant to such trading arrangements will be disclosed publicly in Section 16 filings with the SEC in accordance with applicable securities laws, rules and regulations.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false
Mac Armstrong [Member]
Trading Arrangements, by Individual
Name	Mac Armstrong
Title	Chairman and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 3, 2025
Rule 10b5-1 Arrangement Terminated	false
Aggregate Available	42,000
Angela Grant [Member]
Trading Arrangements, by Individual
Name	Angela Grant
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2025
Rule 10b5-1 Arrangement Terminated	false
Aggregate Available	1,254
Chris Uchida [Member]
Trading Arrangements, by Individual
Name	Chris Uchida
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2025
Rule 10b5-1 Arrangement Terminated	false
Aggregate Available	3,150
Jon Christianson [Member]
Trading Arrangements, by Individual
Name	Jon Christianson
Title	President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 15, 2025
Rule 10b5-1 Arrangement Terminated	false
Aggregate Available	18,000
Options [Member] \| Chris Uchida [Member]
Trading Arrangements, by Individual
Aggregate Available	5,671

Note 9 - Leases (Details Textual) - USD ($) $ in Millions	12 Months Ended
Note 9 - Leases (Details Textual) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lease, Cost [Abstract]
Operating Lease, Cost	$ 1.1	$ 0.8	$ 0.8

Note 10 - Reserve for Losses and Loss Adjustment Expenses (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Insurance [Abstract]
Loss and Loss Adjustment Expense Reserve Redundancy	$ 19.8	$ 3.0	$ 2.2

Note 4 - Derivative Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments [Text Block]

4. Derivative Instruments

Beginning in July 2025, the Company began using derivatives as part of its financial risk management program to mitigate price risk on certain insurance contracts exposed to livestock commodity price fluctuations. The Company employs an economic hedging strategy that utilizes derivatives, specifically put options, within its overall risk management framework. The primary objective of holding these derivative instruments is to manage exposure to adverse livestock price movements. The notional value of derivative contracts held and the degree of hedged exposure are actively managed and vary based on volume of business placed. The Company does not use derivatives for speculative or trading purposes. All derivative positions are intended to support the overall risk management objectives of the business. The Company has not elected hedge accounting for these derivatives.

These derivative instruments are recorded at fair value on the consolidated balance sheet within “Other investments,” with changes in fair value recognized in earnings in “Losses and loss adjustment expenses.”

As of December 31, 2025, the notional amount and fair value of the Company’s derivative assets were $16.4 million and $9.9 million, respectively. For the year ended December 31, 2025, the Company recognized $8.6 million of pre-tax net gains related to these derivatives, which were included in earnings within losses and loss adjustment expenses.

See Note 2 for additional discussion of the Company’s derivative instrument policy.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Note 5 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	$ 1,224,187	$ 939,046
Equity securities	99,333	40,529
Derivative assets -- livestock put options	9,900
US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	23,587	32,806
US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	18,862	9,778
Special Revenue Excluding Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	17,465	26,634
Corporate Debt Securities and Other Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	608,235	475,491
Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	556,038	394,337
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	99,333	40,529
Cash, cash equivalents, and restricted cash	106,892	80,539
Total assets	1,440,346	1,060,114
Fair Value, Recurring [Member] \| US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	23,587	32,806
Fair Value, Recurring [Member] \| US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	18,862	9,778
Fair Value, Recurring [Member] \| Special Revenue Excluding Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	17,465	26,634
Fair Value, Recurring [Member] \| Corporate Debt Securities and Other Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	608,235	475,491
Fair Value, Recurring [Member] \| Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	556,038	394,337
Fair Value, Recurring [Member] \| livestock put options [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets -- livestock put options	9,934
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	99,333	40,529
Cash, cash equivalents, and restricted cash	106,892	80,539
Total assets	216,159	121,068
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Special Revenue Excluding Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities and Other Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| livestock put options [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets -- livestock put options	9,934
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Cash, cash equivalents, and restricted cash	0	0
Total assets	1,224,187	939,046
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	23,587	32,806
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	18,862	9,778
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Special Revenue Excluding Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	17,465	26,634
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities and Other Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	608,235	475,491
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	556,038	394,337
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| livestock put options [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets -- livestock put options	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Cash, cash equivalents, and restricted cash	0	0
Total assets	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Special Revenue Excluding Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities and Other Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	$ 0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| livestock put options [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets -- livestock put options	$ 0

Note 13 - Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity [Text Block]

13. Stockholders’ Equity

As of December 31, 2025 and 2024, the Company has 5,000,000 preferred shares authorized with a par value of $0.0001 and no preferred shares issued and outstanding. As of December 31, 2025 and 2024, the Company has 500,000,000 common shares authorized and 26,520,417 and 26,529,402 common shares issued and outstanding, respectively, with a par value of $0.0001. Additional paid in capital is $523.2 million as of December 31, 2025 and $493.7 million as of December 31, 2024.

Common stock reserved for future issuance consists of the following as of December 31, 2025:


Stock options outstanding under 2019 Equity Incentive Plan			499,676
Restricted stock units outstanding under 2019 Equity Incentive Plan			296,285
Performance stock units outstanding under 2019 Equity Incentive Plan, at target			502,022
Shares authorized for future issuance under 2019 Equity Incentive Plan			4,211,864
Shares authorized for future issuance under 2019 Employee Stock Purchase Plan			1,581,244
Total			7,091,091

The Company does not maintain a treasury stock account and issues new shares to settle employee stock purchases, exercises of stock options, and vestings of other types of equity awards.

The below table summarizes the Company’s stock-based compensation expense for each period presented:


	Year ended December 31,
	2025		2024		2023
	($ in thousands)
Stock-based compensation expense	$	21,014	$	16,685	$	14,913

Stock-based compensation expense is recognized on a straight-line basis over the vesting period of awards. The Company does not apply a forfeiture rate to unvested awards and accounts for forfeitures as they occur. All stock-based compensation is included in other underwriting expenses in the Company’s consolidated statements of income and comprehensive income.

2019 Equity Incentive Plan

On April 16, 2019, the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective. The 2019 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance shares and units, and other cash-based or share-based awards. In addition, the 2019 Plan contains a mechanism through which the Company may adopt a deferred compensation arrangement in the future.

A total of 2,400,000 shares of common stock were initially authorized and reserved for issuance under the 2019 Plan. This reserve increases on January 1 of each year through 2029, by an amount equal to the smaller of: 3% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or an amount determined by the board of directors.

Stock Options

Recipients of stock options can purchase shares of the Company’s common stock at a price equal to the stock’s fair market value on the grant date, determined by the closing price of the Company’s common stock on the grant date. Stock options vest over a period between two and four years with between 25% and 50% vesting on the first anniversary of the grant date and the remainder vesting monthly over the remaining period, subject to continued service to the Company. Stock options expire ten years after the grant date.

The following table summarizes stock option transactions for the year ended December 31, 2025:


	Number of shares			Weighted-average exercise price		Weighted-average remaining contractual term (in years)		Aggregate intrinsic value ($ in thousands)
Outstanding at January 1, 2025		588,385		$	33.76		4.9	$	42,273
Options granted		—			—
Options exercised		(88,175	)		42.59
Options cancelled		(534	)		83.46
Outstanding at December 31, 2025		499,676		$	32.15		3.9	$	51,273
Vested and Exercisable at December 31, 2025		499,676		$	32.15		3.9	$	51,273

The total intrinsic value of stock options exercised during the years ended December 31, 2025 and 2024 was $11.8 million and $18.7 million, respectively.

Restricted Stock Units

Restricted stock units are valued on their grant date and generally vest either on the first anniversary of the grant date or over a three-year period with one third vesting on each anniversary date, subject to continued service with the Company. The fair value of RSUs is determined using the closing price of the Company's common stock on the grant date.

The following table summarizes RSU transactions for the year ended December 31, 2025:


	Number of shares			Weighted-average grant date fair value
Outstanding at January 1, 2025		320,411		$	65.03
Granted		141,575			116.77
Released		(157,431	)		63.93
Forfeited		(8,270	)		86.71
Non-vested outstanding at December 31, 2025		296,285		$	89.73

As of December 31, 2025, the Company had approximately $18.0 million of total unrecognized stock-based compensation expense related to RSUs expected to be recognized over a weighted-average period of 1.5 years.

Performance Stock Units (“PSUs”)

The Company issues PSUs to employees with a combination of service, performance, and market conditions.

The majority of PSUs were issued via grants made to certain executives during 2021. These PSUs are earned based on the achievement of stock price milestones. If the Company’s stock price reaches and remains at certain milestones for 30 days, the PSUs shall become earned units and will vest upon completion of a requisite service period of approximately five years from the date of grant. As of December 31, 2025, four stock price milestones have been achieved solely with respect to the PSU award granted to the Chief Executive Officer. Additionally, two stock price milestones have been achieved with respect to each of the PSU awards granted to four other executives. These PSUs have been earned, but will not vest until the fifth anniversary of the grant date, subject to continued service.

For other PSUs outstanding, vesting of PSUs requires a period of future service and the number of shares that vest depends on performance relative to predetermined targets of the Company’s Gross Written Premiums and Adjusted Return on Equity as set by the Compensation Committee. For PSU grants issued in years prior to 2023, the PSU’s performance period was the fiscal year of the grant. For PSU grants issued in 2023 and after, the PSU’s performance period is primarily a three-year period beginning with the grant date. At the end of the performance period, the actual results are measured against the predetermined targets to determine the number of PSUs to be earned as compensation. The earned PSUs are then subject to a required service period of approximately three years from the grant date before vesting and being issued as common stock.

Effective starting with 2025 grants, PSUs issued to executives include a relative total shareholder return (“RTSR”) modifier. The RTSR modifier adjusts PSU payouts up or down based on the Company’s shareholder return relative to the S&P 1500 Property & Casualty Insurance Index (the “Index”) over a three-year measurement period. These PSUs were valued using a Monte Carlo simulation with key valuation inputs as follows:


	2025 Awards
Term	2.9 years
Risk-free interest rate (1)		4.22	%
Volatility (2)		45.00	%
Weighted average fair value (3)	$	116.50

(1)

The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve on the valuation date, with a maturity matched to the performance period.

(2)

Volatility is derived from historical stock prices as well as implied volatility when appropriate and available.

(3)

The weighted average of fair values used to record compensation expense as determined by the Monte Carlo simulation.

The following table summarizes PSU transactions for the year ended December 31, 2025:


	Number of shares			Weighted-average grant date fair value
Outstanding at January 1, 2025		460,450		$	40.43
Granted		86,844			99.61
Vested		(41,400	)		50.35
Forfeited		(3,872	)		75.21
Non-vested outstanding at December 31, 2025		502,022		$	49.58

The PSU grants above represent the number of shares that would vest based on achievement of all stock price milestones in the executive stock grants and the 100% achievement of the predetermined company performance conditions for the other PSU grants. The actual number of PSUs which will vest is subject to adjustment based on the Company’s actual stock price performance and financial performance relative to the predetermined targets and subject to recipient service requirements. As of December 31, 2025, the Company had approximately $8.8 million of total unrecognized stock-based compensation expense related to PSUs expected to be recognized over a weighted-average period of 0.9 years.

2021 Executive Stock Grants

During the year ended December 31, 2021, the Company granted 192,307 RSUs and 350,000 PSUs to various executives, including the Company’s CEO. The RSUs vest over a period of five years with one fifth vesting upon the first, second and third anniversary of the grants and the remainder vesting quarterly thereafter.

The PSUs are earned based on the achievement of stock price milestones. If the Company’s stock price reaches and remains at certain milestones for 30 days, the PSUs shall become earned units and will vest upon completion of a requisite service period. The Company’s CEO must remain as an employee through December 31, 2025, or as an employee and/or director through the fifth anniversary of the grant date the PSUs to vest. Other executives must remain as employees through December 31, 2026 for the PSUs to vest. As of December 31, 2025, 143,750 PSU shares have become earned units and will vest upon completion of the requisite service period.

2019 Employee Stock Purchase Plan

On April 16, 2019, the Company’s 2019 Employee Stock Purchase Plan (“the 2019 ESPP”) became effective. A total of 240,000 shares of common stock are initially authorized and reserved for issuance under the 2019 ESPP. In addition, the 2019 ESPP provides for annual increases in the number of shares available for issuance on January 1 of each year through 2029, equal to the smaller of 240,000 shares of the Company’s common stock or such other amount as may be determined by the board of directors.

Under the 2019 ESPP, employees can purchase Company stock at a discount via payroll withholdings. The 2019 ESPP is administered through employee participation in discrete offering periods. During each discrete offering period employee funds are withheld, and the stock purchase occurs upon the conclusion of the offering period. The Company issued 12,426 and 17,100 shares pursuant to the ESPP during the years ended December 31, 2025 and 2024, respectively.

Share repurchases

In July 2025, the Company’s Board of Directors approved the adoption of a share repurchase plan authorizing the repurchase of up to $150 million of outstanding shares of common stock through the period ending on July 31, 2027.

The Company repurchased 308,417 shares for $37.3 million at an average price of $120.85 per share under this program during the year ended December 31, 2025. Approximately $112.7 million remains available for future repurchases under this program. The Company accounts for share repurchases by charging the excess of repurchase price over the common stock’s par value entirely to retained earnings. All repurchases shares are retired and beocme authorized but unissued shares.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Schedule II - Condensed Financial Information of Parent Company - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income	$ 197,070	$ 117,573	$ 79,201
Stock-based compensation expense	21,013	16,685	14,913
Net realized and unrealized (gains) losses on investments	(11,831)	(4,568)	(2,941)
Amortization of premium on fixed maturity securities	(61)	(945)	(9)
Deferred income tax expense (benefit)	2,042	2,063	(2,826)
Net cash provided by operating activities	409,121	261,157	116,106
Purchases of equity securities	(55,550)	(202)	(945)
Purchases of fixed maturity securities	(848,358)	(601,410)	(233,770)
Sales and maturities of fixed maturity securities	614,616	301,847	120,285
Net cash used in investing activities	(353,982)	(306,244)	(128,478)
Proceeds from stock offering, net of offering costs	(141)	115,724	0
Proceeds from common stock issued via equity incentive plans	1,165	902	799
Policy holder contribution to surplus	3,719	2,758	90
Repurchase of common stock	(37,284)	0	(22,266)
Net cash provided by (used in) financing activities	(28,786)	73,774	(3,940)
Net increase (decrease) in cash, cash equivalents and restricted cash	26,353	28,687	(16,312)
Cash paid for federal income taxes	57,961	37,810	20,640
Cash paid for state income taxes	1,124	644
Cash paid for income taxes	59,085	38,454
Cash paid for interest	287	1,048	3,682
Parent Company [Member]
Net income	197,070	117,573	79,201
Equity in undistributed earnings of subsidiaries	(237,686)	(150,725)	(109,105)
Stock-based compensation expense	10,543	10,513	10,426
Net realized and unrealized (gains) losses on investments	(3,514)	(23)	209
Amortization of premium on fixed maturity securities	18	172	189
Deferred income tax expense (benefit)	1,874	(15,640)	2,787
Dividend received from subsidiary	99,000	95,000	0
Changes in operating assets and liabilities:	(28,890)	(80,154)	37,777
Net cash provided by operating activities	38,415	(23,284)	21,484
Purchases of equity securities	(2,000)
Purchases of fixed maturity securities	(34,753)	(114,611)	(11,045)
Sales and maturities of fixed maturity securities	27,124	13,004	9,232
Cash paid to subsidiaries	(109,150)
Cash received from subsidiaries	109,489
Net cash used in investing activities	(9,290)	(101,607)	(1,813)
Proceeds from stock offering, net of offering costs	(141)	115,724	0
Proceeds from common stock issued via equity incentive plans	4,920	7,892	2,038
Policy holder contribution to surplus	3,719	2,758	90
Repurchase of common stock	(37,284)	0	(22,266)
Net cash provided by (used in) financing activities	(28,786)	126,374	(20,138)
Net increase (decrease) in cash, cash equivalents and restricted cash	339	1,483	(467)
Cash and cash equivalents at beginning of period	1,797	314	781
Cash and cash equivalents at end of period	2,136	1,797	314
Cash paid for federal income taxes	57,961	37,810	20,640
Cash paid for state income taxes	1,124	644	484
Cash paid for interest	$ 287	$ 1,048	$ 3,682

Note 13 - Stockholders' Equity - Summary of PSU Transactions (Details) - Performance Shares [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested, shares (in shares) \| shares	460,450
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 40.43
Granted, shares (in shares) \| shares	86,844
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 99.61
Released, shares (in shares) \| shares	(41,400)
Released, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 50.35
Forfeited, shares (in shares) \| shares	(3,872)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 75.21
Non-vested, shares (in shares) \| shares	502,022
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 49.58

Note 8 - Capitalized Assets (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Capitalized Computer Software, Amortization	$ 4.0	$ 3.4	$ 2.8
Depreciation expense	$ 0.3	$ 0.2	$ 0.2

Note 7 - Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill [Table Text Block]

Intangible assets and goodwill consist of the following:


	December 31,
	2025			2024
	($ in thousands)
Goodwill from acquisitions:	$	30,466		$	3,755
Indefinite-lived intangibles:
State insurance licenses	$	2,344		$	744
Finite-lived intangibles:
Customer relationships		38,472			14,288
Accumulated amortization on finite-lived intangibles		(10,228	)		(5,545	)
Total Goodwill and intangible assets, net	$	61,054		$	13,242

Note 19 - Statutory Financial Information - Schedule of Statutory Net Income and Statutory Capital Surplus (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PSIC & PESIC [Member]
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	$ 179,240	$ 102,510	$ 97,391
Statutory capital and surplus	530,337	451,719	439,264
FIA [Member]
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	(1,620)
Statutory capital and surplus	18,036
Laulima [Member]
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	2,833	679	(357)
Statutory capital and surplus	$ 25,593	$ 18,136	$ 14,711

Note 18 - Earnings Per Share - Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 197,070	$ 117,573	$ 79,201
Basic (in shares)	26,639,733	25,520,343	24,822,004
Common Share equivalents (in shares)	845,517	703,499	505,087
Diluted (in shares)	27,485,250	26,223,842	25,327,091
Basic (in dollars per share)	$ 7.4	$ 4.61	$ 3.19
Diluted (in dollars per share)	$ 7.17	$ 4.48	$ 3.13

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Note 14 - Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Changes in accumulated other comprehensive income (loss) (“AOCI”) are as follows:


	Year Ended December 31,
	2025			2024			2023
	($ in thousands)
Balance as of January 1	$	(26,845	)	$	(23,991	)	$	(36,515	)
Other comprehensive income (loss) before reclassification		32,779			(5,924	)		15,913
Federal income tax (expense) benefit		(6,874	)		1,244			(3,342	)
Other comprehensive income (loss) before reclassification, net of tax		25,905			(4,680	)		12,571
Amounts reclassified from AOCI		(1,982	)		2,311			(60	)
Federal income tax expense (benefit)		416			(485	)		13
Amounts reclassified from AOCI, net of tax		(1,566	)		1,826			(47	)
Other comprehensive income (loss)		24,339			(2,854	)		12,524
Balance at end of period	$	(2,506	)	$	(26,845	)	$	(23,991	)

Note 2 - Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Allowance for uncollectible premiums	$ 1,100,000	$ 100,000
Premium Deficiency	$ 0	0
Property, Plant and Equipment, Useful Life (Year)	39 years
Impairment of Intangible Assets (Excluding Goodwill)	$ 0	0	$ 0
Impairment, Long-Lived Asset, Held-for-Use	0	0	0
Unrecognized Tax Benefits	0	0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 0	$ 0	$ 0
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life (Year)	8 years
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Property, Plant and Equipment, Useful Life (Year)	3 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Property, Plant and Equipment, Useful Life (Year)	5 years

Note 14 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 729,030	$ 471,252	$ 384,754
Other comprehensive (loss) income	24,339	(2,854)	12,524
Balance	942,667	729,030	471,252
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(26,845)	(23,991)	(36,515)
Other comprehensive income (loss) before reclassification, net of tax	32,779	(5,924)	15,913
Federal income tax (expense) benefit	(6,874)	1,244	(3,342)
Other comprehensive income (loss) before reclassification, net of tax	25,905	(4,680)	12,571
Amounts reclassified from AOCI	(1,982)	2,311	(60)
Federal income tax expense (benefit)	416	(485)	13
Amounts reclassified from AOCI, net of tax	(1,566)	1,826	(47)
Other comprehensive (loss) income	24,339	(2,854)	12,524
Balance	$ (2,506)	$ (26,845)	$ (23,991)

Note 2 - Significant Accounting Policies	12 Months Ended
Note 2 - Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents include time deposits and marketable securities with original maturities of three months or less at acquisition and are stated at cost, which approximates fair value. The Company maintains cash balances in federally insured financial institutions. Restricted Cash Restricted cash includes cash on deposit with reinsurance carriers. Restricted cash also includes cash held in a fiduciary capacity for the benefit of third-party insurance carriers. Investments All of the Company’s investments in fixed maturity securities are classified as available-for-sale and are carried at fair value. Investment income consists primarily of interest and dividends. Interest income is recognized on an accrual basis. Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the prospective method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the prospective method. Dividend income is recognized on the ex-dividend date. Net investment income represents investment income, net of expenses. Unrealized gains and losses related to fixed maturity securities are included in accumulated other comprehensive income as a separate component of stockholders’ equity. Equity securities are carried at fair value with unrealized gains and losses included as a component of net income on the Company’s consolidated statement of income and comprehensive income. The Company uses the specific-identification method to determine the cost of fixed maturity securities sold and the first-in, first-out method for lots of equity securities sold. The Company previously held an equity method investment, with gains or losses recognized as a component of realized and unrealized gains or losses on investments. The Company did not hold any equity method investments as of December 31, 2025. The Company also invests a small portion of its portfolio in limited partnerships, which are classified as other investments on the consolidated balance sheet. These investments are measured at estimated fair value utilizing a net asset value per share (or its equivalent) as a practical expedient. Gains or losses from other investments are recognized as a component of realized and unrealized gains or losses on investments in the Company's Statement of Income and Comprehensive Income. The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities fair value necessitates the recognition of an allowance for credit losses. Factors considered in the review include the extent to which the fair value has been less than amortized cost, and current market interest rates and whether the unrealized loss is credit-driven or a result of changes in market interest rates. The Company also considers factors specific to the issuer including the general financial condition of the issuer, the issuers industry and future business prospects, any past failure of issuer to make scheduled interest or principal payments, and the payment structure of the investment and the issuers ability to make contractual payments on the investment. The Company also considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. When assessing whether it intends to sell a fixed-maturity security or if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs, and potential sales of investments to capitalize on favorable pricing. For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, a credit-loss charge is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company has the intent and ability to hold, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income. The Company reports accrued interest receivable as a component of accrued investment income on its consolidated balance sheet which is presented separately from available-for-sale securities. The Company does not measure an allowance for credit losses on accrued interest receivable and instead would write off accrued interest receivable at the time an issuer defaults or is expected to default on payments. Derivative Instruments The Company uses commodity derivatives to manage exposures arising from its insurance business. The Company purchases exchange traded commodity put options which enables the Company to offset potential price changes to the underlying commodities. The Company accounts for its derivatives in accordance with ASC Topic 815, Derivatives and Hedging, which requires all derivatives to be recorded at fair value on the Company’s balance sheet as either assets or liabilities, depending on their rights or obligations, with changes in fair value reflected in current earnings. Derivatives are presented as other assets in the “Other investments” line item on the consolidated balance sheet. Changes in the fair value of derivatives are recognized in “Losses and loss adjustment expenses” on the consolidated statements of income and comprehensive income. Because these fair value changes are non-cash, they are reflected in net income and adjusted within the change in the Reserve for losses and loss adjustment expenses line in the consolidated statements of cash flows. Cash settlements related to derivative instruments are classified within operating activities. While the Company considers these exchange-traded put options to be effective economic hedges, the Company has not elected hedge accounting treatment. The fair value of the Company’s derivatives is estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices of broker quotes, the use of industry or internal valuation models. See Note 4 for further details and required disclosures. Fair Value Fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The three-tier hierarchy of inputs is summarized in the three broad levels listed below: Level 1—Unadjusted quoted prices are available in active markets for identical investments as of the reporting date. Level 2—Pricing inputs are quoted prices for similar investments in active markets; quoted prices for identical or similar investments in inactive markets; or valuation based on models where the significant inputs are observable or can be corroborated by observable market data. Level 3—Pricing inputs into models are unobservable for the investment. The unobservable inputs require significant management judgment or estimation. To measure fair value, the Company obtains quoted market prices for its investment securities from its outside investment managers. If a quoted market price is not available, the Company uses prices of similar securities. The fair values obtained from the outside investment managers are reviewed for reasonableness and any discrepancies are investigated for final valuation. The fair value of the Company’s investments in fixed maturity securities is estimated using relevant inputs, including available market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. An Option Adjusted Spread model is also used to develop prepayment and interest rate scenarios. Industry standard models are used to analyze and value securities with embedded options or prepayment sensitivities. These fair value measurements are estimated based on observable, objectively verifiable market information rather than market quotes; therefore, these investments are classified and disclosed in Level 2 of the hierarchy. The fair value of the Company’s investments in equity securities is based on quoted prices available in active markets and classified and disclosed in Level 1 of the hierarchy. Variable Interest Entities (“VIE”) A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not participate in the gains and losses of the entity. The Company consolidates VIEs in which the Company is deemed the primary beneficiary. The primary beneficiary is the entity that has both (1) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE and (2) the power to direct the activities of the VIE that most significantly affect that entity’s economic performance. Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, fixed maturity securities and reinsurance recoverables. The Company places its cash and cash equivalents with high credit quality financial institutions and its fixed maturity securities in securities of the U.S. government, U.S. government agencies, and high credit quality issuers of debt securities. The Company evaluates the financial condition of its reinsurers and reinsures its business with highly rated reinsurers and sometimes requires letters of credit or retains funds from reinsurers (see Note 11). Premiums Receivable Premiums receivable represent amounts due from policyholders, insurance agents, or program administrators for policies written. Generally, premiums are collected prior to providing risk coverage, minimizing the Company’s exposure to credit risk. Premiums receivable are short-term in nature and due within a year. The Company has established an allowance for uncollectible premiums related to its credit risk, which it reviews on a quarterly basis and adjusts as appropriate. The company considers the current economic environment, specific regulatory developments, and historic payment and cancelation trends by line of business and location when determining whether to record an allowance for uncollectible premiums. The Company recorded an allowance for uncollectible premiums of $1.1 million as of December 31, 2025 and $0.1 million as of December 31, 2024, respectively, and believes that all other amounts are collectable. Earned Premiums Gross premiums written are recorded at policy inception and are earned as revenue ratably over the term of the respective policies. Premiums written not yet recognized as revenue are reflected as unearned premiums on the balance sheet, or as advanced premiums if received prior to the policy effective date. Premiums written where cash is not yet received are recognized as premiums receivable. A premium deficiency is recognized if the sum of expected losses and loss adjustment expenses, unamortized acquisition costs, and policy maintenance costs exceeds the remaining unearned premiums. A premium deficiency would first be recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency were greater than unamortized acquisition costs, a liability would be accrued for the excess deficiency. The Company does not consider anticipated investment income when determining if a premium deficiency exists. There was no premium deficiency at December 31, 2025 or 2024. Deferred Policy Acquisition Costs The costs of successfully acquiring new business, principally commission expense and premium taxes, are deferred and amortized over the terms of the policies in force, net of any ceding commissions or fronting fees and are shown as acquisition expenses in the accompanying consolidated statements of income and comprehensive income. Commission and Other Income Commission and other income is comprised of commissions and fees earned in conjunction with underwriting policies. Commission and fee income is earned at the time the policy is written. Property and Equipment Property and equipment are capitalized and carried at cost less accumulated depreciation. Depreciation for buildings is calculated on a straight-line basis using a useful life of 39 years. Depreciation for computer hardware and equipment and furniture is calculated on a straight-line basis using useful lives of 3 to 5 years. Leasehold improvements and other fixed assets are capitalized and depreciated over the useful lives of the properties and equipment. Expenditures for maintenance and repairs are charged to operations as incurred. Upon disposition, the asset and related accumulated depreciation are removed from the balance sheet, and the resulting gain or loss is recognized in the Company’s results of operations. Capitalized Software Costs associated with the implementation of certain internal systems are capitalized and carried at capitalized cost less accumulated amortization and impairment, if any, and are included as a component of prepaid expenses and other assets on the Company’s consolidated balance sheet. Costs capitalized include internal personnel costs, external developer costs, and interest. The implementation costs relate to systems built on software which the Company purchases under a cloud computing arrangement and accounts for as a service contract. As such, capitalized costs are amortized over the term of the service contract. Capitalized software costs are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible Assets and Goodwill Intangible assets consist of both finite and indefinite lived assets. Finite lived intangible assets consist primarily of customer relationships which are amortized over a period of 8 years. Indefinite lived intangible assets consist primarily of state licenses acquired upon formation of the Company. Goodwill is recognized as a result of business combinations. Intangible assets and goodwill are initially recognized and measured at fair value and are subsequently evaluated for impairment annually or more frequently if circumstances warrant. No impairments of intangible assets or goodwill were recognized for the years ended December 31, 2025, 2024 or 2023. Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, the fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. This assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value. No impairments of long-lived assets were recognized for the years ended December 31, 2025, 2024 or 2023. Reserve for Losses and Loss Adjustment Expenses The reserve for unpaid losses and loss adjustment expenses includes estimates for unpaid claims and claim adjustment expenses on reported losses and estimates of losses incurred but not reported (“IBNR”), net of salvage and subrogation recoveries. The liability is based on individual claims, case reserves and other estimates reported by policyholders, as well as management estimates of ultimate losses and loss adjustment expenses. Inherent in the estimates of ultimate losses and loss adjustment expenses are expected trends in claims severity and frequency and other factors that could vary significantly as claims are settled. The Company’s estimates of ultimate losses and loss adjustment expenses are based in part upon the estimation of claims resulting from natural disasters such as hurricanes and earthquakes. Estimation by management of the ultimate losses and loss adjustment expenses resulting from catastrophic events is inherently difficult because of the potential severity of property catastrophe claims. Therefore, the Company uses both proprietary and commercially available models, as well as historic claims experience, for purposes of providing an estimate of ultimate losses and loss adjustment expenses. Reserves for IBNR are established in accordance with industry practice to provide for (i) the estimated amount of future loss payments on incurred claims not yet reported, and (ii) potential development on reported claims. IBNR reserves are estimated based on generally accepted actuarial reserving techniques that consider quantitative loss experience data and, where appropriate, qualitative factors. Ultimate losses and loss adjustment expenses may vary materially from the amounts provided in the consolidated financial statements. Estimates of unpaid losses and loss adjustment expenses are reviewed regularly and, as experience develops and new information becomes known, the liabilities are adjusted as necessary. Such adjustments, if any, are reflected in operations in the period in which they become known and are accounted for as changes in estimates. The Company does not discount its liability for unpaid losses and loss adjustment expenses. Reinsurance The Company purchases excess of loss and quota share reinsurance to protect it against the impact of losses. The Company also writes premiums under fronting agreements where it cedes the majority of premium and risk to reinsurers in exchange for a fronting fee. Reinsurance premiums, commissions, and ceded unearned premiums are accounted for on bases consistent with the underlying terms of the reinsurance contracts and in proportion to the amount of insurance protection provided. The Company receives ceding commissions and fronting fees in connection with quota share and fronting reinsurance contracts. The ceding commissions and fronting fees are capitalized and amortized as a reduction of acquisition expenses. Amounts applicable to ceded unearned premiums are reported as assets in the accompanying consolidated balance sheets. Premiums earned and losses and loss adjustment expenses incurred are stated in the accompanying consolidated statements of income and comprehensive income net of amounts ceded to reinsurers. Reinsurance recoverables represent balances due to the Company from its reinsurers for paid and unpaid losses and loss adjustment expenses. The Company is exposed to credit losses from reinsurers being unable to meet their obligations. The Company evaluates the financial condition of potential reinsurers and reinsures its business with highly rated reinsurers with a rating of “A-“ (Excellent) (Outlook Stable) or better from A.M. Best. Reinsurers who do not meet the Company’s rating criteria are required to post collateral. The Company reviews credit quality of its reinsurers on a quarterly basis. The Company’s reinsurance contracts also include special termination provisions that allow the Company to cancel and replace any participating reinsurer that is downgraded below a rating of “A−” from A.M. Best, or whose surplus drops by more than 20%. Historically, the Company has experienced minimal credit losses from reinsurance recoverables and did not have an allowance for uncollectible reinsurance recoverables as of December 31, 2025 or December 31, 2024. Stock Based Compensation Expense Stock-based compensation expense is recognized on a straight-line basis over the vesting period of awards. The Company does not apply a forfeiture rate to unvested awards and accounts for forfeitures as they occur. For stock option grants, the fair value of awards is estimated using the Black Scholes Model. The fair value of restricted stock units is determined using the closing price of the Company’s common stock on the grant date. The fair value of performance stock units containing employee service or company financial performance-based conditions is determined using the closing price of the Company’s common stock on the grant date. The fair value of performance stock units containing conditions based on performance of the Company’s stock is determined using a Monte Carlo simulation. All stock-based compensation is included in other underwriting expenses in the Company’s consolidated statements of income and comprehensive income. Income Taxes The Company is taxed as a property/casualty insurer for federal income tax purposes. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and the tax bases of assets and liabilities, using enacted tax rates expected to be in effect during the year in which the basis differences reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company recognizes the tax benefit of uncertain tax positions where the position is more likely than not to be sustained assuming examination by taxing authorities. Based on its evaluation for the tax years ended December 31, 2025 and 2024, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The Company recognizes interest and penalties related to uncertain tax positions, if any, as a component of income tax expense. The Company has not been assessed interest or penalties by any major tax jurisdictions for the respective tax years ended December 31, 2025, 2024, or 2023. Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average common shares outstanding for the period. Diluted earnings per share reflects the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. When inclusion of additional common share equivalents increases the earnings per share or reduces the loss per share, the effect on earnings per share is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these common share equivalents. Recently adopted accounting pronouncements Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires public business entities to disclose additional information with respect to the reconciliation of the effective tax rate to the statutory rate. Additionally, public business entities will need to disaggregate federal, state and foreign taxes paid in their financial statements. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. The Company adopted this guidance beginning with the Annual Report on Form 10-K for the year ending December 31, 2025, and retrospectively for the comparative periods presented. The adoption primarily impacted the Company’s income tax disclosures and did not have a material impact on the Company’s consolidated financial statements. Recently issued accounting pronouncements not yet adopted Income Statement Expenses In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (“ASU 2023-03”), which will require disclosure of additional information about specific expense categories in the notes to financial statements for all public business entities. ASU 2024-03 is effective for annual reporting beginning with the fiscal year ending December 31, 2027, and for interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. Internal-Use Software In September 2025, the FASB issued ASU No. 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”), which clarifies and modernizes the accounting for costs related to internal-use software by removing references to project stages and clarifying the probable-to-complete threshold for capitalization when significant development uncertainty exists. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Schedule V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2025

Disclosure Text Block [Abstract]

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

Schedule V

Palomar Holdings, Inc. and Subsidiaries

Valuation and Qualifying Accounts


			Additions		Deductions
	Balance at		Amounts		Amounts		Balance at
	Beginning		Charged to		Written		End of
($ in thousands)	of Period		Expense		Off		Period
Year Ended December 31, 2025
Valuation Allowance for deferred tax assets	$	3,372	$	—	$	100	$	3,272
Valuation Allowance for premium receivable	$	63	$	2,093		1,047	$	1,109
Year Ended December 31, 2024
Valuation Allowance for deferred tax assets	$	3,486	$	—	$	114	$	3,372
Valuation Allowance for premium receivable	$	49	$	30		16	$	63

Note 9 - Leases (Tables)

12 Months Ended

Dec. 31, 2025

Lease, Cost [Abstract]

Lease, Cost [Table Text Block]

The following tables provide supplementary information about the Company’s leases:


Year ended December 31, 2025	($ in thousands)
Operating cash outflows from operating leases	$	708


December 31, 2025	($ in thousands)
Operating lease ROU assets	$	6,879
Operating lease liabilities	$	7,091
Weighted-average remaining lease term on operating leases (years)		8.3
Weighted-average discount rate on operating leases		5.1	%

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Future minimum lease payments as of December 31, 2025 are as follows:


Years ending December 31,	($ in thousands)
2026		927
2027		927
2028		1,338
2029		1,378
2030		1,419
Thereafter		4,587
Total future minimum lease payments	$	10,576
Less: imputed interest		(3,485	)
Total operating lease liability	$	7,091

Note 17 - Income Taxes (Details Textual) € in Millions	12 Months Ended
Note 17 - Income Taxes (Details Textual) € in Millions	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Operating Loss Carryforwards [Line Items]
Change in the valuation allowance impacting the effective tax rate		$ 100,000
Change in the valuation allowance impacting the effective tax rate, percent	0.04%	0.04%
Tax Credit Carryforward, Amount		$ 1,100,000
Unrecognized Tax Benefits		$ 0	$ 0
Minimum effective tax rate	15.00%	15.00%
Income tax regime, percent	15.00%	15.00%
Annual revenue \| €	€ 750
Reduction in income tax expense provision deducting from internally developed software expenses		$ 2,500,000
Domestic Tax Jurisdiction [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards		$ 0
Open Tax Year	2019 2021 2022 2023 2024	2019 2021 2022 2023 2024
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards		$ 3,300,000
Open Tax Year	2021 2022 2023 2024	2021 2022 2023 2024

Note 13 - Stockholders' Equity - Summary of RSU Transactions (Details) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested, shares (in shares) \| shares	320,411
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 65.03
Granted, shares (in shares) \| shares	141,575
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 116.77
Released, shares (in shares) \| shares	(157,431)
Released, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 63.93
Forfeited, shares (in shares) \| shares	(8,270)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 86.71
Non-vested, shares (in shares) \| shares	296,285
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 89.73

Note 17 - Income Taxes - Reconciliation of Federal Income Tax Rate (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]

Expense computed at federal tax rate

$ 53,212

$ 31,750

$ 21,765

Expense computed at federal tax rate, percent

21.00%

State and local income tax, net of federal (national) income tax effect

^[1],[2]

$ 1,027

$ 488

$ 719

State and local income tax, net of federal (national) income tax effect, percent

^[1],[2]

0.41%

0.32%

0.69%

Stock-based compensation

$ 553

$ 429

$ 1,523

Stock-based compensation, percent

0.22%

0.28%

1.47%

Dividend received deduction and tax-exempt interest

$ (95)

$ (90)

$ (96)

Dividend received deduction and tax-exempt interest, percent

(0.04%)

(0.06%)

(0.09%)

Meals & entertainment, penalties & parking

$ 447

$ 291

$ 261

Meals & entertainment, penalties & parking, percent

0.18%

0.19%

0.25%

Other

$ 1,176

$ 755

$ 269

Other, percent

0.45%

0.50%

0.26%

Income tax expense

$ 56,320

$ 33,623

$ 24,441

Income tax expense, percent

22.22%

22.23%

23.58%

[1]	Certain prior year amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on net income.
[2]	State taxes in California, Oregon, and Illinois made up the majority (greater than 50%) of the tax effect in this category.

Schedule V - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation Allowance	$ 3,372	$ 3,486
Valuation allowance, additions	0	0
Valuation allowance, deductions	100	114
Valuation Allowance	3,272	3,372
SEC Schedule, 12-09, Allowance, Uncollectible Premium Receivable [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation Allowance	63	49
Valuation allowance, additions	2,093	30
Valuation allowance, deductions	1,047	16
Valuation Allowance	$ 1,109	$ 63

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column E
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column D
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (1)
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column C
-Subparagraph (2)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 09
-Paragraph Column B
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column C)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column C)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-4

+ Details

Schedule II - Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2025

Disclosure Text Block [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Palomar Holdings, Inc. and Subsidiaries

Balance Sheets (Parent Company)

(In Thousands, except shares and par value data)


	December 31, 2025			December 31, 2024
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $160,793 in 2025, $153,425 in 2024)	$	159,707		$	147,467
Equity securities, at fair value: (cost: $3,725 in 2025, $1,725 in 2024)		5,415			2,182
Equity method investment		—			2,277
Total investments		165,122			151,926
Cash and cash equivalents		2,136			1,797
Accrued investment income		1,659			1,547
Prepaid expenses and other assets		—			—
Receivables from subsidiaries		84,561			78,961
Note receivable from subsidiary		15,000			15,000
Deferred tax asset		184			—
Investment in subsidiaries		753,448			580,535
Total assets	$	1,022,110		$	829,766
Liabilities and Stockholders’ equity
Liabilities:
Accounts payable and other liabilities	$	29,074		$	12,396
Payables to subsidiaries		50,370			88,340
Deferred tax liabilities		—			—
Total liabilities		79,444			100,736
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2025 and December 31, 2024, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024		—			—
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,520,417 and 26,529,402 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively		3			3
Additional paid‑in capital		523,168			493,656
Accumulated other comprehensive income (loss)		(2,507	)		(26,845	)
Retained earnings		422,002			262,216
Total stockholders’ equity		942,666			729,030
Total liabilities and stockholders’ equity	$	1,022,110		$	829,766

See accompanying notes.

Schedule II

Palomar Holdings, Inc. and Subsidiaries

Statements of Income (Parent Company)

(In Thousands)


	Year Ended December 31,
	2025			2024			2023
Revenues:
Net investment income	$	8,761		$	4,877		$	1,699
Net realized and unrealized gains (losses) on investments		3,514			23			(209	)
Total revenues		12,275			4,900			1,490
Expenses:
Other operating expenses		57,956			48,251			39,347
Loss before income taxes		(45,681	)		(43,351	)		(37,857	)
Income tax benefit		(5,065	)		(10,199	)		(7,953	)
Loss before equity in net income of subsidiaries		(40,616	)		(33,152	)		(29,904	)
Equity in net income of subsidiaries		237,686			150,725			109,105
Net income		197,070			117,573			79,201
Other comprehensive income:
Net unrealized losses on securities available for sale		(329	)		(5,114	)		(2,505	)
Equity in other comprehensive income (loss) of subsidiaries, net of taxes		24,668			2,261			15,029
Total comprehensive income	$	221,409		$	114,720		$	91,725

See accompanying notes.

Schedule II

Palomar Holdings, Inc. and Subsidiaries

Statements of Cash Flows (Parent Company)

(In Thousands)


	Year Ended December 31,
	2025			2024			2023
Operating activities
Net income	$	197,070		$	117,573		$	79,201
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(237,686	)		(150,725	)		(109,105	)
Stock-based compensation expense		10,543			10,513			10,426
Net realized and unrealized (gains) losses on investments		(3,514	)		(23	)		209
Amortization of premium on fixed maturity securities		18			172			189
Deferred income tax expense (benefit)		1,874			(15,640	)		2,787
Dividend received from subsidiary		99,000			95,000			—
Changes in operating assets and liabilities:		(28,890	)		(80,154	)		37,777
Net cash provided by (used in) operating activities		38,415			(23,284	)		21,484
Investing activities
Purchases of equity securities		(2,000	)		—			—
Purchases of fixed maturity securities		(34,753	)		(114,611	)		(11,045	)
Sales and maturities of fixed maturity securities		27,124			13,004			9,232
Cash paid to subsidiaries		(109,150	)		—			—
Cash received from subsidiaries		109,489			—			—
Net cash used in investing activities		(9,290	)		(101,607	)		(1,813	)
Financing activities
Proceeds from stock offering, net of offering costs		(141	)		115,724			—
Proceeds from common stock issued via equity incentive plans		4,920			7,892			2,038
Policyholder contribution to surplus		3,719			2,758			90
Repurchase of common stock		(37,284	)		—			(22,266	)
Net cash (used in) provided by financing activities		(28,786	)		126,374			(20,138	)
Net increase (decrease) in cash and cash equivalents		339			1,483			(467	)
Cash and cash equivalents at beginning of period		1,797			314			781
Cash and cash equivalents at end of period	$	2,136		$	1,797		$	314
Supplementary cash flow information:
Cash paid for federal income taxes	$	57,961		$	37,810		$	20,640
Cash paid for state income taxes	$	1,124		$	644		$	484
Cash paid for interest	$	287		$	1,048		$	3,682

See accompanying notes.

Schedule II

1.Accounting Policies

Organization

Palomar Holdings, Inc. (“the Company”), is an insurance holding company that domesticated in Delaware in March 2019. Prior to domestication in Delaware, the Company was known as GC Palomar Holdings (“GCPH”), which was a Cayman Islands incorporated insurance holding company formed on October 4, 2013 when GC Palomar Investor LP (“GCPI”) acquired control of GCPH.

Basis of Presentation

The accompanying condensed financial statements have been prepared using the equity method. Under the equity method, the investment in consolidated subsidiaries is stated at cost plus equity in undistributed earnings of consolidated subsidiaries since the date of acquisition. These condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.

Estimates and Assumptions

Preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Those estimates are inherently subject to change, and actual results may ultimately differ from those estimates.

Note 10 - Reserve for Losses and Loss Adjustment Expenses - Schedule of Incurred Losses and Allocated Loss Adjustment Expenses on Special Property Insurance (Details) - Special Property Product Line [Member]
$ in Thousands

Dec. 31, 2025

USD ($)

Claims

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

$ 108,767

Insurance contracts, incurred but not reported liabilities

^[1]

$ 80,398

Insurance contracts, number of claims | Claims

^[1]

1,262

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 18,667

Reserve for losses and loss adjustment expense, net of reinsurance

^[1]

90,100

Short-Duration Insurance Contract, Prior Accident Years [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

216

$ 47

$ 46

$ 35

$ 109

Insurance contracts, incurred but not reported liabilities

^[1]

$ 150

Insurance contracts, number of claims | Claims

^[1]

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 54

109

Short-Duration Insurance Contract, Accident Year 2021 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

2,230

2,428

2,172

1,641

2,138

Insurance contracts, incurred but not reported liabilities

^[1]

$ 695

Insurance contracts, number of claims | Claims

^[1]

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 1,338

906

653

347

$ 141

Short-Duration Insurance Contract, Accident Year 2022 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

8,789

9,425

8,755

7,160

Insurance contracts, incurred but not reported liabilities

^[1]

$ 1,854

Insurance contracts, number of claims | Claims

^[1]

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 5,355

3,445

1,603

$ 746

Short-Duration Insurance Contract, Accident Year 2023 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

10,278

8,335

5,005

Insurance contracts, incurred but not reported liabilities

^[1]

$ 2,308

Insurance contracts, number of claims | Claims

^[1]

147

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 5,552

1,146

$ 372

Short-Duration Insurance Contract, Accident Year 2024 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

24,428

21,811

Insurance contracts, incurred but not reported liabilities

^[1]

$ 17,521

Insurance contracts, number of claims | Claims

^[1]

440

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 4,024

$ 869

Short-Duration Insurance Contract, Accident Year 2025 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

62,826

Insurance contracts, incurred but not reported liabilities

^[1]

$ 57,870

Insurance contracts, number of claims | Claims

^[1]

530

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 2,344

[1]	Data presented for these calendar years is required supplementary information, which is unaudited.

Note 3 - Investments - Security Holdings in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	$ 104,439	$ 354,769
Less than 12 Months, Accumulated Loss	(1,833)	(8,726)
12 Months or Longer, fair value	270,911	309,203
12 Months or Longer, Accumulated Loss	(17,678)	(28,531)
Fair value	375,350	663,972
Accumulated Loss	(19,511)	(37,257)
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	2,006	16,507
Less than 12 Months, Accumulated Loss	(38)	(65)
12 Months or Longer, fair value	5,704	14,291
12 Months or Longer, Accumulated Loss	(188)	(584)
Fair value	7,710	30,798
Accumulated Loss	(226)	(649)
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	5,157	2,614
Less than 12 Months, Accumulated Loss	(441)	(419)
12 Months or Longer, fair value	9,509	5,076
12 Months or Longer, Accumulated Loss	(553)	(438)
Fair value	14,666	7,690
Accumulated Loss	(994)	(857)
Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	0	2,182
Less than 12 Months, Accumulated Loss	0	(426)
12 Months or Longer, fair value	15,185	21,733
12 Months or Longer, Accumulated Loss	(1,887)	(3,308)
Fair value	15,185	23,915
Accumulated Loss	(1,887)	(3,734)
Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	49,963	181,179
Less than 12 Months, Accumulated Loss	(948)	(4,996)
12 Months or Longer, fair value	160,780	176,531
12 Months or Longer, Accumulated Loss	(7,456)	(13,353)
Fair value	210,743	357,710
Accumulated Loss	(8,404)	(18,349)
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	47,313	152,287
Less than 12 Months, Accumulated Loss	(406)	(2,820)
12 Months or Longer, fair value	79,733	91,572
12 Months or Longer, Accumulated Loss	(7,594)	(10,848)
Fair value	127,046	243,859
Accumulated Loss	$ (8,000)	$ (13,668)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 197,070	$ 117,573	$ 79,201

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Note 22 - Variable Interest Entities ("VIEs")

12 Months Ended

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.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include time deposits and marketable securities with original maturities of three months or less at acquisition and are stated at cost, which approximates fair value. The Company maintains cash balances in federally insured financial institutions.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash includes cash on deposit with reinsurance carriers. Restricted cash also includes cash held in a fiduciary capacity for the benefit of third-party insurance carriers.
Derivatives, Policy [Policy Text Block]	Derivative Instruments The Company uses commodity derivatives to manage exposures arising from its insurance business. The Company purchases exchange traded commodity put options which enables the Company to offset potential price changes to the underlying commodities. The Company accounts for its derivatives in accordance with ASC Topic 815, Derivatives and Hedging, which requires all derivatives to be recorded at fair value on the Company’s balance sheet as either assets or liabilities, depending on their rights or obligations, with changes in fair value reflected in current earnings. Derivatives are presented as other assets in the “Other investments” line item on the consolidated balance sheet. Changes in the fair value of derivatives are recognized in “Losses and loss adjustment expenses” on the consolidated statements of income and comprehensive income. Because these fair value changes are non-cash, they are reflected in net income and adjusted within the change in the Reserve for losses and loss adjustment expenses line in the consolidated statements of cash flows. Cash settlements related to derivative instruments are classified within operating activities. While the Company considers these exchange-traded put options to be effective economic hedges, the Company has not elected hedge accounting treatment. The fair value of the Company’s derivatives is estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices of broker quotes, the use of industry or internal valuation models. See Note 4 for further details and required disclosures.
Investment, Policy [Policy Text Block]	Investments All of the Company’s investments in fixed maturity securities are classified as available-for-sale and are carried at fair value. Investment income consists primarily of interest and dividends. Interest income is recognized on an accrual basis. Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the prospective method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the prospective method. Dividend income is recognized on the ex-dividend date. Net investment income represents investment income, net of expenses. Unrealized gains and losses related to fixed maturity securities are included in accumulated other comprehensive income as a separate component of stockholders’ equity. Equity securities are carried at fair value with unrealized gains and losses included as a component of net income on the Company’s consolidated statement of income and comprehensive income. The Company uses the specific-identification method to determine the cost of fixed maturity securities sold and the first-in, first-out method for lots of equity securities sold. The Company previously held an equity method investment, with gains or losses recognized as a component of realized and unrealized gains or losses on investments. The Company did not hold any equity method investments as of December 31, 2025. The Company also invests a small portion of its portfolio in limited partnerships, which are classified as other investments on the consolidated balance sheet. These investments are measured at estimated fair value utilizing a net asset value per share (or its equivalent) as a practical expedient. Gains or losses from other investments are recognized as a component of realized and unrealized gains or losses on investments in the Company's Statement of Income and Comprehensive Income. The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities fair value necessitates the recognition of an allowance for credit losses. Factors considered in the review include the extent to which the fair value has been less than amortized cost, and current market interest rates and whether the unrealized loss is credit-driven or a result of changes in market interest rates. The Company also considers factors specific to the issuer including the general financial condition of the issuer, the issuers industry and future business prospects, any past failure of issuer to make scheduled interest or principal payments, and the payment structure of the investment and the issuers ability to make contractual payments on the investment. The Company also considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. When assessing whether it intends to sell a fixed-maturity security or if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs, and potential sales of investments to capitalize on favorable pricing. For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, a credit-loss charge is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company has the intent and ability to hold, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income. The Company reports accrued interest receivable as a component of accrued investment income on its consolidated balance sheet which is presented separately from available-for-sale securities. The Company does not measure an allowance for credit losses on accrued interest receivable and instead would write off accrued interest receivable at the time an issuer defaults or is expected to default on payments.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value Fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The three-tier hierarchy of inputs is summarized in the three broad levels listed below: Level 1—Unadjusted quoted prices are available in active markets for identical investments as of the reporting date. Level 2—Pricing inputs are quoted prices for similar investments in active markets; quoted prices for identical or similar investments in inactive markets; or valuation based on models where the significant inputs are observable or can be corroborated by observable market data. Level 3—Pricing inputs into models are unobservable for the investment. The unobservable inputs require significant management judgment or estimation. To measure fair value, the Company obtains quoted market prices for its investment securities from its outside investment managers. If a quoted market price is not available, the Company uses prices of similar securities. The fair values obtained from the outside investment managers are reviewed for reasonableness and any discrepancies are investigated for final valuation. The fair value of the Company’s investments in fixed maturity securities is estimated using relevant inputs, including available market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. An Option Adjusted Spread model is also used to develop prepayment and interest rate scenarios. Industry standard models are used to analyze and value securities with embedded options or prepayment sensitivities. These fair value measurements are estimated based on observable, objectively verifiable market information rather than market quotes; therefore, these investments are classified and disclosed in Level 2 of the hierarchy. The fair value of the Company’s investments in equity securities is based on quoted prices available in active markets and classified and disclosed in Level 1 of the hierarchy.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities (“VIE”) A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not participate in the gains and losses of the entity. The Company consolidates VIEs in which the Company is deemed the primary beneficiary. The primary beneficiary is the entity that has both (1) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE and (2) the power to direct the activities of the VIE that most significantly affect that entity’s economic performance.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, fixed maturity securities and reinsurance recoverables. The Company places its cash and cash equivalents with high credit quality financial institutions and its fixed maturity securities in securities of the U.S. government, U.S. government agencies, and high credit quality issuers of debt securities. The Company evaluates the financial condition of its reinsurers and reinsures its business with highly rated reinsurers and sometimes requires letters of credit or retains funds from reinsurers (see Note 11).
Premiums Receivable, Basis of Accounting, Policy [Policy Text Block]	Premiums Receivable Premiums receivable represent amounts due from policyholders, insurance agents, or program administrators for policies written. Generally, premiums are collected prior to providing risk coverage, minimizing the Company’s exposure to credit risk. Premiums receivable are short-term in nature and due within a year. The Company has established an allowance for uncollectible premiums related to its credit risk, which it reviews on a quarterly basis and adjusts as appropriate. The company considers the current economic environment, specific regulatory developments, and historic payment and cancelation trends by line of business and location when determining whether to record an allowance for uncollectible premiums. The Company recorded an allowance for uncollectible premiums of $1.1 million as of December 31, 2025 and $0.1 million as of December 31, 2024, respectively, and believes that all other amounts are collectable.
Revenue Recognition, Premiums Earned, Policy [Policy Text Block]	Earned Premiums Gross premiums written are recorded at policy inception and are earned as revenue ratably over the term of the respective policies. Premiums written not yet recognized as revenue are reflected as unearned premiums on the balance sheet, or as advanced premiums if received prior to the policy effective date. Premiums written where cash is not yet received are recognized as premiums receivable. A premium deficiency is recognized if the sum of expected losses and loss adjustment expenses, unamortized acquisition costs, and policy maintenance costs exceeds the remaining unearned premiums. A premium deficiency would first be recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency were greater than unamortized acquisition costs, a liability would be accrued for the excess deficiency. The Company does not consider anticipated investment income when determining if a premium deficiency exists. There was no premium deficiency at December 31, 2025 or 2024.
Deferred Policy Acquisition Costs, Policy [Policy Text Block]	Deferred Policy Acquisition Costs The costs of successfully acquiring new business, principally commission expense and premium taxes, are deferred and amortized over the terms of the policies in force, net of any ceding commissions or fronting fees and are shown as acquisition expenses in the accompanying consolidated statements of income and comprehensive income.
Revenue Recognition, Services, Commissions and Other Income [Policy Text Block]	Commission and Other Income Commission and other income is comprised of commissions and fees earned in conjunction with underwriting policies. Commission and fee income is earned at the time the policy is written.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are capitalized and carried at cost less accumulated depreciation. Depreciation for buildings is calculated on a straight-line basis using a useful life of 39 years. Depreciation for computer hardware and equipment and furniture is calculated on a straight-line basis using useful lives of 3 to 5 years. Leasehold improvements and other fixed assets are capitalized and depreciated over the useful lives of the properties and equipment. Expenditures for maintenance and repairs are charged to operations as incurred. Upon disposition, the asset and related accumulated depreciation are removed from the balance sheet, and the resulting gain or loss is recognized in the Company’s results of operations.
Internal Use Software, Policy [Policy Text Block]	Capitalized Software Costs associated with the implementation of certain internal systems are capitalized and carried at capitalized cost less accumulated amortization and impairment, if any, and are included as a component of prepaid expenses and other assets on the Company’s consolidated balance sheet. Costs capitalized include internal personnel costs, external developer costs, and interest. The implementation costs relate to systems built on software which the Company purchases under a cloud computing arrangement and accounts for as a service contract. As such, capitalized costs are amortized over the term of the service contract. Capitalized software costs are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Goodwill and Intangible Assets, Policy [Policy Text Block]	Intangible Assets and Goodwill Intangible assets consist of both finite and indefinite lived assets. Finite lived intangible assets consist primarily of customer relationships which are amortized over a period of 8 years. Indefinite lived intangible assets consist primarily of state licenses acquired upon formation of the Company. Goodwill is recognized as a result of business combinations. Intangible assets and goodwill are initially recognized and measured at fair value and are subsequently evaluated for impairment annually or more frequently if circumstances warrant. No impairments of intangible assets or goodwill were recognized for the years ended December 31, 2025, 2024 or 2023.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, the fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. This assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value. No impairments of long-lived assets were recognized for the years ended December 31, 2025, 2024 or 2023.
Liability Reserve Estimate, Policy [Policy Text Block]	Reserve for Losses and Loss Adjustment Expenses The reserve for unpaid losses and loss adjustment expenses includes estimates for unpaid claims and claim adjustment expenses on reported losses and estimates of losses incurred but not reported (“IBNR”), net of salvage and subrogation recoveries. The liability is based on individual claims, case reserves and other estimates reported by policyholders, as well as management estimates of ultimate losses and loss adjustment expenses. Inherent in the estimates of ultimate losses and loss adjustment expenses are expected trends in claims severity and frequency and other factors that could vary significantly as claims are settled. The Company’s estimates of ultimate losses and loss adjustment expenses are based in part upon the estimation of claims resulting from natural disasters such as hurricanes and earthquakes. Estimation by management of the ultimate losses and loss adjustment expenses resulting from catastrophic events is inherently difficult because of the potential severity of property catastrophe claims. Therefore, the Company uses both proprietary and commercially available models, as well as historic claims experience, for purposes of providing an estimate of ultimate losses and loss adjustment expenses. Reserves for IBNR are established in accordance with industry practice to provide for (i) the estimated amount of future loss payments on incurred claims not yet reported, and (ii) potential development on reported claims. IBNR reserves are estimated based on generally accepted actuarial reserving techniques that consider quantitative loss experience data and, where appropriate, qualitative factors. Ultimate losses and loss adjustment expenses may vary materially from the amounts provided in the consolidated financial statements. Estimates of unpaid losses and loss adjustment expenses are reviewed regularly and, as experience develops and new information becomes known, the liabilities are adjusted as necessary. Such adjustments, if any, are reflected in operations in the period in which they become known and are accounted for as changes in estimates. The Company does not discount its liability for unpaid losses and loss adjustment expenses.
Reinsurance Accounting Policy [Policy Text Block]	Reinsurance The Company purchases excess of loss and quota share reinsurance to protect it against the impact of losses. The Company also writes premiums under fronting agreements where it cedes the majority of premium and risk to reinsurers in exchange for a fronting fee. Reinsurance premiums, commissions, and ceded unearned premiums are accounted for on bases consistent with the underlying terms of the reinsurance contracts and in proportion to the amount of insurance protection provided. The Company receives ceding commissions and fronting fees in connection with quota share and fronting reinsurance contracts. The ceding commissions and fronting fees are capitalized and amortized as a reduction of acquisition expenses. Amounts applicable to ceded unearned premiums are reported as assets in the accompanying consolidated balance sheets. Premiums earned and losses and loss adjustment expenses incurred are stated in the accompanying consolidated statements of income and comprehensive income net of amounts ceded to reinsurers. Reinsurance recoverables represent balances due to the Company from its reinsurers for paid and unpaid losses and loss adjustment expenses. The Company is exposed to credit losses from reinsurers being unable to meet their obligations. The Company evaluates the financial condition of potential reinsurers and reinsures its business with highly rated reinsurers with a rating of “A-“ (Excellent) (Outlook Stable) or better from A.M. Best. Reinsurers who do not meet the Company’s rating criteria are required to post collateral. The Company reviews credit quality of its reinsurers on a quarterly basis. The Company’s reinsurance contracts also include special termination provisions that allow the Company to cancel and replace any participating reinsurer that is downgraded below a rating of “A−” from A.M. Best, or whose surplus drops by more than 20%. Historically, the Company has experienced minimal credit losses from reinsurance recoverables and did not have an allowance for uncollectible reinsurance recoverables as of December 31, 2025 or December 31, 2024.
Share-Based Payment Arrangement [Policy Text Block]	Stock Based Compensation Expense Stock-based compensation expense is recognized on a straight-line basis over the vesting period of awards. The Company does not apply a forfeiture rate to unvested awards and accounts for forfeitures as they occur. For stock option grants, the fair value of awards is estimated using the Black Scholes Model. The fair value of restricted stock units is determined using the closing price of the Company’s common stock on the grant date. The fair value of performance stock units containing employee service or company financial performance-based conditions is determined using the closing price of the Company’s common stock on the grant date. The fair value of performance stock units containing conditions based on performance of the Company’s stock is determined using a Monte Carlo simulation. All stock-based compensation is included in other underwriting expenses in the Company’s consolidated statements of income and comprehensive income.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company is taxed as a property/casualty insurer for federal income tax purposes. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and the tax bases of assets and liabilities, using enacted tax rates expected to be in effect during the year in which the basis differences reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company recognizes the tax benefit of uncertain tax positions where the position is more likely than not to be sustained assuming examination by taxing authorities. Based on its evaluation for the tax years ended December 31, 2025 and 2024, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The Company recognizes interest and penalties related to uncertain tax positions, if any, as a component of income tax expense. The Company has not been assessed interest or penalties by any major tax jurisdictions for the respective tax years ended December 31, 2025, 2024, or 2023.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average common shares outstanding for the period. Diluted earnings per share reflects the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. When inclusion of additional common share equivalents increases the earnings per share or reduces the loss per share, the effect on earnings per share is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these common share equivalents.
Segment Reporting, Policy [Policy Text Block]	Segment Reporting The Company has a single operating segment, the property and casualty insurance business. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM reviews the Company’s consolidated net income as reported under GAAP, which is the primary measure of segment profit or loss. The CODM also reviews the individual measures and significant segment expenses that contribute to net income including gross written premiums, net earned premiums, losses and loss adjustment expenses, acquisition and underwriting expenses, and net investment income. The CODM reviews these measures, comparing them to prior periods and forecasted expectations, and makes resource allocation decisions based on the analysis. The significant segment expenses provided to the CODM are consistent with the categories shown in the Company’s Consolidated Statements of Income and Comprehensive Income and there are no other segment items used by the CODM. While the Company’s CODM also reviews the revenue streams attributable to individual products, operations are managed, resources are allocated, and financial performance is evaluated on a consolidated basis.
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. The consolidated financial statements also include the accounts of Laulima, as Laulima is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. All revisions to accounting estimates are recognized in the period in which the estimates are revised. Significant estimates reflected in the Company’s consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses, reinsurance recoverables on unpaid losses, and the fair values of investments.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently adopted accounting pronouncements Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires public business entities to disclose additional information with respect to the reconciliation of the effective tax rate to the statutory rate. Additionally, public business entities will need to disaggregate federal, state and foreign taxes paid in their financial statements. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. The Company adopted this guidance beginning with the Annual Report on Form 10-K for the year ending December 31, 2025, and retrospectively for the comparative periods presented. The adoption primarily impacted the Company’s income tax disclosures and did not have a material impact on the Company’s consolidated financial statements. Recently issued accounting pronouncements not yet adopted Income Statement Expenses In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (“ASU 2023-03”), which will require disclosure of additional information about specific expense categories in the notes to financial statements for all public business entities. ASU 2024-03 is effective for annual reporting beginning with the fiscal year ending December 31, 2027, and for interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. Internal-Use Software In September 2025, the FASB issued ASU No. 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”), which clarifies and modernizes the accounting for costs related to internal-use software by removing references to project stages and clarifying the probable-to-complete threshold for capitalization when significant development uncertainty exists. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Note 15 - Underwriting Information (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Premiums Written, Gross	$ 2,028,252,000	$ 1,541,962,000	$ 1,141,558,000
Percentage of Gross Written Premiums	100.00%	100.00%	100.00%
Revenue Benchmark [Member] \| Product Concentration Risk [Member] \| Largest Program Administrator [Member]
Disaggregation of Revenue [Line Items]
Premiums Written, Gross	$ 411,000,000	$ 403,400,000	$ 394,100,000
Percentage of Gross Written Premiums	20.30%	26.20%	34.50%
Revenue Benchmark [Member] \| Product Concentration Risk [Member] \| Other Program Administrators [Member]
Disaggregation of Revenue [Line Items]
Premiums Written, Gross	$ 0	$ 0	$ 0
Percentage of Gross Written Premiums	10.00%	10.00%	10.00%
Revenue Benchmark [Member] \| Product Concentration Risk [Member] \| Second Largest Program Administrator [Member]
Disaggregation of Revenue [Line Items]
Premiums Written, Gross	$ 237,300,000		$ 152,400,000
Percentage of Gross Written Premiums	11.70%		13.30%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Note 10 - Reserve for Losses and Loss Adjustment Expenses - Schedule of Average Annual Percentage Payout of Incurred Claims on Other Insurance (Details) - Other Insurance Lines [Member]	Dec. 31, 2025
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Payout percentage, year 1	12.97%
Payout percentage, year 2	15.99%
Payout percentage, year 3	16.12%
Payout percentage, year 4	26.34%
Payout percentage, year 5	2.03%

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
Balance (in shares) at Dec. 31, 2022		25,027,467
Balance at Dec. 31, 2022	$ 384,754	$ 3	$ 333,558	$ (36,515)	$ 87,708
Other comprehensive income (loss)	12,524	0	0	12,524	0
Stock-based compensation	14,913	$ 0	14,913	0	0
Issuance of common stock via employee stock purchase plan (in shares)		17,080
Issuance of common stock via employee stock purchase plan	799	$ 0	799	0	0
Issuance of common stock via equity incentive plan (in shares)		147,341
Issuance of common stock via equity incentive plan	1,237	$ 0	1,237	0	0
Policy holder contribution to surplus	90	$ 0	90	0	0
Repurchases of common stock (in shares)		(418,901)
Repurchases of common stock	(22,266)	$ 0	0	0	(22,266)
Net income	79,201	$ 0	0	0	79,201
Balance (in shares) at Dec. 31, 2023		24,772,987
Balance at Dec. 31, 2023	471,252	$ 3	350,597	(23,991)	144,643
Other comprehensive income (loss)	(2,854)	0	0	(2,854)	0
Stock-based compensation	16,685	$ 0	16,685	0	0
Issuance of common stock in stock offering, net of offering costs (in shares)		1,380,000
Issuance of common stock in stock offering, net of offering costs	$ 115,724	$ 0	115,724	0	0
Issuance of common stock via employee stock purchase plan (in shares)	17,100	17,100
Issuance of common stock via employee stock purchase plan	$ 902	$ 0	902	0	0
Issuance of common stock via equity incentive plan (in shares)		359,315
Issuance of common stock via equity incentive plan	6,990	$ 0	6,990	0	0
Policy holder contribution to surplus	2,758	0	2,758	0	0
Net income	117,573	$ 0	0	0	117,573
Balance (in shares) at Dec. 31, 2024		26,529,402
Balance at Dec. 31, 2024	729,030	$ 3	493,656	(26,845)	262,216
Other comprehensive income (loss)	24,339	0	0	24,339	0
Stock-based compensation	$ 21,014	$ 0	21,014	0	0
Issuance of common stock via employee stock purchase plan (in shares)	12,426	12,426
Issuance of common stock via employee stock purchase plan	$ 1,165	$ 0	1,165	0	0
Issuance of common stock via equity incentive plan (in shares)		287,006
Issuance of common stock via equity incentive plan	3,755	$ 0	3,755	0	0
Policy holder contribution to surplus	3,719	0	3,719	0	0
Offering costs (related to prior year offering)	(141)	$ 0	(141)	0	0
Repurchases of common stock (in shares)		(308,417)
Repurchases of common stock	(37,284)	$ 0	0	0	(37,284)
Net income	197,070	$ 0	0	0	197,070
Balance (in shares) at Dec. 31, 2025		26,520,417
Balance at Dec. 31, 2025	$ 942,667	$ 3	$ 523,168	$ (2,506)	$ 422,002

Note 21 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

21. Commitments and Contingencies

Litigation

The Company is subject to legal proceedings arising from the normal conduct of its business. In the opinion of management, any ultimate liability that may arise from these proceedings will not have a material effect on the Company’s financial position.

Letters of Credit and Trusts

As of December 31, 2025, the Company has one irrevocable standby letter of credit for the benefit of ceding insurance companies to secure the unearned premium assumed by PSIC. The bank letters of credit amount to a total of $4.1 million and may renew if the Company continues to assume premium from these insurance companies. The letter of credit is collateralized by the Company’s Credit Agreement.

As of December 31, 2025, the Company has a letter of credit for the benefit of the State of California to secured unearned premium and loss reserves incurred in the worker’s compensation program. The letter of credit amounts to $142.3 million and are collateralized by the Company’s available-for-sale investments.

In addition, the Company has established seven Regulation 114 Trust accounts for the benefit of ceding insurance companies to secure the unearned premium assumed by PSIC. As of December 31, 2025 the trust had a market value of $22.6 million.

Note 11 - Reinsurance (Details Textual) $ in Thousands	12 Months Ended
Note 11 - Reinsurance (Details Textual) $ in Thousands	Dec. 31, 2025 USD ($) Reinsurer	Dec. 31, 2024 USD ($) Reinsurer	Dec. 31, 2023 USD ($) Reinsurer	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Reinsurance Retention [Line Items]
Reinsurance, Amount Retained, Per Event	$ 44,900	$ 27,900
Reinsurance XOL treaty retention amount retained per event	1,500
Reinsurance Policy, Excess of Loss Protection Amount	735,000
Prepaid Reinsurance Premiums	355,918	276,237
Catastrophe Bond, Face Value				$ 525,000	$ 420,000	$ 200,000	$ 275,000
Ceded Premiums Written	1,064,230	897,111	$ 731,531
Ceded Premiums Earned	984,549	886,682	669,808
Reinsurance recoverables	73,542	118,365	83,181
Largest Reinsurer One [Member]
Reinsurance Retention [Line Items]
Ceded Premiums Earned	66,400	125,900	152,400
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments	96,500	137,000
Largest Reinsurer Two [Member]
Reinsurance Retention [Line Items]
Ceded Premiums Earned	64,900	67,900	65,900
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments	51,200	26,900
Largest Reinsurer Three [Member]
Reinsurance Retention [Line Items]
Ceded Premiums Earned	63,100	61,700	$ 47,400
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments	$ 32,800	$ 24,400
Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| Reinsurer Concentration Risk [Member] \| Three Largest Reinsurers [Member]
Reinsurance Retention [Line Items]
Number of Largest Reinsurers \| Reinsurer	3	3
Concentration Risk, Percentage	21.90%	47.70%
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| Reinsurer Concentration Risk [Member]
Reinsurance Retention [Line Items]
Number of Largest Reinsurers \| Reinsurer	3	3	3
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| Reinsurer Concentration Risk [Member] \| Three Largest Reinsurers [Member]
Reinsurance Retention [Line Items]
Concentration Risk, Percentage	18.60%	28.50%	36.30%
Earthquake [Member]
Reinsurance Retention [Line Items]
Reinsurance, Amount Retained, Per Event	$ 20,000
Reinsurance Policy, Excess of Loss Protection Amount	3,100,000
U.S. Hurricane [Member]
Reinsurance Retention [Line Items]
Reinsurance Policy, Excess of Loss Protection Amount	100,000
Continental Hurricane [Member]
Reinsurance Retention [Line Items]
Reinsurance, Amount Retained, Per Event	11,000
Catastrophe [Member]
Reinsurance Retention [Line Items]
Ceded Premiums Written	$ 64,900	$ 55,300	$ 42,700

Note 8 - Capitalized Assets

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

8. Capitalized Assets

Capitalized software is included as a component of prepaid expenses and other assets in the Company’s consolidated balance sheet. The balances are as follows:


			Accumulated			Net
December 31, 2025	Cost		Amortization			Book Value
	($ in thousands)
Capitalized Software	$	35,428	$	(16,180	)	$	19,248


			Accumulated			Net
December 31, 2024	Cost		Amortization			Book Value
	($ in thousands)
Capitalized Software	$	30,690	$	(12,207	)	$	18,483

Amortization expense relating to capitalized software for the years ended December 31, 2025, 2024 and 2023 was $4.0 million, $3.4 million, and $2.8 million, respectively.

Property and equipment consists of the following:


			Accumulated			Net
December 31, 2025	Cost		Depreciation			Book Value
	($ in thousands)
Buildings	$	1,978	$	(51	)	$	1,927
Computer hardware		487		(389	)		98
Equipment and furniture		1,274		(748	)		526
Leasehold improvements		879		(879	)		—
Total	$	4,618	$	(2,067	)	$	2,551


			Accumulated			Net
December 31, 2024	Cost		Depreciation			Book Value
	($ in thousands)
Computer hardware	$	467	$	(332	)	$	135
Equipment and furniture		917		(623	)		294
Leasehold improvements		879		(879	)		—
Total	$	2,263	$	(1,834	)	$	429

Depreciation expense was $0.3 million for the year ended December 31, 2025 and $0.2 million for the years ended December 31, 2024 and 2023.

Note 21 - Commitments and Contingencies (Details Textual) $ in Millions	Dec. 31, 2025 USD ($)
Loss Contingencies [Line Items]
Trust, Par Value	$ 22.6
Letter of credit amounts	142.3
Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 4.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 8 - Capitalized Assets - Schedule of Capitalized Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Capitalized Software, cost	$ 35,428	$ 30,690
Capitalized Software, accumulated amortization	(16,180)	(12,207)
Capitalized Software, net	19,248	18,483
Capitalized assets, cost	4,618	2,263
Capitalized assets, accumulated depreciation	(2,067)	(1,834)
Property and equipment, net	2,551	429
Buildings [Member]
Property, Plant and Equipment [Line Items]
Capitalized assets, cost	1,978
Capitalized assets, accumulated depreciation	(51)
Property and equipment, net	1,927
Computer hardware [Member]
Property, Plant and Equipment [Line Items]
Capitalized assets, cost	487	467
Capitalized assets, accumulated depreciation	(389)	(332)
Property and equipment, net	98	135
Equipment and furniture [Member]
Property, Plant and Equipment [Line Items]
Capitalized assets, cost	1,274	917
Capitalized assets, accumulated depreciation	(748)	(623)
Property and equipment, net	526	294
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Capitalized assets, cost	879	879
Capitalized assets, accumulated depreciation	(879)	(879)
Property and equipment, net	$ 0	$ 0

Note 17 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the Company’s income tax expense (benefit) are as follows:


	December 31,
	2025		2024		2023
	($ in thousands)
Current:
Federal	$	53,318	$	31,006	$	26,756
State		960		554		511
Total Current		54,278		31,560		27,267
Deferred:
Federal		2,003		1,997		(2,900	)
State		39		66		74
Total Deferred		2,042		2,063		(2,826	)
Income tax expense	$	56,320	$	33,623	$	24,441

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

As of December 31, 2025 and 2024, significant components of the Company’s deferred tax assets and liabilities were as follows:


	December 31,
	2025			2024
	($ in thousands)
Deferred tax assets:
Losses and LAE reserve discount	$	3,445		$	1,711
State tax net operating losses		3,271			3,372
Deferred Intercompany		533			605
Unearned premiums		27,017			19,550
Capitalized organizational costs		94			124
Unrealized losses on investments		—			5,134
Deferred compensation		3,152			2,533
Lease Liability		1,489			1,631
Other		1,487			2,230
Total deferred tax assets	$	40,488		$	36,890
Deferred tax liabilities:
Deferred acquisition costs	$	(26,824	)	$	(19,929	)
Unrealized gains on investments		(2,800	)		—
Internally developed software		(3,027	)		(1,118	)
State deferred tax liability		(1,255	)		(1,216	)
Right-of-use Asset		(1,445	)		(1,604	)
Other		(1,104	)		(837	)
Total deferred tax liabilities		(36,455	)		(24,704	)
Net deferred tax asset before valuation allowance		4,033			12,186
Valuation allowance		(3,272	)		(3,372	)
Total net deferred tax assets	$	761		$	8,814

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the tax years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
	2025					2024					2023
	($ in thousands)
Expense computed at federal tax rate	$	53,212		21.00	%	$	31,750		21.00	%	$	21,765		21.00	%
State and local income tax, net of federal (national) income tax effect (1) (2)		1,027		0.41	%		488		0.32	%		719		0.69	%
Nontaxable or nondeductible items
Stock-based compensation		553		0.22	%		429		0.28	%		1,523		1.47	%
Dividend received deduction and tax‑exempt interest		(95	)	(0.04	)%		(90	)	(0.06	)%		(96	)	(0.09	)%
Meals & entertainment, penalties & parking		447		0.18	%		291		0.19	%		261		0.25	%
Other		1,176		0.45	%		755		0.50	%		269		0.26	%
Income tax expense	$	56,320		22.22	%	$	33,623		22.23	%	$	24,441		23.58	%

(1)

State taxes in California, Oregon, and Illinois made up the majority (greater than 50%) of the tax effect in this category.

(2)

Certain prior year amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on net income.

Schedule of Income Taxes Paid

As of December 31, 2025, the amount of income taxes paid is as follows:


	December 31,
	2025		2024
	($ in thousands)
Income taxes paid
Federal	$	57,961	$	37,810
State		1,124		644
Total income taxes paid	$	59,085	$	38,454

Note 15 - Underwriting Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Disaggregation of Revenue [Table Text Block]

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	%

Note 19 - Statutory Financial Information (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statutory Accounting Practices [Line Items]
Equity, Attributable to Parent	$ 942,667,000	$ 729,030,000	$ 471,252,000	$ 384,754,000
BERMUDA
Statutory Accounting Practices [Line Items]
Minimum Statutory Solvency Margin	1,200,000
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	17,800,000	17,000,000
Statutory Accounting Practices, Statutory Net Income Amount	400,000	400,000	$ 300,000
Equity, Attributable to Parent	18,100,000	16,900,000
Dividends Received from Subsidiary	$ 0	$ 0
BERMUDA \| Minimum [Member]
Statutory Accounting Practices [Line Items]
Liquidity Ratio	75.00%

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Available-for-Sale, Amortized Cost	$ 1,227,605	$ 973,330
Equity Securities, Cost	$ 81,772	$ 32,987
Preferred Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized (in shares)	500,000,000	500,000,000
Common Stock, Shares, Issued (in shares)	26,520,417	26,529,402
Common Stock, Shares, Outstanding (in shares)	26,520,417	26,529,402

Note 9 - Leases

12 Months Ended

Dec. 31, 2025

Disclosure Text Block [Abstract]

Lessee, Operating Leases [Text Block]

9. Leases

The Company has operating leases for office space used to conduct its insurance operations and administration activities. Operating lease right-of-use (“ROU”) assets are a component of prepaid expenses and other assets and operating lease liabilities are included in accounts payable and other accrued liabilities in the Company’s consolidated balance sheets.

The Company determines whether an arrangement is a lease at its inception. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of lease payments, the Company uses its incremental borrowing rate, which it calculates based on information available at the lease commencement date. For certain leases that contain options to extend, the options are included in lease liabilities only if the company is reasonably certain the option will be exercised. Variable lease costs such as parking are expensed in the period the obligation is incurred and are not included in the Company’s operating lease liability. The Company’s lease agreements do not contain any residual value guarantees.

Operating lease costs for the years ended December 31, 2025, 2024 and 2023 were $1.1 million, $0.8 million, and $0.8 million, respectively. Operating lease costs are comprised of rental expense for operating leases. Lease expense is recognized on a straight-line basis over the lease term and is included as a component of other underwriting expenses in the Company’s consolidated statements of income and comprehensive income.

The following tables provide supplementary information about the Company’s leases:


Year ended December 31, 2025	($ in thousands)
Operating cash outflows from operating leases	$	708


December 31, 2025	($ in thousands)
Operating lease ROU assets	$	6,879
Operating lease liabilities	$	7,091
Weighted-average remaining lease term on operating leases (years)		8.3
Weighted-average discount rate on operating leases		5.1	%

Future minimum lease payments as of December 31, 2025 are as follows:


Years ending December 31,	($ in thousands)
2026		927
2027		927
2028		1,338
2029		1,378
2030		1,419
Thereafter		4,587
Total future minimum lease payments	$	10,576
Less: imputed interest		(3,485	)
Total operating lease liability	$	7,091

Note 18 - Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

18. Earnings Per Share

The following table sets out earnings per share of common stock:


	Year ended December 31,
	2025		2024		2023
	(in thousands, except shares and per share data)
Net income	$	197,070	$	117,573	$	79,201
Weighted average common shares outstanding:
Basic		26,639,733		25,520,343		24,822,004
Common Share equivalents		845,517		703,499		505,087
Diluted		27,485,250		26,223,842		25,327,091

Earnings per share:
Basic	$	7.40	$	4.61	$	3.19
Diluted	$	7.17	$	4.48	$	3.13

Common share equivalents relate primarily to outstanding stock options, RSUs and PSUs under the 2019 Plan and unpurchased shares under the 2019 ESPP and are calculated using the treasury stock method.

Note 3 - Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

3. Investments

The Company’s available‑for‑sale investments are summarized as follows:


	Amortized		Gross		Gross			Allowance
	Cost or		Unrealized		Unrealized			for Credit		Fair
December 31, 2025	Cost		Gains		Losses			Losses		Value
	($ in thousands)
Fixed maturities:
U.S. Governments	$	23,716	$	97	$	(226	)	$	—	$	23,587
U.S. States, Territories, and Political Subdivisions		19,745		111		(994	)		—		18,862
Special revenue excluding mortgage/asset-backed securities		19,280		72		(1,887	)		—		17,465
Corporate and other		606,748		9,891		(8,404	)		—		608,235
Mortgage/asset-backed securities		558,116		5,922		(8,000	)		—		556,038
Total available-for-sale investments	$	1,227,605	$	16,093	$	(19,511	)	$	—	$	1,224,187


	Amortized		Gross		Gross			Allowance
	Cost or		Unrealized		Unrealized			for Credit			Fair
December 31, 2024	Cost		Gains		Losses			Losses			Value
	($ in thousands)
Fixed maturities:
U.S. Governments	$	33,449	$	6	$	(649	)	$	—		$	32,806
U.S. States, Territories, and Political Subdivisions		10,606		29		(857	)		—			9,778
Special revenue excluding mortgage/asset-backed securities		30,283		85		(3,734	)		—			26,634
Corporate and other		492,395		1,689		(18,349	)		(244	)		475,491
Mortgage/asset-backed securities		406,597		1,408		(13,668	)		—			394,337
Total available-for-sale investments	$	973,330	$	3,217	$	(37,257	)	$	(244	)	$	939,046

Security holdings in an unrealized loss position

As of December 31, 2025, the Company held 391 fixed maturity securities in an unrealized loss position with a total estimated fair value of $375.4 million and total gross unrealized losses of $19.5 million. As of December 31, 2024, the Company held 595 fixed maturity securities in an unrealized loss position with a total estimated fair value of $664.0 million and total gross unrealized losses of $37.3 million.

The aggregate fair value and gross unrealized losses of the Company’s investments aggregated by investment category and the length of time these individual securities have been in a continuous unrealized loss position as of December 31, 2025 and 2024, are as follows:


	Less Than 12 Months					More Than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2025	Value		Losses			Value		Losses			Value		Losses
	($ in thousands)
Fixed maturity securities:
U.S. Governments	$	2,006	$	(38	)	$	5,704	$	(188	)	$	7,710	$	(226	)
U.S. States, Territories, and Political Subdivisions		5,157		(441	)		9,509		(553	)		14,666		(994	)
Special revenue excluding mortgage/asset-backed securities		—		—			15,185		(1,887	)		15,185		(1,887	)
Corporate and other		49,963		(948	)		160,780		(7,456	)		210,743		(8,404	)
Mortgage/asset-backed securities		47,313		(406	)		79,733		(7,594	)		127,046		(8,000	)
Total available-for-sale investments	$	104,439	$	(1,833	)	$	270,911	$	(17,678	)	$	375,350	$	(19,511	)


	Less Than 12 Months					More Than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2024	Value		Losses			Value		Losses			Value		Losses
	($ in thousands)
Fixed maturity securities:
U.S. Governments	$	16,507	$	(65	)	$	14,291	$	(584	)	$	30,798	$	(649	)
U.S. States, Territories, and Political Subdivisions		2,614		(419	)		5,076		(438	)		7,690		(857	)
Special revenue excluding mortgage/asset-backed securities		2,182		(426	)		21,733		(3,308	)		23,915		(3,734	)
Corporate and other		181,179		(4,996	)		176,531		(13,353	)		357,710		(18,349	)
Mortgage/asset-backed securities		152,287		(2,820	)		91,572		(10,848	)		243,859		(13,668	)
Total available-for-sale investments	$	354,769	$	(8,726	)	$	309,203	$	(28,531	)	$	663,972	$	(37,257	)

The Company reviewed the above securities at each balance sheet date to consider whether it was necessary to recognize a credit loss related to any of these securities. Based on the review, no allowance for credit losses was recorded as of December 31, 2025. An allowance for credit losses of $0.2 million was recorded pertaining to one investment security as of December 31, 2024. For the remaining securities, the Company determined that the fixed maturity securities’ unrealized losses were primarily the result of the interest rate environment and not the credit quality of the issuers. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis.

Contractual maturities of available‑for‑sale fixed maturity securities

The amortized cost and fair value of fixed maturity securities at December 31, 2025, by contractual maturity, are shown below.


	Amortized		Fair
	Cost		Value
	($ in thousands)
Due within one year	$	62,232	$	62,241
Due after one year through five years		267,553		267,430
Due after five years through ten years		226,631		229,466
Due after ten years		113,073		109,012
Mortgage and asset-backed securities		558,116		556,038
	$	1,227,605	$	1,224,187

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations.

Change in unrealized gains (losses) of investments

The following table presents the change in net unrealized gains or losses on fixed maturity securities:


	Year Ended December 31,
	2025		2024			2023
	($ in thousands)
Change in net unrealized gains (losses)
Fixed maturities	$	30,866	$	(2,953	)	$	15,185
Net increase (decrease)	$	30,866	$	(2,953	)	$	15,185

Net investment income summary

Net investment income is summarized as follows:


	Year Ended December 31,
	2025			2024			2023
	($ in thousands)
Interest income	$	55,164		$	35,433		$	23,349
Dividend income		1,869			1,075			871
Investment expense		(1,028	)		(684	)		(515	)
Net investment income	$	56,005		$	35,824		$	23,705

Net realized and unrealized investment gains and losses

The following table presents net realized and unrealized investment gains and losses:


	Year Ended
	December 31,
	2025			2024			2023
	($ in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	605		$	179		$	89
Gains on sales of equity securities		104			20			—
Total realized gains		709			199			89
Realized losses:
Losses on sales of fixed maturity securities		(768	)		(2,489	)		(32	)
Losses on sales of equity securities		(105	)		—			—
Total realized losses		(873	)		(2,489	)		(32	)
Net realized investment gains (losses)		(164	)		(2,290	)		57
Change in allowance for credit losses		244			659			(667	)
Net unrealized gains on equity securities		8,021			6,161			3,933
Net unrealized losses on equity method investment		2,268			(340	)		(382	)
Net unrealized gains on other investments		1,462			378			—
Net realized and unrealized gains on investments	$	11,831		$	4,568		$	2,941

Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date.

Proceeds from the sale of fixed maturity securities were $28.0 million, $6.3 million, and $10.1 million for the years ended December 31, 2025, 2024, and 2023, respectively. For the year ended December 31, 2025, proceeds from the sale of equity securities were $6.4 million. For the years ended December 31, 2024 and 2023, proceeds from the sale of equity securities were immaterial.

The Company places securities on statutory deposit with certain state agencies to retain the right to do business in those states. These securities are included in available‑for‑sale investments on the consolidated balance sheets. As of December 31, 2025 and 2024, the carrying value of securities on deposit with state regulatory authorities was $13.5 million and $9.9 million, respectively.

The Company has investments in limited partnerships, recorded in the Other investments line of the Consolidated Balance Sheets. These investments represent capital contributions to private equity funds structured as limited partnerships, which primarily hold illiquid securities. The funds have a ten-year term with no redemption rights. Capital is contributed as called by the general partners, and distributions are received as proceeds are generated from the underlying investments. These investments are measured at estimated fair value utilizing a net asset value per share (or its equivalent) as a practical expedient. As of December 31, 2025, the Company had unfunded commitments to invest an additional $124.3 million in these limited partnerships.

Note 12 - Credit Agreements (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
Note 12 - Credit Agreements (Details Textual) - USD ($)	Dec. 31, 2021	Dec. 31, 2025	Dec. 31, 2024	Jan. 27, 2026
Line of Credit Facility [Line Items]
Interest Expense, Debt		$ 400
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available as Percentage of Statutory Admitted Assets		10.00%
Federal Home Loan Bank, Advance, Branch of FHLBank, Amount		$ 0
Interest Expense, Loans from Other Federal Home Loan Banks		0	$ 800,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000,000
Maturity Date	Dec. 08, 2026
Line of Credit Facility, Commitment Fee Amount	$ 300,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Debt Instrument, Basis Spread on Variable Rate, Additional Spread for Default	2.00%
Long-Term Line of Credit		$ 0	0	$ 150,000,000
Interest Expense, Debt			$ 300,000
Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility [Member] \| Alternate Base Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%

Note 12 - Credit Agreements

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

12. Credit Agreements

U.S. Bank Credit Agreement

In December 2021, the Company entered into a Credit Agreement (the “Credit Agreement”) with certain lenders which provides a revolving credit facility of up to $100.0 million (the “Revolving Loan”). The maturity of the facility is December 8, 2026. The Revolving Loan may be either a SOFR rate loan or a base rate loan, at the Company’s discretion. The Revolving Loan may be prepaid in full or in part at any time with no prepayment premium and may be reduced in full or in part at any time upon prior notice. Interest on the Revolving Loan accrues on each SOFR rate loan at the applicable SOFR (as defined in the Credit Agreement) plus 1.75% and on each base rate loan at the applicable Alternate Base Rate (as defined in the Credit Agreement) plus (ii) 0.75%. In addition, the Company paid a commitment fee of $0.3 million upon closing of the Credit Agreement and must pay an unused line fee of 0.25% per annum on any unborrowed amount under the Credit Agreement.

The Company’s obligations under the Credit Agreement are unsecured with a negative pledge against all assets of Palomar and its subsidiaries as described in the Credit Agreement. The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, among other things, financial covenants, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness and dividends and other distributions.

The financial covenants in the Credit Agreement require the Company not to exceed a maximum leverage ratio and maintain a minimum net worth at the end of each quarter. The Company’s insurance subsidiaries are also required to maintain a minimum Risk Based Capital Ratio at the end of each year and must always maintain a minimum AM Best Financial Strength rating. As of December 31, 2025, the Company was in compliance with all covenants.

The Credit Agreement provides for events of default customary for revolving loans of this type, including but not limited to non-payment, breaches, or defaults in the performance of covenants, insolvency, bankruptcy and the occurrence of a material adverse effect on Palomar. During the existence of an event of default, all outstanding amounts of the Revolving Loan shall bear interest at a rate per annum equal to the rate otherwise applicable thereto plus 2.00%.

As of December 31, 2025 and 2024, there were no outstanding borrowings under this Credit Agreement. For the years ended December 31, 2025 and 2024, the Company incurred $0.4 million and $0.3 million, respectively, of interest related to borrowings and amortization of fees associated with the Credit Agreement.

FHLB Line of Credit

The Company’s PSIC subsidiary is a member of the Federal Home Loan Bank of San Francisco (“FHLB”). Membership in the FHLB provides PSIC access to collateralized advances, which can be drawn for general corporate purposes and used to enhance

liquidity management. All borrowings are fully secured by a pledge of specific investment securities of PSIC and the borrowing capacity is currently equal to 10% of PSIC’s statutory admitted assets. All advances have a predetermined term and the interest rate varies based on the term of the advance.

As of December 31, 2025 and 2024, there were no borrowings outstanding through the FHLB. There was no interest expense on the FHLB Line of Credit for the year ended December 31, 2025. Interest expense on the FHLB Line of Credit was $0.8 million for the year ended December 31, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Note 3 - Investments - Summary of Available for Sale Investments (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	$ 1,227,605,000	$ 973,330,000
Available-for-sale, Accumulated Gross Unrealized Gain	16,093,000	3,217,000
Available-for-sale, Accumulated Gross Unrealized Loss	(19,511,000)	(37,257,000)
Available-for-Sale, Allowance for Credit Loss	0	(244,000)
Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024)	1,224,187,000	939,046,000
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	23,716,000	33,449,000
Available-for-sale, Accumulated Gross Unrealized Gain	97,000	6,000
Available-for-sale, Accumulated Gross Unrealized Loss	(226,000)	(649,000)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024)	23,587,000	32,806,000
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	19,745,000	10,606,000
Available-for-sale, Accumulated Gross Unrealized Gain	111,000	29,000
Available-for-sale, Accumulated Gross Unrealized Loss	(994,000)	(857,000)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024)	18,862,000	9,778,000
Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	19,280,000	30,283,000
Available-for-sale, Accumulated Gross Unrealized Gain	72,000	85,000
Available-for-sale, Accumulated Gross Unrealized Loss	(1,887,000)	(3,734,000)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024)	17,465,000	26,634,000
Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	606,748,000	492,395,000
Available-for-sale, Accumulated Gross Unrealized Gain	9,891,000	1,689,000
Available-for-sale, Accumulated Gross Unrealized Loss	(8,404,000)	(18,349,000)
Available-for-Sale, Allowance for Credit Loss	0	(244,000)
Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024)	608,235,000	475,491,000
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	558,116,000	406,597,000
Available-for-sale, Accumulated Gross Unrealized Gain	5,922,000	1,408,000
Available-for-sale, Accumulated Gross Unrealized Loss	(8,000,000)	(13,668,000)
Available-for-Sale, Allowance for Credit Loss	0	0
Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024)	$ 556,038,000	$ 394,337,000

Note 6 - Policy Acquisition Costs

12 Months Ended

Dec. 31, 2025

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs [Text Block]

6. Policy Acquisition Costs

The following tables present the policy acquisition costs deferred and amortized over the terms of the policies in force:


	Year ended December 31,
	2025			2024			2023
	($ in thousands)
Deferred Policy Acquisition Costs:
Balance, beginning of year	$	94,881		$	60,990		$	56,740
Additions to deferred balance:
Balance acquired from FIA		1,662			—			—
Direct commissions		450,161			318,474			220,822
Ceding commissions and fronting fees		(206,830	)		(159,925	)		(123,911	)
Premium taxes		15,384			15,491			13,690
Total net additions		260,377			174,040			110,601
Amortization of net policy acquisition costs		(227,540	)		(140,149	)		(106,351	)
Balance, end of year	$	127,718		$	94,881		$	60,990
Acquisition expenses:
Amortization of net policy acquisition costs	$	227,540		$	140,149		$	106,351
Other acquisition costs (net)		(10,407	)		9,508			1,394
Total Acquisition expenses	$	217,133		$	149,657		$	107,745

Note 9 - Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026	$ 927
2027	927
2028	1,338
2029	1,378
2030	1,419
Thereafter	4,587
Total future minimum lease payments	10,576
Less: imputed interest	(3,485)
Total operating lease liability	$ 7,091

Note 1 - Summary of Operations and Basis of Presentation (Details Textual)	12 Months Ended
	Dec. 31, 2025 State Segments
Accounting Policies [Abstract]
Number Of States Company Underwrites Catastrophe Insurance On Admitted Basis \| State	50
Number of operating segment \| Segments	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM reviews the Company’s consolidated net income as reported under GAAP, which is the primary measure of segment profit or loss.
Segment Reporting, Expense Information Used by CODM, Description	The CODM reviews these measures, comparing them to prior periods and forecasted expectations, and makes resource allocation decisions based on the analysis. The significant segment expenses provided to the CODM are consistent with the categories shown in the Company’s Consolidated Statements of Income and Comprehensive Income and there are no other segment items used by the CODM. While the Company’s CODM also reviews the revenue streams attributable to individual products, operations are managed, resources are allocated, and financial performance is evaluated on a consolidated basis.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Note 7 - Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

7. Intangible Assets and Goodwill

Intangible assets and goodwill consist of the following:


	December 31,
	2025			2024
	($ in thousands)
Goodwill from acquisitions:	$	30,466		$	3,755
Indefinite-lived intangibles:
State insurance licenses	$	2,344		$	744
Finite-lived intangibles:
Customer relationships		38,472			14,288
Accumulated amortization on finite-lived intangibles		(10,228	)		(5,545	)
Total Goodwill and intangible assets, net	$	61,054		$	13,242

Goodwill of $4.9 million was recognized upon the Company’s acquisition of FIA in January 2025 and goodwill of $21.8 million was recognized upon the Company’s acquisition of AAP.

State insurance licenses consist of licenses acquired at the inception of PSIC and in connection with the acquisition of First Indemnity of America Insurance Co. (“FIA”). Customer relationships were recognized in connection with the FIA and AAP Advanced AgProtection, LLC (“AAP”) acquisitions.

Customer relationships are amortized on a straight line over a period of 8 years. Amortization expense was $4.7 million for the year ended December 31, 2025 and $1.6 million for the year ended December 31, 2024.

Note 13 - Stockholders' Equity - Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Stock-based compensation expense	$ 21,014	$ 16,685	$ 14,913

Note 10 - Reserve for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Liability for Claims and Claims Adjustment Expense [Line Items]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

The following table provides a reconciliation of the beginning and ending reserve balances for losses and LAE on a net of reinsurance basis to the gross amounts reported in the accompanying consolidated balance sheets:


	Year Ended December 31,
	2025			2024			2023
	($ in thousands)
Reserve for losses and loss adjustment expense, net of reinsurance recoverables at beginning of period	$	155,299		$	97,653		$	77,520
Add: Balance acquired from FIA		6,788			—			—
Add: Incurred losses and loss adjustment expenses, net of reinsurance, related to:
Current year		248,365			137,797			70,363
Prior years		(19,771	)		(3,038	)		2,229
Total incurred		228,594			134,759			72,592
Deduct: Loss and loss adjustment expense payments, net of reinsurance, related to:
Current year		75,913			43,582			19,631
Prior years		38,810			33,531			32,828
Total payments		114,723			77,113			52,459
Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period		275,958			155,299			97,653
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		412,273			348,083			244,622
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	688,231		$	503,382		$	342,275

Schedule of Reconciliation of Liability for Claims and Claim Adjustment Expenses [Table Text Block]

The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated balance sheets is as follows:


	2025
	($ in thousands)
Reserve for losses and loss adjustment expense, net of reinsurance recoverables:
Property	$	79,337
Other liability occurrence		90,099
Other liability claims made		47,522
Reinsurance - Nonproportional assumed property (1)		25,627
Other		33,373
Total reserve for losses and loss adjustment expense, net of reinsurance recoverables		275,958
Reinsurance recoverable on unpaid claims:
Property	$	105,303
Other liability occurrence		78,437
Other liability claims made		100,629
Other		127,904
Total reinsurance recoverable on unpaid claims		412,273
Total reserve for losses and loss adjustment expenses	$	688,231

Reflects the Company’s share of Loss and Loss Adjustment Expense related to non-proportional assumed reinsurance business. This amount reflects gross and net reserves related to this treaty and the ultimate incurred amount reflects IBNR only. The Company does not have direct access to individual claim information underlying the assumed reinsurance agreements. The Company does not use claim frequency information in the determination of loss reserves or for other internal purposes. Based on these considerations, the Company does not believe providing claims frequency information is practicable as it relates to this line of business.

Other Insurance Lines [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Short-Duration Insurance Contracts, Claims Development [Table Text Block]


													As of December 31, 2025
													Incurred but Not Reported		Cumulative Number of
Accident Year	2020		2021		2022		2023		2024		2025		Liabilities		Claims
Prior	$	48	$	26	$	7	$	—	$	286	$	2,266	$	2,264		7
2021				3,429		3,299		2,928		2,252		1,516		313		109
2022						8,871		8,873		7,674		6,762		1,834		430
2023								12,580		12,110		11,511		4,166		958
2024										18,503		21,021		8,531		1,355
2025												29,299		17,409		1,977
Total											$	72,375	$	34,517		4,836

Cumulative Paid Losses and Allocated Loss Adjustment Expenses,

Net of Reinsurance Other Liability Claims Made (in thousands) (1)


Accident Year	2020		2021		2022		2023		2024		2025
Prior	$	—	$	—	$	—	$	—	$	1	$	1
2021				62		221		449		1,009		1,040
2022						481		1,584		2,776		3,841
2023								1,382		3,310		5,118
2024										4,168		8,461
2025												6,392
Total											$	24,853
Reserve for losses and loss adjustment expense, net of reinsurance											$	47,522

(1)

Data presented for these calendar years is required supplementary information, which is unaudited.

Short-Duration Insurance Contracts, Schedule of Historical Claims Duration [Table Text Block]


	Year 1			Year 2			Year 3			Year 4			Year 5
Payout percentage		12.97	%		15.99	%		16.12	%		26.34	%		2.03	%

Special Property Product Line [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Short-Duration Insurance Contracts, Claims Development [Table Text Block]


											As of December 31, 2025
											Incurred but Not Reported		Cumulative Number of
Accident Year	2021		2022		2023		2024		2025		Liabilities		Claims
Prior	$	109	$	35	$	46	$	47	$	216	$	150		13
2021		2,138		1,641		2,172		2,428		2,230		695		34
2022				7,160		8,755		9,425		8,789		1,854		98
2023						5,005		8,335		10,278		2,308		147
2024								21,811		24,428		17,521		440
2025										62,826		57,870		530
Total									$	108,767	$	80,398		1,262

Cumulative Paid Losses and Allocated Loss Adjustment Expenses,

Net of Reinsurance Other Liability Occurrence (in thousands) (1)


Accident Year	2021		2022		2023		2024		2025
Prior	$	109	$	35	$	46	$	47	$	54
2021		141		347		653		906		1,338
2022				746		1,603		3,445		5,355
2023						372		1,146		5,552
2024								869		4,024
2025										2,344
Total									$	18,667
Reserve for losses and loss adjustment expense, net of reinsurance									$	90,100

(1)

Data presented for these calendar years is required supplementary information, which is unaudited.

Short-Duration Insurance Contracts, Schedule of Historical Claims Duration [Table Text Block]


	Year 1			Year 2			Year 3			Year 4			Year 5
Payout percentage		5.14	%		9.86	%		25.85	%		16.54	%		19.37	%

Homeowners Insurance Product Line [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Short-Duration Insurance Contracts, Claims Development [Table Text Block]


																					As of December 31, 2025
	Year Ended December 31,																				Incurred but Not Reported		Cumulative Number of
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Liabilities		Claims
2016	$	7,450	$	7,127	$	6,972	$	7,090	$	7,075	$	7,062	$	7,125	$	5,730	$	5,730	$	5,737	$	—	$	1,384
2017				12,425		10,893		10,644		10,652		10,561		10,668		12,339		11,978		11,980		—		3,624
2018						8,163		8,103		7,939		7,950		7,941		8,010		7,978		7,978		—		1,198
2019								4,575		4,223		3,947		4,293		4,350		4,365		4,372		—		1,690
2020										61,434		57,248		59,565		56,008		56,859		57,114		5		5,161
2021												29,836		25,158		25,733		27,902		26,798		212		5,124
2022														42,887		44,943		42,358		39,443		2,458		4,151
2023																40,921		36,587		32,442		1,533		4,789
2024																		77,421		62,179		13,324		8,636
2025																				113,528		42,868		10,831
Total																			$	361,571	$	60,400	$	46,588

Cumulative Paid Losses and Allocated Loss Adjustment Expenses,

Net of Reinsurance Property Insurance (in thousands) (1)


	Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	4,823	$	6,420	$	6,801	$	7,051	$	7,072	$	7,062	$	7,125	$	5,729	$	5,729	$	5,737
2017				9,102		10,719		10,639		10,640		10,560		10,636		12,339		11,978		11,980
2018						4,409		7,889		7,931		7,943		7,943		7,999		7,978		7,979
2019								2,179		3,510		3,757		4,170		4,345		4,365		4,372
2020										31,862		49,222		55,504		55,619		56,712		57,086
2021												11,355		22,500		24,408		26,466		26,358
2022														12,647		30,042		35,271		35,914
2023																14,226		26,378		28,855
2024																		32,850		45,154
2025																				58,801
Total																			$	282,236
Reserve for losses and loss adjustment expense, net of reinsurance																			$	79,335

(1)

Data presented for these calendar years is required supplementary information, which is unaudited.

Short-Duration Insurance Contracts, Schedule of Historical Claims Duration [Table Text Block]


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7 (2)			Year 8			Year 9 (2)			Year 10 (2)
Payout percentage		31.90	%		7.10	%		3.66	%		1.11	%		0.44	%		3.10	%		(6.96	)%		0.30	%		(0.46	)%		(0.66	)%

(2)

Negative payout percentages are due to timing of reinsurance payments, allocations of reinsurance between different lines of business based on actual results, and allocation of reinsurance to different periods for reinsurance treaties in effect for multiple periods. These are primarily associated with larger recoveries from catastrophe events in earlier years of operation.

Note 10 - Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Changes in Reserve Balance for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Reserve for losses and loss adjustment expense, net of reinsurance recoverables at beginning of period	$ 155,299	$ 97,653	$ 77,520
Add: Balance acquired from FIA	6,788	0	0
Current year	248,365	137,797	70,363
Prior years	(19,771)	(3,038)	2,229
Total incurred	228,594	134,759	72,592
Current year	75,913	43,582	19,631
Prior years	38,810	33,531	32,828
Total payments	114,723	77,113	52,459
Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period	275,958	155,299	97,653
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	412,273	348,083	244,622
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$ 688,231	$ 503,382	$ 342,275

Schedule II - Condensed Financial Information of Parent - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Fixed maturity securities available for sale, at fair value (amortized cost: $160,793 in 2025, $153,425 in 2024)	$ 1,224,187	$ 939,046
Equity securities, at fair value: (cost: $3,725 in 2025, $1,725 in 2024)	99,333	40,529
Equity method investment	0	2,277
Total investments	1,352,023	987,715
Cash and cash equivalents	106,875	80,438
Accrued investment income	11,545	8,440
Prepaid expenses and other assets	110,896	91,086
Deferred tax asset	761	8,768
Total assets	3,050,967	2,262,220
Liabilities:
Accounts payable and other liabilities	115,663	70,079
Deferred tax liabilities	36,455	24,704
Total liabilities	2,108,300	1,533,190
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2025 and December 31, 2024, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,520,417 and 26,529,402 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	3	3
Additional paid-in capital	523,168	493,656
Accumulated other comprehensive income (loss)	(2,506)	(26,845)
Retained earnings	422,002	262,216
Total stockholders' equity	942,667	729,030	$ 471,252	$ 384,754
Total liabilities and stockholders' equity	3,050,967	2,262,220
Parent Company [Member]
Assets [Abstract]
Fixed maturity securities available for sale, at fair value (amortized cost: $160,793 in 2025, $153,425 in 2024)	159,707	147,467
Equity securities, at fair value: (cost: $3,725 in 2025, $1,725 in 2024)	5,415	2,182
Equity method investment	0	2,277
Total investments	165,122	151,926
Cash and cash equivalents	2,136	1,797
Accrued investment income	1,659	1,547
Prepaid expenses and other assets	0	0
Note receivable from subsidiary	15,000	15,000
Deferred tax asset	184
Investment in subsidiaries	753,448	580,535
Total assets	1,022,110	829,766
Liabilities:
Accounts payable and other liabilities	29,074	12,396
Deferred tax liabilities	0	0
Total liabilities	79,444	100,736
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2025 and December 31, 2024, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,520,417 and 26,529,402 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	3	3
Additional paid-in capital	523,168	493,656
Accumulated other comprehensive income (loss)	(2,507)	(26,845)
Retained earnings	422,002	262,216
Total stockholders' equity	942,666	729,030
Total liabilities and stockholders' equity	1,022,110	829,766
Parent Company [Member] \| Related Party [Member]
Assets [Abstract]
Receivables from subsidiaries	84,561	78,961
Liabilities:
Payables to subsidiaries	$ 50,370	$ 88,340

Note 10 - Reserve for Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Reserve for Losses and Loss Adjustment Expenses [Text Block]

10. Reserve for Losses and Loss Adjustment Expenses

Loss and loss adjustment expenses reserves represent management’s best estimate of the ultimate cost of all reported and unreported losses incurred for the years ended December 31, 2025, 2024 and 2023. The Company does not discount loss and loss adjustment expense reserves. The reserves for unpaid losses and loss adjustment expenses are estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in loss severity and frequency.

In addition to case reserves, which are generally based on reported claims, the Company establishes reserves for incurred but not reported claims (“IBNR”). IBNR reserves are developed to provide for (i) the estimated amount of future loss payments on incurred claims not yet reported, and (ii) potential development on reported claims. IBNR reserves are estimated based on generally accepted actuarial reserving techniques that consider quantitative loss experience data and, where appropriate, qualitative factors. The Company uses statistical analysis to estimate the cost of losses and loss adjustment expenses related to IBNR. Those estimates are based on historical information, industry information and practices, and estimates of trends that may affect the ultimate frequency of incurred but not reported claims and changes in ultimate claims severity.

The Company regularly reviews its reserve estimates and adjusts them as necessary as experience develops or as new information becomes known. Such adjustments are included in current operations. During the loss settlement period, if there are indications that claims frequency or severity exceeds initial expectations, the Company generally increases its reserves for losses and loss adjustment expenses. Conversely, when claims frequency and severity trends are more favorable than initially anticipated, the Company generally reduces its reserves for losses and loss adjustment expenses once it has sufficient data to confirm the validity of the favorable trends. Even after such adjustments, the ultimate liability may exceed or be less than the revised estimates. Accordingly, the ultimate settlement of losses and the related loss adjustment expenses may vary significantly from the estimate included in the Company’s consolidated financial statements.

Although considerable variability is inherent in such estimates, management believes the reserves for losses and loss adjustment expenses are adequate. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known. Any adjustments to estimates are recorded in the current period.


	Year Ended December 31,
	2025			2024			2023
	($ in thousands)
Reserve for losses and loss adjustment expense, net of reinsurance recoverables at beginning of period	$	155,299		$	97,653		$	77,520
Add: Balance acquired from FIA		6,788			—			—
Add: Incurred losses and loss adjustment expenses, net of reinsurance, related to:
Current year		248,365			137,797			70,363
Prior years		(19,771	)		(3,038	)		2,229
Total incurred		228,594			134,759			72,592
Deduct: Loss and loss adjustment expense payments, net of reinsurance, related to:
Current year		75,913			43,582			19,631
Prior years		38,810			33,531			32,828
Total payments		114,723			77,113			52,459
Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period		275,958			155,299			97,653
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		412,273			348,083			244,622
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	688,231		$	503,382		$	342,275

The foregoing reconciliation shows favorable net development of $19.8 million and $3.0 million in 2025 and 2024, respectively, and unfavorable net development of $2.2 million in 2023.

During 2025 and 2024, the net favorable reserve development was primarily due to lower than anticipated severity of attritional losses in our Inland Marine and Other Property line of business. During 2023, the net unfavorable reserve development was primarily due to the effect of ceding gross favorable development under our catastrophe XOL reinsurance program and due to unfavorable development on lines of business subject to lower amounts of ceding.

The Company compiles and aggregates its claims data by grouping the claims according to the year in which the claim occurred (“Accident Year”) when analyzing claim payment and emergence patterns and trends over time. For the purpose of defining claims frequency, the number of reported claims is by loss occurrence and includes claims that do not result in a liability or payment associated with them.

The following tables show information about the Company’s incurred and paid loss development as of December 31, 2025, net of reinsurance, as well as cumulative claim frequency, the total of IBNR liabilities included within the net incurred loss amounts and the average historical claims duration as of December 31, 2025. The loss information has been disaggregated so that losses that are expected to develop in a similar manner are grouped together. The information provided herein about incurred and paid

accident year claims development for the years ended December 31, 2025 and prior is presented as unaudited supplementary information.

Incurred Losses and Allocated Loss Adjustment Expenses,

Net of Reinsurance Property Insurance (in thousands) (1)


																					As of December 31, 2025
	Year Ended December 31,																				Incurred but Not Reported		Cumulative Number of
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Liabilities		Claims
2016	$	7,450	$	7,127	$	6,972	$	7,090	$	7,075	$	7,062	$	7,125	$	5,730	$	5,730	$	5,737	$	—	$	1,384
2017				12,425		10,893		10,644		10,652		10,561		10,668		12,339		11,978		11,980		—		3,624
2018						8,163		8,103		7,939		7,950		7,941		8,010		7,978		7,978		—		1,198
2019								4,575		4,223		3,947		4,293		4,350		4,365		4,372		—		1,690
2020										61,434		57,248		59,565		56,008		56,859		57,114		5		5,161
2021												29,836		25,158		25,733		27,902		26,798		212		5,124
2022														42,887		44,943		42,358		39,443		2,458		4,151
2023																40,921		36,587		32,442		1,533		4,789
2024																		77,421		62,179		13,324		8,636
2025																				113,528		42,868		10,831
Total																			$	361,571	$	60,400	$	46,588

Cumulative Paid Losses and Allocated Loss Adjustment Expenses,

Net of Reinsurance Property Insurance (in thousands) (1)


	Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	4,823	$	6,420	$	6,801	$	7,051	$	7,072	$	7,062	$	7,125	$	5,729	$	5,729	$	5,737
2017				9,102		10,719		10,639		10,640		10,560		10,636		12,339		11,978		11,980
2018						4,409		7,889		7,931		7,943		7,943		7,999		7,978		7,979
2019								2,179		3,510		3,757		4,170		4,345		4,365		4,372
2020										31,862		49,222		55,504		55,619		56,712		57,086
2021												11,355		22,500		24,408		26,466		26,358
2022														12,647		30,042		35,271		35,914
2023																14,226		26,378		28,855
2024																		32,850		45,154
2025																				58,801
Total																			$	282,236
Reserve for losses and loss adjustment expense, net of reinsurance																			$	79,335

(1)

Data presented for these calendar years is required supplementary information, which is unaudited.

Average Annual Percentage Payout of Incurred Claims by Age,

Net of Reinsurance Property Insurance (unaudited)


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7 (2)			Year 8			Year 9 (2)			Year 10 (2)
Payout percentage		31.90	%		7.10	%		3.66	%		1.11	%		0.44	%		3.10	%		(6.96	)%		0.30	%		(0.46	)%		(0.66	)%

(2)

Incurred Losses and Allocated Loss Adjustment Expenses,

Net of Reinsurance Other Liability Occurrence (in thousands) (1)


											As of December 31, 2025
											Incurred but Not Reported		Cumulative Number of
Accident Year	2021		2022		2023		2024		2025		Liabilities		Claims
Prior	$	109	$	35	$	46	$	47	$	216	$	150		13
2021		2,138		1,641		2,172		2,428		2,230		695		34
2022				7,160		8,755		9,425		8,789		1,854		98
2023						5,005		8,335		10,278		2,308		147
2024								21,811		24,428		17,521		440
2025										62,826		57,870		530
Total									$	108,767	$	80,398		1,262

Cumulative Paid Losses and Allocated Loss Adjustment Expenses,

Net of Reinsurance Other Liability Occurrence (in thousands) (1)


Accident Year	2021		2022		2023		2024		2025
Prior	$	109	$	35	$	46	$	47	$	54
2021		141		347		653		906		1,338
2022				746		1,603		3,445		5,355
2023						372		1,146		5,552
2024								869		4,024
2025										2,344
Total									$	18,667
Reserve for losses and loss adjustment expense, net of reinsurance									$	90,100

(1)

Data presented for these calendar years is required supplementary information, which is unaudited.

Average Annual Percentage Payout of Incurred Claims by Age,

Net of Reinsurance Other Liability Occurrence (unaudited)


	Year 1			Year 2			Year 3			Year 4			Year 5
Payout percentage		5.14	%		9.86	%		25.85	%		16.54	%		19.37	%

Incurred Losses and Allocated Loss Adjustment Expenses,

Net of Reinsurance Other Liability Claims Made (in thousands) (1)


													As of December 31, 2025
													Incurred but Not Reported		Cumulative Number of
Accident Year	2020		2021		2022		2023		2024		2025		Liabilities		Claims
Prior	$	48	$	26	$	7	$	—	$	286	$	2,266	$	2,264		7
2021				3,429		3,299		2,928		2,252		1,516		313		109
2022						8,871		8,873		7,674		6,762		1,834		430
2023								12,580		12,110		11,511		4,166		958
2024										18,503		21,021		8,531		1,355
2025												29,299		17,409		1,977
Total											$	72,375	$	34,517		4,836

Cumulative Paid Losses and Allocated Loss Adjustment Expenses,

Net of Reinsurance Other Liability Claims Made (in thousands) (1)


Accident Year	2020		2021		2022		2023		2024		2025
Prior	$	—	$	—	$	—	$	—	$	1	$	1
2021				62		221		449		1,009		1,040
2022						481		1,584		2,776		3,841
2023								1,382		3,310		5,118
2024										4,168		8,461
2025												6,392
Total											$	24,853
Reserve for losses and loss adjustment expense, net of reinsurance											$	47,522

(1)

Data presented for these calendar years is required supplementary information, which is unaudited.

Average Annual Percentage Payout of Incurred Claims by Age,

Net of Reinsurance Other Liability Claims Made (unaudited)


	Year 1			Year 2			Year 3			Year 4			Year 5
Payout percentage		12.97	%		15.99	%		16.12	%		26.34	%		2.03	%

The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated balance sheets is as follows:


	2025
	($ in thousands)
Reserve for losses and loss adjustment expense, net of reinsurance recoverables:
Property	$	79,337
Other liability occurrence		90,099
Other liability claims made		47,522
Reinsurance - Nonproportional assumed property (1)		25,627
Other		33,373
Total reserve for losses and loss adjustment expense, net of reinsurance recoverables		275,958
Reinsurance recoverable on unpaid claims:
Property	$	105,303
Other liability occurrence		78,437
Other liability claims made		100,629
Other		127,904
Total reinsurance recoverable on unpaid claims		412,273
Total reserve for losses and loss adjustment expenses	$	688,231

(1)

Note 15 - Underwriting Information

12 Months Ended

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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Note 17 - Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

17. Income Taxes

The components of the Company’s income tax expense (benefit) are as follows:


	December 31,
	2025		2024		2023
	($ in thousands)
Current:
Federal	$	53,318	$	31,006	$	26,756
State		960		554		511
Total Current		54,278		31,560		27,267
Deferred:
Federal		2,003		1,997		(2,900	)
State		39		66		74
Total Deferred		2,042		2,063		(2,826	)
Income tax expense	$	56,320	$	33,623	$	24,441

As of December 31, 2025 and 2024, significant components of the Company’s deferred tax assets and liabilities were as follows:


	December 31,
	2025			2024
	($ in thousands)
Deferred tax assets:
Losses and LAE reserve discount	$	3,445		$	1,711
State tax net operating losses		3,271			3,372
Deferred Intercompany		533			605
Unearned premiums		27,017			19,550
Capitalized organizational costs		94			124
Unrealized losses on investments		—			5,134
Deferred compensation		3,152			2,533
Lease Liability		1,489			1,631
Other		1,487			2,230
Total deferred tax assets	$	40,488		$	36,890
Deferred tax liabilities:
Deferred acquisition costs	$	(26,824	)	$	(19,929	)
Unrealized gains on investments		(2,800	)		—
Internally developed software		(3,027	)		(1,118	)
State deferred tax liability		(1,255	)		(1,216	)
Right-of-use Asset		(1,445	)		(1,604	)
Other		(1,104	)		(837	)
Total deferred tax liabilities		(36,455	)		(24,704	)
Net deferred tax asset before valuation allowance		4,033			12,186
Valuation allowance		(3,272	)		(3,372	)
Total net deferred tax assets	$	761		$	8,814

The above valuation allowance relates to state net operating losses (“NOL”) carryforwards. The change in the valuation allowance impacting the effective tax rate was approximately $0.1 million, or 0.04%. Due to the limited carryforward period these do not meet the “more likely than not” criteria and it is necessary to maintain a valuation allowance on these items. The amount of the

deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period change or if objective negative evidence in the form of cumulative losses is no longer present.

As of December 31, 2025, there are no federal net operating loss or tax credit carryforwards for tax purposes. The Company has $3.3 million of state NOLs (tax-effected, net of federal benefit) set to expire beginning in 2025 over various periods. There are $1.1 million of tax capital loss carryforwards which will begin to expire in 2029.

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the tax years ended December 31, 2025, 2024 and 2023:


	Years Ended December 31,
	2025					2024					2023
	($ in thousands)
Expense computed at federal tax rate	$	53,212		21.00	%	$	31,750		21.00	%	$	21,765		21.00	%
State and local income tax, net of federal (national) income tax effect (1) (2)		1,027		0.41	%		488		0.32	%		719		0.69	%
Nontaxable or nondeductible items
Stock-based compensation		553		0.22	%		429		0.28	%		1,523		1.47	%
Dividend received deduction and tax‑exempt interest		(95	)	(0.04	)%		(90	)	(0.06	)%		(96	)	(0.09	)%
Meals & entertainment, penalties & parking		447		0.18	%		291		0.19	%		261		0.25	%
Other		1,176		0.45	%		755		0.50	%		269		0.26	%
Income tax expense	$	56,320		22.22	%	$	33,623		22.23	%	$	24,441		23.58	%

(1)

State taxes in California, Oregon, and Illinois made up the majority (greater than 50%) of the tax effect in this category.

(2)

Certain prior year amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on net income.

As of December 31, 2025, the amount of income taxes paid is as follows:


	December 31,
	2025		2024
	($ in thousands)
Income taxes paid
Federal	$	57,961	$	37,810
State		1,124		644
Total income taxes paid	$	59,085	$	38,454

For the year ended December 31, 2025, 2024, and 2023, the difference relates primarily to Section 162(m) limitations on executive compensation deductions, the permanent component of employee stock option exercises, state taxes, and valuation allowance set against state attributes.

As of December 31, 2025 and 2024, the Company had no uncertain tax positions that required either recognition or disclosure in the consolidated financial statements. This is not expected to change significantly during the next twelve months. The Company classifies interest and penalties, if any, related to the liability for unrecognized tax benefits as a component of the provision for income taxes. The Company’s federal income tax returns for 2019 and 2021 through 2024 and its state income tax returns for 2021 through 2024 remain subject to examination by the tax authorities. The 2025 income tax return is expected to be filed in 2026 and is subject to examination when filed.

Under Pillar Two/GloBE rules, certain countries have agreed to enact a jurisdictional-level minimum tax system with a minimum effective tax rate (ETR) of 15%. The Bermuda Corporate Income Tax Act of 2023 also established a 15% income tax regime. Companies with annual revenue above 750 million Euros will be within the scope of Pillar Two and the Bermuda CIT. As of December 31, 2025, Palomar is not within this revenue threshold and hence not an in-scope entity. Subsequent financial years will be assessed for these rules.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The OBBBA extends or makes permanent various tax provisions that were originally enacted in the 2017 Tax Cuts and Jobs Act and were set to expire at the end of

2025. While the enactment of OBBBA did not materially impact the Company's overall income tax expense, the provision for internally developed software expenses lowered the Company's federal income tax by $2.5 million for the year ended December 31, 2025.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Note 19 - Statutory Financial Information (Tables)

12 Months Ended

Dec. 31, 2025

Statutory Financial Information [Abstract]

Statutory Accounting Practices Disclosure [Table Text Block]

Combined statutory net income and statutory capital surplus for the U.S. insurance subsidiaries, PSIC, PESIC, FIA, and Laulima as of December 31, 2025, 2024 and 2023 and for the years then ended are summarized as follows:


	PSIC & PESIC		FIA			Laulima
Statutory net income (loss):
Year ended December 31, 2025	$	179,240	$	(1,620	)	$	2,833
Year ended December 31, 2024		102,510		—			679
Year ended December 31, 2023		97,391		—			(357	)
Statutory capital and surplus:
Year ended December 31, 2025	$	530,337	$	18,036		$	25,593
Year ended December 31, 2024		451,719		—			18,136
Year ended December 31, 2023		439,264		—			14,711

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Note 7 - Intangible Assets and Goodwill (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Apr. 01, 2025	Jan. 31, 2025
Indefinite-Lived Intangible Assets [Line Items]
Goodwill	$ 30,466	$ 3,755
Cost, Amortization	$ 4,700	$ 1,600
First Indemnity of America Insurance Company [Member]
Indefinite-Lived Intangible Assets [Line Items]
Goodwill				$ 4,900
Advanced AgProtection, LLC [Member]
Indefinite-Lived Intangible Assets [Line Items]
Goodwill			$ 21,800
Customer Relationships [Member]
Indefinite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life (Year)	8 years

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Note 6 - Policy Acquisition Costs - Schedule of Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Policy Acquisition Costs:
Balance, beginning of year	$ 94,881	$ 60,990	$ 56,740
Balance acquired from FIA	6,788	0	0
Direct commissions	450,161	318,474	220,822
Ceding commissions and fronting fees	(206,830)	(159,925)	(123,911)
Premium taxes	15,384	15,491	13,690
Total net additions	260,377	174,040	110,601
Amortization of net policy acquisition costs	(227,540)	(140,149)	(106,351)
Balance, end of year	127,718	94,881	60,990
Amortization of net policy acquisition costs	227,540	140,149	106,351
Other acquisition costs (net)	(10,407)	9,508	1,394
Total Acquisition expenses	217,133	$ 149,657	$ 107,745
First Indemnity of America Insurance Company [Member]
Deferred Policy Acquisition Costs:
Balance acquired from FIA	$ 1,662

Note 9 - Leases - Supplementary Lease Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Lease, Cost [Abstract]
Operating cash outflows from operating leases	$ 708
Operating lease ROU assets	6,879
Operating lease liabilities	$ 7,091
Weighted-average remaining lease term on operating leases (years)	8 years 3 months 18 days
Weighted-average discount rate on operating leases	5.10%

Note 24 - Subsequent Event - Additional Information (Details Textual) - USD ($)	Jan. 31, 2026	Jan. 27, 2026	Dec. 31, 2025	Dec. 31, 2024
Gray Casualty & Surety Company \| Subsequent Event
Subsequent Event [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Combination, Consideration Transferred	$ 311,000
Unsecured Credit Facilities
Subsequent Event [Line Items]
Long-Term Line of Credit		$ 450,000,000
Unsecured Credit Facilities \| Subsequent Event
Subsequent Event [Line Items]
Line of Credit Facility, Maturity Date		Jan. 27, 2031
Revolving Credit Facility
Subsequent Event [Line Items]
Long-Term Line of Credit		$ 150,000,000	$ 0	$ 0
Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Line of Credit Facility, Maturity Date		Jan. 27, 2031
Term Loan
Subsequent Event [Line Items]
Long-Term Line of Credit		$ 300,000,000
Term Loan \| Subsequent Event
Subsequent Event [Line Items]
Line of Credit Facility, Maturity Date		Jan. 27, 2031

Note 3 - Investments - Schedule of Available-for-sale Net Unrealized Gains or Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, Unrealized Gain (Loss) [Abstract]
Fixed maturities	$ 30,866	$ (2,953)	$ 15,185
Net increase (decrease)	$ 30,866	$ (2,953)	$ 15,185

- Definition

Amount of unrealized gain (loss) on investment in debt and equity securities.

+ References + Details

Note 6 - Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs [Table Text Block]

The following tables present the policy acquisition costs deferred and amortized over the terms of the policies in force:


	Year ended December 31,
	2025			2024			2023
	($ in thousands)
Deferred Policy Acquisition Costs:
Balance, beginning of year	$	94,881		$	60,990		$	56,740
Additions to deferred balance:
Balance acquired from FIA		1,662			—			—
Direct commissions		450,161			318,474			220,822
Ceding commissions and fronting fees		(206,830	)		(159,925	)		(123,911	)
Premium taxes		15,384			15,491			13,690
Total net additions		260,377			174,040			110,601
Amortization of net policy acquisition costs		(227,540	)		(140,149	)		(106,351	)
Balance, end of year	$	127,718		$	94,881		$	60,990
Acquisition expenses:
Amortization of net policy acquisition costs	$	227,540		$	140,149		$	106,351
Other acquisition costs (net)		(10,407	)		9,508			1,394
Total Acquisition expenses	$	217,133		$	149,657		$	107,745

Note 7 - Intangible Assets and Goodwill - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill from acquisitions:	$ 30,466	$ 3,755
Indefinite-lived intangibles:
State insurance licenses	2,344	744
Finite-lived intangibles:
Customer relationships	38,472	14,288
Accumulated amortization on finite-lived intangibles	(10,228)	(5,545)
Total Goodwill and intangible assets, net	$ 61,054	$ 13,242

- Definition

+ References

+ Details

Note 11 - Reinsurance - Effects of Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reinsurance Disclosures [Abstract]
Written premiums, direct	$ 1,792,609	$ 1,403,383	$ 1,083,804
Earned premiums, direct	1,600,618	1,301,901	959,614
Written premiums, assumed	235,643	138,578	57,754
Earned premiums, assumed	186,566	95,468	56,107
Ceded written premiums	(1,064,230)	(897,111)	(731,531)
Earned premiums, ceded	(984,549)	(886,682)	(669,808)
Net written premiums	964,022	644,851	410,027
Net earned premiums	802,635	510,687	345,913
Losses, direct	381,708	367,276	228,441
LAE, direct	140,505	75,301	60,834
Losses and LAE, direct	522,213	442,577	289,275
Losses, assumed	74,188	46,866	19,799
LAE, assumed	4,837	4,930	1,789
Losses and LAE, assumed	79,025	51,796	21,588
Losses, ceded	(291,428)	(305,336)	(186,706)
LAE, ceded	(81,216)	(54,278)	(51,565)
Losses and LAE, ceded	(372,644)	(359,614)	(238,271)
Losses, net	164,468	108,806	61,534
LAE, net	64,126	25,953	11,058
Losses and loss adjustment expenses	$ 228,594	$ 134,759	$ 72,592

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024)	$ 1,224,187	$ 939,046
Equity securities, at fair value (cost: $81,772 in 2025; $32,987 in 2024)	99,333	40,529
Equity method investment	0	2,277
Other investments	28,503	5,863
Total investments	1,352,023	987,715
Cash and cash equivalents	106,875	80,438
Restricted cash	17	101
Accrued investment income	11,545	8,440
Premiums receivable	452,908	305,724
Deferred policy acquisition costs, net of ceding commissions and fronting fees	127,718	94,881
Reinsurance recoverable on paid losses and loss adjustment expenses	56,428	47,076
Reinsurance recoverable on unpaid losses and loss adjustment expenses	412,273	348,083
Ceded unearned premiums	355,918	276,237
Prepaid expenses and other assets	110,896	91,086
Deferred tax assets, net	761	8,768
Property and equipment, net	2,551	429
Goodwill and intangible assets, net	61,054	13,242
Total assets	3,050,967	2,262,220
Liabilities:
Accounts payable and other accrued liabilities	115,663	70,079
Reserve for losses and loss adjustment expenses	688,231	503,382
Unearned premiums	988,143	741,692
Ceded premium payable	271,413	190,168
Funds held under reinsurance treaty	44,850	27,869
Total liabilities	2,108,300	1,533,190
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,520,417 and 26,529,402 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	3	3
Additional paid-in capital	523,168	493,656
Accumulated other comprehensive loss	(2,506)	(26,845)
Retained earnings	422,002	262,216
Total stockholders' equity	942,667	729,030
Total liabilities and stockholders' equity	$ 3,050,967	$ 2,262,220

Note 20 - Dividend Restrictions

12 Months Ended

Dec. 31, 2025

Dividend Restrictions [Abstract]

Dividend Restriction Disclosure [Text Block]

20. Dividend Restrictions

U.S.

The Company’s U.S. insurance company subsidiaries, PSIC, PESIC, and FIA are restricted by the statutes as to the amount of dividends that they may pay without prior approval by state insurance commissioners.

Under California and Oregon statute which govern PSIC, dividends paid in a consecutive twelve month period cannot exceed the greater of (i) 10% of an insurance company’s statutory policyholders’ surplus as of December 31 of the preceding year or (ii) 100% of its statutory net income for the preceding calendar year. Any dividends or distributions in excess of these amounts would require regulatory approval. In addition, under Oregon statute, PSIC may only declare a dividend from earned surplus, which does not include contributed capital. Surplus arising from unrealized capital gains or revaluation of assets is not considered part of earned surplus. Based on the above restrictions, PSIC may pay a dividend or distribution of no greater than $176.0 million in 2026 without approval by the California and Oregon Insurance Commissioners. During October 2025, PSIC elected to pay a dividend of $99.0 million to its parent company.

Under Arizona statute which governs PESIC, dividends paid in a consecutive twelve month period cannot exceed the lesser of (i) 10% of an insurance company’s statutory policyholders’ surplus as of December 31 of the preceding year or (ii) 100% of its statutory net income for the preceding calendar year. Based on the above restrictions, PESIC may pay a dividend or distribution of no greater than $7.4 million in 2026 without approval of the Arizona Insurance Commissioner.

The Company is subject to New Jersey law, such that all dividend payments require 30-day prior approval of the New Jersey Commissioner of Banking and Insurance (the “Commissioner”). The maximum dividend, which may be paid in any twelve-month period, is limited to the greater of 10% of statutory surplus as of December 31 of the preceding year or the net gain from operations of the preceding calendar year. Cash dividends may only be paid out of surplus derived from realized net profits. Based on these limitations, FIA has capacity to pay a dividend of $1.8 million in 2026, conditional upon the Commissioner’s approval.

In addition to the above limitations, any dividend or distribution declared is also subject to state regulatory approval prior to payment. In the future, state insurance regulatory authorities may adopt statutory provisions and dividend limitations more restrictive than those currently in effect.

Bermuda

Bermuda regulations limit the amount of dividends and return of capital paid by a regulated entity. A Class 3A insurer is prohibited from declaring or paying a dividend if it is in breach of its minimum solvency margin, its enhanced capital requirement, or its minimum liquidity ratio, or if the declaration or payment of such dividend would cause such a breach, or if there are reasonable grounds for believing there has been such a breach. Pursuant to Bermuda regulations, the maximum amount of dividends and return of capital available to be paid by a reinsurer is determined pursuant to a formula. Under this formula, the maximum amount of dividends and return of capital available to the Company from PSRE during 2025 is calculated to be approximately $4.5 million. However, this dividend amount is subject to annual enhanced solvency requirement calculations.

Note 1 - Summary of Operations and Basis of Presentation

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

1. Summary of Operations and Basis of Presentation

Summary of Operations

Palomar Holdings, Inc. (the “Company”) is a Delaware incorporated insurance holding company that was founded in 2014. The Company has several wholly owned subsidiaries including an Oregon domiciled insurance company, Palomar Specialty Insurance Company (“PSIC”), a Bermuda based reinsurance company, Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), an Arizona domiciled surplus lines insurance company, Palomar Excess and Surplus Insurance Company (“PESIC”), a California domiciled property and casualty insurance agency, Palomar Insurance Agency, DBA Palomar General Insurance Agency (“PGIA”), and a Delaware incorporated management company, Palomar Underwriters Exchange Organization, Inc. (“PUEO”), that provides services to a Hawaii domiciled reciprocal exchange, Laulima Exchange (“Laulima”), as its attorney-in-fact, a New Jersey domiciled insurance carrier specializing in surety bonds, First Indemnity of America Insurance Co. (“FIA”), and a Delaware-incorporated insurance management company, Palomar Crop Insurance Services, Inc. (“PCIS”).

PSIC is a property and casualty insurance company domiciled in the state of Oregon. PSIC is licensed to underwrite insurance on an admitted basis in 50 states in the United States, as of December 31, 2025, mainly through managing general insurance agencies, wholesale brokers, and independent agents.

PSRE is a Bermuda captive reinsurance company that has historically been used to reinsure certain premiums on a quota share basis exclusively for PSIC.

PESIC is an Arizona domiciled surplus lines insurance company. PESIC is licensed in Arizona to write surplus lines policies across all the Company’s lines of business and was formed and began writing policies in 2020.

PGIA is a property and casualty general insurance agency for PSIC, PESIC, and unaffiliated insurance carriers. As a general insurance agency, PGIA assists in developing insurance products, underwriting insurance policies, and receiving and disbursing funds from premium and loss transactions under contracts on behalf of insurance companies. PGIA earns commissions from the product development, marketing, and servicing of the insurance companies’ programs. PGIA also earns fee income from policyholder transactions.

PUEO is a Delaware corporation that was formed in 2023 and provides management services to Laulima Exchange (“Laulima”), a Hawaii domiciled reciprocal exchange, as its attorney-in-fact. Laulima was formed in 2023 and is comprised of an unincorporated association of Hawaii homeowners (“subscribers”) that agree to insure one another.

FIA is a New Jersey-domiciled insurance carrier specializing in surety bonds. FIA was founded in 1979 and provides surety bond products across multiple states.

PCIS is a Delaware-incorporated insurance management company. PCIS provides management and related services supporting insurance products for American farmers.

The Company operates as an insurance holding company system and is subject to the insurance holding company laws of the States of Oregon, Arizona, and New Jersey, the states in which PSIC, PESIC, and FIA are domiciled. The Company is also commercially domiciled in California, making it subject to California insurance holding company laws. These statutes require that each insurance company in the system register with the insurance department of its state of domicile and furnish information concerning the operations of companies within the holding company system that may materially affect the operations, management or financial condition of the insurers within the system and domiciled in that state.

Segment Reporting

The Company has a single operating segment, the property and casualty insurance business. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM reviews the Company’s consolidated net income as reported under GAAP, which is the primary measure of segment profit or loss. The CODM also reviews the individual measures and significant segment expenses that contribute to net income including gross written premiums, net earned premiums, losses and loss adjustment expenses, acquisition and underwriting expenses, and net investment income. The CODM reviews these measures, comparing them to prior periods and forecasted expectations, and makes resource allocation decisions based on the analysis. The significant segment expenses provided to the CODM are consistent with the categories shown in the Company’s Consolidated Statements of Income and Comprehensive Income and there are no other segment items used by the CODM. While the Company’s

CODM also reviews the revenue streams attributable to individual products, operations are managed, resources are allocated, and financial performance is evaluated on a consolidated basis.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. The consolidated financial statements also include the accounts of Laulima, as Laulima is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. All revisions to accounting estimates are recognized in the period in which the estimates are revised. Significant estimates reflected in the Company’s consolidated financial statements include, but are not limited to, reserves for losses and loss adjustment expenses, reinsurance recoverables on unpaid losses, and the fair values of investments.

Note 10 - Reserve for Losses and Loss Adjustment Expenses - Schedule of Average Annual Percentage Payout of Incurred Claims on Homeowners' Insurance (Details) - Homeowners Insurance Product Line [Member]

Dec. 31, 2025

^[1]

Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]

Payout percentage, year 1

31.90%

Payout percentage, year 2

7.10%

Payout percentage, year 3

3.66%

Payout percentage, year 4

1.11%

Payout percentage, year 5

0.44%

Payout percentage, year 6

3.10%

Payout percentage, year 7

(6.96%)

Payout percentage, year 8

0.30%

Payout percentage, year 9

(0.46%)

Payout percentage, year 10

(0.66%)

[1]

Note 16 - Retirement and Post-employment Retirement Plans (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.50%
Defined Contribution Plan, Cost	$ 2.3	$ 1.3	$ 0.9

Note 11 - Reinsurance

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

11. Reinsurance

The Company utilizes reinsurance in order to limit its exposure to losses and enable it to underwrite policies with sufficient limits to meet policyholder needs. The Company primarily utilizes excess of loss (XOL) and quota share reinsurance to protect against catastrophe and attritional losses. The Company also writes premiums under fronting agreements, whereby the majority of premium and risk is ceded to reinsurers and the Company receives a fronting fee.

In an XOL treaty, the Company retains losses for any occurrence up to a specified amount (its “retention”) and reinsurers assume any losses above that amount. As of December 31, 2025, the Company’s catastrophe event retention is $20.0 million for earthquake events and $11.0 million for hurricane events and all other perils. Laulima maintains Hawaii hurricane reinsurance coverage through a standalone XOL treaty, which provides per-occurrence coverage up to $735.0 million with a retention of $1.5 million. Our reinsurance coverage exhausts at $3.1 billion for earthquake events and $100.0 million for continental U.S. hurricane events.

In a quota share agreement, the Company transfers, or cedes, a portion of its premiums to reinsurers and, in return, the reinsurer must share an agreed upon portion of losses and pay a ceding commission to the Company. In a fronting agreement, the Company writes premium and then cedes the majority of the premium and risk in exchange for a fronting fee, which is the primary source of profit in the arrangement.

The following table shows ceded written premiums under fronting and quota share arrangements by line of business for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
	($ in thousands)
Casualty	$	235,119	$	86,120	$	36,677
Fronting		203,813		312,173		339,376
Crop		176,200		109,975		12,110
Inland Marine and Other Property		145,223		103,863		108,409
Earthquake		43,891		42,466		29,708
Total	$	804,246	$	654,597	$	526,280

The Company recognizes ceded unearned premiums related to quota share agreements as an asset on its consolidated balance sheets. As of December 31, 2025 and 2024, ceded unearned premiums totaled $355.9 million and $276.2 million, respectively. The increase was driven primarily by premium growth in lines subject to fronting agreements or quota shares.

In addition to reinsurance purchased from traditional reinsurers, the Company utilizes collateralized protection from the insurance-linked securities market through catastrophe bonds issued via Torrey Pines Re Ltd., a Bermuda-domiciled special purpose insurer. The Company closed a $525 million catastrophe bond in the second quarter of 2025, effective June 1, 2025 through June 1, 2028; a $420 million catastrophe bond in the second quarter of 2024, effective June 1, 2024 through June 1, 2027; a $200 million catastrophe bond in the second quarter of 2023, effective June 1, 2023 through June 1, 2026; and a $275 million 144A catastrophe bond in the second quarter of 2022, effective June 1, 2022 through June 1, 2025. These catastrophe bonds provide indemnity-based reinsurance coverage for earthquake events.

Written premiums ceded under these catastrophe bond agreements were $64.9 million, $55.3 million and $42.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The effect of reinsurance on premiums written and earned and on losses and LAE incurred for the years ended December 31, 2025, 2024 and 2023, is as follows:


	2025						2024						2023
	Written			Earned			Written			Earned			Written			Earned
	($ in thousands)
Premiums Written and Earned:
Direct	$	1,792,609		$	1,600,618		$	1,403,383		$	1,301,901		$	1,083,804		$	959,614
Assumed		235,643			186,566			138,578			95,468			57,754			56,107
Ceded		(1,064,230	)		(984,549	)		(897,111	)		(886,682	)		(731,531	)		(669,808	)
Net	$	964,022		$	802,635		$	644,850		$	510,687		$	410,027		$	345,913


	2025
	Losses			LAE			Total
	($ in thousands)
Losses and LAE Incurred:
Direct	$	381,708		$	140,505		$	522,213
Assumed		74,188			4,837			79,025
Ceded		(291,428	)		(81,216	)		(372,644	)
Net	$	164,468		$	64,126		$	228,594


	2024
	Losses			LAE			Total
	($ in thousands)
Losses and LAE Incurred:
Direct	$	367,276		$	75,301		$	442,577
Assumed		46,866			4,930			51,796
Ceded		(305,336	)		(54,278	)		(359,614	)
Net	$	108,806		$	25,953		$	134,759


	2023
	Losses			LAE			Total
	($ in thousands)
Losses and LAE Incurred:
Direct	$	228,441		$	60,834		$	289,275
Assumed		19,799			1,789			21,588
Ceded		(186,706	)		(51,565	)		(238,271	)
Net	$	61,534		$	11,058		$	72,592

The ceding of insurance does not legally discharge the Company from its primary liability for the full amount of the policy coverage, and therefore the Company will be required to pay the loss and bear collection risk if the reinsurer fails to meet its obligations under the reinsurance agreement. To minimize exposure to significant losses from reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk.

To reduce credit exposure to reinsurance recoverable balances, the Company obtains acceptable forms of collateral from certain reinsurers that are not authorized as reinsurers under U.S. state insurance regulations. In addition, under the terms of its reinsurance contracts, the Company may retain funds due from reinsurers as security for those recoverable balances. As of December 31, 2025 and 2024, the Company had retained $44.9 million and $27.9 million in funds from reinsurers, respectively. The Company is able to use the funds in the ordinary course of its business. The funds are held in cash and cash equivalents and investments with an offsetting liability on the accompanying consolidated balance sheets.

For the year ended December 31, 2025, reinsurance premiums ceded to the Company’s three largest reinsurers totaled $66.4 million, $64.9 million and $63.1 million, representing 18.6% of the total balance. For the year ended December 31, 2024, reinsurance premiums ceded to the Company’s three largest reinsurers totaled $125.9 million, $67.9 million and $61.7 million, representing 28.5% of the total balance. For the year ended December 31, 2023, reinsurance premiums ceded to the Company’s three largest reinsurers totaled $152.4 million, $65.9 million and $47.4 million, representing 36.3% of the total balance.

At December 31, 2025 reinsurance recoverable on unpaid losses by the Company’s three largest reinsurers were $96.5 million, $51.2 million and $32.8 million representing 21.9% of the total balance. At December 31, 2024 reinsurance recoverable on unpaid losses by the Company’s three largest reinsurers were $137.0 million, $26.9 million and $24.4 million representing 47.7% of the total balance. The Company seeks reinsurers that have an A.M. best rating of A− (excellent) or better or requires them to post collateral.

Schedule II - Condensed Financial Information of Parent Company - Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net investment income	$ 56,005	$ 35,824	$ 23,705
Net realized and unrealized gains (losses) on investments	11,831	4,568	2,941
Total revenues	875,967	553,863	375,926
Other operating expenses	622,577	402,667	272,284
Income before income taxes	253,390	151,196	103,642
Income tax benefit	56,320	33,623	24,441
Net income	197,070	117,573	79,201
Net unrealized losses on securities available for sale	24,339	(2,854)	12,524
Total comprehensive income	221,409	114,719	91,725
Parent Company [Member]
Net investment income	8,761	4,877	1,699
Net realized and unrealized gains (losses) on investments	3,514	23	(209)
Total revenues	12,275	4,900	1,490
Other operating expenses	57,956	48,251	39,347
Income before income taxes	(45,681)	(43,351)	(37,857)
Income tax benefit	(5,065)	(10,199)	(7,953)
Loss before equity in net income of subsidiaries	(40,616)	(33,152)	(29,904)
Equity in net income of subsidiaries	237,686	150,725	109,105
Net income	197,070	117,573	79,201
Net unrealized losses on securities available for sale	(329)	(5,114)	(2,505)
Equity in other comprehensive income (loss) of subsidiaries, net of taxes	24,668	2,261	15,029
Total comprehensive income	$ 221,409	$ 114,720	$ 91,725

Note 17 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 53,318	$ 31,006	$ 26,756
State	960	554	511
Total Current	54,278	31,560	27,267
Deferred:
Federal	2,003	1,997	(2,900)
State	39	66	74
Total Deferred	2,042	2,063	(2,826)
Income tax expense	$ 56,320	$ 33,623	$ 24,441

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 17 - Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid [Line Items]
Federal	$ 57,961	$ 37,810	$ 20,640
State	1,124	644
Total income taxes paid	$ 59,085	$ 38,454

Note 5 - Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables present the Company’s fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024:


December 31, 2025	Level 1		Level 2		Level 3		Total
	($ in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	23,587	$	—	$	23,587
U.S. States, Territories, and Political Subdivisions		—		18,862		—		18,862
Special revenue excluding mortgage/asset-backed securities		—		17,465		—		17,465
Corporate and other		—		608,235		—		608,235
Mortgage/asset-backed securities		—		556,038		—		556,038
Equity securities		99,333		—		—		99,333
Cash, cash equivalents, and restricted cash		106,892		—		—		106,892
Derivative assets		9,934		—		—		9,934
Total assets	$	216,159	$	1,224,187	$	—	$	1,440,346


December 31, 2024	Level 1		Level 2		Level 3		Total
	($ in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	32,806	$	—	$	32,806
U.S. States, Territories, and Political Subdivisions		—		9,778		—		9,778
Special revenue excluding mortgage/asset-backed securities		—		26,634		—		26,634
Corporate and other		—		475,491		—		475,491
Mortgage/asset-backed securities		—		394,337		—		394,337
Equity securities		40,529		—		—		40,529
Cash, cash equivalents, and restricted cash		80,539		—		—		80,539
Total assets	$	121,068	$	939,046	$	—	$	1,060,114

Schedule V - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

Summary of Valuation Allowance [Table Text Block]

Palomar Holdings, Inc. and Subsidiaries

Valuation and Qualifying Accounts


			Additions		Deductions
	Balance at		Amounts		Amounts		Balance at
	Beginning		Charged to		Written		End of
($ in thousands)	of Period		Expense		Off		Period
Year Ended December 31, 2025
Valuation Allowance for deferred tax assets	$	3,372	$	—	$	100	$	3,272
Valuation Allowance for premium receivable	$	63	$	2,093		1,047	$	1,109
Year Ended December 31, 2024
Valuation Allowance for deferred tax assets	$	3,486	$	—	$	114	$	3,372
Valuation Allowance for premium receivable	$	49	$	30		16	$	63

Note 24 - Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events [Text Block]

24. Subsequent Events

Credit Agreement

On January 27, 2026, the Company entered into a credit agreement providing for unsecured credit facilities totaling $450 million, comprised of a $150 million revolving credit facility and a $300 million term loan, each maturing on January 27, 2031. Borrowings bear interest at Term SOFR or an alternate base rate plus an applicable margin based on the Company’s Debt to Capital Ratio. The term loan amortizes quarterly beginning June 30, 2026. Proceeds may be used for general corporate purposes, permitted acquisitions and refinancing of existing indebtedness.

Gray Surety Acquisition

On January 31, 2026, the Company acquired 100% of the issued and outstanding equity interests of The Gray Casualty & Surety Company (“Gray Surety”) pursuant to an equity purchase agreement for an aggregate purchase price of approximately $311 million. The acquisition was funded with proceeds from a term loan entered into in January 2026 and cash on hand. The acquisition was completed to further expand the Company’s surety platform as part of its ongoing strategy to strengthen and diversify its specialty insurance portfolio. Subsequent to the acquisition, the Company renamed Gray Surety to Palomar Casualty & Surety Company (“PCSC”) and will refer to it as such in the future.

The acquisition will be accounted for as a business combination in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations, in the period of acquisition. Given the proximity of closing to the issuance of the financial statements, the Company has not completed the initial accounting and will provide additional disclosures required by ASC 805, including those related to the allocation of the purchase price, in future filings as such information becomes available.

The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no other events requiring disclosure.

Note 22 - Variable Interest Entities ("VIEs") (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Assets	$ 3,050,967	$ 2,262,220
Prepaid Reinsurance Premiums	355,918	276,237
Liabilities	2,108,300	1,533,190
Unearned Premiums	988,143	741,692
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Measure of Activity, Income or Loss before Tax	2,200	(100)
Assets	74,100	51,000
Cash, Cash Equivalents, and Short-Term Investments	19,200	18,500
Prepaid Reinsurance Premiums	16,900	30,500
Liabilities	65,800	48,900
Unearned Premiums	38,200
Long-Term Debt	15,000	$ 15,000
Variable Interest Entity, Not Primary Beneficiary [Member] \| PSIC [Member]
Variable Interest Entity [Line Items]
Debt Instrument, Face Amount	$ 15,000

Note 5 - Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

5. Fair value measurements

The following tables present the Company’s fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024:


December 31, 2025	Level 1		Level 2		Level 3		Total
	($ in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	23,587	$	—	$	23,587
U.S. States, Territories, and Political Subdivisions		—		18,862		—		18,862
Special revenue excluding mortgage/asset-backed securities		—		17,465		—		17,465
Corporate and other		—		608,235		—		608,235
Mortgage/asset-backed securities		—		556,038		—		556,038
Equity securities		99,333		—		—		99,333
Cash, cash equivalents, and restricted cash		106,892		—		—		106,892
Derivative assets		9,934		—		—		9,934
Total assets	$	216,159	$	1,224,187	$	—	$	1,440,346


December 31, 2024	Level 1		Level 2		Level 3		Total
	($ in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	32,806	$	—	$	32,806
U.S. States, Territories, and Political Subdivisions		—		9,778		—		9,778
Special revenue excluding mortgage/asset-backed securities		—		26,634		—		26,634
Corporate and other		—		475,491		—		475,491
Mortgage/asset-backed securities		—		394,337		—		394,337
Equity securities		40,529		—		—		40,529
Cash, cash equivalents, and restricted cash		80,539		—		—		80,539
Total assets	$	121,068	$	939,046	$	—	$	1,060,114

The carrying amounts of financial assets and liabilities reported in the accompanying consolidated balance sheet including cash and cash equivalents, restricted cash, receivables, reinsurance recoverable, and accounts payable and other accrued liabilities approximate fair value due to their short term-maturity. The carrying amount of the Company’s borrowings under the Federal Home Loan Bank (“FHLB”) line of credit approximates fair value as the Company borrows at a rate which is adjusted daily.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 3 - Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Interest income	$ 55,164	$ 35,433	$ 23,349
Dividend income	1,869	1,075	871
Investment expense	(1,028)	(684)	(515)
Net investment income	$ 56,005	$ 35,824	$ 23,705

Note 13 - Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Capital Reserved for Future Issuance [Table Text Block]

Common stock reserved for future issuance consists of the following as of December 31, 2025:


Stock options outstanding under 2019 Equity Incentive Plan			499,676
Restricted stock units outstanding under 2019 Equity Incentive Plan			296,285
Performance stock units outstanding under 2019 Equity Incentive Plan, at target			502,022
Shares authorized for future issuance under 2019 Equity Incentive Plan			4,211,864
Shares authorized for future issuance under 2019 Employee Stock Purchase Plan			1,581,244
Total			7,091,091

Share-Based Payment Arrangement, Cost by Plan [Table Text Block]

The below table summarizes the Company’s stock-based compensation expense for each period presented:


	Year ended December 31,
	2025		2024		2023
	($ in thousands)
Stock-based compensation expense	$	21,014	$	16,685	$	14,913

Share-Based Payment Arrangement, Activity [Table Text Block]

The following table summarizes stock option transactions for the year ended December 31, 2025:


	Number of shares			Weighted-average exercise price		Weighted-average remaining contractual term (in years)		Aggregate intrinsic value ($ in thousands)
Outstanding at January 1, 2025		588,385		$	33.76		4.9	$	42,273
Options granted		—			—
Options exercised		(88,175	)		42.59
Options cancelled		(534	)		83.46
Outstanding at December 31, 2025		499,676		$	32.15		3.9	$	51,273
Vested and Exercisable at December 31, 2025		499,676		$	32.15		3.9	$	51,273

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

The following table summarizes RSU transactions for the year ended December 31, 2025:


	Number of shares			Weighted-average grant date fair value
Outstanding at January 1, 2025		320,411		$	65.03
Granted		141,575			116.77
Released		(157,431	)		63.93
Forfeited		(8,270	)		86.71
Non-vested outstanding at December 31, 2025		296,285		$	89.73

Schedule of Key Valuation Input Used in Monte Carlo Simulation [Table Text Block]


	2025 Awards
Term	2.9 years
Risk-free interest rate (1)		4.22	%
Volatility (2)		45.00	%
Weighted average fair value (3)	$	116.50

(1)

The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve on the valuation date, with a maturity matched to the performance period.

(2)

Volatility is derived from historical stock prices as well as implied volatility when appropriate and available.

(3)

The weighted average of fair values used to record compensation expense as determined by the Monte Carlo simulation.

Schedule of Nonvested Performance-Based Units Activity [Table Text Block]

The following table summarizes PSU transactions for the year ended December 31, 2025:


	Number of shares			Weighted-average grant date fair value
Outstanding at January 1, 2025		460,450		$	40.43
Granted		86,844			99.61
Vested		(41,400	)		50.35
Forfeited		(3,872	)		75.21
Non-vested outstanding at December 31, 2025		502,022		$	49.58

Note 9 - Leases - Supplementary Lease Information (Details) (Parentheticals)	Dec. 31, 2025
Lease, Cost [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other accrued liabilities

Schedule II - Condensed Financial Information of Parent - Balance Sheets (Details) (Parentheticals) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Equity Securities, Cost	$ 81,772	$ 32,987
Preferred Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized (in shares)	500,000,000	500,000,000
Common Stock, Shares, Issued (in shares)	26,520,417	26,529,402
Common Stock, Shares, Outstanding (in shares)	26,520,417	26,529,402
Parent Company [Member]
Fixed maturities securities, amortized cost	$ 160,793	$ 153,425
Equity Securities, Cost	$ 3,725	$ 1,725
Preferred Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized (in shares)	500,000,000	500,000,000
Common Stock, Shares, Issued (in shares)	26,520,417	26,529,402
Common Stock, Shares, Outstanding (in shares)	26,520,417	26,529,402

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Gross written premiums	$ 2,028,252	$ 1,541,962	$ 1,141,558
Ceded written premiums	(1,064,230)	(897,111)	(731,531)
Net written premiums	964,022	644,851	410,027
Change in unearned premiums	(161,387)	(134,164)	(64,114)
Net earned premiums	802,635	510,687	345,913
Net investment income	56,005	35,824	23,705
Net realized and unrealized gains on investments	11,831	4,568	2,941
Commission and other income	5,496	2,784	3,367
Total revenues	875,967	553,863	375,926
Expenses:
Losses and loss adjustment expenses	228,594	134,759	72,592
Acquisition expenses, net of ceding commissions and fronting fees	217,133	149,657	107,745
Other underwriting expenses	176,458	117,113	88,172
Interest expense	392	1,138	3,775
Total expenses	622,577	402,667	272,284
Income before income taxes	253,390	151,196	103,642
Income tax expense	56,320	33,623	24,441
Net income	197,070	117,573	79,201
Other comprehensive income, net:
Net unrealized gains (losses) on securities available for sale	24,339	(2,854)	12,524
Total comprehensive income	$ 221,409	$ 114,719	$ 91,725
Per Share Data:
Basic earnings per share (in dollars per share)	$ 7.4	$ 4.61	$ 3.19
Diluted earnings per share (in dollars per share)	$ 7.17	$ 4.48	$ 3.13
Weighted-average common shares outstanding:
Basic (in shares)	26,639,733	25,520,343	24,822,004
Diluted (in shares)	27,485,250	26,223,842	25,327,091

Note 13 - Stockholders' Equity - Schedule of Key Valuation Input Assumptions Used in Monte Carlo Simulation Relative to Awards Granted (Details) - Performance Shares [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 99.61
2025 Award
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Term	2 years 10 months 24 days
Risk-free interest rate	4.22%
Volatility	45.00%
Weighted average fair value	$ 116.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Note 10 - Reserve for Losses and Loss Adjustment Expenses - Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Liability for Claims and Claim Adjustments Expenses (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Liability for Claims and Claims Adjustment Expense [Line Items]

Reserve for losses and loss adjustment expense, net of reinsurance

$ 275,958

$ 155,299

$ 97,653

$ 77,520

Reinsurance recoverable on unpaid losses and loss adjustment expenses

412,273

348,083

244,622

Reserve for losses and loss adjustment expenses

688,231

$ 503,382

$ 342,275

Property Lines [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Reserve for losses and loss adjustment expense, net of reinsurance

79,337

Reinsurance recoverable on unpaid losses and loss adjustment expenses

105,303

Other Liability Occurrence [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Reserve for losses and loss adjustment expense, net of reinsurance

90,099

Reinsurance recoverable on unpaid losses and loss adjustment expenses

78,437

Other Liability Claims [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Reserve for losses and loss adjustment expense, net of reinsurance

47,522

Reinsurance recoverable on unpaid losses and loss adjustment expenses

100,629

Reinsurance Nonproportional Assumed Property [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Reserve for losses and loss adjustment expense, net of reinsurance

^[1]

25,627

Insurance, Other [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Reserve for losses and loss adjustment expense, net of reinsurance

33,373

Reinsurance recoverable on unpaid losses and loss adjustment expenses

$ 127,904

[1]

- Definition

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

+ References + Details

Note 3 - Investments - Net Realized and Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Gains on sales of fixed maturity securities	$ 605	$ 179	$ 89
Gains on sales of equity securities	104	20	0
Total realized gains	709	199	89
Losses on sales of fixed maturity securities	(768)	(2,489)	(32)
Losses on sales of equity securities	(105)	0	0
Total realized losses	(873)	(2,489)	(32)
Net realized investment gains (losses)	(164)	(2,290)	57
Change in allowance for credit losses	244	659	(667)
Net unrealized gains (losses) on equity securities	8,021	6,161	3,933
Net unrealized losses on equity method investment	2,268	(340)	(382)
Net unrealized gains on other investments	1,462	378
Net realized and unrealized gains (losses) on investments	$ 11,831	$ 4,568	$ 2,941

Note 10 - Reserve for Losses and Loss Adjustment Expenses - Schedule of Average Annual Percentage Payout of Incurred Claims on Special Property Insurance (Details) - Special Property Product Line [Member]	Dec. 31, 2025
Short-Duration Insurance Contracts, Historical Claims Duration [Line Items]
Payout percentage, year 1	5.14%
Payout percentage, year 2	9.86%
Payout percentage, year 3	25.85%
Payout percentage, year 4	16.54%
Payout percentage, year 5	19.37%

Note 11 - Reinsurance (Tables)

12 Months Ended

Dec. 31, 2025

Reinsurance Disclosures [Abstract]

Ceded Credit Risk [Table Text Block]

The following table shows ceded written premiums under fronting and quota share arrangements by line of business for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025		2024		2023
	($ in thousands)
Casualty	$	235,119	$	86,120	$	36,677
Fronting		203,813		312,173		339,376
Crop		176,200		109,975		12,110
Inland Marine and Other Property		145,223		103,863		108,409
Earthquake		43,891		42,466		29,708
Total	$	804,246	$	654,597	$	526,280

Effects of Reinsurance [Table Text Block]

The effect of reinsurance on premiums written and earned and on losses and LAE incurred for the years ended December 31, 2025, 2024 and 2023, is as follows:


	2025						2024						2023
	Written			Earned			Written			Earned			Written			Earned
	($ in thousands)
Premiums Written and Earned:
Direct	$	1,792,609		$	1,600,618		$	1,403,383		$	1,301,901		$	1,083,804		$	959,614
Assumed		235,643			186,566			138,578			95,468			57,754			56,107
Ceded		(1,064,230	)		(984,549	)		(897,111	)		(886,682	)		(731,531	)		(669,808	)
Net	$	964,022		$	802,635		$	644,850		$	510,687		$	410,027		$	345,913


	2025
	Losses			LAE			Total
	($ in thousands)
Losses and LAE Incurred:
Direct	$	381,708		$	140,505		$	522,213
Assumed		74,188			4,837			79,025
Ceded		(291,428	)		(81,216	)		(372,644	)
Net	$	164,468		$	64,126		$	228,594


	2024
	Losses			LAE			Total
	($ in thousands)
Losses and LAE Incurred:
Direct	$	367,276		$	75,301		$	442,577
Assumed		46,866			4,930			51,796
Ceded		(305,336	)		(54,278	)		(359,614	)
Net	$	108,806		$	25,953		$	134,759


	2023
	Losses			LAE			Total
	($ in thousands)
Losses and LAE Incurred:
Direct	$	228,441		$	60,834		$	289,275
Assumed		19,799			1,789			21,588
Ceded		(186,706	)		(51,565	)		(238,271	)
Net	$	61,534		$	11,058		$	72,592

Note 20 - Dividend Restrictions (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2024	Dec. 31, 2025
Dividend Restrictions [Line Items]
Threshold Dividend or Distribution without Approval of Oregon and California Insurance Commissioners		$ 176.0
Threshold Dividend or Distribution without Approval of Arizona Insurance Commissioner		$ 7.4
Maximum Dividend Percentage		10.00%
Maximum capacity to pay dividend		$ 1.8
Palomar Specialty Reinsurance Company Bermuda Ltd [Member]
Dividend Restrictions [Line Items]
Dividends And Return On Capital Receivable		$ 4.5
Subsidiaries [Member]
Dividend Restrictions [Line Items]
Proceeds from Dividends Received	$ 99.0

Note 8 - Capitalized Assets (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

The balances are as follows:


			Accumulated			Net
December 31, 2025	Cost		Amortization			Book Value
	($ in thousands)
Capitalized Software	$	35,428	$	(16,180	)	$	19,248


			Accumulated			Net
December 31, 2024	Cost		Amortization			Book Value
	($ in thousands)
Capitalized Software	$	30,690	$	(12,207	)	$	18,483

Property and equipment consists of the following:


			Accumulated			Net
December 31, 2025	Cost		Depreciation			Book Value
	($ in thousands)
Buildings	$	1,978	$	(51	)	$	1,927
Computer hardware		487		(389	)		98
Equipment and furniture		1,274		(748	)		526
Leasehold improvements		879		(879	)		—
Total	$	4,618	$	(2,067	)	$	2,551


			Accumulated			Net
December 31, 2024	Cost		Depreciation			Book Value
	($ in thousands)
Computer hardware	$	467	$	(332	)	$	135
Equipment and furniture		917		(623	)		294
Leasehold improvements		879		(879	)		—
Total	$	2,263	$	(1,834	)	$	429

Schedule II - Condensed Financial Information of Parent Company (Tables)

12 Months Ended

Dec. 31, 2025

Notes Tables

Condensed Balance Sheet [Table Text Block]


	December 31, 2025			December 31, 2024
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $160,793 in 2025, $153,425 in 2024)	$	159,707		$	147,467
Equity securities, at fair value: (cost: $3,725 in 2025, $1,725 in 2024)		5,415			2,182
Equity method investment		—			2,277
Total investments		165,122			151,926
Cash and cash equivalents		2,136			1,797
Accrued investment income		1,659			1,547
Prepaid expenses and other assets		—			—
Receivables from subsidiaries		84,561			78,961
Note receivable from subsidiary		15,000			15,000
Deferred tax asset		184			—
Investment in subsidiaries		753,448			580,535
Total assets	$	1,022,110		$	829,766
Liabilities and Stockholders’ equity
Liabilities:
Accounts payable and other liabilities	$	29,074		$	12,396
Payables to subsidiaries		50,370			88,340
Deferred tax liabilities		—			—
Total liabilities		79,444			100,736
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2025 and December 31, 2024, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024		—			—
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,520,417 and 26,529,402 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively		3			3
Additional paid‑in capital		523,168			493,656
Accumulated other comprehensive income (loss)		(2,507	)		(26,845	)
Retained earnings		422,002			262,216
Total stockholders’ equity		942,666			729,030
Total liabilities and stockholders’ equity	$	1,022,110		$	829,766

Condensed Income Statement [Table Text Block]


	Year Ended December 31,
	2025			2024			2023
Revenues:
Net investment income	$	8,761		$	4,877		$	1,699
Net realized and unrealized gains (losses) on investments		3,514			23			(209	)
Total revenues		12,275			4,900			1,490
Expenses:
Other operating expenses		57,956			48,251			39,347
Loss before income taxes		(45,681	)		(43,351	)		(37,857	)
Income tax benefit		(5,065	)		(10,199	)		(7,953	)
Loss before equity in net income of subsidiaries		(40,616	)		(33,152	)		(29,904	)
Equity in net income of subsidiaries		237,686			150,725			109,105
Net income		197,070			117,573			79,201
Other comprehensive income:
Net unrealized losses on securities available for sale		(329	)		(5,114	)		(2,505	)
Equity in other comprehensive income (loss) of subsidiaries, net of taxes		24,668			2,261			15,029
Total comprehensive income	$	221,409		$	114,720		$	91,725

Condensed Cash Flow Statement [Table Text Block]


	Year Ended December 31,
	2025			2024			2023
Operating activities
Net income	$	197,070		$	117,573		$	79,201
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(237,686	)		(150,725	)		(109,105	)
Stock-based compensation expense		10,543			10,513			10,426
Net realized and unrealized (gains) losses on investments		(3,514	)		(23	)		209
Amortization of premium on fixed maturity securities		18			172			189
Deferred income tax expense (benefit)		1,874			(15,640	)		2,787
Dividend received from subsidiary		99,000			95,000			—
Changes in operating assets and liabilities:		(28,890	)		(80,154	)		37,777
Net cash provided by (used in) operating activities		38,415			(23,284	)		21,484
Investing activities
Purchases of equity securities		(2,000	)		—			—
Purchases of fixed maturity securities		(34,753	)		(114,611	)		(11,045	)
Sales and maturities of fixed maturity securities		27,124			13,004			9,232
Cash paid to subsidiaries		(109,150	)		—			—
Cash received from subsidiaries		109,489			—			—
Net cash used in investing activities		(9,290	)		(101,607	)		(1,813	)
Financing activities
Proceeds from stock offering, net of offering costs		(141	)		115,724			—
Proceeds from common stock issued via equity incentive plans		4,920			7,892			2,038
Policyholder contribution to surplus		3,719			2,758			90
Repurchase of common stock		(37,284	)		—			(22,266	)
Net cash (used in) provided by financing activities		(28,786	)		126,374			(20,138	)
Net increase (decrease) in cash and cash equivalents		339			1,483			(467	)
Cash and cash equivalents at beginning of period		1,797			314			781
Cash and cash equivalents at end of period	$	2,136		$	1,797		$	314
Supplementary cash flow information:
Cash paid for federal income taxes	$	57,961		$	37,810		$	20,640
Cash paid for state income taxes	$	1,124		$	644		$	484
Cash paid for interest	$	287		$	1,048		$	3,682

Note 3 - Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]

The Company’s available‑for‑sale investments are summarized as follows:


	Amortized		Gross		Gross			Allowance
	Cost or		Unrealized		Unrealized			for Credit		Fair
December 31, 2025	Cost		Gains		Losses			Losses		Value
	($ in thousands)
Fixed maturities:
U.S. Governments	$	23,716	$	97	$	(226	)	$	—	$	23,587
U.S. States, Territories, and Political Subdivisions		19,745		111		(994	)		—		18,862
Special revenue excluding mortgage/asset-backed securities		19,280		72		(1,887	)		—		17,465
Corporate and other		606,748		9,891		(8,404	)		—		608,235
Mortgage/asset-backed securities		558,116		5,922		(8,000	)		—		556,038
Total available-for-sale investments	$	1,227,605	$	16,093	$	(19,511	)	$	—	$	1,224,187


	Amortized		Gross		Gross			Allowance
	Cost or		Unrealized		Unrealized			for Credit			Fair
December 31, 2024	Cost		Gains		Losses			Losses			Value
	($ in thousands)
Fixed maturities:
U.S. Governments	$	33,449	$	6	$	(649	)	$	—		$	32,806
U.S. States, Territories, and Political Subdivisions		10,606		29		(857	)		—			9,778
Special revenue excluding mortgage/asset-backed securities		30,283		85		(3,734	)		—			26,634
Corporate and other		492,395		1,689		(18,349	)		(244	)		475,491
Mortgage/asset-backed securities		406,597		1,408		(13,668	)		—			394,337
Total available-for-sale investments	$	973,330	$	3,217	$	(37,257	)	$	(244	)	$	939,046

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]


	Less Than 12 Months					More Than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2025	Value		Losses			Value		Losses			Value		Losses
	($ in thousands)
Fixed maturity securities:
U.S. Governments	$	2,006	$	(38	)	$	5,704	$	(188	)	$	7,710	$	(226	)
U.S. States, Territories, and Political Subdivisions		5,157		(441	)		9,509		(553	)		14,666		(994	)
Special revenue excluding mortgage/asset-backed securities		—		—			15,185		(1,887	)		15,185		(1,887	)
Corporate and other		49,963		(948	)		160,780		(7,456	)		210,743		(8,404	)
Mortgage/asset-backed securities		47,313		(406	)		79,733		(7,594	)		127,046		(8,000	)
Total available-for-sale investments	$	104,439	$	(1,833	)	$	270,911	$	(17,678	)	$	375,350	$	(19,511	)


	Less Than 12 Months					More Than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2024	Value		Losses			Value		Losses			Value		Losses
	($ in thousands)
Fixed maturity securities:
U.S. Governments	$	16,507	$	(65	)	$	14,291	$	(584	)	$	30,798	$	(649	)
U.S. States, Territories, and Political Subdivisions		2,614		(419	)		5,076		(438	)		7,690		(857	)
Special revenue excluding mortgage/asset-backed securities		2,182		(426	)		21,733		(3,308	)		23,915		(3,734	)
Corporate and other		181,179		(4,996	)		176,531		(13,353	)		357,710		(18,349	)
Mortgage/asset-backed securities		152,287		(2,820	)		91,572		(10,848	)		243,859		(13,668	)
Total available-for-sale investments	$	354,769	$	(8,726	)	$	309,203	$	(28,531	)	$	663,972	$	(37,257	)

Investments Classified by Contractual Maturity Date [Table Text Block]

The amortized cost and fair value of fixed maturity securities at December 31, 2025, by contractual maturity, are shown below.


	Amortized		Fair
	Cost		Value
	($ in thousands)
Due within one year	$	62,232	$	62,241
Due after one year through five years		267,553		267,430
Due after five years through ten years		226,631		229,466
Due after ten years		113,073		109,012
Mortgage and asset-backed securities		558,116		556,038
	$	1,227,605	$	1,224,187

Unrealized Gain (Loss) on Fixed Maturity Securities [Table Text Block]

The following table presents the change in net unrealized gains or losses on fixed maturity securities:


	Year Ended December 31,
	2025		2024			2023
	($ in thousands)
Change in net unrealized gains (losses)
Fixed maturities	$	30,866	$	(2,953	)	$	15,185
Net increase (decrease)	$	30,866	$	(2,953	)	$	15,185

Investment Income [Table Text Block]

Net investment income is summarized as follows:


	Year Ended December 31,
	2025			2024			2023
	($ in thousands)
Interest income	$	55,164		$	35,433		$	23,349
Dividend income		1,869			1,075			871
Investment expense		(1,028	)		(684	)		(515	)
Net investment income	$	56,005		$	35,824		$	23,705

Gain (Loss) on Securities [Table Text Block]

The following table presents net realized and unrealized investment gains and losses:


	Year Ended
	December 31,
	2025			2024			2023
	($ in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	605		$	179		$	89
Gains on sales of equity securities		104			20			—
Total realized gains		709			199			89
Realized losses:
Losses on sales of fixed maturity securities		(768	)		(2,489	)		(32	)
Losses on sales of equity securities		(105	)		—			—
Total realized losses		(873	)		(2,489	)		(32	)
Net realized investment gains (losses)		(164	)		(2,290	)		57
Change in allowance for credit losses		244			659			(667	)
Net unrealized gains on equity securities		8,021			6,161			3,933
Net unrealized losses on equity method investment		2,268			(340	)		(382	)
Net unrealized gains on other investments		1,462			378			—
Net realized and unrealized gains on investments	$	11,831		$	4,568		$	2,941

Note 13 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) Milestone $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2021 shares	Jul. 31, 2025 USD ($)	Apr. 16, 2019 shares
Equity [Line Items]
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Preferred Stock, Shares Issued (in shares)	0	0
Common Stock, Shares Authorized (in shares)	500,000,000	500,000,000
Common Stock, Shares, Issued (in shares)	26,520,417	26,529,402
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Additional paid-in capital \| $	$ 523,168	$ 493,656
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value \| $	$ 11,800	$ 18,700
Number of Stock Price Milestones Achieved \| Milestone	4
Number of Additional Stock Price Milestones Achieved \| Milestone	2
Issuance of common stock via employee stock purchase plan (in shares)	12,426	17,100
Treasury Stock, Shares, Acquired (in shares)	308,417
Treasury Stock, Value, Acquired, Cost Method \| $	$ 37,300
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Shares, Outstanding (in shares)	26,520,417	26,529,402
Share repurchase program, authorized, amount \| $				$ 150,000
Average price per share \| $ / shares	$ 120.85
Authorized amount available for future repurchases \| $	$ 112,700
Share-based compensation arrangement, measurement period	3 years
Employee Stock Option [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Minimum [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	2 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage	25.00%
Employee Stock Option [Member] \| Share-Based Payment Arrangement, Tranche One [Member] \| Maximum [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage	50.00%
Restricted Stock Units (RSUs) [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	296,285	320,411
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	141,575
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 6 months
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount \| $	$ 18,000
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	1 year
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Performance Shares [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	502,022	460,450
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	86,844
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	10 months 24 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount \| $	$ 8,800
Predetermined Performance Achievement, Percentage	100.00%
Performance Shares [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Equity [Line Items]
Number of Days, Achievement of Milestone Stock Price \| Milestone	30
Share-based Compensation Arrangement by Share-based Payment Award, Award Service Period (Year)	5 years
Performance Shares [Member] \| Vesting Upon Completion of Requisite Service Period [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	143,750
Performance Shares [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Service Period (Year)	3 years
Employee Stock [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)					240,000
Share-based Compensation Arrangement by Share-based Payment Award, Shares Available for Issuance, Authorized Annual Increase, Maximum (in shares)					240,000
Year 2021 [Member] \| Restricted Stock Units (RSUs) [Member] \| Executive Officer [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			5 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			192,307
Year 2021 [Member] \| Performance Shares [Member] \| Executive Officer [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			350,000
Equity Incentive Plan 2019 [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	4,211,864				2,400,000
Share Based Compensation Arrangement By Share Based Payment Award Percentage, Number of Additional Shares Available for Grant					3.00%
Equity Incentive Plan 2019 [Member] \| Restricted Stock Units (RSUs) [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	296,285
Equity Incentive Plan 2019 [Member] \| Performance Shares [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares)	502,022

Note 19 - Statutory Financial Information

12 Months Ended

Dec. 31, 2025

Statutory Financial Information [Abstract]

Statutory Financial Information Disclosure [Text Block]

19. Statutory financial information

U.S.

U.S. state insurance laws and regulations prescribe accounting practices for determining statutory net income and capital and surplus for insurance companies. In addition, state regulators may permit statutory accounting practices that differ from prescribed practices. Statutory accounting practices (“SAP”) prescribed or permitted by regulatory authorities for the Company’s insurance subsidiaries differ from U.S. GAAP. The principal differences between SAP and GAAP as they relate to the financial statements of the Company’s insurance subsidiaries are (a) policy acquisition costs are expensed as incurred under SAP, whereas they are deferred and amortized under GAAP, (b) certain assets are not admitted for purposes of determining surplus under SAP, (c) investments in fixed income securities are carried at fair value under GAAP whereas such securities are carried at amortized cost under SAP, and (d) the criteria for recognizing net DTAs and the methodologies used to determine such amounts are different under SAP and GAAP.


	PSIC & PESIC		FIA			Laulima
Statutory net income (loss):
Year ended December 31, 2025	$	179,240	$	(1,620	)	$	2,833
Year ended December 31, 2024		102,510		—			679
Year ended December 31, 2023		97,391		—			(357	)
Statutory capital and surplus:
Year ended December 31, 2025	$	530,337	$	18,036		$	25,593
Year ended December 31, 2024		451,719		—			18,136
Year ended December 31, 2023		439,264		—			14,711

Risk-Based Capital (“RBC”) requirements promulgated by the NAIC require property/casualty insurers to maintain minimum capitalization levels determined based on formulas incorporating various business risks of the insurance subsidiaries. As of December 31, 2025 and 2024, the company’s capital and surplus exceeds its authorized control level.

Bermuda

Under the Bermuda Insurance Act, 1978 and related regulations, PSRE is required to maintain certain solvency and liquidity levels. The minimum statutory solvency margin required was approximately $1.2 million at December 31, 2025 and 2024. Actual

statutory capital and surplus at December 31, 2025 and 2024 was $17.8 million and $17.0 million, respectively. PSRE had statutory net income of $0.4 million, $0.4 million and $0.3 million for 2025, 2024 and 2023, respectively.

PSRE had stockholders’ equity of $18.1 million and $16.9 million on a GAAP basis at December 31, 2025 and 2024, respectively. The principal difference between statutory capital and surplus and stockholders’ equity presented in accordance with GAAP is related to the valuation of investments. No dividends were paid in 2025 and 2024.

PSRE maintains a Class 3A license and thus must maintain a minimum liquidity ratio in which the value of its relevant assets is not less than 75.0% of the amount of its relevant liabilities for general business. Relevant assets include cash and cash equivalents, fixed maturity securities, accrued interest income, premiums receivable, losses recoverable from reinsurers, and funds withheld. The relevant liabilities include total general business insurance reserves and total other liabilities, less sundry liabilities. As of December 31, 2025 and 2024, the Company met the minimum liquidity ratio requirement.

Note 10 - Reserve for Losses and Loss Adjustment Expenses - Schedule of Incurred Losses and Allocated Loss Adjustment Expenses on Homeowners' Insurance (Details) - Homeowners Insurance Product Line [Member]
$ in Thousands

Dec. 31, 2025

USD ($)

Claims

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

$ 361,571

Insurance contracts, incurred but not reported liabilities

^[1]

$ 60,400

Insurance contracts, number of claims | Claims

^[1]

46,588

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 282,236

Reserve for losses and loss adjustment expense, net of reinsurance

^[1]

79,335

Short-Duration Insurance Contracts, Accident Year 2016 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

5,737

$ 5,730

$ 7,125

$ 7,062

$ 7,075

$ 7,090

$ 6,972

$ 7,127

$ 7,450

Insurance contracts, incurred but not reported liabilities

^[1]

$ 0

Insurance contracts, number of claims | Claims

^[1]

1,384

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 5,737

5,729

7,125

7,062

7,072

7,051

6,801

6,420

$ 4,823

Short-Duration Insurance Contracts, Accident Year 2017 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

11,980

11,978

12,339

10,668

10,561

10,652

10,644

10,893

12,425

Insurance contracts, incurred but not reported liabilities

^[1]

$ 0

Insurance contracts, number of claims | Claims

^[1]

3,624

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 11,980

11,978

12,339

10,636

10,560

10,640

10,639

10,719

$ 9,102

Short-Duration Insurance Contracts, Accident Year 2018 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

7,978

8,010

7,941

7,950

7,939

8,103

8,163

Insurance contracts, incurred but not reported liabilities

^[1]

$ 0

Insurance contracts, number of claims | Claims

^[1]

1,198

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 7,979

7,978

7,999

7,943

7,931

7,889

$ 4,409

Short-Duration Insurance Contract, Accident Year 2019 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

4,372

4,365

4,350

4,293

3,947

4,223

4,575

Insurance contracts, incurred but not reported liabilities

^[1]

$ 0

Insurance contracts, number of claims | Claims

^[1]

1,690

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 4,372

4,365

4,345

4,170

3,757

3,510

$ 2,179

Short-Duration Insurance Contract, Accident Year 2020 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

57,114

56,859

56,008

59,565

57,248

61,434

Insurance contracts, incurred but not reported liabilities

^[1]

$ 5

Insurance contracts, number of claims | Claims

^[1]

5,161

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 57,086

56,712

55,619

55,504

49,222

$ 31,862

Short-Duration Insurance Contract, Accident Year 2021 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

26,798

27,902

25,733

25,158

29,836

Insurance contracts, incurred but not reported liabilities

^[1]

$ 212

Insurance contracts, number of claims | Claims

^[1]

5,124

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 26,358

26,466

24,408

22,500

$ 11,355

Short-Duration Insurance Contract, Accident Year 2022 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

39,443

42,358

44,943

42,887

Insurance contracts, incurred but not reported liabilities

^[1]

$ 2,458

Insurance contracts, number of claims | Claims

^[1]

4,151

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 35,914

35,271

30,042

$ 12,647

Short-Duration Insurance Contract, Accident Year 2023 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

32,442

36,587

40,921

Insurance contracts, incurred but not reported liabilities

^[1]

$ 1,533

Insurance contracts, number of claims | Claims

^[1]

4,789

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 28,855

26,378

$ 14,226

Short-Duration Insurance Contract, Accident Year 2024 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

62,179

77,421

Insurance contracts, incurred but not reported liabilities

^[1]

$ 13,324

Insurance contracts, number of claims | Claims

^[1]

8,636

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 45,154

$ 32,850

Short-Duration Insurance Contract, Accident Year 2025 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

113,528

Insurance contracts, incurred but not reported liabilities

^[1]

$ 42,868

Insurance contracts, number of claims | Claims

^[1]

10,831

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 58,801

[1]	Data presented for these calendar years is required supplementary information, which is unaudited.

Note 10 - Reserve for Losses and Loss Adjustment Expenses - Schedule of Incurred Losses and Allocated Loss Adjustment Expenses on Other Insurance (Details) - Other Insurance Lines [Member]
$ in Thousands

Dec. 31, 2025

USD ($)

Claims

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

$ 72,375

Insurance contracts, incurred but not reported liabilities

^[1]

$ 34,517

Insurance contracts, number of claims | Claims

^[1]

4,836

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 24,853

Reserve for losses and loss adjustment expense, net of reinsurance

^[1]

47,522

Short-Duration Insurance Contract, Prior Accident Years [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

2,266

$ 286

$ 0

$ 7

$ 26

$ 48

Insurance contracts, incurred but not reported liabilities

^[1]

$ 2,264

Insurance contracts, number of claims | Claims

^[1]

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 1

$ 0

Short-Duration Insurance Contract, Accident Year 2021 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

1,516

2,252

2,928

3,299

3,429

Insurance contracts, incurred but not reported liabilities

^[1]

$ 313

Insurance contracts, number of claims | Claims

^[1]

109

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 1,040

1,009

449

221

$ 62

Short-Duration Insurance Contract, Accident Year 2022 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

6,762

7,674

8,873

8,871

Insurance contracts, incurred but not reported liabilities

^[1]

$ 1,834

Insurance contracts, number of claims | Claims

^[1]

430

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 3,841

2,776

1,584

$ 481

Short-Duration Insurance Contract, Accident Year 2023 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

11,511

12,110

12,580

Insurance contracts, incurred but not reported liabilities

^[1]

$ 4,166

Insurance contracts, number of claims | Claims

^[1]

958

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 5,118

3,310

$ 1,382

Short-Duration Insurance Contract, Accident Year 2024 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

21,021

18,503

Insurance contracts, incurred but not reported liabilities

^[1]

$ 8,531

Insurance contracts, number of claims | Claims

^[1]

1,355

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 8,461

$ 4,168

Short-Duration Insurance Contract, Accident Year 2025 [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Insurance contracts, claim expense

^[1]

29,299

Insurance contracts, incurred but not reported liabilities

^[1]

$ 17,409

Insurance contracts, number of claims | Claims

^[1]

1,977

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

$ 6,392

[1]	Data presented for these calendar years is required supplementary information, which is unaudited.

Note 4 - Derivative Instruments (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets, notional amount	$ 16.4
Derivative assets at fair value	9.9
Gain on derivative instruments, net, pretax	$ 8.6

Note 16 - Retirement and Post-employment Retirement Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Benefits [Text Block]

16. Retirement and Post-Employment Retirement Plans

For employees meeting certain eligibility requirements, the Company provides a defined contribution retirement plan under IRC Section 401(k). Under a safe-harbor plan, the Company contributes 3.5% of each participant’s gross wages regardless of the employee’s contribution. For the years ended December 31, 2025, 2024 and 2023 the Company’s contributions to the plan were $2.3 million, $1.3 million and $0.9 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net income	$ 197,070	$ 117,573	$ 79,201
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	21,013	16,685	14,913
Depreciation and amortization expense	8,927	5,106	4,503
Loss on asset disposal	31	0	0
Net realized and unrealized gains on investments	(11,831)	(4,568)	(2,941)
Amortization of premium on fixed maturity securities	(61)	(945)	(9)
Deferred income tax expense (benefit)	1,874	2,110	(2,826)
Changes in operating assets and liabilities:
Accrued investment income	(2,969)	(3,158)	(1,505)
Premium receivable	(147,066)	(43,752)	(99,114)
Deferred policy acquisition costs	(31,175)	(33,891)	(4,250)
Reinsurance recoverables	(73,542)	(118,365)	(83,181)
Ceded unearned premiums	(79,681)	(10,429)	(61,724)
Prepaid expenses and other assets	26,210	(15,704)	(24,885)
Accounts payable and other accrued liabilities	(6,891)	29,178	15,666
Reserve for losses and loss adjustment expenses	178,061	161,107	110,860
Unearned premiums	240,859	144,589	125,789
Ceded premiums payable	81,245	8,426	35,615
Funds held under reinsurance treaty	16,981	14,450	2,739
Income taxes payable	0	(7,255)	7,255
Net proceeds from (purchases of) derivative contracts	(9,934)	0	0
Net cash provided by operating activities	409,121	261,157	116,106
Investing activities
Purchases of property and equipment	(137)	(243)	(15)
Proceeds from sale of property and equipment	346
Capitalized software costs	(6,090)	(5,803)	(6,744)
Purchases of fixed maturity securities	(848,358)	(601,410)	(233,770)
Purchases of equity securities	(55,550)	(202)	(945)
Purchase of equity method investment	0	0	(3,000)
Sales and maturities of fixed maturity securities	614,616	301,847	120,285
Sales of equity securities	12,956	9,014	295
Change in securities receivable or payable, net	(1,025)	(1,475)	950
Investments in limited partnerships	(11,244)	(5,485)	0
Acquisitions, net of cash acquired	(58,591)	0	(5,534)
Purchase of policy renewal rights	(905)	(2,487)	0
Net cash used in investing activities	(353,982)	(306,244)	(128,478)
Financing activities
Payments on Line of Credit	(15,000)	(52,600)	0
Proceeds from Line of Credit	15,000	0	16,200
Proceeds from common stock issued via employee stock purchase plan	1,165	902	799
Proceeds from common stock issued via stock option exercises	3,755	6,990	1,237
Policy holder contribution to surplus	3,719	2,758	90
Repurchase of common stock	(37,284)	0	(22,266)
Proceeds from stock offering, net of offering costs	(141)	115,724	0
Net cash provided by (used in) financing activities	(28,786)	73,774	(3,940)
Net increase (decrease) in cash, cash equivalents and restricted cash	26,353	28,687	(16,312)
Cash, cash equivalents and restricted cash at beginning of period	80,539	51,852	68,164
Cash, cash equivalents and restricted cash at end of period	106,892	80,539	51,852
Supplementary cash flow information:
Cash paid for federal income taxes	57,961	37,810	20,640
Cash paid for state income taxes	1,124	644	484
Cash paid for interest	287	1,048	3,682
Cash and cash equivalents	106,875	80,438
Restricted cash	17	101
Cash and cash equivalents and restricted cash	$ 106,892	$ 80,539	$ 51,852

Note 13 - Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Outstanding, options (in shares)	588,385
Outstanding, options, weighted average exercise price (in dollars per share)	$ 33.76
Outstanding, options, weighted average remaining contractual term (Year)	3 years 10 months 24 days	4 years 10 months 24 days
Outstanding, options, aggregate intrinsic value	$ 51,273	$ 42,273
Options exercised, options (in shares)	(88,175)
Options exercised, options, weighted average exercise price (in dollars per share)	$ 42.59
Options cancelled (in shares)	(534)
Options cancelled (in dollars per share)	$ 83.46
Outstanding, options (in shares)	499,676	588,385
Outstanding, options, weighted average exercise price (in dollars per share)	$ 32.15	$ 33.76
Vested and Exercisable, options (in shares)	499,676
Vested and Exercisable, options, weighted average exercise price (in dollars per share)	$ 32.15
Vested and Exercisable, options, weighted average remaining contractual term (Year)	3 years 10 months 24 days
Vested and Exercisable, options, aggregate intrinsic value	$ 51,273

Note 3 - Investments (Details Textual)	12 Months Ended
Note 3 - Investments (Details Textual)	Dec. 31, 2025 USD ($) FixedMaturitySecurities	Dec. 31, 2024 USD ($) FixedMaturitySecurities	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions \| FixedMaturitySecurities	391	595
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 375,350,000	$ 663,972,000
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	19,511,000	37,257,000
Proceeds from Sale of Debt Securities, Available-for-Sale	28,000,000	6,300,000	$ 10,100,000
Proceeds from Sale of Equity Securities, FV-NI	6,400,000
Debt Securities, Available-for-sale	1,224,187,000	939,046,000
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	124,300,000
Debt Securities, Available-for-Sale, Allowance for Credit Loss	0	244,000
Securities on Deposit With State Regulatory Authorities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale	$ 13,500,000	$ 9,900,000

Note 23 - Business Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Business Acquisitions

23. Business Acquisitions

On January 1, 2025, the Company acquired 100% of the outstanding voting stock of FIA for a purchase price of $29.5 million in cash. The acquisition was completed to expand the Company’s surety product offerings and support strategic growth initiatives. In connection with the acquisition, the Company recognized the acquired assets and assumed liabilities of FIA at their estimated fair values as of the acquisition date. The Company recorded the related purchase accounting adjustments as of January 1, 2025. These adjustments primarily result from purchase accounting fair value measurements.

On April 1, 2025, the Company acquired substantially all of the assets and assumed certain liabilities of Advanced AgProtection, LLC (“AAP”) for a purchase price of $32.5 million in cash. The acquisition was completed to support the Company’s strategic entry into the crop insurance business through AAP’s established infrastructure. In connection with the acquisition, the

Company recognized the acquired assets and assumed liabilities of AAP at their estimated fair values as of the acquisition date. The Company recorded the related purchase accounting adjustments as of April 1, 2025. These adjustments primarily result from purchase accounting fair value measurements.

The FIA and AAP acquisitions were accounted for as business combinations in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. As neither acquisition met the significance thresholds under Rule 3-05 of Regulation S-X, separate financial statements of the acquired entities are not required to be filed. Additional purchase accounting disclosures have been omitted due to the immateriality of these acquisitions individually and in the aggregate in relation to the Company's Consolidated Financial Condition and Results of Operations.

- Definition

The entire disclosure for business combination.

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+ Details

Note 3 - Investments - The Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Due within one year, Amortized Cost	$ 62,232
Due within one year, Fair Value	62,241
Due after one year through five years, Amortized Cost	267,553
Due after one year through five years, Fair Value	267,430
Due after five years through ten years, Amortized Cost	226,631
Due after five years through ten years, Fair Value	229,466
Due after ten years, Amortized Cost	113,073
Due after ten years, Fair Value	109,012
Mortgage and asset-backed securities, Amortized Cost	558,116
Mortgage and asset-backed securities, Fair Value	556,038
Amortized Cost	1,227,605	$ 973,330
Total, Fair Value	$ 1,224,187	$ 939,046

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Document Information [Line Items]
Entity Central Index Key	0001761312
Entity Registrant Name	Palomar Holdings, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-38873
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3972551
Entity Address, Address Line One	7979 Ivanhoe Avenue, Suite 500
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	619
Local Phone Number	567-5290
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	PLMR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,034,049,965
Entity Common Stock, Shares Outstanding		26,689,745
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant’s definitive proxy statement relating to its 2026 annual meeting of stockholders (the “2026 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K. The 2026 Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Francisco, California
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Palomar Holdings, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income and comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 24, 2026 expressed an unqualified opinion thereon.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C: Cybersecurity We recognize that our business operations depend on the reliable and secure processing, storage, and transmission of confidential information in our computer systems and networks. We also recognize the importance of protecting customer's data and digital assets in our care. Therefore, identifying and assessing cybersecurity risk is integrated into our overall risk management systems and processes. We have created a layered security posture leveraging people, process, and technology to protect our information systems and our customer’s data and digital assets. We maintain a suite of information security, privacy, and data protection related policies, standards, and procedures leveraging the National Institute of Standards and Technology (“NIST”) along with the COBIT 2019 framework to align with applicable laws, regulatory guidance, and industry best practices. We employ an experienced security operations team that is responsible for the day-to-day assessment and management for material risks from cybersecurity threats. We require mandatory cybersecurity, privacy, and information handling training for all team members upon onboarding and on an annual basis thereafter. Additional role-based training is provided to the security, IT operations, and development teams. We also regularly communicate important cybersecurity updates to employees. To test the effectiveness of our training, a simulated phishing campaign is run monthly against all team members. We leverage a variety of tools to protect information. These tools include but are not limited to multifactor authentication, firewalls, intrusion detection, vulnerability and penetration testing, central log management, endpoint protection and patch management systems. Our identity and access management systems include industry leading products leveraged through our internally developed best practices. We also leverage threat hunting services that actively monitor for anomalies on our network and escalate these anomalies to our security operations team. We continue to mature our threat hunting, proactively searching for and identifying malicious attacks, and testing our cybersecurity posture to further enhance our cybersecurity programs. Our threat hunting includes comprehensive risk analysis of our assets along with routine external penetration testing from third party providers. The Company also utilizes a third-party consultant to perform a cybersecurity risk assessment annually in which we measure the current state of our cybersecurity program using the NIST Cybersecurity Framework. The results of this assessment are used to identify possible gaps, risks, and areas requiring remediation. With the assistance of outside consultants, we have developed cybersecurity incident monitoring and reporting procedures. These procedures begin with continuously monitoring network hardware and applications for cybersecurity breaches and continuously identifying and recording any cyber security events. If appropriate, cyber security events are escalated as incidents and our incident management plan and incident response team are activated. Our incident management plan focuses on containing, eradicating, recovering and following up as necessary from a cybersecurity incident. In addition, incidents are evaluated to determine materiality as well as business impact and reviewed for privacy impact. This evaluation may involve members of our Board of Directors, executive team as well as consultants such as our outside legal counsel and independent auditors. Our cybersecurity incident monitoring and reporting procedures are tested annually through a tabletop event involving the business and IT operations staff. A tabletop event is a role-playing exercise simulating a real cybersecurity event which aims to ensure the plans are still covering all relevant and critical services and stakeholders are prepared. We continuously make cybersecurity improvements based on lessons learned from the tabletop exercises, enterprise risk assessments, and penetration testing. The ERM Committee of our Board of Directors is updated regularly on cybersecurity matters. The ERM Committee is comprised of select board members and select members of executive management and meets at least quarterly. During ERM meetings, our Chief Technology Officer and Head of Technology Engineering discuss key areas of cyber risk, and reviews key cybersecurity metrics and results of cybersecurity risk assessments and testing. In the event of a cybersecurity incident, our ERM Committee would also receive reports from our incident response team. The Board of Directors are briefed quarterly by the ERM Committee on cybersecurity matters that would include threats, policies, practices, and the roadmap being implemented to improve the security posture. Our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents. For more information on our cybersecurity related risks, see Item 1A Risk Factors of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We recognize that our business operations depend on the reliable and secure processing, storage, and transmission of confidential information in our computer systems and networks. We also recognize the importance of protecting customer's data and digital assets in our care. Therefore, identifying and assessing cybersecurity risk is integrated into our overall risk management systems and processes. We have created a layered security posture leveraging people, process, and technology to protect our information systems and our customer’s data and digital assets. We maintain a suite of information security, privacy, and data protection related policies, standards, and procedures leveraging the National Institute of Standards and Technology (“NIST”) along with the COBIT 2019 framework to align with applicable laws, regulatory guidance, and industry best practices.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The ERM Committee of our Board of Directors is updated regularly on cybersecurity matters. The ERM Committee is comprised of select board members and select members of executive management and meets at least quarterly. During ERM meetings, our Chief Technology Officer and Head of Technology Engineering discuss key areas of cyber risk, and reviews key cybersecurity metrics and results of cybersecurity risk assessments and testing. In the event of a cybersecurity incident, our ERM Committee would also receive reports from our incident response team. The Board of Directors are briefed quarterly by the ERM Committee on cybersecurity matters that would include threats, policies, practices, and the roadmap being implemented to improve the security posture.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The ERM Committee is comprised of select board members and select members of executive management and meets at least quarterly. During ERM meetings, our Chief Technology Officer and Head of Technology Engineering discuss key areas of cyber risk, and reviews key cybersecurity metrics and results of cybersecurity risk assessments and testing. In the event of a cybersecurity incident, our ERM Committee would also receive reports from our incident response team.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors are briefed quarterly by the ERM Committee on cybersecurity matters that would include threats, policies, practices, and the roadmap being implemented to improve the security posture.
Cybersecurity Risk Role of Management [Text Block]	With the assistance of outside consultants, we have developed cybersecurity incident monitoring and reporting procedures. These procedures begin with continuously monitoring network hardware and applications for cybersecurity breaches and continuously identifying and recording any cyber security events. If appropriate, cyber security events are escalated as incidents and our incident management plan and incident response team are activated. Our incident management plan focuses on containing, eradicating, recovering and following up as necessary from a cybersecurity incident. In addition, incidents are evaluated to determine materiality as well as business impact and reviewed for privacy impact. This evaluation may involve members of our Board of Directors, executive team as well as consultants such as our outside legal counsel and independent auditors. Our cybersecurity incident monitoring and reporting procedures are tested annually through a tabletop event involving the business and IT operations staff. A tabletop event is a role-playing exercise simulating a real cybersecurity event which aims to ensure the plans are still covering all relevant and critical services and stakeholders are prepared. We continuously make cybersecurity improvements based on lessons learned from the tabletop exercises, enterprise risk assessments, and penetration testing.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	In addition, incidents are evaluated to determine materiality as well as business impact and reviewed for privacy impact. This evaluation may involve members of our Board of Directors, executive team as well as consultants such as our outside legal counsel and independent auditors.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	We employ an experienced security operations team that is responsible for the day-to-day assessment and management for material risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity incident monitoring and reporting procedures are tested annually through a tabletop event involving the business and IT operations staff. A tabletop event is a role-playing exercise simulating a real cybersecurity event which aims to ensure the plans are still covering all relevant and critical services and stakeholders are prepared.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Note 14 - Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Comprehensive Income (Loss) Note [Text Block]

14. Accumulated Other Comprehensive Income

Changes in accumulated other comprehensive income (loss) (“AOCI”) are as follows:


	Year Ended December 31,
	2025			2024			2023
	($ in thousands)
Balance as of January 1	$	(26,845	)	$	(23,991	)	$	(36,515	)
Other comprehensive income (loss) before reclassification		32,779			(5,924	)		15,913
Federal income tax (expense) benefit		(6,874	)		1,244			(3,342	)
Other comprehensive income (loss) before reclassification, net of tax		25,905			(4,680	)		12,571
Amounts reclassified from AOCI		(1,982	)		2,311			(60	)
Federal income tax expense (benefit)		416			(485	)		13
Amounts reclassified from AOCI, net of tax		(1,566	)		1,826			(47	)
Other comprehensive income (loss)		24,339			(2,854	)		12,524
Balance at end of period	$	(2,506	)	$	(26,845	)	$	(23,991	)

Note 17 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Losses and LAE reserve discount	$ 3,445	$ 1,711
State tax net operating losses	3,271	3,372
Deferred Intercompany	533	605
Unearned premiums	27,017	19,550
Capitalized organizational costs	94	124
Unrealized losses on investments	0	5,134
Deferred compensation	3,152	2,533
Lease Liability	1,489	1,631
Other	1,487	2,230
Total deferred tax assets	40,488	36,890
Deferred tax liabilities:
Deferred acquisition costs	(26,824)	(19,929)
Unrealized gains on investments	(2,800)	0
Internally developed software	(3,027)	(1,118)
State deferred tax liability	(1,255)	(1,216)
Right-of-use Asset	(1,445)	(1,604)
Other	(1,104)	(837)
Total deferred tax liabilities	(36,455)	(24,704)
Net deferred tax asset before valuation allowance	4,033	12,186
Valuation allowance	(3,272)	(3,372)
Total net deferred tax assets	$ 761	$ 8,814