0001193125-26-335508 | 10-Q | XBRL Viewer

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

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


	Six Months Ended June 30,
	2026			2025
	($ in thousands)
Beginning Balance	$	(2,506	)	$	(26,845	)

Other comprehensive (loss) income before reclassification		(16,758	)		16,389
Federal income tax benefit (expense)		4,038			(3,432	)
Other comprehensive (loss) income before reclassification, net of tax		(12,720	)		12,957

Amounts reclassified from AOCI		84			323
Federal income tax benefit (expense)		(17	)		(68	)
Amounts reclassified from AOCI, net of tax		67			255

Other comprehensive (loss) income		(12,653	)		13,212
Balance at end of period	$	(15,159	)	$	(13,633	)

Note 4 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	$ 1,502,860	$ 1,224,187
Equity securities	129,515	99,333
Derivative assets	5,000	9,900
US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	23,535	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	16,905	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	18,429	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	741,655	608,235
Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	702,336	556,038
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	129,515	99,333
Cash, cash equivalents, and restricted cash	62,704	106,892
Derivative assets	5,007	9,934
Total assets	1,700,086	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	23,535	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	16,905	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	18,429	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	741,655	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	702,336	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	128,391	99,333
Cash, cash equivalents, and restricted cash	62,704	106,892
Derivative assets	5,007	9,934
Total assets	196,102	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	1,124	0
Cash, cash equivalents, and restricted cash	0	0
Derivative assets	0	0
Total assets	1,503,984	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	23,535	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	16,905	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	18,429	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	741,655	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	702,336	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	0	0
Cash, cash equivalents, and restricted cash	0	0
Derivative assets	0	0
Total assets	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Special Revenue Excluding Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities and Other Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	$ 0	$ 0

Note 2 - Investments (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
Note 2 - Investments (Details Textual) $ in Thousands	Jun. 30, 2026 USD ($) FixedMaturitySecurities	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) FixedMaturitySecurities	Jun. 30, 2025 USD ($)	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	739		739		391
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 904,454		$ 904,454		$ 375,350
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	28,071		28,071		19,511
Proceeds from Sale of Debt Securities, Available-for-Sale	32,300	$ 3,000	47,700	$ 8,800
Proceeds from Sale of Equity Securities, FV-NI		$ 4,600		$ 6,400
Debt Securities, Available-for-sale	1,502,860		1,502,860		1,224,187
Other investments	45,877		45,877		28,503
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	164,300		164,300
Partnership [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Other investments	40,900		40,900
Securities on Deposit With State Regulatory Authorities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale	$ 18,100		$ 18,100		$ 13,500

Note 2 - Investments - Net Realized and Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]
Gains on sales of fixed maturity securities	$ 29	$ 409	$ 36	$ 434
Gains on sales of equity securities	0	218	0	234
Total realized gains	29	627	36	668
Losses on sales of fixed maturity securities	(121)	(298)	(121)	(758)
Losses on sales of equity securities	0	(225)	0	(234)
Total realized losses	(121)	(523)	(121)	(992)
Net realized investment (losses) gains	(92)	104	(85)	(324)
Change in allowance for credit losses	0	0	0	244
Net unrealized gains on equity securities	6,353	5,659	4,259	3,327
Net unrealized gains on equity method investment	0	2,286	0	2,268
Net unrealized gains on other investments	492	257	686	453
Net realized and unrealized gains on investments	$ 6,753	$ 8,306	$ 4,860	$ 5,968

Note 2 - Investments - Security Holdings in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	$ 662,490	$ 104,439
Less than 12 Months, Accumulated Loss	(8,411)	(1,833)
12 Months or Longer, fair value	241,964	270,911
12 Months or Longer, Accumulated Loss	(19,660)	(17,678)
Fair value	904,454	375,350
Accumulated Loss	(28,071)	(19,511)
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	14,362	2,006
Less than 12 Months, Accumulated Loss	(122)	(38)
12 Months or Longer, fair value	6,675	5,704
12 Months or Longer, Accumulated Loss	(224)	(188)
Fair value	21,037	7,710
Accumulated Loss	(346)	(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	1,698	5,157
Less than 12 Months, Accumulated Loss	(37)	(441)
12 Months or Longer, fair value	11,872	9,509
12 Months or Longer, Accumulated Loss	(918)	(553)
Fair value	13,570	14,666
Accumulated Loss	(955)	(994)
Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	999	0
Less than 12 Months, Accumulated Loss	(18)	0
12 Months or Longer, fair value	15,277	15,185
12 Months or Longer, Accumulated Loss	(1,769)	(1,887)
Fair value	16,276	15,185
Accumulated Loss	(1,787)	(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	325,212	49,963
Less than 12 Months, Accumulated Loss	(5,188)	(948)
12 Months or Longer, fair value	137,030	160,780
12 Months or Longer, Accumulated Loss	(8,412)	(7,456)
Fair value	462,242	210,743
Accumulated Loss	(13,600)	(8,404)
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Less than 12 Months, fair value	320,219	47,313
Less than 12 Months, Accumulated Loss	(3,046)	(406)
12 Months or Longer, fair value	71,110	79,733
12 Months or Longer, Accumulated Loss	(8,337)	(7,594)
Fair value	391,329	127,046
Accumulated Loss	$ (11,383)	$ (8,000)

Note 2 - Investments - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	$ 1,523,005	$ 1,227,605
Available-for-sale, Accumulated Gross Unrealized Gain	7,926	16,093
Available-for-sale, Accumulated Gross Unrealized Loss	(28,071)	(19,511)
Available-for-Sale, Allowance for Credit Loss	0	0
Available-for-Sale, Fair Value	1,502,860	1,224,187
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	23,870	23,716
Available-for-sale, Accumulated Gross Unrealized Gain	11	97
Available-for-sale, Accumulated Gross Unrealized Loss	(346)	(226)
Available-for-Sale, Allowance for Credit Loss	0	0
Available-for-Sale, Fair Value	23,535	23,587
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	17,773	19,745
Available-for-sale, Accumulated Gross Unrealized Gain	87	111
Available-for-sale, Accumulated Gross Unrealized Loss	(955)	(994)
Available-for-Sale, Allowance for Credit Loss	0	0
Available-for-Sale, Fair Value	16,905	18,862
Special Revenue Excluding Asset Backed Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	20,165	19,280
Available-for-sale, Accumulated Gross Unrealized Gain	51	72
Available-for-sale, Accumulated Gross Unrealized Loss	(1,787)	(1,887)
Available-for-Sale, Allowance for Credit Loss	0	0
Available-for-Sale, Fair Value	18,429	17,465
Corporate Debt Securities and Other Debt Obligations [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	750,667	606,748
Available-for-sale, Accumulated Gross Unrealized Gain	4,588	9,891
Available-for-sale, Accumulated Gross Unrealized Loss	(13,600)	(8,404)
Available-for-Sale, Allowance for Credit Loss	0	0
Available-for-Sale, Fair Value	741,655	608,235
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale, Amortized Cost	710,530	558,116
Available-for-sale, Accumulated Gross Unrealized Gain	3,189	5,922
Available-for-sale, Accumulated Gross Unrealized Loss	(11,383)	(8,000)
Available-for-Sale, Allowance for Credit Loss	0	0
Available-for-Sale, Fair Value	$ 702,336	$ 556,038

Note 2 - Investments

6 Months Ended

Jun. 30, 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
June 30, 2026	Cost		Gains		Losses			Losses		Value
	($ in thousands)
Fixed maturities:
U.S. Governments	$	23,870	$	11	$	(346	)	$	—	$	23,535
U.S. States, Territories, and Political Subdivisions		17,773		87		(955	)		—		16,905
Special revenue excluding mortgage/asset-backed securities		20,165		51		(1,787	)		—		18,429
Corporate and other		750,667		4,588		(13,600	)		—		741,655
Mortgage/asset-backed securities		710,530		3,189		(11,383	)		—		702,336
Total available-for-sale investments	$	1,523,005	$	7,926	$	(28,071	)	$	—	$	1,502,860


	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 June 30, 2026, the Company held 739 fixed maturity securities in an unrealized loss position with a total estimated fair value of $904.5 million and total gross unrealized losses of $28.1 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.


	Less Than 12 Months					More Than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
June 30, 2026	Value		Losses			Value		Losses			Value		Losses
	($ in thousands)
Fixed maturity securities:
U.S. Governments	$	14,362	$	(122	)	$	6,675	$	(224	)	$	21,037	$	(346	)
U.S. States, Territories, and Political Subdivisions		1,698		(37	)		11,872		(918	)		13,570		(955	)
Special revenue excluding mortgage/asset-backed securities		999		(18	)		15,277		(1,769	)		16,276		(1,787	)
Corporate and other		325,212		(5,188	)		137,030		(8,412	)		462,242		(13,600	)
Mortgage/asset-backed securities		320,219		(3,046	)		71,110		(8,337	)		391,329		(11,383	)
Total available-for-sale investments	$	662,490	$	(8,411	)	$	241,964	$	(19,660	)	$	904,454	$	(28,071	)


	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 June 30, 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 June 30, 2026, by contractual maturity, are shown below:


	Amortized		Fair
	Cost		Value
	($ in thousands)
Due within one year	$	50,675	$	50,623
Due after one year through five years		295,580		292,059
Due after five years through ten years		278,412		276,482
Due after ten years		187,808		181,360
Mortgage and asset-backed securities		710,530		702,336
	$	1,523,005	$	1,502,860

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						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
	($ in thousands)						($ in thousands)
Interest income	$	19,090		$	13,344		$	36,398		$	25,308
Dividend income		1,370			242			2,340			559
Investment expense		(510	)		(216	)		(804	)		(426	)
Net investment income	$	19,950		$	13,370		$	37,934		$	25,441

Net realized and unrealized investment gains and losses

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
	($ in thousands)						($ in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	29		$	409		$	36		$	434
Gains on sales of equity securities		—			218			—			234
Total realized gains		29			627			36			668
Realized losses:
Losses on sales of fixed maturity securities		(121	)		(298	)		(121	)		(758	)
Losses on sales of equity securities		—			(225	)		—			(234	)
Total realized losses		(121	)		(523	)		(121	)		(992	)
Net realized investment (losses) gains		(92	)		104			(85	)		(324	)
Change in allowance for credit losses		—			—			—			244
Net unrealized gains on equity securities		6,353			5,659			4,259			3,327
Net unrealized gains on equity method investment		—			2,286			—			2,268
Net unrealized gains on other investments		492			257			686			453
Net realized and unrealized gains on investments	$	6,753		$	8,306		$	4,860		$	5,968

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 $32.3 million and $3.0 million for the three months ended June 30, 2026 and 2025, respectively. Proceeds from the sale of equity securities were an insignificant amount and $4.6 million for the three months ended June 30, 2026 and 2025.

Proceeds from the sale of fixed maturity securities were $47.7 million and $8.8 million for the six months ended June 30, 2026 and 2025, respectively. Proceeds from the sale of equity securities were an insignificant amount and $6.4 million for the six months ended June 30, 2026 and 2025, respectively.

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 June 30, 2026 and December 31, 2025, the carrying value of securities on deposit with state regulatory authorities was $18.1 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 at a fair value of $40.9 million as of June 30, 2026. 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 June 30, 2026, the Company had unfunded commitments to invest an additional $164.3 million in these limited partnerships.

Note 11 - Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands, except shares and per share data)				(in thousands, except shares and per share data)
Net income	$	52,592	$	46,528	$	95,539	$	89,450
Weighted average common shares outstanding:
Basic		26,346,887		26,756,095		26,458,904		26,707,371
Common Share equivalents		709,667		872,638		749,209		861,542
Diluted		27,056,554		27,628,733		27,208,113		27,568,913

Earnings per share:
Basic	$	2.00	$	1.74	$	3.61	$	3.35
Diluted	$	1.94	$	1.68	$	3.51	$	3.24

Note 3 - Derivative Instruments (Details Textual) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets, notional amount	$ 12.4	$ 12.4	$ 16.4
Derivative assets at fair value	5.0	5.0	$ 9.9
Loss on derivative instruments, net, pretax	$ (6.2)	$ (18.5)

Note 5 - Goodwill and Intangible Assets - Information of Each Major Intangible Asset Class Subject to Amortization (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Finite Lived Intangible Assets Gross [Line Items]
Cost	$ 126,504
Accumulated amortization	(32,655)
Net carrying amount	93,849
Customer Relationships and Other Intangible Assets [Member]
Finite Lived Intangible Assets Gross [Line Items]
Cost	99,972
Accumulated amortization	(16,138)
Net carrying amount	83,834
Value of Business Acquired (VOBA) [Member]
Finite Lived Intangible Assets Gross [Line Items]
Cost	26,532
Accumulated amortization	(16,517)
Net carrying amount	$ 10,015

Note 7 - Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

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

Common stock reserved for future issuance consists of the following as of June 30, 2026:


Stock options outstanding under 2019 Equity Incentive Plan			479,018
Restricted stock units outstanding under 2019 Equity Incentive Plan			340,950
Performance stock units outstanding under 2019 Equity Incentive Plan, at target			550,465
Shares authorized for future issuance under 2019 Equity Incentive Plan			4,646,787
Shares authorized for future issuance under 2019 Employee Stock Purchase Plan			1,814,096
Total			7,831,316

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	($ in thousands)				($ in thousands)
Stock-based compensation	$	7,438	$	5,347	$	16,224	$	10,092

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

The following table summarizes stock option transactions for the six months ended June 30, 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		(20,167	)		24.06
Options cancelled		(491	)		61.72
Outstanding at June 30, 2026		479,018		$	32.46		3.3	$	44,995
Vested and Exercisable at June 30, 2026		479,018		$	32.46		3.3	$	44,995

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

The following table summarizes RSU transactions for the six months ended June 30, 2026:


	Number of shares			Weighted-average grant date fair value
Outstanding at January 1, 2026		296,285		$	89.73
Granted		184,609			120.30
Released		(130,338	)		79.77
Forfeited		(9,606	)		106.51
Non-vested outstanding at June 30, 2026		340,950		$	109.62

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

The following table summarizes PSU transactions for the six months ended June 30, 2026:


	Number of shares			Weighted-average grant date fair value
Outstanding at January 1, 2026		502,022		$	49.05
Granted		120,375			105.64
Vested		(67,883	)		51.24
Forfeited		(4,049	)		102.10
Non-vested outstanding at June 30, 2026		550,465		$	60.77

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 13 - Credit Agreements (Details Textual) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
Note 13 - Credit Agreements (Details Textual) - USD ($)	Jan. 31, 2026	Dec. 31, 2021	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 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%		10.00%
Federal Home Loan Bank, Advance, Branch of FHLBank, Amount			$ 0		$ 0		$ 0
Interest Expense, Loans from Other Federal Home Loan Banks			400,000		500,000
2021 Credit Agreement
Line of Credit Facility [Line Items]
Long-Term Line of Credit			0		0		$ 0
Interest Expense, Debt				$ 100,000		$ 200,000
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		0
Interest Expense, Debt			100,000		200,000
Term Loan
Line of Credit Facility [Line Items]
Long-Term Line of Credit	$ 300,000,000		295,800,000		295,800,000
Line of Credit Facility, Maturity Date	Jan. 27, 2031
Interest Expense, Debt			$ 4,000,000		$ 6,900,000
Unsecured Credit Facilities
Line of Credit Facility [Line Items]
Long-Term Line of Credit	$ 450,000,000

Note 14 - Business Acquisitions - Summary of Unaudited Pro Forma Financial Information (Details) - Gray Casualty & Surety Company - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Business Combination, Pro Forma Information [Line Items]
Pro forma revenue	$ 314,423	$ 224,973	$ 600,244	$ 417,189
Pro forma net income	$ 52,592	$ 43,689	$ 99,344	$ 79,815

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

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 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 June 30, 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.

Disclosure of accounting policy for segment reporting.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Segment Reporting Disclosure [Text Block]

Note 2 - Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]
Interest income	$ 19,090	$ 13,344	$ 36,398	$ 25,308
Dividend income	1,370	242	2,340	559
Investment expense	(510)	(216)	(804)	(426)
Net investment income	$ 19,950	$ 13,370	$ 37,934	$ 25,441

Note 14 - Business Acquisitions - Summary of Allocation of Purchase Price to Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jan. 31, 2026
Business Combination [Line Items]
Deferred tax liability	$ 3,600
Goodwill	$ 16,100
Gray Casualty & Surety Company
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		66,500
Value of business acquired (VOBA)		26,532
Other assets		1,350
Total assets		295,386
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		18,655
Net assets acquired		208,906
Goodwill		$ 105,097

Note 6 - Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Changes in Reserve Balance for Losses and Loss Adjustment Expenses (Parentheticals) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Incurred losses	$ 6.2	$ 18.5

Note 9 - Underwriting Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

9. 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 June 30,										Six Months Ended June 30,
	2026					2025					2026					2025
	($ in thousands)										($ in thousands)
			% of					% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP			Amount		GWP
Product(1)
Casualty	$	197,494		31.3	%	$	144,388		29.1	%	$	403,793		32.0	%	$	277,490		29.6	%
Inland Marine and Property		169,728		26.9	%		153,040		30.8	%		336,291		26.7	%		266,366		28.4	%
Earthquake		146,648		23.3	%		147,709		29.8	%		283,964		22.5	%		281,405		30.0	%
Crop		77,368		12.3	%		39,464		8.0	%		165,142		13.1	%		87,683		9.3	%
Surety & Credit		39,218		6.2	%		11,687		2.3	%		71,094		5.7	%		25,508		2.7	%
Total gross written premiums	$	630,456		100.0	%	$	496,288		100.0	%	$	1,260,284		100.0	%	$	938,452		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 June 30,										Six Months Ended June 30,
	2026					2025					2026					2025
	($ in thousands)										($ in thousands)
			% of					% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP			Amount		GWP
State
California	$	165,306		26.2	%	$	163,814		33.0	%	$	322,925		25.6	%	$	303,536		32.3	%
Texas		61,497		9.7	%		35,708		7.2	%		125,081		9.9	%		80,699		8.6	%
Florida		34,462		5.5	%		23,979		4.8	%		64,350		5.1	%		42,621		4.5	%
Hawaii		27,259		4.3	%		24,544		4.9	%		50,104		4.0	%		44,901		4.8	%
New York		26,971		4.3	%		17,462		3.5	%		51,454		4.1	%		32,857		3.5	%
Washington		18,207		2.9	%		17,188		3.5	%		37,406		3.0	%		32,059		3.4	%
Illinois		18,179		2.9	%		13,048		2.7	%		25,271		2.0	%		18,637		2.0	%
Minnesota		15,644		2.5	%		12,004		2.4	%		17,656		1.4	%		13,042		1.4	%
Other		262,931		41.7	%		188,541		38.0	%		566,037		44.9	%		370,100		39.5	%
Total gross written premiums	$	630,456		100.0	%	$	496,288		100.0	%	$	1,260,284		100.0	%	$	938,452		100.0	%

Gross written premiums by insurance subsidiary are as follows:


	Three Months Ended June 30,										Six Months Ended June 30,
	2026					2025					2026					2025
	($ in thousands)										($ in thousands)
			% of					% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP			Amount		GWP
Subsidiary
PESIC	$	304,276		48.3	%	$	237,943		47.9	%	$	574,346		45.6	%	$	428,730		45.7	%
PSIC		278,176		44.1	%		232,983		46.9	%		601,929		47.8	%		463,900		49.4	%
Laulima		23,407		3.7	%		20,134		4.1	%		42,078		3.3	%		36,171		3.9	%
PCSC		21,558		3.4	%		—		—	%		33,979		2.7	%		—		—	%
FIA		3,039		0.5	%		5,228		1.1	%		7,952		0.6	%		9,651		1.0	%
Total gross written premiums	$	630,456		100.0	%	$	496,288		100.0	%	$	1,260,284		100.0	%	$	938,452		100.0	%

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Note 5 - Goodwill and Intangible Assets (Details Textual)	1 Months Ended
	Jun. 30, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill or other intangible assets	$ 0

Note 10 - Income Taxes (Details Textual)	3 Months Ended		6 Months Ended
Note 10 - Income Taxes (Details Textual)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	24.70%	22.30%	22.50%	21.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%	21.00%

Note 7 - Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 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 3 months 18 days	3 years 10 months 24 days
Outstanding, options, aggregate intrinsic value	$ 44,995	$ 51,273
Options exercised, options (in shares)	(20,167)
Options exercised, options, weighted average exercise price (in dollars per share)	$ 24.06
Options cancelled (in shares)	(491)
Options cancelled (in dollars per share)	$ 61.72
Outstanding, options (in shares)	479,018	499,676
Outstanding, options, weighted average exercise price (in dollars per share)	$ 32.46	$ 32.15
Vested and Exercisable, options (in shares)	479,018
Vested and Exercisable, options, weighted average exercise price (in dollars per share)	$ 32.46
Vested and Exercisable, options, weighted average remaining contractual term (Year)	3 years 3 months 18 days
Vested and Exercisable, options, aggregate intrinsic value	$ 44,995

Note 8 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 959,039	$ 942,667	$ 790,449	$ 729,030	$ 942,667	$ 729,030
Other comprehensive (loss) income	1,294	(13,947)	3,009	10,203
Balance	980,942	959,039	847,197	790,449	980,942	847,197
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(16,453)	(2,506)	(16,642)	(26,845)	(2,506)	(26,845)
Other comprehensive (loss) income before reclassification					(16,758)	16,389
Federal income tax expense					4,038	(3,432)
Other comprehensive (loss) income before reclassification, net of tax					(12,720)	12,957
Amounts reclassified from AOCI					84	323
Federal income tax benefit (expense)					(17)	(68)
Amounts reclassified from AOCI, net of tax					67	255
Other comprehensive (loss) income	1,294	(13,947)	3,009	10,203	(12,653)	13,212
Balance	$ (15,159)	$ (16,453)	$ (13,633)	$ (16,642)	$ (15,159)	$ (13,633)

Note 7 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2026	Dec. 31, 2025	Apr. 16, 2019
Schedule Of Capital Reserved For Future Issuance [Line Items]
Options, Outstanding, Number (in shares)	479,018	499,676
Total (in shares)	7,831,316
Restricted Stock Units (RSUs) [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Equity Instruments Other than Options, Nonvested, Number (in shares)	340,950	296,285
Performance Shares [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Equity Instruments Other than Options, Nonvested, Number (in shares)	550,465	502,022
Equity Incentive Plan 2019 [Member]
Schedule Of Capital Reserved For Future Issuance [Line Items]
Options, Outstanding, Number (in shares)	479,018
Number of Shares Authorized (in shares)	4,646,787		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)	340,950
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)	550,465
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 8 - Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2026

Comprehensive Income (Loss) Note [Text Block]

8. Accumulated Other Comprehensive Income

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


	Six Months Ended June 30,
	2026			2025
	($ in thousands)
Beginning Balance	$	(2,506	)	$	(26,845	)

Other comprehensive (loss) income before reclassification		(16,758	)		16,389
Federal income tax benefit (expense)		4,038			(3,432	)
Other comprehensive (loss) income before reclassification, net of tax		(12,720	)		12,957

Amounts reclassified from AOCI		84			323
Federal income tax benefit (expense)		(17	)		(68	)
Amounts reclassified from AOCI, net of tax		67			255

Other comprehensive (loss) income		(12,653	)		13,212
Balance at end of period	$	(15,159	)	$	(13,633	)

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2026	Aug. 02, 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	Q2
Document Fiscal Year Focus	2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		26,317,683

Note 6 - 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

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 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

$ 341,016

$ 182,661

$ 275,959

$ 155,299

Add: Balances acquired

^[1]

22,178

6,788

Current year

^[2]

113,312

52,698

210,741

95,757

Prior years

^[2]

(14,324)

(6,515)

(24,656)

(10,830)

Total incurred

^[2]

98,988

46,183

186,085

84,927

Current year

7,262

17,659

27,980

22,657

Prior years

11,795

12,000

35,295

25,172

Total payments

19,057

29,659

63,275

47,829

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

420,947

199,185

420,947

199,185

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

523,790

399,471

523,790

399,471

$ 412,273

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

$ 944,737

$ 598,656

$ 944,737

$ 598,656

$ 688,231

[1]

[2]

Note 11 - Earnings Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

11. Earnings Per Share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands, except shares and per share data)				(in thousands, except shares and per share data)
Net income	$	52,592	$	46,528	$	95,539	$	89,450
Weighted average common shares outstanding:
Basic		26,346,887		26,756,095		26,458,904		26,707,371
Common Share equivalents		709,667		872,638		749,209		861,542
Diluted		27,056,554		27,628,733		27,208,113		27,568,913

Earnings per share:
Basic	$	2.00	$	1.74	$	3.61	$	3.35
Diluted	$	1.94	$	1.68	$	3.51	$	3.24

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 - Stockholders' Equity (Details Textual)	6 Months Ended
Note 7 - Stockholders' Equity (Details Textual)	Jun. 30, 2026 USD ($) Milestone $ / shares shares	May 06, 2026 USD ($)	Dec. 31, 2025 USD ($) $ / 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)	26,186,979		26,520,417
Common Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares	$ 0.0001		$ 0.0001
Additional paid-in capital \| $	$ 542,662,000		$ 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
Preferred Stock, Shares Outstanding (in shares)	0		0
Common Stock, Shares, Outstanding (in shares)	26,186,979		26,520,417
Share-based compensation arrangement, measurement period	3 years
2025 Repurchase Program [Member]
Equity [Line Items]
Treasury Stock, Shares, Acquired (in shares)	226,130
Treasury Stock, Value, Acquired, Cost Method \| $	$ 27,300,000
Share repurchase program, authorized, amount \| $				$ 150,000,000
Average price per share \| $ / shares	$ 120.65
2026 Repurchase Program [Member]
Equity [Line Items]
Treasury Stock, Shares, Acquired (in shares)	332,844
Treasury Stock, Value, Acquired, Cost Method \| $	$ 36,800,000
Share repurchase program, authorized, amount \| $		$ 200,000,000
Average price per share \| $ / shares	$ 110.6
Authorized amount available for future repurchases \| $	$ 163,200,000
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)	1 year 10 months 24 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount \| $	$ 37,000,000
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)	9 months 18 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount \| $	$ 27,700,000
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)	4,646,787				2,400,000
Share Based Compensation Arrangement By Share Based Payment Award Percentage, Number of Additional Shares Available for Grant					3.00%

Note 15 - Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

On July 30, 2026, the Company’s Board of Directors declared a cash dividend of $0.45 per share of common stock, payable on September 2, 2026 to stockholders of record as of August 19, 2026.

Dividend equivalents of $0.45 per unit were also accrued for holders of unvested PSUs and RSUs as of the same record date. Dividend equivalents accrued on PSUs and RSUs will be forfeited if the underlying awards do not vest.

Based on the number of shares of common stock outstanding and the number of unvested PSUs and RSUs as of June 30, 2026, the Company estimates the aggregate dividend payment will be approximately $12.2 million, although the actual aggregate amount will depend on the number of shares of common stock outstanding as of the record date.

This dividend was not recognized in the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2026, because the obligation to pay the dividend did not exist as of the balance sheet date.

Note 4 - Fair Value Measurements (Details Textual) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 0	$ 0

Note 5 - Goodwill and Intangible Assets - Reconciliation of Changes in the Ending Balance of Each Major Intangible Asset Class (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Intangible Assets Net Including Goodwill [Line Items]

Beginning Balance

$ 61,054

Capitalizations

198,129

Amortization

$ (1,400)

(22,427)

Ending Balance

236,756

Goodwill [Member]

Intangible Assets Net Including Goodwill [Line Items]

30,466

105,097

135,563

Customer Relationships and Other Intangible Assets [Member]

Intangible Assets Net Including Goodwill [Line Items]

Beginning Balance

^[1]

28,244

Capitalizations

^[1]

61,500

Amortization

^[1]

(5,910)

Ending Balance

^[1]

83,834

Value of Business Acquired (VOBA) [Member]

Intangible Assets Net Including Goodwill [Line Items]

26,532

(16,517)

10,015

State Licenses [Member]

Intangible Assets Net Including Goodwill [Line Items]

2,344

5,000

$ 7,344

[1]	Customer relationships and other intangible assets consist of customer lists, tradenames, non-compete agreements, and renewal rights acquired in connection with the Company’s business combinations. Each asset is amortized on a straight-line basis over its respective useful life.

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

Disaggregation of Revenue [Table Text Block]

Note 11 - Reinsurance

6 Months Ended

Jun. 30, 2026

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

12. 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 June 30, 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 $865.0 million with a retention of $1.5 million. As of June 30, 2026, the Company’s XOL reinsurance structure provides protection up to $3.9 billion for earthquake events and $135.0 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 $360 million catastrophe bond in the second quarter of 2026, effective June 1, 2026 through June 1, 2029; 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; and a $200 million catastrophe bond in the second quarter of 2023, effective June 1, 2023 through June 1, 2026. These catastrophe bonds provide indemnity-based reinsurance coverage for catastrophe events.

Note 9 - Underwriting Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

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


	Three Months Ended June 30,										Six Months Ended June 30,
	2026					2025					2026					2025
	($ in thousands)										($ in thousands)
			% of					% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP			Amount		GWP
Product(1)
Casualty	$	197,494		31.3	%	$	144,388		29.1	%	$	403,793		32.0	%	$	277,490		29.6	%
Inland Marine and Property		169,728		26.9	%		153,040		30.8	%		336,291		26.7	%		266,366		28.4	%
Earthquake		146,648		23.3	%		147,709		29.8	%		283,964		22.5	%		281,405		30.0	%
Crop		77,368		12.3	%		39,464		8.0	%		165,142		13.1	%		87,683		9.3	%
Surety & Credit		39,218		6.2	%		11,687		2.3	%		71,094		5.7	%		25,508		2.7	%
Total gross written premiums	$	630,456		100.0	%	$	496,288		100.0	%	$	1,260,284		100.0	%	$	938,452		100.0	%

(1)

Gross written premiums by state are as follows:


	Three Months Ended June 30,										Six Months Ended June 30,
	2026					2025					2026					2025
	($ in thousands)										($ in thousands)
			% of					% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP			Amount		GWP
State
California	$	165,306		26.2	%	$	163,814		33.0	%	$	322,925		25.6	%	$	303,536		32.3	%
Texas		61,497		9.7	%		35,708		7.2	%		125,081		9.9	%		80,699		8.6	%
Florida		34,462		5.5	%		23,979		4.8	%		64,350		5.1	%		42,621		4.5	%
Hawaii		27,259		4.3	%		24,544		4.9	%		50,104		4.0	%		44,901		4.8	%
New York		26,971		4.3	%		17,462		3.5	%		51,454		4.1	%		32,857		3.5	%
Washington		18,207		2.9	%		17,188		3.5	%		37,406		3.0	%		32,059		3.4	%
Illinois		18,179		2.9	%		13,048		2.7	%		25,271		2.0	%		18,637		2.0	%
Minnesota		15,644		2.5	%		12,004		2.4	%		17,656		1.4	%		13,042		1.4	%
Other		262,931		41.7	%		188,541		38.0	%		566,037		44.9	%		370,100		39.5	%
Total gross written premiums	$	630,456		100.0	%	$	496,288		100.0	%	$	1,260,284		100.0	%	$	938,452		100.0	%

Gross written premiums by insurance subsidiary are as follows:


	Three Months Ended June 30,										Six Months Ended June 30,
	2026					2025					2026					2025
	($ in thousands)										($ in thousands)
			% of					% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP			Amount		GWP
Subsidiary
PESIC	$	304,276		48.3	%	$	237,943		47.9	%	$	574,346		45.6	%	$	428,730		45.7	%
PSIC		278,176		44.1	%		232,983		46.9	%		601,929		47.8	%		463,900		49.4	%
Laulima		23,407		3.7	%		20,134		4.1	%		42,078		3.3	%		36,171		3.9	%
PCSC		21,558		3.4	%		—		—	%		33,979		2.7	%		—		—	%
FIA		3,039		0.5	%		5,228		1.1	%		7,952		0.6	%		9,651		1.0	%
Total gross written premiums	$	630,456		100.0	%	$	496,288		100.0	%	$	1,260,284		100.0	%	$	938,452		100.0	%

Note 4 - Fair Value Measurements

6 Months Ended

Jun. 30, 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 June 30, 2026 and December 31, 2025:


June 30, 2026	Level 1		Level 2		Level 3		Total
	($ in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	23,535	$	—	$	23,535
U.S. States, Territories, and Political Subdivisions		—		16,905		—		16,905
Special revenue excluding mortgage/asset-backed securities		—		18,429		—		18,429
Corporate and other		—		741,655		—		741,655
Mortgage/asset-backed securities		—		702,336		—		702,336
Equity securities		128,391		1,124		—		129,515
Cash, cash equivalents, and restricted cash		62,704		—		—		62,704
Derivative assets		5,007		—		—		5,007
Total assets	$	196,102	$	1,503,984	$	—	$	1,700,086


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 June 30, 2026 and December 31, 2025, the Company had no securities classified as Level 3.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 14 - Business Acquisitions - Summary of Intangible Assets were Comprised (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 31, 2026	Jun. 30, 2026
Customer Relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets		$ 15,600
Noncompete Agreements
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets		$ 700
Gray Casualty & Surety Company
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets	$ 66,500
Gray Casualty & Surety Company \| Customer Relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets	$ 60,800
Intangible assets, Useful life	8 years
Gray Casualty & Surety Company \| Noncompete Agreements
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets	$ 700
Intangible assets, Useful life	5 years
Gray Casualty & Surety Company \| State Licenses
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets	$ 5,000

Note 7 - Stockholders' Equity - Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Equity [Abstract]
Stock-based compensation	$ 7,438	$ 5,347	$ 16,224	$ 10,092

Note 15 - Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Jul. 30, 2026	Jun. 30, 2026
Subsequent Event [Line Items]
Aggregate dividend payment		$ 12.2
O 2026 Q3 Dividends [Member] \| Subsequent Events [Member]
Subsequent Event [Line Items]
Cash dividend declared per common share	$ 0.45
Dividend payable date	Sep. 02, 2026
Record date	Aug. 19, 2026

Note 7 - Stockholders' Equity - Summary of RSU Transactions (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 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	184,609
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 120.3
Released, shares (in shares) \| shares	(130,338)
Released, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 79.77
Forfeited, shares (in shares) \| shares	(9,606)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 106.51
Non-vested, shares (in shares) \| shares	340,950
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 109.62

Note 7 - Stockholders' Equity - Summary of Key Valuation Input Assumptions Used in Monte Carlo Simulation Relative to Awards Granted (Details) - Performance Shares	6 Months Ended
	Jun. 30, 2026 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value	$ 105.64
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

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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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $1,523,005 in 2026; $1,227,605 in 2025)	$ 1,502,860	$ 1,224,187
Equity securities, at fair value (cost: $109,595 in 2026; $81,772 in 2025)	129,515	99,333
Other investments	45,877	28,503
Total investments	1,678,252	1,352,023
Cash and cash equivalents	62,689	106,875
Restricted cash	15	17
Accrued investment income	14,742	11,545
Premiums receivable	655,876	452,908
Deferred policy acquisition costs, net of ceding commissions and fronting fees	153,824	127,718
Reinsurance recoverable on paid losses and loss adjustment expenses	62,237	56,428
Reinsurance recoverable on unpaid losses and loss adjustment expenses	523,790	412,273
Ceded unearned premiums	445,449	355,918
Prepaid expenses and other assets	127,870	110,896
Deferred tax assets, net	0	761
Property and equipment, net	2,665	2,551
Goodwill and intangible assets, net	236,756	61,054
Total assets	3,964,165	3,050,967
Liabilities:
Accounts payable and other accrued liabilities	159,331	115,663
Reserve for losses and loss adjustment expenses	944,737	688,231
Unearned premiums	1,226,105	988,143
Ceded premium payable	295,430	271,413
Funds held under reinsurance treaty	50,910	44,850
Term loan	295,773
Deferred tax liabilities, net	10,937	0
Total liabilities	2,983,223	2,108,300
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,186,979 and 26,520,417 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	3	3
Additional paid-in capital	542,662	523,168
Accumulated other comprehensive loss	(15,159)	(2,506)
Retained earnings	453,436	422,002
Total stockholders' equity	980,942	942,667
Total liabilities and stockholders' equity	$ 3,964,165	$ 3,050,967

Note 9 - Underwriting Information - Schedule of Gross Written Premiums (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

^[1]

$ 630,456

$ 496,288

$ 1,260,284

$ 938,452

^[1]

100.00%

PESIC

$ 304,276

$ 237,943

$ 574,346

$ 428,730

48.30%

47.90%

45.60%

45.70%

PSIC

$ 278,176

$ 232,983

$ 601,929

$ 463,900

44.10%

46.90%

47.80%

49.40%

Laulima

$ 23,407

$ 20,134

$ 42,078

$ 36,171

3.70%

4.10%

3.30%

3.90%

PCSC

$ 21,558

$ 33,979

3.40%

2.70%

FIA

$ 3,039

$ 5,228

$ 7,952

$ 9,651

0.50%

1.10%

0.60%

1.00%

California

$ 165,306

$ 163,814

$ 322,925

$ 303,536

26.20%

33.00%

25.60%

32.30%

Texas

$ 61,497

$ 35,708

$ 125,081

$ 80,699

9.70%

7.20%

9.90%

8.60%

Florida

$ 34,462

$ 23,979

$ 64,350

$ 42,621

5.50%

4.80%

5.10%

4.50%

Hawaii

$ 27,259

$ 24,544

$ 50,104

$ 44,901

4.30%

4.90%

4.00%

4.80%

New York

$ 26,971

$ 17,462

$ 51,454

$ 32,857

4.30%

3.50%

4.10%

3.50%

Washington

$ 18,207

$ 17,188

$ 37,406

$ 32,059

2.90%

3.50%

3.00%

3.40%

Illinois

$ 18,179

$ 13,048

$ 25,271

$ 18,637

2.90%

2.70%

2.00%

Minnesota

$ 15,644

$ 12,004

$ 17,656

$ 13,042

2.50%

2.40%

1.40%

Other

$ 262,931

$ 188,541

$ 566,037

$ 370,100

41.70%

38.00%

44.90%

39.50%

Casualty

^[1]

$ 197,494

$ 144,388

$ 403,793

$ 277,490

Inland Marine and Property

^[1]

31.30%

29.10%

32.00%

29.60%

^[1]

$ 169,728

$ 153,040

$ 336,291

$ 266,366

^[1]

26.90%

30.80%

26.70%

28.40%

Earthquake

^[1]

$ 146,648

$ 147,709

$ 283,964

$ 281,405

^[1]

23.30%

29.80%

22.50%

30.00%

Crop

^[1]

$ 77,368

$ 39,464

$ 165,142

$ 87,683

^[1]

12.30%

8.00%

13.10%

9.30%

Surety & Credit

^[1]

$ 39,218

$ 11,687

$ 71,094

$ 25,508

^[1]

6.20%

2.30%

5.70%

2.70%

[1]

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

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Change in unearned premiums

^[1]

$ 630,456

$ 496,288

$ 1,260,284

$ 938,452

Ceded written premiums

(305,279)

(266,506)

(597,192)

(497,251)

Net written premiums

325,177

229,782

663,092

441,201

(38,226)

(49,824)

(114,703)

(97,172)

Net earned premiums

286,951

179,958

548,389

344,029

Net investment income

19,950

13,370

37,934

25,441

Net realized and unrealized gains on investments

6,753

8,306

4,860

5,968

Commission and other income

769

1,677

2,178

2,507

Total revenues

314,423

203,311

593,361

377,945

Expenses:

Losses and loss adjustment expenses

98,988

46,183

186,085

84,927

Acquisition expenses, net of ceding commissions and fronting fees

71,256

51,637

141,571

97,996

Other underwriting expenses

69,429

45,525

134,336

81,258

Interest expense

4,947

8,105

171

Total expenses

244,620

143,431

470,097

264,352

Income before income taxes

69,803

59,880

123,264

113,593

Income tax expense

17,211

13,352

27,725

24,143

Net income

52,592

46,528

95,539

89,450

Other comprehensive income, net:

Net unrealized gains (losses) on securities available for sale

1,294

3,009

(12,653)

13,213

Net comprehensive income

$ 53,886

$ 49,537

$ 82,886

$ 102,663

Per Share Data:

Basic earnings per share (in dollars per share)

$ 2

$ 1.74

$ 3.61

$ 3.35

Diluted earnings per share (in dollars per share)

$ 1.94

$ 1.68

$ 3.51

$ 3.24

Weighted-average common shares outstanding:

Basic (in shares)

26,346,887

26,756,095

26,458,904

26,707,371

Diluted (in shares)

27,056,554

27,628,733

27,208,113

27,568,913

[1]

Note 7 - Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Equity [Text Block]

7. Stockholders’ Equity

As of June 30, 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 June 30, 2026 and December 31, 2025, the Company had 500,000,000 common shares authorized and 26,186,979 and 26,520,417 common shares issued and outstanding, respectively, with a par value of $0.0001. Additional paid-in capital was $542.7 million as of June 30, 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 June 30, 2026:


Stock options outstanding under 2019 Equity Incentive Plan			479,018
Restricted stock units outstanding under 2019 Equity Incentive Plan			340,950
Performance stock units outstanding under 2019 Equity Incentive Plan, at target			550,465
Shares authorized for future issuance under 2019 Equity Incentive Plan			4,646,787
Shares authorized for future issuance under 2019 Employee Stock Purchase Plan			1,814,096
Total			7,831,316

Stock based compensation

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	($ in thousands)				($ in thousands)
Stock-based compensation	$	7,438	$	5,347	$	16,224	$	10,092

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 six months ended June 30, 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		(20,167	)		24.06
Options cancelled		(491	)		61.72
Outstanding at June 30, 2026		479,018		$	32.46		3.3	$	44,995
Vested and Exercisable at June 30, 2026		479,018		$	32.46		3.3	$	44,995

As of June 30, 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 six months ended June 30, 2026:


	Number of shares			Weighted-average grant date fair value
Outstanding at January 1, 2026		296,285		$	89.73
Granted		184,609			120.30
Released		(130,338	)		79.77
Forfeited		(9,606	)		106.51
Non-vested outstanding at June 30, 2026		340,950		$	109.62

As of June 30, 2026, the Company had approximately $37.0 million of total unrecognized stock-based compensation expense related to RSUs expected to be recognized over a weighted-average period of 1.9 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 June 30, 2026, four stock price milestones have been achieved 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 six months ended June 30, 2026:


	Number of shares			Weighted-average grant date fair value
Outstanding at January 1, 2026		502,022		$	49.05
Granted		120,375			105.64
Vested		(67,883	)		51.24
Forfeited		(4,049	)		102.10
Non-vested outstanding at June 30, 2026		550,465		$	60.77

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 June 30, 2026, the Company had approximately $27.7 million of total unrecognized stock-based compensation expense related to PSUs expected to be recognized over a weighted-average period of 0.8 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 six months ended June 30, 2026.

Share repurchases

In July 2025, the Company’s Board of Directors approved a share repurchase program, (the “2025 Repurchase Program”) authorizing the repurchase of up to $150 million of outstanding shares of common stock through July 31, 2027. On April 30, 2026, the Company’s Board of Directors approved a share repurchase program, effective May 6, 2026, (the “2026 Repurchase Program”) which replaces the 2025 Repurchase Program, and authorizes the repurchase of up to $200 million of our outstanding common stock through May 6, 2028.

The Company repurchased 226,130 shares for $27.3 million at an average price of $120.65 per share under the 2025 Repurchase Program, and 332,844 shares for $36.8 million at an average price of $110.60 per share under the 2026 Repurchase Program, during the six months ended June 30, 2026. Approximately $163.2 million remains available for future repurchases under the 2026 Repurchase 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.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Goodwill and Intangible Assets Disclosure [Abstract]

Note 5 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Text Block]

5. Goodwill and Intangible Assets

The following table represents a reconciliation of changes in the ending balance of each major intangible asset class:


			Customer
			Relationships			Value of
			and Other			Business
			Intangible			Acquired
	Goodwill		Assets(1)			(VOBA)			State Licenses		Total
	($ in thousands)
Balance at January 1, 2026	$	30,466	$	28,244		$	—		$	2,344	$	61,054
Capitalizations		105,097		61,500			26,532			5,000		198,129
Amortization		—		(5,910	)		(16,517	)		—		(22,427	)
Balance at June 30, 2026	$	135,563	$	83,834		$	10,015		$	7,344	$	236,756

(1)

Customer relationships and other intangible assets consist of customer lists, tradenames, non-compete agreements, and renewal rights acquired in connection with the Company’s business combinations. Each asset is amortized on a straight-line basis over its respective useful life.

Goodwill and customer relationships were recognized in connection with the FIA, Advanced AgProtection, LLC (“AAP”), and The Gray Casualty and Surety Company (“Gray Surety”) acquisitions. Value of business acquired (“VOBA”) was recognized in connection with the Gray Surety acquisition. State insurance licenses consist of licenses acquired at the inception of PSIC and in connection with the acquisitions of FIA and Gray Surety. No impairment of goodwill or other intangible assets was identified as of June 30, 2026.

The following table presents information of each major intangible asset class subject to amortization as of June 30, 2026:


	Customer
	Relationships			Value of
	and Other			Business
	Intangible			Acquired
	Assets			(VOBA)			Total
	($ in thousands)
Cost	$	99,972		$	26,532		$	126,504
Accumulated amortization		(16,138	)		(16,517	)		(32,655	)
Net carrying amount	$	83,834		$	10,015		$	93,849

The estimated future amortization expense to be reported for the next five years is as follows:


	Amount
	($ in thousands)
Remainder of 2026	$	14,177
Year ended December 31, 2027		15,015
Year ended December 31, 2028		13,045
Year ended December 31, 2029		11,038
Year ended December 31, 2030		10,822
Year ended December 31, 2031		10,564
Thereafter		19,188
Total	$	93,849

Note 14 - Business Acquisitions

6 Months Ended

Jun. 30, 2026

Business Combination [Abstract]

Business Combination [Text Block]

14. 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 $314.0 million. The acquisition was funded with proceeds from the Term Loan (as defined in Note 13) and cash on hand and was completed to expand the Company’s surety platform. The Company subsequently renamed Gray Surety to Palomar Casualty and 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 remains 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 January 31, 2026 acquisition date. For the three months and six months ended June 30, 2026, Gray Surety contributed revenue of $21.6 million and $33.6 million, respectively, and net loss of $4.6 million and $5.8 million, respectively.

During the three months ended June 30, 2026, the Company recorded measurement-period adjustments primarily related to the valuation of customer relationships, a non-compete agreement and VOBA. These adjustments increased customer relationship intangible assets by $15.6 million, resulted in the recognition of a non-compete intangible asset of $0.7 million, increased VOBA by $3.5 million, increased the deferred tax liability by $3.6 million and decreased goodwill by $16.1 million.

As a result of these measurement-period adjustments, during the three months ended June 30, 2026, the Company recognized $1.4 million of additional amortization expense related to amounts that would have been recognized during the three months ended March 31, 2026, including $1.2 million within Other underwriting expenses and $0.2 million within Acquisition expenses.

The Company recognized $7.4 million of acquisition-related expenses associated with the Gray Surety acquisition for both the three and six months ended June 30, 2026. These expenses were recognized within Other underwriting expenses in the Consolidated Statements of Income and Comprehensive Income and primarily consisted of 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		66,500
Value of business acquired (VOBA)		26,532
Other assets		1,350
Total assets		295,386

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		18,655
Net assets acquired		208,906
Goodwill	$	105,097

Intangible assets were comprised of the following:


	Amount
	($ in thousands)		Useful Life	Amortization	Valuation Approach
Customer relationships	$	60,800	8 years	Straight-line	Multi-period excess earnings method
Non-compete agreements	$	700	5 years	Straight-line	With-and-without method
State licenses		5,000	Indefinite	Not amortized	Multi-period excess earnings method
Total intangible assets	$	66,500

The table above excludes 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 $26.5 million, which is recorded within intangible assets and represents the present value of future underwriting profits associated with the acquired in-force policies.

VOBA is amortized over the expected remaining lives of the underlying policies in proportion to the estimated earning pattern of the related unearned premiums as of the acquisition date. VOBA balances are subject to recoverability testing. No impairment was identified as of June 30, 2026.

Goodwill of $105.1 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.

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, acquisition-related financing costs, transactions costs, and related income tax

effects. The pro forma results reflect the revised provisional purchase-price allocation and related amortization as of June 30, 2026.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Unaudited, $ in thousands)				(Unaudited, $ in thousands)
Pro forma revenue	$	314,423	$	224,973	$	600,244	$	417,189
Pro forma net income		52,592		43,689		99,344		79,815

The entire disclosure for business combination.

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Note 11 - Reinsurance (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023
Reinsurance Retention [Line Items]
Reinsurance XOL treaty retention amount retained per event	$ 1.5
Reinsurance Policy, Excess of Loss Protection Amount	865.0
Catastrophe Bond, Face Value		$ 360.0	$ 525.0	$ 420.0	$ 200.0
Earthquake [Member]
Reinsurance Retention [Line Items]
Reinsurance, Amount Retained, Per Event	20.0
Reinsurance Policy, Excess of Loss Protection Amount	3,900.0
U.S. Hurricane [Member]
Reinsurance Retention [Line Items]
Reinsurance Policy, Excess of Loss Protection Amount	135.0
Continental Hurricane [Member]
Reinsurance Retention [Line Items]
Reinsurance, Amount Retained, Per Event	$ 11.0

Note 2 - Investments - The Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Due within one year, Amortized Cost	$ 50,675
Due within one year, Fair Value	50,623
Due after one year through five years, Amortized Cost	295,580
Due after one year through five years, Fair Value	292,059
Due after five years through ten years, Amortized Cost	278,412
Due after five years through ten years, Fair Value	276,482
Due after ten years, Amortized Cost	187,808
Due after ten years, Fair Value	181,360
Mortgage and asset-backed securities, Amortized Cost	710,530
Mortgage and asset-backed securities, Fair Value	702,336
Amortized Cost	1,523,005	$ 1,227,605
Total, Fair Value	$ 1,502,860	$ 1,224,187

Note 1 - Summary of Operations and Basis of Presentation (Details Textual)	6 Months Ended
	Jun. 30, 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 11 - Earnings Per Share - Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net income	$ 52,592	$ 42,947	$ 46,528	$ 42,922	$ 95,539	$ 89,450
Basic (in shares)	26,346,887		26,756,095		26,458,904	26,707,371
Common Share equivalents (in shares)	709,667		872,638		749,209	861,542
Diluted (in shares)	27,056,554		27,628,733		27,208,113	27,568,913
Basic (in dollars per share)	$ 2		$ 1.74		$ 3.61	$ 3.35
Diluted (in dollars per share)	$ 1.94		$ 1.68		$ 3.51	$ 3.24

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

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 3 - Derivative Instruments

6 Months Ended

Jun. 30, 2026

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 June 30, 2026, the notional amount and fair value of the Company’s derivative assets were $12.4 million and $5.0 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 June 30, 2026 and 2025, the Company recognized $6.2 million and an insignificant amount, respectively, of pre-tax net losses related to these derivatives, which were included in earnings within “Losses and loss adjustment expenses.” For the six months ended June 30, 2026 and 2025, the Company recognized $18.5 million and an insignificant amount, respectively, of pre-tax net losses 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.

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

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 52,592	$ 42,947	$ 46,528	$ 42,922	$ 95,539	$ 89,450

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

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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net cash provided by operating activities	$ 214,197	$ 208,061
Investing activities
Purchases of property and equipment	(416)	(64)
Proceeds from sale of property and equipment	240	0
Capitalized software costs	(4,060)	(3,076)
Purchases of fixed maturity securities	(463,246)	(629,766)
Purchases of equity securities	(61,130)	(10,261)
Sales and maturities of fixed maturity securities	263,188	492,146
Sales of equity securities	39,364	12,956
Change in securities receivable or payable, net	(13,021)	(7,035)
Investments in limited partnerships and other assets	(7,707)	(6,089)
Acquisitions, net of cash acquired	(246,321)	(61,509)
Net cash used in investing activities	(493,109)	(212,698)
Financing activities
Proceeds from term loan	300,000	0
Payments on term loan	(1,875)	0
Payment of debt issuance costs	(2,566)	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	485	3,266
Policy holder contribution to surplus	2,042	1,752
Repurchases of common stock	(64,105)	0
Net cash provided by financing activities	234,724	5,413
Net (decrease) increase in cash, cash equivalents and restricted cash	(44,188)	776
Cash, cash equivalents and restricted cash at beginning of period	106,892	80,539
Cash, cash equivalents and restricted cash at end of period	62,704	81,315
Supplementary cash flow information:
Cash paid for federal income taxes	25,440	24,091
Cash paid for state income taxes	1,688	626
Cash paid for interest	7,542	119
Cash and cash equivalents	62,689
Restricted cash	15
Cash and cash equivalents and restricted cash	$ 62,704	$ 81,315

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Available-for-Sale, Amortized Cost	$ 1,523,005	$ 1,227,605
Equity Securities, Cost	$ 109,595	$ 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)	26,186,979	26,520,417
Common Stock, Shares, Outstanding (in shares)	26,186,979	26,520,417

Note 6 - Reserve for Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2026

Insurance [Abstract]

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	($ in thousands)						($ in thousands)
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$	341,016		$	182,661		$	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		113,312			52,698			210,741			95,757
Prior years		(14,324	)		(6,515	)		(24,656	)		(10,830	)
Total incurred		98,988			46,183			186,085			84,927
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year		7,262			17,659			27,980			22,657
Prior years		11,795			12,000			35,295			25,172
Total payments		19,057			29,659			63,275			47,829
Reserve for losses and LAE net of reinsurance recoverables at end of period		420,947			199,185			420,947			199,185
Add: Reinsurance recoverables on unpaid losses and LAE at end of period		523,790			399,471			523,790			399,471
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$	944,737		$	598,656		$	944,737		$	598,656

(1)

(2)

Note 4 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2026 and December 31, 2025:


June 30, 2026	Level 1		Level 2		Level 3		Total
	($ in thousands)
Assets:
Fixed maturity securities
U.S. Governments	$	—	$	23,535	$	—	$	23,535
U.S. States, Territories, and Political Subdivisions		—		16,905		—		16,905
Special revenue excluding mortgage/asset-backed securities		—		18,429		—		18,429
Corporate and other		—		741,655		—		741,655
Mortgage/asset-backed securities		—		702,336		—		702,336
Equity securities		128,391		1,124		—		129,515
Cash, cash equivalents, and restricted cash		62,704		—		—		62,704
Derivative assets		5,007		—		—		5,007
Total assets	$	196,102	$	1,503,984	$	—	$	1,700,086


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 10 - Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

10. 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 June 30, 2026 and 2025, the Company’s income tax rates of 24.7% and 22.3%, respectively, were higher than the statutory rate of 21% due primarily to non-deductible executive compensation expense.

For the six months ended June 30, 2026 and 2025, the Company’s income tax rates of 22.5% and 21.3%, respectively, were higher than the statutory rate of 21% due primarily to 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.

The entire disclosure for income tax.

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Goodwill and Intangible Assets Disclosure [Abstract]

Note 5 - Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Reconciliation of Changes in the Ending Balance of Each Major Intangible Asset Class [Table Text Block]

The following table represents a reconciliation of changes in the ending balance of each major intangible asset class:


			Customer
			Relationships			Value of
			and Other			Business
			Intangible			Acquired
	Goodwill		Assets(1)			(VOBA)			State Licenses		Total
	($ in thousands)
Balance at January 1, 2026	$	30,466	$	28,244		$	—		$	2,344	$	61,054
Capitalizations		105,097		61,500			26,532			5,000		198,129
Amortization		—		(5,910	)		(16,517	)		—		(22,427	)
Balance at June 30, 2026	$	135,563	$	83,834		$	10,015		$	7,344	$	236,756

(1)

Schedule of Information of Each Major Intangible Asset Class Subject to Amortization [Table Text Block]

The following table presents information of each major intangible asset class subject to amortization as of June 30, 2026:


	Customer
	Relationships			Value of
	and Other			Business
	Intangible			Acquired
	Assets			(VOBA)			Total
	($ in thousands)
Cost	$	99,972		$	26,532		$	126,504
Accumulated amortization		(16,138	)		(16,517	)		(32,655	)
Net carrying amount	$	83,834		$	10,015		$	93,849

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

The estimated future amortization expense to be reported for the next five years is as follows:


	Amount
	($ in thousands)
Remainder of 2026	$	14,177
Year ended December 31, 2027		15,015
Year ended December 31, 2028		13,045
Year ended December 31, 2029		11,038
Year ended December 31, 2030		10,822
Year ended December 31, 2031		10,564
Thereafter		19,188
Total	$	93,849

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 (loss), 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, 2024		26,529,402
Balance at Dec. 31, 2024	729,030	$ 3	493,656	(26,845)	262,216
Other comprehensive income (loss), net of tax				13,212
Net income	89,450
Balance (in shares) at Jun. 30, 2025		26,777,198
Balance at Jun. 30, 2025	847,197	$ 3	509,161	(13,633)	351,666
Balance (in shares) at Mar. 31, 2025		26,735,132
Balance at Mar. 31, 2025	790,449	$ 3	501,950	(16,642)	305,138
Other comprehensive income (loss), net of tax	3,009	0	0	3,009	0
Stock-based compensation	5,347	$ 0	5,347	0	0
Issuance of common stock via employee stock purchase plan (in shares)		0
Issuance of common stock via employee stock purchase plan	0	$ 0	0	0	0
Issuance of common stock via equity incentive plan (in shares)		42,066
Issuance of common stock via equity incentive plan	889	$ 0	889	0	0
Policyholder contribution to surplus	975	0	975	0	0
Net income	46,528	$ 0	0	0	46,528
Balance (in shares) at Jun. 30, 2025		26,777,198
Balance at Jun. 30, 2025	847,197	$ 3	509,161	(13,633)	351,666
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 (loss), 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
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
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 (loss), net of tax				(12,653)
Issuance of common stock via employee stock purchase plan (in shares)	7,148
Net income	$ 95,539
Balance (in shares) at Jun. 30, 2026		26,186,979
Balance at Jun. 30, 2026	980,942	$ 3	542,662	(15,159)	453,436
Balance (in shares) at Mar. 31, 2026		26,514,295
Balance at Mar. 31, 2026	959,039	$ 3	533,628	(16,453)	441,861
Other comprehensive income (loss), net of tax	1,294	0	0	1,294	0
Stock-based compensation	7,438	$ 0	7,438	0	0
Issuance of common stock via employee stock purchase plan (in shares)		0
Issuance of common stock via employee stock purchase plan	0	$ 0	0	0	0
Issuance of common stock via equity incentive plan (in shares)		41,403
Issuance of common stock via equity incentive plan	460	$ 0	460	0	0
Policyholder contribution to surplus	1,136	$ 0	1,136	0	0
Repurchases of common stock (in shares)		(368,719)
Repurchases of common stock	(41,017)	$ 0	0	0	(41,017)
Net income	52,592	$ 0	0	0	52,592
Balance (in shares) at Jun. 30, 2026		26,186,979
Balance at Jun. 30, 2026	$ 980,942	$ 3	$ 542,662	$ (15,159)	$ 453,436

Note 14 - Business Acquisitions (Tables)

6 Months Ended

Jun. 30, 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		66,500
Value of business acquired (VOBA)		26,532
Other assets		1,350
Total assets		295,386

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		18,655
Net assets acquired		208,906
Goodwill	$	105,097

Summary of Intangible Assets were Comprised

Intangible assets were comprised of the following:


	Amount
	($ in thousands)		Useful Life	Amortization	Valuation Approach
Customer relationships	$	60,800	8 years	Straight-line	Multi-period excess earnings method
Non-compete agreements	$	700	5 years	Straight-line	With-and-without method
State licenses		5,000	Indefinite	Not amortized	Multi-period excess earnings method
Total intangible assets	$	66,500

Summary of Unaudited Pro Forma Financial Information

effects. The pro forma results reflect the revised provisional purchase-price allocation and related amortization as of June 30, 2026.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	(Unaudited, $ in thousands)				(Unaudited, $ in thousands)
Pro forma revenue	$	314,423	$	224,973	$	600,244	$	417,189
Pro forma net income		52,592		43,689		99,344		79,815

Note 7 - Stockholders' Equity - Summary of PSU Transactions (Details) - Performance Shares [Member]	6 Months Ended
	Jun. 30, 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	120,375
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 105.64
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	(4,049)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 102.1
Non-vested, shares (in shares) \| shares	550,465
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 60.77

Note 13 - Credit Agreements

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Credit Agreements

13. 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 June 30, 2026, the Company was in compliance with all debt covenants.

As of June 30, 2026, the Company had $295.8 million outstanding on its Term Loan, net of debt issuance costs. Interest expense on the Term Loan was $4.0 million and $6.9 million for the three and six months ended June 30, 2026, respectively.

As of June 30, 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 for the three and six months ended June 30, 2026. Interest expense on the 2021 Credit Agreement was $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively.

As of June 30, 2026, the Company had no borrowings outstanding on the Revolving Facility. Interest expense on the Revolving Facility was $0.1 million and $0.2 million for the three and six months ended June 30, 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 June 30, 2026 and December 31, 2025 the Company had no borrowings outstanding through the FHLB. Interest expense on the FHLB line of credit was $0.4 million and $0.5 million for the three and six months ended June 30, 2026, respectively. Interest expense on the FHLB line of credit was insignificant for the three and six months ended June 30, 2025.

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.

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