0001193125-26-212569 | 10-Q | XBRL Viewer

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Note 5 - Stockholders' Equity - Summary of RSU Transactions (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested, shares (in shares) \| shares	296,285
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 89.73
Granted, shares (in shares) \| shares	145,981
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 120.01
Released, shares (in shares) \| shares	(107,437)
Released, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 75
Forfeited, shares (in shares) \| shares	(2,738)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 92.05
Non-vested, shares (in shares) \| shares	332,091
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 107.79

Note 1 - Summary of Operations and Basis of Presentation	3 Months Ended
Mar. 31, 2026
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-domiciled 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, Inc., DBA Palomar General Insurance Agency (“PGIA”), 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”), a Delaware-incorporated insurance management company, Palomar Crop Insurance Services, Inc. (“PCIS”), and a Louisiana-domiciled and Treasury-listed surety carrier specializing in contract bonds, Palomar Casualty & Surety Company (“PCSC”). 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 condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and include the accounts of the Company and its wholly‑owned subsidiaries. The condensed consolidated financial statements also include the accounts of Laulima, a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company determined it is the primary beneficiary because it has the power to direct the activities that most significantly impact Laulima’s economic performance and the obligation to absorb losses that could be significant to Laulima, primarily through capital previously provided. The assets of Laulima may only be used to settle its obligations, and its creditors do not have recourse to the general credit of the Company. These condensed consolidated financial statements do not contain all information and footnotes required by GAAP for complete consolidated financial statements. For a more complete description of the Company’s business and accounting policies, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 24, 2026 (the “2025 Annual Report on Form 10-K”). In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year. 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 condensed 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 condensed 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. Recent Accounting Pronouncements Recently adopted accounting pronouncements The Company has not adopted any new accounting guidance during the three months ended March 31, 2026. 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 2024-03”), 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 of internal-use software costs 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 1 - Summary of Operations and Basis of Presentation

3 Months Ended

Mar. 31, 2026

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-domiciled 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, Inc., DBA Palomar General Insurance Agency (“PGIA”), 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”), a Delaware-incorporated insurance management company, Palomar Crop Insurance Services, Inc. (“PCIS”), and a Louisiana-domiciled and Treasury-listed surety carrier specializing in contract bonds, Palomar Casualty & Surety Company (“PCSC”).

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 condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and include the accounts of the Company and its wholly‑owned subsidiaries.

The condensed consolidated financial statements also include the accounts of Laulima, a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company determined it is the primary beneficiary because it has the power to direct the activities that most significantly impact Laulima’s economic performance and the obligation to absorb losses that could be significant to Laulima, primarily through capital previously provided. The assets of Laulima may only be used to settle its obligations, and its creditors do not have recourse to the general credit of the Company.

These condensed consolidated financial statements do not contain all information and footnotes required by GAAP for complete consolidated financial statements. For a more complete description of the Company’s business and accounting policies, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 24, 2026 (the “2025 Annual Report on Form 10-K”). In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.

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 condensed 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 condensed 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.

Recent Accounting Pronouncements

Recently adopted accounting pronouncements

The Company has not adopted any new accounting guidance during the three months ended March 31, 2026.

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 2024-03”), 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 of internal-use software costs 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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Plans During the quarter ended March 31, 2026, none of our 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).
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

Note 5 - Stockholders' Equity - Summary of Key Valuation Input Assumptions Used in Monte Carlo Simulation Relative to Awards Granted (Details) - Performance Shares	3 Months Ended
	Mar. 31, 2026 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 105.25
2026 Award
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Term	2 years 10 months 24 days
Risk-free interest rate	3.62%
Volatility	38.72%
Weighted average fair value	$ 125.79
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.

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+ Details

Note 5 - Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity [Text Block]

. Stockholders’ Equity

As of March 31, 2026 and December 31, 2025, the Company had 5,000,000 preferred shares authorized with a par value of $0.0001 and no preferred shares issued and outstanding. As of March 31, 2026 and December 31, 2025, the Company had 500,000,000 common shares authorized and 26,514,295 and 26,520,417 common shares issued and outstanding, respectively, with a par value of $0.0001. Additional paid-in capital was $533.6 million as of March 31, 2026 and $523.2 million as of December 31, 2025.

Common stock reserved for future issuance

Common stock reserved for future issuance consists of the following as of March 31, 2026:


Stock options outstanding under 2019 Equity Incentive Plan			498,011
Restricted stock units outstanding under 2019 Equity Incentive Plan			332,091
Performance stock units outstanding under 2019 Equity Incentive Plan, at target			552,064
Shares authorized for future issuance under 2019 Equity Incentive Plan			4,674,852
Shares authorized for future issuance under 2019 Employee Stock Purchase Plan			1,814,096
Total			7,871,114

Stock based compensation

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


	Three Months Ended March 31,
	2026		2025
	($ in thousands)
Stock-based compensation	$	8,786	$	4,745

Stock-based compensation expense is recognized on a straight-line basis over the vesting period of equity-based awards. For performance stock units (“PSUs”), any changes to expense resulting from differences in actual performance versus target are recognized over the remaining vesting period of the 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 unaudited condensed consolidated statement 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 common 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 three months ended March 31, 2026:


	Number of shares			Weighted-average exercise price		Weighted-average remaining contractual term (in years)		Aggregate intrinsic value ($ in thousands)
Outstanding at January 1, 2026		499,676		$	32.15		3.9	$	51,273
Options granted		—			—
Options exercised		(1,665	)		15.00
Options cancelled		—			—
Outstanding at March 31, 2026		498,011		$	32.20		3.6	$	52,229
Vested and Exercisable at March 31, 2026		498,011		$	32.20		3.6	$	52,229

As of March 31, 2026, the Company had no unrecognized stock-based compensation expense related to stock options.

Restricted Stock Units

RSUs are valued using the closing price of the Company’s common stock on their grant date. The Company has issued RSUs with vesting periods of one to five years. Vesting is generally subject to continued service with the Company; however, certain employees who meet the requirements of the Company’s Equity Award Retirement Policy may continue to vest their RSUs following a qualified retirement.

The following table summarizes RSU transactions for the three months ended March 31, 2026:


	Number of shares			Weighted-average grant date fair value
Outstanding at January 1, 2026		296,285		$	89.73
Granted		145,981			120.01
Released		(107,437	)		75.00
Forfeited		(2,738	)		92.05
Non-vested outstanding at March 31, 2026		332,091		$	107.79

As of March 31, 2026, the Company had approximately $32.2 million of total unrecognized stock-based compensation expense related to RSUs expected to be recognized over a weighted-average period of 2.1 years.

Performance Stock Units

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

The majority of PSUs were issued via grants made to certain executives during 2021 and 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 March 31, 2026, 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. 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 also 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 assumptions as follows:


	2026 Awards			2025 Awards
Term	2.9 years			2.9 years
Risk-free interest rate (1)		3.62	%		4.22	%
Volatility (2)		38.72	%		45.00	%
Weighted average fair value (3)	$	125.79		$	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 three months ended March 31, 2026:


	Number of shares			Weighted-average grant date fair value
Outstanding at January 1, 2026		502,022		$	49.05
Granted		117,925			105.25
Vested		(67,883	)		51.24
Forfeited		—			—
Non-vested outstanding at March 31, 2026		552,064		$	60.79

The PSU grants above represent the number of shares that would vest based on achievement of all stock price milestones in the 2021 executive stock grants and the 100% achievement of the predetermined 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. As of March 31, 2026, the Company had approximately $24.5 million of total unrecognized stock-based compensation expense related to PSUs expected to be recognized over a weighted-average period of 1.0 years.

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 were 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 7,148 shares pursuant to the ESPP during the three months ended March 31, 2026.

Share repurchases

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

The Company repurchased 190,255 shares for $23.1 million at an average price of $121.33 per share under this program during the three months ended March 31, 2026. Approximately $89.6 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 repurchased shares are retired and become authorized but unissued shares.

- Definition

The entire disclosure for equity.

+ 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 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Note 5 - Reserve for Losses and Loss Adjustment Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Insurance [Abstract]

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

The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses (“LAE”):


	Three Months Ended March 31,
	2026			2025
	($ in thousands)
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$	275,959		$	155,299
Add: Balances acquired(1)		22,178			6,788
Add: Incurred losses and LAE, net of reinsurance, related to:(2)
Current year		97,430			43,059
Prior years		(10,333	)		(4,316	)
Total incurred		87,097			38,743
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year		20,718			4,998
Prior years		23,500			13,170
Total payments		44,218			18,168
Reserve for losses and LAE net of reinsurance recoverables at end of period		341,016			182,662
Add: Reinsurance recoverables on unpaid losses and LAE at end of period		430,782			361,227
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$	771,798		$	543,889

(1)

Represents amounts recognized in Reserve for losses and LAE net of reinsurance recoverables upon acquisition of The Gray Casualty and Surety Company (“Gray Surety”) and FIA on 1/31/2026 and 1/1/2025, respectively, in accordance with ASC 805, Business Combinations. See Note 23 of the Notes to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K and Note 13 of this Quarterly Report on Form 10-Q for additional information regarding the acquisitions.

(2)

Losses for the three months ended March 31, 2026 and 2025 include $12.3 million and an insignificant amount, respectively, of gains on derivative instruments.

Note 13 - Business Acquisitions (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination [Abstract]

Summary of Allocation of Purchase Price to Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition:


	Amount
	($ in thousands)
Cash and cash equivalents	$	67,683
Investments		113,149
Receivables (premiums and investment income)		14,520
Reinsurance recoverable		5,652
Intangible assets		50,200
Value of business acquired (VOBA)		23,067
Other assets		1,350
Total assets		275,621

Accounts payable and other accrued liabilities		11,088
Reserve for losses and loss adjustment expenses		22,178
Unearned premiums		33,730
Income taxes payable		829
Deferred tax liability		15,029
Net assets acquired		192,767
Goodwill	$	121,236

Summary of Intangible Assets were Comprised

Intangible assets were comprised of the following:


	Amount
	($ in thousands)		Useful Life	Amortization	Valuation Approach
Customer relationships	$	45,200	8 years	Straight-line	Multi-period excess earnings method
State licenses		5,000	Indefinite	Not amortized	Multi-period excess earnings method
Total intangible assets	$	50,200

Summary of Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information presents the combined results of operations of the Company and Gray Surety as if the acquisition had occurred on January 1, 2025. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results that would have occurred had the acquisition been completed on January 1, 2025, nor does it purport to project the future results of operations of the combined company. Significant pro forma adjustments include amortization of VOBA, financing costs, transactions costs, and related tax effects.


	Three Months Ended
	March 31,
	2026		2025
	(Unaudited, $ in thousands)
Pro forma revenue	$	269,730	$	182,084
Pro forma net income		48,329		37,432

Note 5 - Stockholders' Equity (Details Textual)	3 Months Ended
Note 5 - Stockholders' Equity (Details Textual)	Mar. 31, 2026 USD ($) Milestone $ / shares shares	Dec. 31, 2025 USD ($) $ / shares 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)	26,514,295	26,520,417
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Additional paid-in capital \| $	$ 533,628,000	$ 523,168,000
Unrecognized stock-based compensation expense related to stock options \| $	$ 0
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)	7,148
Treasury Stock, Shares, Acquired (in shares)	190,255
Treasury Stock, Value, Acquired, Cost Method \| $	$ 23,100,000
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Shares, Outstanding (in shares)	26,514,295	26,520,417
Share repurchase program, authorized, amount \| $			$ 150,000,000
Average price per share \| $ / shares	$ 121.33
Authorized amount available for future repurchases \| $	$ 89,600,000
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 Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 1 month 6 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount \| $	$ 32,200,000
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)	5 years
Performance Shares [Member]
Equity [Line Items]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount \| $	$ 24,500,000
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] \| 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
Equity Incentive Plan 2019 [Member]
Equity [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	4,674,852			2,400,000
Share Based Compensation Arrangement By Share Based Payment Award Percentage, Number of Additional Shares Available for Grant				3.00%

Note 2 - Investments - The Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Due within one year, Amortized Cost	$ 61,100
Due within one year, Fair Value	61,029
Due after one year through five years, Amortized Cost	286,548
Due after one year through five years, Fair Value	282,929
Due after five years through ten years, Amortized Cost	261,369
Due after five years through ten years, Fair Value	258,947
Due after ten years, Amortized Cost	178,474
Due after ten years, Fair Value	169,940
Mortgage and asset-backed securities, Amortized Cost	643,943
Mortgage and asset-backed securities, Fair Value	636,872
Amortized Cost	1,431,434	$ 1,227,605
Total, Fair Value	$ 1,409,717	$ 1,224,187

Note 5 - Reserve for Losses and Loss Adjustment Expenses (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Insurance [Abstract]
Loss and Loss Adjustment Expense Reserve Redundancy	$ 10.3	$ 4.3

Note 2 - Investments - Net Realized and Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Gains on sales of fixed maturity securities	$ 7	$ 25
Gains on sales of equity securities	0	16
Total realized gains	7	41
Losses on sales of fixed maturity securities	0	(460)
Losses on sales of equity securities	0	(9)
Total realized losses	0	(469)
Net realized investment gains (losses)	7	(428)
Change in allowance for credit losses	0	244
Net unrealized losses on equity securities	(2,094)	(2,332)
Net unrealized losses on equity method investment	0	(18)
Net unrealized gains on other investments	193	196
Net realized and unrealized losses on investments	$ (1,894)	$ (2,338)

Note 2 - Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Interest income	$ 17,308	$ 11,965
Dividend income	970	317
Investment expense	(294)	(211)
Net investment income	$ 17,984	$ 12,071

Note 2 - Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

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

2. Investments

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


	Amortized		Gross		Gross			Allowance
	Cost or		Unrealized		Unrealized			for Credit		Fair
March 31, 2026	Cost		Gains		Losses			Losses		Value
	($ in thousands)
Fixed maturities:
U.S. Governments	$	29,474	$	40	$	(272	)	$	—	$	29,242
U.S. States, Territories, and Political Subdivisions		19,702		60		(1,086	)		—		18,676
Special revenue excluding mortgage/asset-backed securities		20,172		28		(1,968	)		—		18,232
Corporate and other		718,143		4,253		(15,701	)		—		706,695
Mortgage/asset-backed securities		643,943		3,536		(10,607	)		—		636,872
Total available-for-sale investments	$	1,431,434	$	7,917	$	(29,634	)	$	—	$	1,409,717


	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

Security holdings in an unrealized loss position

As of March 31, 2026, the Company held 754 fixed maturity securities in an unrealized loss position with a total estimated fair value of $857.6 million and total gross unrealized losses of $29.6 million. 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.

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 March 31, 2026 and December 31, 2025, are as follows:


	Less Than 12 Months					More Than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
March 31, 2026	Value		Losses			Value		Losses			Value		Losses
	($ in thousands)
Fixed maturity securities:
U.S. Governments	$	10,567	$	(81	)	$	5,697	$	(191	)	$	16,264	$	(272	)
U.S. States, Territories, and Political Subdivisions		2,465		(14	)		13,923		(1,072	)		16,388		(1,086	)
Special revenue excluding mortgage/asset-backed securities		1,060		(8	)		15,100		(1,960	)		16,160		(1,968	)
Corporate and other		298,342		(6,136	)		151,937		(9,565	)		450,279		(15,701	)
Mortgage/asset-backed securities		286,236		(2,646	)		72,262		(7,961	)		358,498		(10,607	)
Total available-for-sale investments	$	598,670	$	(8,885	)	$	258,919	$	(20,749	)	$	857,589	$	(29,634	)


	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	)

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. The Company considers numerous factors in its review as described in Note 2 of the Notes to the Consolidated Financial Statements in the 2025 Annual Report on Form 10-K.

Based on the Company’s review as of March 31, 2026, 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 March 31, 2026, by contractual maturity, are shown below.


	Amortized		Fair
	Cost		Value
	($ in thousands)
Due within one year	$	61,100	$	61,029
Due after one year through five years		286,548		282,929
Due after five years through ten years		261,369		258,947
Due after ten years		178,474		169,940
Mortgage and asset-backed securities		643,943		636,872
	$	1,431,434	$	1,409,717

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

Net investment income summary

Net investment income is summarized as follows:


	Three Months Ended
	March 31,
	2026			2025
	($ in thousands)
Interest income	$	17,308		$	11,965
Dividend income		970			317
Investment expense		(294	)		(211	)
Net investment income	$	17,984		$	12,071

Net realized and unrealized investment gains and losses

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


	Three Months Ended
	March 31,
	2026			2025
	($ in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	7		$	25
Gains on sales of equity securities		—			16
Total realized gains		7			41
Realized losses:
Losses on sales of fixed maturity securities		—			(460	)
Losses on sales of equity securities		—			(9	)
Total realized losses		—			(469	)
Net realized investment gains (losses)		7			(428	)
Change in allowance for credit losses		—			244
Net unrealized losses on equity securities		(2,094	)		(2,332	)
Net unrealized losses on equity method investment		—			(18	)
Net unrealized gains on other investments		193			196
Net realized and unrealized losses on investments	$	(1,894	)	$	(2,338	)

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 $15.4 million and $2.0 million for the three months ended March 31, 2026 and 2025, respectively. Proceeds from the sale of equity securities were an insignificant amount and $1.8 million for the three months ended March 31, 2026 and 2025.

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 unaudited condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, the carrying value of securities on deposit with state regulatory authorities was $18.6 million and $13.5 million, respectively.

The Company has investments in limited partnerships, recorded in the Other investments line of the unaudited condensed 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 March 31, 2026, the Company had unfunded commitments to invest an additional $136.1 million in these limited partnerships.

Note 2 - Investments (Details Textual) $ in Thousands	3 Months Ended
Note 2 - Investments (Details Textual) $ in Thousands	Mar. 31, 2026 USD ($) FixedMaturitySecurities	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) FixedMaturitySecurities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions \| FixedMaturitySecurities	754		391
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 857,589		$ 375,350
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	29,634		19,511
Proceeds from Sale of Debt Securities, Available-for-Sale	15,400	$ 2,000
Proceeds from Sale of Equity Securities, FV-NI		$ 1,800
Debt Securities, Available-for-sale	1,409,717		1,224,187
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	136,100
Securities on Deposit With State Regulatory Authorities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale	$ 18,600		$ 13,500

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Note 5 - Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Changes in Reserve Balance for Losses and Loss Adjustment Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]

Reserve for losses and LAE net of reinsurance recoverables at beginning of period

$ 275,959

$ 155,299

Add: Balances acquired

^[1]

22,178

6,788

Current year

^[2]

97,430

43,059

Prior years

^[2]

(10,333)

(4,316)

Total incurred

^[2]

87,097

38,743

Current year

20,718

4,998

Prior years

23,500

13,170

Total payments

44,218

18,168

Reserve for losses and LAE net of reinsurance recoverables at end of period

341,016

182,662

Add: Reinsurance recoverables on unpaid losses and LAE at end of period

430,782

361,227

$ 412,273

Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period

$ 771,798

$ 543,889

$ 688,231

[1]

[2]

Losses for the three months ended March 31, 2026 and 2025 include $12.3 million and an insignificant amount, respectively, of gains on derivative instruments.

Note 5 - Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Equity [Abstract]
Outstanding, options (in shares)	499,676
Outstanding, options, weighted average exercise price (in dollars per share)	$ 32.15
Outstanding, options, weighted average remaining contractual term (Year)	3 years 7 months 6 days	3 years 10 months 24 days
Outstanding, options, aggregate intrinsic value	$ 52,229	$ 51,273
Options exercised, options (in shares)	(1,665)
Options exercised, options, weighted average exercise price (in dollars per share)	$ 15
Options cancelled (in shares)	0
Options cancelled (in dollars per share)	$ 0
Outstanding, options (in shares)	498,011	499,676
Outstanding, options, weighted average exercise price (in dollars per share)	$ 32.2	$ 32.15
Vested and Exercisable, options (in shares)	498,011
Vested and Exercisable, options, weighted average exercise price (in dollars per share)	$ 32.2
Vested and Exercisable, options, weighted average remaining contractual term (Year)	3 years 7 months 6 days
Vested and Exercisable, options, aggregate intrinsic value	$ 52,229

Note 10 - Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

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:


	Three Months Ended March 31,
	2026		2025
	(in thousands, except shares and per share data)
Net income	$	42,947	$	42,922
Weighted average common shares outstanding:
Basic		26,572,165		26,658,106
Common Share equivalents		768,675		741,891
Diluted		27,340,840		27,399,997

Earnings per share:
Basic	$	1.62	$	1.61
Diluted	$	1.57	$	1.57

Note 4 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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

The following tables present the hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025.


March 31, 2026	Level 1		Level 2		Level 3		Total
	($ in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	29,242	$	—	$	29,242
U.S. States, Territories, and Political Subdivisions		—		18,676		—		18,676
Special revenue excluding mortgage/asset-backed securities		—		18,232		—		18,232
Corporate and other		—		706,695		—		706,695
Mortgage/asset-backed securities		—		636,872		—		636,872
Equity securities		111,080		1,141		118		112,339
Cash, cash equivalents, and restricted cash		56,554		—		—		56,554
Derivative assets		4,390		—		—		4,390
Total assets	$	172,024	$	1,410,858	$	118	$	1,583,000


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

Note 4 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	$ 1,409,717	$ 1,224,187
Equity securities	112,339	99,333
Derivative assets	4,400	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	29,242	23,587
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	18,676	18,862
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	18,232	17,465
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	706,695	608,235
Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	636,872	556,038
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	112,339	99,333
Cash, cash equivalents, and restricted cash	56,554	106,892
Derivative assets	4,390	9,934
Total assets	1,583,000	1,440,346
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	29,242	23,587
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	18,676	18,862
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	18,232	17,465
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	706,695	608,235
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	636,872	556,038
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	111,080	99,333
Cash, cash equivalents, and restricted cash	56,554	106,892
Derivative assets	4,390	9,934
Total assets	172,024	216,159
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 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	1,141	0
Cash, cash equivalents, and restricted cash	0	0
Derivative assets	0	0
Total assets	1,410,858	1,224,187
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	29,242	23,587
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	18,676	18,862
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	18,232	17,465
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	706,695	608,235
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	636,872	556,038
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	118	0
Cash, cash equivalents, and restricted cash	0	0
Derivative assets	0	0
Total assets	118	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

Note 7 Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 942,667	$ 729,030
Other comprehensive (loss) income	(13,947)	10,203
Balance	959,039	790,449
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(2,506)	(26,845)
Other comprehensive (loss) income before reclassification	(18,304)	11,829
Federal income tax expense	4,362	(1,970)
Other comprehensive (loss) income before reclassification, net of tax	(13,942)	9,859
Amounts reclassified from AOCI	(7)	435
Federal income tax benefit (expense)	2	(91)
Amounts reclassified from AOCI, net of tax	(5)	344
Other comprehensive (loss) income	(13,947)	10,203
Balance	$ (16,453)	$ (16,642)

Note 9 - Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

9. Income Taxes

The Company calculates its tax provision in interim periods using its best estimate of the effective tax rate expected for the full year. For the three months ended March 31, 2026 and 2025, the Company’s income tax rates of 19.7% and 20.1%, respectively, were lower than the statutory rate of 21% due primarily to the tax impact of the permanent component of employee stock option exercises offset by non-deductible executive compensation expense.

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. The Company does not expect the enactment of OBBBA to materially impact the Company’s overall income tax expense.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

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 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
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-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: 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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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Note 5 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025	Apr. 16, 2019
Schedule Of Capital Reserved For Future Issuance [Line Items]
Options, Outstanding, Number (in shares)	498,011	499,676
Total (in shares)	7,871,114
Restricted Stock Units (RSUs) [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Equity Instruments Other than Options, Nonvested, Number (in shares)	332,091	296,285
Performance Shares [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Equity Instruments Other than Options, Nonvested, Number (in shares)	552,064	502,022
Equity Incentive Plan 2019 [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Options, Outstanding, Number (in shares)	498,011
Number of Shares Authorized (in shares)	4,674,852		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)	332,091
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)	552,064
Employee Stock Purchase Plan 2019 [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Number of Shares Authorized (in shares)	1,814,096

Note 11 - Reinsurance (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Reinsurance Retention [Line Items]
Reinsurance XOL treaty retention amount retained per event	$ 1.5
Reinsurance Policy, Excess of Loss Protection Amount	735.0
Catastrophe Bond, Face Value		$ 525.0	$ 420.0	$ 200.0	$ 275.0
Earthquake [Member]
Reinsurance Retention [Line Items]
Reinsurance, Amount Retained, Per Event	20.0
Reinsurance Policy, Excess of Loss Protection Amount	3,500.0
U.S. Hurricane [Member]
Reinsurance Retention [Line Items]
Reinsurance Policy, Excess of Loss Protection Amount	100.0
Continental Hurricane [Member]
Reinsurance Retention [Line Items]
Reinsurance, Amount Retained, Per Event	$ 11.0

Note 13 - Business Acquisitions - Summary of Intangible Assets were Comprised (Details) - Gray Casualty & Surety Company $ in Thousands	Jan. 31, 2026 USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, Amount	$ 50,200
Customer Relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, Amount	$ 45,200
Intangible assets, Useful life	8 years
State Licenses
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, Amount	$ 5,000

Note 9 - Income Taxes (Details Textual)	3 Months Ended
Note 9 - Income Taxes (Details Textual)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	19.70%	20.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%

Note 8 - Underwriting Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

8. Underwriting Information

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


	Three Months Ended March 31,
	2026					2025
	($ in thousands)
			% of					% of
	Amount		GWP			Amount		GWP
Product (1)
Casualty	$	206,299		32.8	%	$	133,102		30.1	%
Inland Marine and Property		166,564		26.4	%		113,326		25.6	%
Earthquake		137,315		21.8	%		133,695		30.3	%
Crop		87,773		13.9	%		48,220		10.9	%
Surety & Credit		31,877		5.1	%		13,820		3.1	%
Total gross written premiums	$	629,828		100.0	%	$	442,163		100.0	%

(1)

Beginning in 2026, the Company has updated the categorization of its products to align with management’s current strategy and view of the business. Prior year amounts have been reclassified for comparability purposes. The recategorization is for presentation purposes only and does not impact overall gross written premiums.

Gross written premiums by state are as follows:


	Three Months Ended March 31,
	2026					2025
	($ in thousands)
			% of					% of
	Amount		GWP			Amount		GWP
State
California	$	157,619		25.0	%	$	139,723		31.6	%
Texas		63,584		10.1	%		44,991		10.2	%
Florida		29,888		4.7	%		18,641		4.2	%
New York		24,483		3.9	%		14,597		3.3	%
Hawaii		22,845		3.6	%		20,358		4.6	%
Washington		19,199		3.1	%		15,669		3.5	%
Colorado		15,329		2.4	%		12,168		2.8	%
Oklahoma		14,683		2.3	%		4,192		0.9	%
Other		282,198		44.9	%		171,824		38.9	%
Total gross written premiums	$	629,828		100.0	%	$	442,163		100.0	%

Gross written premiums by insurance subsidiary are as follows:


	Three Months Ended March 31,
	2026					2025
	($ in thousands)
			% of					% of
	Amount		GWP			Amount		GWP
Subsidiary
PSIC	$	323,753		51.4	%	$	230,917		52.2	%
PESIC		270,070		42.9	%		190,786		43.1	%
Laulima		18,671		2.9	%		16,037		3.7	%
PCSC		12,421		2.0	%		—		—	%
FIA		4,913		0.8	%		4,423		1.0	%
Total gross written premiums	$	629,828		100.0	%	$	442,163		100.0	%

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: 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

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	May 04, 2026
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	Q1
Document Fiscal Year Focus	2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,503,871

Note 5 - Stockholders' Equity - Summary of PSU Transactions (Details) - Performance Shares [Member]	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested, shares (in shares) \| shares	502,022
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 49.05
Granted, shares (in shares) \| shares	117,925
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 105.25
Vested, shares (in shares) \| shares	(67,883)
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 51.24
Forfeited, shares (in shares) \| shares	0
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0
Non-vested, shares (in shares) \| shares	552,064
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 60.79

Note 11 - Reinsurance

3 Months Ended

Mar. 31, 2026

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 utilizes both excess of loss (XOL) and quota share reinsurance.

As of March 31, 2026, the Company’s catastrophe event retention is $20.0 million for earthquake events and $11.0 million for continental 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. As of March 31, 2026, the Company’s XOL reinsurance structure provides protection up to $3.5 billion for earthquake events and $100.0 million for continental U.S. hurricane events.

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.

Note 8 - Underwriting Information - Schedule of Gross Written Premiums (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Disaggregation of Revenue [Line Items]

Gross written premiums

^[1]

$ 629,828

$ 442,163

Percentage of Gross Written Premiums

^[1]

100.00%

PSIC

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 323,753

$ 230,917

Percentage of Gross Written Premiums

51.40%

52.20%

PESIC

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 270,070

$ 190,786

Percentage of Gross Written Premiums

42.90%

43.10%

Laulima

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 18,671

$ 16,037

Percentage of Gross Written Premiums

2.90%

3.70%

PCSC

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 12,421

Percentage of Gross Written Premiums

2.00%

FIA

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 4,913

$ 4,423

Percentage of Gross Written Premiums

0.80%

1.00%

California

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 157,619

$ 139,723

Percentage of Gross Written Premiums

25.00%

31.60%

Texas

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 63,584

$ 44,991

Percentage of Gross Written Premiums

10.10%

10.20%

Florida

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 29,888

$ 18,641

Percentage of Gross Written Premiums

4.70%

4.20%

New York

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 24,483

$ 14,597

Percentage of Gross Written Premiums

3.90%

3.30%

Hawaii

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 22,845

$ 20,358

Percentage of Gross Written Premiums

3.60%

4.60%

Washington

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 19,199

$ 15,669

Percentage of Gross Written Premiums

3.10%

3.50%

Colorado

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 15,329

$ 12,168

Percentage of Gross Written Premiums

2.40%

2.80%

Oklahoma

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 14,683

$ 4,192

Percentage of Gross Written Premiums

2.30%

0.90%

Other

Disaggregation of Revenue [Line Items]

Gross written premiums

$ 282,198

$ 171,824

Percentage of Gross Written Premiums

44.90%

38.90%

Casualty

Disaggregation of Revenue [Line Items]

Gross written premiums

^[1]

$ 206,299

$ 133,102

Percentage of Gross Written Premiums

^[1]

32.80%

30.10%

Inland Marine and Property

Disaggregation of Revenue [Line Items]

Gross written premiums

^[1]

$ 166,564

$ 113,326

Percentage of Gross Written Premiums

^[1]

26.40%

25.60%

Earthquake

Disaggregation of Revenue [Line Items]

Gross written premiums

^[1]

$ 137,315

$ 133,695

Percentage of Gross Written Premiums

^[1]

21.80%

30.30%

Crop

Disaggregation of Revenue [Line Items]

Gross written premiums

^[1]

$ 87,773

$ 48,220

Percentage of Gross Written Premiums

^[1]

13.90%

10.90%

Surety & Credit

Disaggregation of Revenue [Line Items]

Gross written premiums

^[1]

$ 31,877

$ 13,820

Percentage of Gross Written Premiums

^[1]

5.10%

3.10%

[1]

Note 2 - Investments (Tables)

3 Months Ended

Mar. 31, 2026

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
March 31, 2026	Cost		Gains		Losses			Losses		Value
	($ in thousands)
Fixed maturities:
U.S. Governments	$	29,474	$	40	$	(272	)	$	—	$	29,242
U.S. States, Territories, and Political Subdivisions		19,702		60		(1,086	)		—		18,676
Special revenue excluding mortgage/asset-backed securities		20,172		28		(1,968	)		—		18,232
Corporate and other		718,143		4,253		(15,701	)		—		706,695
Mortgage/asset-backed securities		643,943		3,536		(10,607	)		—		636,872
Total available-for-sale investments	$	1,431,434	$	7,917	$	(29,634	)	$	—	$	1,409,717


	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

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
March 31, 2026	Value		Losses			Value		Losses			Value		Losses
	($ in thousands)
Fixed maturity securities:
U.S. Governments	$	10,567	$	(81	)	$	5,697	$	(191	)	$	16,264	$	(272	)
U.S. States, Territories, and Political Subdivisions		2,465		(14	)		13,923		(1,072	)		16,388		(1,086	)
Special revenue excluding mortgage/asset-backed securities		1,060		(8	)		15,100		(1,960	)		16,160		(1,968	)
Corporate and other		298,342		(6,136	)		151,937		(9,565	)		450,279		(15,701	)
Mortgage/asset-backed securities		286,236		(2,646	)		72,262		(7,961	)		358,498		(10,607	)
Total available-for-sale investments	$	598,670	$	(8,885	)	$	258,919	$	(20,749	)	$	857,589	$	(29,634	)


	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	)

Investments Classified by Contractual Maturity Date [Table Text Block]

The amortized cost and fair value of fixed maturity securities at March 31, 2026, by contractual maturity, are shown below.


	Amortized		Fair
	Cost		Value
	($ in thousands)
Due within one year	$	61,100	$	61,029
Due after one year through five years		286,548		282,929
Due after five years through ten years		261,369		258,947
Due after ten years		178,474		169,940
Mortgage and asset-backed securities		643,943		636,872
	$	1,431,434	$	1,409,717

Investment Income [Table Text Block]

Net investment income is summarized as follows:


	Three Months Ended
	March 31,
	2026			2025
	($ in thousands)
Interest income	$	17,308		$	11,965
Dividend income		970			317
Investment expense		(294	)		(211	)
Net investment income	$	17,984		$	12,071

Gain (Loss) on Securities [Table Text Block]

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


	Three Months Ended
	March 31,
	2026			2025
	($ in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	7		$	25
Gains on sales of equity securities		—			16
Total realized gains		7			41
Realized losses:
Losses on sales of fixed maturity securities		—			(460	)
Losses on sales of equity securities		—			(9	)
Total realized losses		—			(469	)
Net realized investment gains (losses)		7			(428	)
Change in allowance for credit losses		—			244
Net unrealized losses on equity securities		(2,094	)		(2,332	)
Net unrealized losses on equity method investment		—			(18	)
Net unrealized gains on other investments		193			196
Net realized and unrealized losses on investments	$	(1,894	)	$	(2,338	)

Note 5 - Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Changes in Reserve Balance for Losses and Loss Adjustment Expenses (Parentheticals) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Incurred losses	$ 12.3

Note 5 - Stockholders' Equity - Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity [Abstract]
Stock-based compensation	$ 8,786	$ 4,745

Note 12 - Credit Agreements

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Credit Agreements

12. Credit Agreements

U.S. Bank Credit Agreement

In December 2021, the Company entered into a credit agreement with U.S. Bank National Association (the “2021 Credit Agreement”), which provided a revolving credit facility of up to $100 million through December 8, 2026. In January 2026, the Company entered into a new credit agreement (the “2026 Credit Agreement”) that replaced the 2021 Credit Agreement. The 2026 Credit Agreement provides for unsecured credit facilities totaling $450 million, comprised of a $150 million revolving facility (the “Revolving Facility”) and a $300 million term loan (the “Term Loan”), each maturing on January 27, 2031. Borrowings under the 2026 Credit Agreement bear interest at variable rates based on Term Secured Overnight Financing Rate (“SOFR”) or an alternate base rate, plus an applicable margin determined by the Company’s debt-to-capital ratio (as defined in the 2026 Credit Agreement). In

addition to interest on funds borrowed, the Company must pay an unused line fee of up to 0.25%, determined by the Company’s debt-to-capital ratio, on any amounts not borrowed. The Term Loan amortizes quarterly, and borrowings may be prepaid in full or in part with no penalty or premium. Obligations under the 2026 Credit Agreement are guaranteed by certain of the Company’s domestic subsidiaries and are unsecured, subject to a negative pledge. Proceeds from the 2026 Credit Agreement may be used for general corporate purposes, including permitted acquisitions and the refinancing of existing indebtedness.

The 2026 Credit Agreement contains customary representations, warranties, and affirmative and negative covenants, including, among other things, financial covenants, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness, dividends, and other distributions. The financial covenants include requirements to maintain a permissible debt to capital ratio, a minimum consolidated net worth, a minimum risk-based capital ratio and minimum A.M. Best financial strength rating. The 2026 Credit Agreement also contains customary events of default, such as non-compliance with financial covenants. If an event of default occurs, any debt may be declared immediately due and payable. As of March 31, 2026, the Company was in compliance with all debt covenants.

As of March 31, 2026, the Company had $297.4 million outstanding on its Term Loan. Interest expense on the Term Loan was $2.9 million for the three months ended March 31, 2026.

As of March 31, 2026 and December 31, 2025, the Company had no borrowings outstanding on the 2021 Credit Agreement. Interest expense on the 2021 Credit Agreement was insignificant and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, the Company had no borrowings outstanding on the Revolving Facility. Interest expense on the Revolving Facility was $0.1 million for the three months ended March 31, 2026.

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 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 March 31, 2026 and December 31, 2025 the Company had no borrowings outstanding through the FHLB. Interest expense on the FHLB line of credit was $0.1 million and insignificant for the three months ended March 31, 2026 and 2025, respectively.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 1 - Summary of Operations and Basis of Presentation (Details Textual)	3 Months Ended
	Mar. 31, 2026 Segments
Accounting Policies [Abstract]
Number of operating segment	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 4 - Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

4. Fair Value Measurements

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 for 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 valuations 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 following tables present the hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025.


March 31, 2026	Level 1		Level 2		Level 3		Total
	($ in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	29,242	$	—	$	29,242
U.S. States, Territories, and Political Subdivisions		—		18,676		—		18,676
Special revenue excluding mortgage/asset-backed securities		—		18,232		—		18,232
Corporate and other		—		706,695		—		706,695
Mortgage/asset-backed securities		—		636,872		—		636,872
Equity securities		111,080		1,141		118		112,339
Cash, cash equivalents, and restricted cash		56,554		—		—		56,554
Derivative assets		4,390		—		—		4,390
Total assets	$	172,024	$	1,410,858	$	118	$	1,583,000


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

The carrying amounts of financial assets and liabilities reported in the accompanying condensed 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 Company’s derivative assets are measured at fair value in accordance with ASC 815, and are included on the unaudited condensed consolidated balance sheets within “Other investments” with any changes in fair value recorded in earnings in “Losses and loss adjustment expenses.” See Note 3 for further information regarding the Company’s derivative assets.

The carrying amount of any borrowings under the Federal Home Loan Bank (“FHLB”) line of credit and U.S. Bank revolving facility (the “Revolving Facility”) approximate fair value as the credit agreements have variable rates which frequently reprice at market rates.

Transfers between Level 3 and Level 2 securities result from changes in the availability of observable market inputs and are recorded at the beginning of the reporting period. As of March 31, 2026 and December 31, 2025, the Company had an insignificant amount of securities classified as Level 3.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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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 10 - Earnings Per Share - Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net income	$ 42,947	$ 42,922
Basic (in shares)	26,572,165	26,658,106
Common Share equivalents (in shares)	768,675	741,891
Diluted (in shares)	27,340,840	27,399,997
Basic (in dollars per share)	$ 1.62	$ 1.61
Diluted (in dollars per share)	$ 1.57	$ 1.57

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Note 12 - Credit Agreements (Details Textual) - USD ($)	1 Months Ended		3 Months Ended
Note 12 - Credit Agreements (Details Textual) - USD ($)	Jan. 31, 2026	Dec. 31, 2021	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Line of Credit Facility [Line Items]
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		$ 0
Interest Expense, Loans from Other Federal Home Loan Banks			100,000
2021 Credit Agreement
Line of Credit Facility [Line Items]
Long-Term Line of Credit			0		$ 0
Interest Expense, Debt				$ 100,000
Revolving Credit Facility
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, Unused Capacity, Commitment Fee Percentage		0.25%
Long-Term Line of Credit	$ 150,000,000		0
Interest Expense, Debt			100,000
Term Loan
Line of Credit Facility [Line Items]
Long-Term Line of Credit	$ 300,000,000		297,400,000
Line of Credit Facility, Maturity Date	Jan. 27, 2031
Interest Expense, Debt			$ 2,900,000
Unsecured Credit Facilities
Line of Credit Facility [Line Items]
Long-Term Line of Credit	$ 450,000,000

Note 13 - Business Acquisitions (Details Textual) - USD ($)		3 Months Ended
	Jan. 31, 2026	Mar. 31, 2026	Mar. 31, 2025
Business Combination [Line Items]
Net Income (Loss)		$ 42,947,000	$ 42,922,000
Gray Casualty & Surety Company
Business Combination [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Combination, Consideration Transferred	$ 314,800,000
Revenue		12,000,000
Net Income (Loss)		1,200,000
Acquisition-related expenses		7,400,000
Value of business acquired (VOBA)	23,067,000
Impairment charges		$ 0
Goodwill	$ 121,236,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $1,431,434 in 2026; $1,227,605 in 2025)	$ 1,409,717	$ 1,224,187
Equity securities, at fair value (cost: $98,838 in 2026; $81,772 in 2025)	112,339	99,333
Other investments	40,410	28,503
Total investments	1,562,466	1,352,023
Cash and cash equivalents	56,538	106,875
Restricted cash	16	17
Accrued investment income	12,828	11,545
Premiums receivable	577,742	452,908
Deferred policy acquisition costs, net of ceding commissions and fronting fees	141,602	127,718
Reinsurance recoverable on paid losses and loss adjustment expenses	57,443	56,428
Reinsurance recoverable on unpaid losses and loss adjustment expenses	430,782	412,273
Ceded unearned premiums	406,077	355,918
Prepaid expenses and other assets	118,368	110,896
Deferred tax assets, net	0	761
Property and equipment, net	2,297	2,551
Goodwill and intangible assets, net	246,172	61,054
Total assets	3,612,331	3,050,967
Liabilities:
Accounts payable and other accrued liabilities	114,458	115,663
Reserve for losses and loss adjustment expenses	771,798	688,231
Unearned premiums	1,148,508	988,143
Ceded premium payable	264,217	271,413
Funds held under reinsurance treaty	40,189	44,850
Income taxes payable	5,852	0
Term loan	297,434	0
Deferred tax liabilities, net	10,836	0
Total liabilities	2,653,292	2,108,300
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,514,295 and 26,520,417 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	3	3
Additional paid-in capital	533,628	523,168
Accumulated other comprehensive loss	(16,453)	(2,506)
Retained earnings	441,861	422,002
Total stockholders' equity	959,039	942,667
Total liabilities and stockholders' equity	$ 3,612,331	$ 3,050,967

Note 13 - Business Acquisitions - Summary of Unaudited Pro Forma Financial Information (Details) - Gray Casualty & Surety Company - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Business Combination, Pro Forma Information [Line Items]
Pro forma revenue	$ 269,730	$ 182,084
Pro forma net income	$ 48,329	$ 37,432

- 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 + Details

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Gross written premiums

^[1]

$ 629,828

$ 442,163

Ceded written premiums

(291,913)

(230,745)

Net written premiums

337,915

211,418

Change in unearned premiums

(76,477)

(47,348)

Net earned premiums

261,438

164,070

Net investment income

17,984

12,071

Net realized and unrealized losses on investments

(1,894)

(2,338)

Commission and other income

1,410

830

Total revenues

278,938

174,633

Expenses:

Losses and loss adjustment expenses

87,097

38,743

Acquisition expenses, net of ceding commissions and fronting fees

70,315

46,359

Other underwriting expenses

64,907

35,733

Interest expense

3,158

Total expenses

225,477

120,920

Income before income taxes

53,461

53,713

Income tax expense

10,514

10,791

Net income

42,947

42,922

Other comprehensive income, net:

Net unrealized (losses) gains on securities available for sale

(13,947)

10,203

Net comprehensive income

$ 29,000

$ 53,125

Per Share Data:

Basic earnings per share (in dollars per share)

$ 1.62

$ 1.61

Diluted earnings per share (in dollars per share)

$ 1.57

Weighted-average common shares outstanding:

Basic (in shares)

26,572,165

26,658,106

Diluted (in shares)

27,340,840

27,399,997

[1]

Note 7 - Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Comprehensive Income (Loss) Note [Text Block]

7. Accumulated Other Comprehensive Income

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


	Three Months Ended March 31,
	2026			2025
	($ in thousands)
Beginning Balance	$	(2,506	)	$	(26,845	)

Other comprehensive (loss) income before reclassification		(18,304	)		11,829
Federal income tax benefit (expense)		4,362			(1,970	)
Other comprehensive (loss) income before reclassification, net of tax		(13,942	)		9,859

Amounts reclassified from AOCI		(7	)		435
Federal income tax benefit (expense)		2			(91	)
Amounts reclassified from AOCI, net of tax		(5	)		344

Other comprehensive (loss) income		(13,947	)		10,203
Balance at end of period	$	(16,453	)	$	(16,642	)

Note 5 - Reserve for Losses and Loss Adjustment Expenses

3 Months Ended

Mar. 31, 2026

Insurance [Abstract]

Reserve for Losses and Loss Adjustment Expenses [Text Block]

5. Reserve for Losses and Loss Adjustment Expenses

The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses (“LAE”):


	Three Months Ended March 31,
	2026			2025
	($ in thousands)
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$	275,959		$	155,299
Add: Balances acquired(1)		22,178			6,788
Add: Incurred losses and LAE, net of reinsurance, related to:(2)
Current year		97,430			43,059
Prior years		(10,333	)		(4,316	)
Total incurred		87,097			38,743
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year		20,718			4,998
Prior years		23,500			13,170
Total payments		44,218			18,168
Reserve for losses and LAE net of reinsurance recoverables at end of period		341,016			182,662
Add: Reinsurance recoverables on unpaid losses and LAE at end of period		430,782			361,227
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$	771,798		$	543,889

(1)

(2)

Losses for the three months ended March 31, 2026 and 2025 include $12.3 million and an insignificant amount, respectively, of gains on derivative instruments.

Considerable variability is inherent in the estimate of the reserve for losses and LAE. Although management believes the liability recorded for losses and LAE is adequate, the variability inherent in this estimate could result in changes to the ultimate liability, which may be material to stockholders’ equity.

The Company experienced favorable prior year development of $10.3 million and favorable prior year development of $4.3 million during the three months ended March 31, 2026 and 2025, respectively.

Favorable prior year development during the three months ended March 31, 2026 and 2025 was primarily due to lower than anticipated severity of attritional losses in the Company’s Inland Marine and Property line of business.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
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 condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and include the accounts of the Company and its wholly‑owned subsidiaries. The condensed consolidated financial statements also include the accounts of Laulima, a variable interest entity (“VIE”) for which the Company is the primary beneficiary. The Company determined it is the primary beneficiary because it has the power to direct the activities that most significantly impact Laulima’s economic performance and the obligation to absorb losses that could be significant to Laulima, primarily through capital previously provided. The assets of Laulima may only be used to settle its obligations, and its creditors do not have recourse to the general credit of the Company. These condensed consolidated financial statements do not contain all information and footnotes required by GAAP for complete consolidated financial statements. For a more complete description of the Company’s business and accounting policies, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 24, 2026 (the “2025 Annual Report on Form 10-K”). In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.
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 condensed 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 condensed 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]	Recent Accounting Pronouncements Recently adopted accounting pronouncements The Company has not adopted any new accounting guidance during the three months ended March 31, 2026. 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 2024-03”), 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 of internal-use software costs 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.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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

Note 3 - Derivative Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets, notional amount	$ 13.2	$ 16.4
Derivative assets at fair value	4.4	$ 9.9
Gain on derivative instruments, net, pretax	$ 12.3

Note 2 - Investments - Security Holdings in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	$ 598,670	$ 104,439
Less than 12 Months, Accumulated Loss	(8,885)	(1,833)
12 Months or Longer, fair value	258,919	270,911
12 Months or Longer, Accumulated Loss	(20,749)	(17,678)
Fair value	857,589	375,350
Accumulated Loss	(29,634)	(19,511)
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	10,567	2,006
Less than 12 Months, Accumulated Loss	(81)	(38)
12 Months or Longer, fair value	5,697	5,704
12 Months or Longer, Accumulated Loss	(191)	(188)
Fair value	16,264	7,710
Accumulated Loss	(272)	(226)
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	2,465	5,157
Less than 12 Months, Accumulated Loss	(14)	(441)
12 Months or Longer, fair value	13,923	9,509
12 Months or Longer, Accumulated Loss	(1,072)	(553)
Fair value	16,388	14,666
Accumulated Loss	(1,086)	(994)
Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	1,060	0
Less than 12 Months, Accumulated Loss	(8)	0
12 Months or Longer, fair value	15,100	15,185
12 Months or Longer, Accumulated Loss	(1,960)	(1,887)
Fair value	16,160	15,185
Accumulated Loss	(1,968)	(1,887)
Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	298,342	49,963
Less than 12 Months, Accumulated Loss	(6,136)	(948)
12 Months or Longer, fair value	151,937	160,780
12 Months or Longer, Accumulated Loss	(9,565)	(7,456)
Fair value	450,279	210,743
Accumulated Loss	(15,701)	(8,404)
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	286,236	47,313
Less than 12 Months, Accumulated Loss	(2,646)	(406)
12 Months or Longer, fair value	72,262	79,733
12 Months or Longer, Accumulated Loss	(7,961)	(7,594)
Fair value	358,498	127,046
Accumulated Loss	$ (10,607)	$ (8,000)

Note 3 - Derivative Instruments

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments [Text Block]

3. Derivative Instruments

The Company uses commodity-based derivative instruments, specifically put options on livestock, as part of its financial risk management program to mitigate price risk associated with certain insurance contracts exposed to livestock commodity price fluctuations. As part of this program, the Company employs an economic hedging strategy using derivatives to reduce exposure to adverse livestock price movements. The notional amount of derivative contracts held and the degree of hedged exposure are actively managed and vary based on volume of the business written. 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 unaudited condensed consolidated balance sheets within “Other investments,” with changes in fair value recognized in earnings in “Losses and loss adjustment expenses.”

As of March 31, 2026, the notional amount and fair value of the Company’s derivative assets were $13.2 million and $4.4 million, respectively. 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 three months ended March 31, 2026 and 2025, the Company recognized $12.3 million and an insignificant amount, respectively, of pre-tax net gains related to these derivatives, which were included in earnings within “Losses and loss adjustment expenses.”

See Note 2 to the Notes to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K 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.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 42,947	$ 42,922

- Definition

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

+ References

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net cash provided by operating activities	$ 47,025	$ 87,183
Investing activities
Purchases of property and equipment	0	(35)
Proceeds from sale of property and equipment	240	0
Capitalized software costs	(1,994)	(1,387)
Purchases of fixed maturity securities	(253,641)	(315,026)
Purchases of equity securities	(11,009)	(6,645)
Sales and maturities of fixed maturity securities	145,058	291,896
Sales of equity securities	0	8,447
Change in securities receivable or payable, net	(2,503)	(195)
Investments in limited partnerships and other assets	(3,213)	(4,972)
Acquisitions, net of cash acquired	(246,321)	(24,027)
Net cash used in investing activities	(373,383)	(51,944)
Financing activities
Proceeds from term loan	297,434	0
Proceeds from stock offering, net of offering costs	0	(131)
Proceeds from common stock issued via employee stock purchase plan	743	526
Proceeds from common stock issued via stock option exercises	25	2,377
Policy holder contribution to surplus	906	777
Repurchases of common stock	(23,088)	0
Net cash provided by financing activities	276,020	3,549
Net (decrease) increase in cash, cash equivalents and restricted cash	(50,338)	38,788
Cash, cash equivalents and restricted cash at beginning of period	106,892	80,539
Cash, cash equivalents and restricted cash at end of period	56,554	119,327
Supplementary cash flow information:
Cash paid for state income taxes	175	6
Cash paid for interest	220	60
Cash and cash equivalents	56,538
Restricted cash	16
Cash and cash equivalents and restricted cash	$ 56,554	$ 119,327

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Available-for-Sale, Amortized Cost	$ 1,431,434	$ 1,227,605
Equity Securities, Cost	$ 98,838	$ 81,772
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)	26,514,295	26,520,417
Common Stock, Shares, Outstanding (in shares)	26,514,295	26,520,417

Note 8 - Underwriting Information (Tables)

3 Months Ended

Mar. 31, 2026

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:


	Three Months Ended March 31,
	2026					2025
	($ in thousands)
			% of					% of
	Amount		GWP			Amount		GWP
Product (1)
Casualty	$	206,299		32.8	%	$	133,102		30.1	%
Inland Marine and Property		166,564		26.4	%		113,326		25.6	%
Earthquake		137,315		21.8	%		133,695		30.3	%
Crop		87,773		13.9	%		48,220		10.9	%
Surety & Credit		31,877		5.1	%		13,820		3.1	%
Total gross written premiums	$	629,828		100.0	%	$	442,163		100.0	%

(1)

Gross written premiums by state are as follows:


	Three Months Ended March 31,
	2026					2025
	($ in thousands)
			% of					% of
	Amount		GWP			Amount		GWP
State
California	$	157,619		25.0	%	$	139,723		31.6	%
Texas		63,584		10.1	%		44,991		10.2	%
Florida		29,888		4.7	%		18,641		4.2	%
New York		24,483		3.9	%		14,597		3.3	%
Hawaii		22,845		3.6	%		20,358		4.6	%
Washington		19,199		3.1	%		15,669		3.5	%
Colorado		15,329		2.4	%		12,168		2.8	%
Oklahoma		14,683		2.3	%		4,192		0.9	%
Other		282,198		44.9	%		171,824		38.9	%
Total gross written premiums	$	629,828		100.0	%	$	442,163		100.0	%

Gross written premiums by insurance subsidiary are as follows:


	Three Months Ended March 31,
	2026					2025
	($ in thousands)
			% of					% of
	Amount		GWP			Amount		GWP
Subsidiary
PSIC	$	323,753		51.4	%	$	230,917		52.2	%
PESIC		270,070		42.9	%		190,786		43.1	%
Laulima		18,671		2.9	%		16,037		3.7	%
PCSC		12,421		2.0	%		—		—	%
FIA		4,913		0.8	%		4,423		1.0	%
Total gross written premiums	$	629,828		100.0	%	$	442,163		100.0	%

Note 5 - Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

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

Common stock reserved for future issuance consists of the following as of March 31, 2026:


Stock options outstanding under 2019 Equity Incentive Plan			498,011
Restricted stock units outstanding under 2019 Equity Incentive Plan			332,091
Performance stock units outstanding under 2019 Equity Incentive Plan, at target			552,064
Shares authorized for future issuance under 2019 Equity Incentive Plan			4,674,852
Shares authorized for future issuance under 2019 Employee Stock Purchase Plan			1,814,096
Total			7,871,114

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

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


	Three Months Ended March 31,
	2026		2025
	($ in thousands)
Stock-based compensation	$	8,786	$	4,745

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

The following table summarizes stock option transactions for the three months ended March 31, 2026:


	Number of shares			Weighted-average exercise price		Weighted-average remaining contractual term (in years)		Aggregate intrinsic value ($ in thousands)
Outstanding at January 1, 2026		499,676		$	32.15		3.9	$	51,273
Options granted		—			—
Options exercised		(1,665	)		15.00
Options cancelled		—			—
Outstanding at March 31, 2026		498,011		$	32.20		3.6	$	52,229
Vested and Exercisable at March 31, 2026		498,011		$	32.20		3.6	$	52,229

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

The following table summarizes RSU transactions for the three months ended March 31, 2026:


	Number of shares			Weighted-average grant date fair value
Outstanding at January 1, 2026		296,285		$	89.73
Granted		145,981			120.01
Released		(107,437	)		75.00
Forfeited		(2,738	)		92.05
Non-vested outstanding at March 31, 2026		332,091		$	107.79

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

The following table summarizes PSU transactions for the three months ended March 31, 2026:


	Number of shares			Weighted-average grant date fair value
Outstanding at January 1, 2026		502,022		$	49.05
Granted		117,925			105.25
Vested		(67,883	)		51.24
Forfeited		—			—
Non-vested outstanding at March 31, 2026		552,064		$	60.79

Schedule Of Key Valuation Input Assumptions Used In The Monte Carlo Simulation Relative To Awards Granted [Table Text Block]

These PSUs were valued using a Monte Carlo simulation with key valuation assumptions as follows:


	2026 Awards			2025 Awards
Term	2.9 years			2.9 years
Risk-free interest rate (1)		3.62	%		4.22	%
Volatility (2)		38.72	%		45.00	%
Weighted average fair value (3)	$	125.79		$	116.50

Note 10 - Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

10. Earnings Per Share

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


	Three Months Ended March 31,
	2026		2025
	(in thousands, except shares and per share data)
Net income	$	42,947	$	42,922
Weighted average common shares outstanding:
Basic		26,572,165		26,658,106
Common Share equivalents		768,675		741,891
Diluted		27,340,840		27,399,997

Earnings per share:
Basic	$	1.62	$	1.61
Diluted	$	1.57	$	1.57

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 7 - Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

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

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


	Three Months Ended March 31,
	2026			2025
	($ in thousands)
Beginning Balance	$	(2,506	)	$	(26,845	)

Other comprehensive (loss) income before reclassification		(18,304	)		11,829
Federal income tax benefit (expense)		4,362			(1,970	)
Other comprehensive (loss) income before reclassification, net of tax		(13,942	)		9,859

Amounts reclassified from AOCI		(7	)		435
Federal income tax benefit (expense)		2			(91	)
Amounts reclassified from AOCI, net of tax		(5	)		344

Other comprehensive (loss) income		(13,947	)		10,203
Balance at end of period	$	(16,453	)	$	(16,642	)

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]
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, net of tax	10,203	0	0	10,203	0
Stock-based compensation	4,745	$ 0	4,745	0	0
Issuance of common stock via employee stock purchase plan (in shares)		6,310
Issuance of common stock via employee stock purchase plan	526	$ 0	526	0	0
Issuance of common stock via equity incentive plan (in shares)		199,420
Issuance of common stock via equity incentive plan	2,377	$ 0	2,377	0	0
Policyholder contribution to surplus	777	0	777	0	0
Offering Costs (related to prior year offering)	(131)	0	(131)	0
Net income	42,922	$ 0	0	0	42,922
Balance (in shares) at Mar. 31, 2025		26,735,132
Balance at Mar. 31, 2025	790,449	$ 3	501,950	(16,642)	305,138
Balance (in shares) at Dec. 31, 2025		26,520,417
Balance at Dec. 31, 2025	942,667	$ 3	523,168	(2,506)	422,002
Other comprehensive income, net of tax	(13,947)	0	0	(13,947)	0
Stock-based compensation	$ 8,786	$ 0	8,786	0	0
Issuance of common stock via employee stock purchase plan (in shares)	7,148	7,148
Issuance of common stock via employee stock purchase plan	$ 743	$ 0	743	0	0
Issuance of common stock via equity incentive plan (in shares)		176,985
Issuance of common stock via equity incentive plan	25	$ 0	25	0	0
Policyholder contribution to surplus	906	$ 0	906	0	0
Repurchases of common stock (in shares)		(190,255)
Repurchases of common stock	(23,088)	$ 0	0	0	(23,088)
Net income	42,947	$ 0	0	0	42,947
Balance (in shares) at Mar. 31, 2026		26,514,295
Balance at Mar. 31, 2026	$ 959,039	$ 3	$ 533,628	$ (16,453)	$ 441,861

Note 2 - Investments - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	$ 1,431,434	$ 1,227,605
Available-for-sale, Accumulated Gross Unrealized Gain	7,917	16,093
Available-for-sale, Accumulated Gross Unrealized Loss	(29,634)	(19,511)
Available-for-Sale, Allowance for Credit Loss	0	0
Available-for-Sale, Fair Value	1,409,717	1,224,187
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	29,474	23,716
Available-for-sale, Accumulated Gross Unrealized Gain	40	97
Available-for-sale, Accumulated Gross Unrealized Loss	(272)	(226)
Available-for-Sale, Allowance for Credit Loss	0	0
Available-for-Sale, Fair Value	29,242	23,587
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	19,702	19,745
Available-for-sale, Accumulated Gross Unrealized Gain	60	111
Available-for-sale, Accumulated Gross Unrealized Loss	(1,086)	(994)
Available-for-Sale, Allowance for Credit Loss	0	0
Available-for-Sale, Fair Value	18,676	18,862
Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	20,172	19,280
Available-for-sale, Accumulated Gross Unrealized Gain	28	72
Available-for-sale, Accumulated Gross Unrealized Loss	(1,968)	(1,887)
Available-for-Sale, Allowance for Credit Loss	0	0
Available-for-Sale, Fair Value	18,232	17,465
Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	718,143	606,748
Available-for-sale, Accumulated Gross Unrealized Gain	4,253	9,891
Available-for-sale, Accumulated Gross Unrealized Loss	(15,701)	(8,404)
Available-for-Sale, Allowance for Credit Loss	0	0
Available-for-Sale, Fair Value	706,695	608,235
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	643,943	558,116
Available-for-sale, Accumulated Gross Unrealized Gain	3,536	5,922
Available-for-sale, Accumulated Gross Unrealized Loss	(10,607)	(8,000)
Available-for-Sale, Allowance for Credit Loss	0	0
Available-for-Sale, Fair Value	$ 636,872	$ 556,038

Note 13 - Business Acquisitions - Summary of Allocation of Purchase Price to Fair Values of Assets Acquired and Liabilities Assumed (Details) - Gray Casualty & Surety Company $ in Thousands	Jan. 31, 2026 USD ($)
Business Combination [Line Items]
Cash and cash equivalents	$ 67,683
Investments	113,149
Receivables (premiums and investment income)	14,520
Reinsurance recoverable	5,652
Intangible assets	50,200
Value of business acquired (VOBA)	23,067
Other assets	1,350
Total assets	275,621
Accounts payable and other accrued liabilities	11,088
Reserve for losses and loss adjustment expenses	22,178
Unearned premiums	33,730
Income taxes payable	829
Deferred tax liability	15,029
Net assets acquired	192,767
Goodwill	$ 121,236

Note 13 - Business Acquisitions

3 Months Ended

Mar. 31, 2026

Business Combination [Abstract]

Business Combination [Text Block]

13. Business Acquisitions

On January 31, 2026, the Company completed the acquisition of 100% of the issued and outstanding equity interests of Gray Surety for aggregate consideration of approximately $314.8 million. The acquisition was funded with proceeds from the Term Loan (as defined in Note 12) and cash on hand and was completed to expand the Company’s surety platform. The Company subsequently renamed Gray Surety to Palomar Casualty & Surety Company (“PCSC”).

The acquisition has been accounted for as a business combination in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations and ASC 944 Financial Services - Insurance. The allocation of the purchase price to the assets acquired and liabilities assumed is preliminary and subject to adjustment during the measurement period, which will not exceed one year from the acquisition date. The results of operations of Gray Surety have been included in the Company’s condensed consolidated financial statements since the acquisition date of January 31, 2026. For the three months ended March 31, 2026, Gray Surety contributed revenue of $12.0 million and net loss of $1.2 million.

The Company recognized $7.4 million of acquisition-related expenses for Gray Surety during the three months ended March 31, 2026, within Other underwriting expenses on the Consolidated Statement of Income and Comprehensive Income. These expenses include advisory, legal, accounting, valuation, and other due diligence costs.

The following table summarizes the allocation of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition:


	Amount
	($ in thousands)
Cash and cash equivalents	$	67,683
Investments		113,149
Receivables (premiums and investment income)		14,520
Reinsurance recoverable		5,652
Intangible assets		50,200
Value of business acquired (VOBA)		23,067
Other assets		1,350
Total assets		275,621

Accounts payable and other accrued liabilities		11,088
Reserve for losses and loss adjustment expenses		22,178
Unearned premiums		33,730
Income taxes payable		829
Deferred tax liability		15,029
Net assets acquired		192,767
Goodwill	$	121,236

Intangible assets were comprised of the following:


	Amount
	($ in thousands)		Useful Life	Amortization	Valuation Approach
Customer relationships	$	45,200	8 years	Straight-line	Multi-period excess earnings method
State licenses		5,000	Indefinite	Not amortized	Multi-period excess earnings method
Total intangible assets	$	50,200

The table above excludes value of business acquired (“VOBA”), which is presented separately in the purchase price allocation due to its insurance-specific nature and amortization pattern. In connection with the acquisition, the Company recognized VOBA in accordance with ASC 944-805-30-1. Upon acquisition, the Company acquired the contractual insurance and reinsurance assets of Gray Surety, including existing deferred acquisition costs. These deferred acquisition costs were derecognized, as they represent historical costs of the acquiree, and the Company recognized the fair value of the in-force insurance contracts, including a VOBA component representing the present value of future underwriting profits. This component was determined using an income approach based on expected future cash flows discounted at a weighted-average cost of capital.

The Company recognized total VOBA of approximately $23.1 million recorded within intangible assets, representing the present value of future underwriting profits associated with the acquired in-force policies.

VOBA is amortized over the expected remaining life of the underlying policies in proportion to the earning pattern of the related unearned premium as of the acquisition date. VOBA balances are subject to recoverability testing. No impairment was identified as of March 31, 2026.

Goodwill of $121.2 million represents the excess of consideration transferred over the fair value of the net identifiable assets acquired. Goodwill reflects the expected synergies from combining Gray Surety’s surety and bond platform with the Company’s specialty insurance operations, including expanded distribution relationships, cross-selling opportunities, and operational efficiencies. Goodwill is not deductible for income tax purposes.


	Three Months Ended
	March 31,
	2026		2025
	(Unaudited, $ in thousands)
Pro forma revenue	$	269,730	$	182,084
Pro forma net income		48,329		37,432

- Definition

The entire disclosure for business combination.

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