0001437749-24-005385 | 10-K | XBRL Viewer

Subsequent Events [Text Block]

Note 22. Subsequent Events

On February 9, 2024, the Company entered into a lease amendment to extend the lease term and expand the rentable square feet for its principal office in La Jolla, California. The lease amendment is effective August 1, 2024 and expires on July 31, 2034, with monthly payments (in thousands) as follows:

Months 1-12:	$	71
Months 13-24:	$	76
Months 25-36:	$	105
Months 37-48:	$	108
Months 49-60:	$	112
Months 61-72:	$	115
Months 73-84:	$	119
Months 85-96:	$	122
Months 97-108:	$	126
Months 109-120:	$	129

The Company has evaluated all other subsequent events from the balance sheet date through the date the financial statements were issued and has determined there are no additional events required to be disclosed.

Note 5 - Policy Acquisition Costs

12 Months Ended

Dec. 31, 2023

Deferred Policy Acquisition Costs [Text Block]

5. Policy Acquisition Costs

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

	*Year ended December 31,*
	*2023*			*2022*			*2021*
	(in thousands)
Deferred Policy Acquisition Costs:
Balance, beginning of year	$	56,740		$	55,953		$	35,481
Additions to deferred balance:
Direct commissions		220,822			209,061			133,242
Ceding commissions and fronting fees		(123,911	)		(109,302	)		(32,249	)
Premium taxes		13,690			10,166			8,209
Total net additions		110,601			109,925			109,202
Amortization of net policy acquisition costs		(106,351	)		(109,138	)		(88,730	)
Balance, end of year	$	60,990		$	56,740		$	55,953
Acquisition expenses:
Amortization of net policy acquisition costs	$	106,351		$	109,138		$	88,730
Period costs		1,394			1,633			6,703
Total Acquisition expenses	$	107,745		$	110,771		$	95,433

Note 5 - Policy Acquisition Costs - Schedule of Policy Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balance, beginning of year	$ 56,740	$ 55,953	$ 35,481
Direct commissions	220,822	209,061	133,242
Ceding commissions and fronting fees	(123,911)	(109,302)	(32,249)
Premium taxes	13,690	10,166	8,209
Total net additions	110,601	109,925	109,202
Amortization of net policy acquisition costs	(106,351)	(109,138)	(88,730)
Balance, end of year	60,990	56,740	55,953
Amortization of net policy acquisition costs	106,351	109,138	88,730
Period costs	1,394	1,633	6,703
Total Acquisition expenses	$ 107,745	$ 110,771	$ 95,433

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0001761312
Entity Registrant Name	Palomar Holdings, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-38873
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3972551
Entity Address, Address Line One	7979 Ivanhoe Avenue, Suite 500
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	619
Local Phone Number	567-5290
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	PLMR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,408,096,601
Entity Common Stock, Shares Outstanding		24,868,900
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Francisco, California

Note 14 - Underwriting Information - Schedule of Gross Written Premiums (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gross written premiums	$ 1,141,558,000	$ 881,868,000	$ 535,175,000
Percentage of Gross Written Premiums	100.00%	100.00%	100.00%
Palomar Specialty Insurance Company [Member]
Gross written premiums	$ 653,809,000	$ 489,720,000	$ 383,064,000
Percentage of Gross Written Premiums	57.30%	55.50%	71.60%
Palomar Excess And Surplus Insurance Company [Member]
Gross written premiums	$ 487,749,000	$ 392,148,000	$ 152,111,000
Percentage of Gross Written Premiums	42.70%	44.50%	28.40%
CALIFORNIA
Gross written premiums	$ 600,791,000	$ 418,809,000	$ 244,416,000
Percentage of Gross Written Premiums	52.60%	47.50%	45.70%
TEXAS
Gross written premiums	$ 95,517,000	$ 90,459,000	$ 62,893,000
Percentage of Gross Written Premiums	8.40%	10.30%	11.80%
WASHINGTON
Gross written premiums	$ 49,494,000	$ 41,827,000	$ 23,608,000
Percentage of Gross Written Premiums	4.30%	4.70%	4.40%
HAWAII
Gross written premiums	$ 47,388,000	$ 40,157,000	$ 34,993,000
Percentage of Gross Written Premiums	4.20%	4.50%	6.50%
FLORIDA
Gross written premiums	$ 47,595,000	$ 38,715,000	$ 27,386,000
Percentage of Gross Written Premiums	4.20%	4.40%	5.10%
OREGON
Gross written premiums	$ 23,220,000	$ 24,108,000	$ 13,677,000
Percentage of Gross Written Premiums	2.00%	2.70%	2.60%
ILLINOIS
Gross written premiums	$ 22,340,000	$ 17,368,000	$ 12,133,000
Percentage of Gross Written Premiums	2.00%	2.00%	2.30%
NEW YORK
Gross written premiums	$ 18,424	$ 12,510	$ 3,077
Percentage of Gross Written Premiums	1.60%	1.50%	0.60%
Other States [Member]
Gross written premiums	$ 236,789,000	$ 197,915,000	$ 112,992,000
Percentage of Gross Written Premiums	20.70%	22.40%	21.10%
Fronting Premium [Member]
Gross written premiums	$ 364,250,000	$ 223,249,000	$ 11,459,000
Percentage of Gross Written Premiums	31.90%	25.30%	2.20%
Residential Earthquake [Member]
Gross written premiums	$ 253,530,000	$ 213,803,000	$ 171,048,000
Percentage of Gross Written Premiums	22.20%	24.20%	32.00%
Commercial Earthquake [Member]
Gross written premiums	$ 183,368,000	$ 131,677,000	$ 90,552,000
Percentage of Gross Written Premiums	16.10%	14.90%	16.90%
Inland Marine [Member]
Gross written premiums	$ 140,067,000	$ 105,068,000	$ 57,124,000
Percentage of Gross Written Premiums	12.30%	11.90%	10.70%
Casualty [Member]
Gross written premiums	$ 76,864,000	$ 35,791,000	$ 9,584,000
Percentage of Gross Written Premiums	6.70%	4.10%	1.90%
Hawaii Hurricane [Member]
Gross written premiums	$ 38,188,000	$ 32,967,000	$ 30,298,000
Percentage of Gross Written Premiums	3.30%	3.70%	5.60%
Commercial All Risk [Member]
Gross written premiums	$ 35,515,000	$ 51,671,000	$ 38,640,000
Percentage of Gross Written Premiums	3.10%	5.90%	7.20%
Flood Insurance Product [Member]
Gross written premiums	$ 20,087,000	$ 14,539,000	$ 11,652,000
Percentage of Gross Written Premiums	1.80%	1.70%	2.20%
Specialty Homeowners [Member]
Gross written premiums		$ 29,959,000	$ 67,894,000
Percentage of Gross Written Premiums	(0.00%)	3.40%	12.70%
Specialty Homeowners	$ (101,000)
Service, Other [Member]
Gross written premiums	$ 29,790,000	$ 43,144,000	$ 46,924,000
Percentage of Gross Written Premiums	2.60%	4.90%	8.60%

Note 13 - Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2023

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
	(in thousands)
Balance as of January 1	$	(36,515	)	$	5,312		$	13,246
Other comprehensive income (loss) before reclassification		15,913			(55,270	)		(9,579	)
Federal income tax (expense) benefit		(3,342	)		11,607			2,012
Other comprehensive income (loss) before reclassification, net of tax		12,571			(43,663	)		(7,567	)
Amounts reclassified from AOCI		(60	)		2,325			(464	)
Federal income tax expense (benefit)		13			(489	)		97
Amounts reclassified from AOCI, net of tax		(47	)		1,836			(367	)
Other comprehensive income (loss)		12,524			(41,827	)		(7,934	)
Balance at end of period	$	(23,991	)	$	(36,515	)	$	5,312

Note 12 - Stockholders' Equity - Schedule of Valuation Assumptions for Options (Details)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Risk free rate of return (2)

^[1],[2]

0.00%

Expected share price volatility (3)

^[2],[3]

0.00%

Expected life in years (4) (Year)

^[4]

5 years 10 months 20 days

Dividend yield (5)

^[5]

0.00%

^[2]

0.00%

Minimum [Member]

Risk free rate of return (2)

^[1]

1.69%

0.57%

Expected share price volatility (3)

^[3]

39.73%

26.06%

Maximum [Member]

Risk free rate of return (2)

^[1]

4.23%

1.35%

Expected share price volatility (3)

^[3]

43.03%

39.41%

[1]	Determined based on the U.S. Treasury yield in effect at the time of the grant for zero-coupon U.S. Treasury notes with remaining terms similar to the expected term of the options.
[2]	There were no stock options granted during the year ended December 31, 2023.
[3]	Determined based on a blend of the Company’s historic stock price volatility and the historic volatility of a peer group of publicly traded companies.
[4]	Determined using the “simplified method” for estimating the expected option life, which is the average of the weighted-average vesting period and contractual term of the option as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its common stock has been publicly traded.
[5]	Determined to be zero as the Company does not currently plan to issue dividends.

Note 8 - Leases - Supplementary Lease Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Operating cash outflows from operating leases	$ 1,021
Operating lease ROU assets	934
Operating lease liabilities	$ 1,085
Weighted-average remaining lease term on operating leases (years) (Year)	2 years 4 months 24 days
Weighted-average discount rate on operating leases	0.90%

Note 12 - Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

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

Stock options outstanding under 2019 Equity Incentive Plan			807,685
Restricted stock units outstanding under 2019 Equity Incentive Plan			333,716
Performance stock units outstanding under 2019 Equity Incentive Plan			423,621
Shares authorized for future issuance under 2019 Equity Incentive Plan			3,130,991
Shares authorized for future issuance under 2019 Employee Stock Purchase Plan			1,130,770
Total			5,826,783

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

	*Year ended December 31,*
	*2023*		*2022*		*2021*
	(in thousands)
Stock-Based Compensation Expense	$	14,913	$	11,624	$	5,584

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

	*Number of*			*Weighted-average exercise*		*Weighted average remaining contractual term*		*Aggregate intrinsic value*
	*shares*			*price*		*(in years)*		*(in thousands)*
Outstanding at January 1, 2023		882,892		$	33.85		—	$	—
Options granted		—			—
Options exercised		(61,258	)		20.21
Options canceled		(13,949	)		67.08
Outstanding at December 31, 2023		807,685		$	34.31		5.83	$	21,635
Vested and Exercisable at December 31, 2023		747,105		$	32.11		5.69	$	21,414

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	*Year ended December 31,*
	*2023 (1*		)	*2021*
	(in thousands)
Risk free rate of return (2)		—	%		1.69% - 4.23%		0.57% - 1.35%
Expected share price volatility (3)		0.00	%		39.73% - 43.03%		26.06% - 39.41%
Expected life in years (4)		—			5.89		5.89
Dividend yield (5)		0	%		0	%	0	%

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

	*Number of shares*			*Weighted-average grant date fair value*
Non vested outstanding at January 1, 2023		271,951		$	68.90
Granted		170,140			51.55
Vested		(86,083	)		69.43
Forfeited		(22,292	)		52.56
Non vested outstanding at December 31, 2023		333,716		$	61.01

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

	*Number of shares*			*Weighted-average grant date fair value*
Non vested outstanding at January 1, 2023		383,103		$	37.62
Granted		46,029			51.36
Vested		—			—
Forfeited		(5,511	)		54.33
Non vested outstanding at December 31, 2023		423,621		$	38.90

Schedule II - Condensed Financial Information of Parent Company - Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net investment income	$ 23,705	$ 13,877	$ 9,080
Net realized and unrealized gains (losses) on investments	2,941	(7,529)	1,277
Total revenues	375,926	327,086	247,791
Other operating expenses	272,284	259,535	190,653
Income before income taxes	103,642	67,551	57,138
Income tax expense	24,441	15,381	11,291
Net income	79,201	52,170	45,847
Net unrealized gains (losses) on securities available for sale	12,524	(41,827)	(7,934)
Total comprehensive income	91,725	10,343	37,913
Parent Company [Member]
Net investment income	1,699	1,048	555
Net realized and unrealized gains (losses) on investments	(209)	(320)	217
Total revenues	1,490	728	772
Other operating expenses	39,347	33,292	19,480
Income before income taxes	(37,857)	(32,564)	(18,708)
Income tax expense	(7,953)	(8,464)	11,039
Loss before equity in net income of subsidiaries	(29,904)	(24,100)	(29,747)
Equity in net income of subsidiaries	109,105	76,270	75,594
Net income	79,201	52,170	45,847
Net unrealized gains (losses) on securities available for sale	(2,505)	(3,997)	580
Equity in other comprehensive income (loss) of subsidiaries, net of taxes	15,029	(37,830)	(8,514)
Total comprehensive income	$ 91,725	$ 10,343	$ 37,913

Note 9 - Reserve for Losses and Loss Adjustment Expenses (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss and Loss Adjustment Expense Reserve Redundancy	$ (2.2)	$ (2.4)	$ 3.6

Note 7 - Capitalized Assets

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment Disclosure [Text Block]

7. Capitalized Assets

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

			*Accumulated*			*Net*
December 31, 2023	*Cost*		*Amortization*			*Book Value*
	(in thousands)
Capitalized Software	$	25,356	$	(9,079	)	$	16,277

			*Accumulated*			*Net*
December 31, 2022	*Cost*		*Amortization*			*Book Value*
	(in thousands)
Capitalized Software	$	18,622	$	(6,303	)	$	12,319

Amortization expense relating to capitalized software for the years ended December 31, 2023, 2022 and 2021 was $2.8 million, $2.6 million, and $2.1 million, respectively.

Property and Equipment consists of the following:

			*Accumulated*			*Net*
December 31, 2023	*Cost*		*Depreciation*			*Book Value*
	(in thousands)
Leasehold improvements	$	879	$	(811	)	$	68
Computer hardware		418		(272	)		146
Office equipment and furniture		724		(565	)		159
Total	$	2,021	$	(1,648	)	$	373

			*Accumulated*			*Net*
December 31, 2022	*Cost*		*Depreciation*			*Book Value*
	(in thousands)
Leasehold improvements	$	879	$	(694	)	$	185
Computer hardware		402		(205	)		197
Office equipment and furniture		724		(503	)		221
Total	$	2,005	$	(1,402	)	$	603

Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $0.2 million, $0.2 million, and $0.2 million respectively.

Note 9 - Reserve for Losses and Loss Adjustment Expenses - Schedule of Incurred Losses and Allocated Loss Adjustment Expenses on Other Insurance (Details) - Other Insurance Lines [Member]
$ in Thousands

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Insurance contracts, incurred but not reported liabilities

^[1]

$ 24,381

^[1]

$ 17,332

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

1,459,000

^[1]

$ 3,415

Reserve for losses and loss adjustment expense, net of reinsurance

^[1]

20,966

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

Insurance contracts, incurred but not reported liabilities

$ 7

$ 26

$ 48

$ 0

Insurance contracts, claims paid and allocated claim adjustment expense

$ 0

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

Insurance contracts, incurred but not reported liabilities

^[1]

2,928

3,299

3,429

^[1]

$ 2,073

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

106,000

^[1]

$ 449

221

$ 62

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

Insurance contracts, incurred but not reported liabilities

^[1]

8,873

8,871

^[1]

$ 6,033

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

424,000

^[1]

$ 1,584

$ 481

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

Insurance contracts, incurred but not reported liabilities

12,580

$ 9,226

Insurance contracts, claims paid and allocated claim adjustment expense

922,000

$ 1,382

[1]

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

Note 10 - Reinsurance

12 Months Ended

Dec. 31, 2023

Reinsurance [Text Block]

10. Reinsurance

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

In an XOL treaty, the Company retains losses for any occurrence up to a specified amount (its “retention”) and reinsurers assume any losses above that amount. As of December 31, 2023, the Company’s catastrophe event retention is $17.5 million for all perils. As of December 31, 2023, the Company’s reinsurance structure provides protection up to $2.71 billion for earthquake events, $900 million for Hawaii hurricane events, and $100 million for continental U.S. hurricane events.

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

The following table shows ceded written premiums under fronting and quota share arrangements by line of business for the years ended December 31, 2023, 2022 and 2021:

	*Year Ended December 31,*
	*2023*			*2022*		*2021*
	(in thousands)
Fronting	$	351,485		$	237,285	$	11,001
Inland Marine		88,213			63,627		28,389
Casualty		36,677			23,398		5,138
Commercial Earthquake		29,708			20,467		14,447
Commercial All Risk		7,229			6,260		3,948
Specialty Homeowners		(41	)		4,946		27,394
Others		13,009			9,210		5,684
Total	$	526,280		$	365,193	$	96,001

The Company recognizes ceded unearned premiums related to quota share agreements as an asset on its consolidated balance sheets. As of December 31, 2023 and 2022, ceded unearned premiums totaled $265.8 million and $204.1 million, respectively. The increase was driven primarily by premium growth in lines subject to fronting agreements or quota shares.

In addition to reinsurance purchased from traditional reinsurers, we have historically incorporated collateralized protection from the insurance linked securities market via catastrophe bonds. During the first quarter of 2021, we closed a $400 million 144A catastrophe bond that became effective June 1, 2021. The catastrophe bond was completed through Torrey Pines Re Pte. Ltd. (“Torrey Pines Re Pte.”). Torrey Pines Re Pte. is a special purpose reinsurance vehicle incorporated in Singapore that provides Palomar with indemnity-based reinsurance covering earthquake events through June 1, 2024. During the second quarter of 2022, we closed a $275 million 144A catastrophe bond that became effective June 1, 2022. This catastrophe bond was completed through Torrey Pines Re Ltd., a Bermuda-domiciled special purpose insurer that provides indemnity-based reinsurance covering earthquake events through June 1, 2025. During the second quarter of 2023, we also closed a $200 million 144A catastrophe bond that became effective June 1, 2023. This catastrophe bond was also completed through Torrey Pines Re Ltd and provides indemnity-based reinsurance covering earthquake events through June 1, 2026.

Written premiums ceded under these catastrophe bond agreements were $42.7 million, $28.3 million and $11.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The effect of reinsurance on premiums written and earned and on losses and LAE incurred for the years ended December 31, 2023, 2022 and 2021, is as follows:

	*2023*						*2022*						*2021*
	*Written*			*Earned*			*Written*			*Earned*			*Written*			*Earned*
	(in thousands)
Premiums Written and Earned:
Direct	$	1,083,804		$	959,614		$	816,387		$	628,973		$	467,424		$	384,463
Assumed		57,754			56,107			65,481			66,299			67,751			49,535
Ceded		(731,531	)		(669,808	)		(524,575	)		(378,806	)		(223,443	)		(200,172	)
Net	$	410,027		$	345,913		$	357,293		$	316,466		$	311,732		$	233,826

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

	*2022*
	*Losses*			*LAE*			*Total*
	(in thousands)
Losses and LAE Incurred:
Direct	$	133,517		$	38,004		$	171,521
Assumed		23,574			5,998			29,572
Ceded		(91,261	)		(31,159	)		(122,421	)
Net	$	65,829		$	12,843		$	78,672

	*2021*
	*Losses*			*LAE*			*Total*
	(in thousands)
Losses and LAE Incurred:
Direct	$	168,292		$	13,295		$	181,587
Assumed		17,184			1,926			19,110
Ceded		(148,106	)		(11,134	)		(159,240	)
Net	$	37,370		$	4,087		$	41,457

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

To reduce credit exposure to reinsurance recoverable balances, the Company obtains acceptable forms of collateral from certain reinsurers that are not authorized as reinsurers under U.S. state insurance regulations. In addition, under the terms of its reinsurance contracts, the Company may retain funds due from reinsurers as security for those recoverable balances. As of December 31, 2023 and 2022, the Company had retained $13.4 million and $10.7 million in funds from reinsurers, respectively. The Company is able to use the funds in the ordinary course of its business. The funds are held in cash and cash equivalents and investments with an offsetting liability on the accompanying consolidated balance sheets.

For the year ended December 31, 2023, reinsurance premiums ceded to the Company’s three largest reinsurers totaled $152.4 million, $65.9 million and $47.4 million, representing 36.3% of the total balance. For the year ended December 31, 2022, reinsurance premiums ceded to the Company’s three largest reinsurers totaled $24.7 million, $22.9 million and $18.4 million, representing 23.9% of the total balance. For the year ended December 31, 2021, reinsurance premiums ceded to the Company’s three largest reinsurers totaled $24.7 million, $11.7 million and $10.4 million, representing 20.9% of the total balance.

At December 31, 2023 reinsurance recoverable on unpaid losses by the Company’s three largest reinsurers were $69.5 million, $29.8 million and $25.5 million representing 45.7% of the total balance. At December 31, 2022 reinsurance recoverable on unpaid losses by the Company’s three largest reinsurers were $60.6 million, $53.9 million and $50.6 million representing 31.5% of the total balance. The Company seeks reinsurers that have an A.M. best rating of A− (excellent) or better or requires them to post collateral.

Note 4 - Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Text Block]

4. Fair value measurements

The following tables present the Company’s fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022:

December 31, 2023	*Level 1*		*Level 2*		*Level 3*		*Total*
	(in thousands)
Assets:
Fixed maturity securities
U.S. Government	$	—	$	39,420	$	—	$	39,420
U.S. States, Territories, and Political Subdivisions		—		9,902		—		9,902
Special revenue excluding mortgage/asset-backed securities		—		29,511		—		29,511
Corporate and other		—		300,239		—		300,239
Mortgage/asset-backed securities		—		264,727		—		264,727
Equity securities		43,160		—		—		43,160
Cash, cash equivalents, and restricted cash		51,852		—		—		51,852
Total assets	$	95,012	$	643,799	$	—	$	738,811

December 31, 2022	*Level 1*		*Level 2*		*Level 3*		*Total*
	(in thousands)
Assets:
Fixed maturity securities
U.S. Government	$	—	$	48,551	$	—	$	48,551
U.S. States, Territories, and Political Subdivisions		—		9,652		—		9,652
Special revenue excluding mortgage/asset-backed securities		—		32,799		—		32,799
Corporate and other		—		254,095		—		254,095
Mortgage/asset-backed securities		—		169,967		—		169,967
Equity securities		38,576		—		—		38,576
Cash, cash equivalents, and restricted cash		68,164		—		—		68,164
Total assets	$	106,740	$	515,064	$	—	$	621,804

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 carrying amount of the Company’s borrowings under the Federal Home Loan Bank (“FHLB”) line of credit approximates fair value as the Company is currently borrowing at the overnight rate, which is adjusted daily.

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.

Note 17 - Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Text Block]

17. Earnings Per Share

The following table sets forth the computation of earnings per share of common stock:

	*Year ended December 31,*
	*2023*		*2022*		*2021*
	(in thousands, except shares and per share data)
Net income	$	79,201	$	52,170	$	45,847
Weighted average common shares outstanding:
Basic		24,822,004		25,243,397		25,459,514
Common Share equivalents		505,087		552,611		652,390
Diluted		25,327,091		25,796,008		26,111,904

Earnings per share:
Basic	$	3.19	$	2.07	$	1.80
Diluted	$	3.13	$	2.02	$	1.76

Common share equivalents relate 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 12 - Stockholders' Equity - Summary of PSU Transactions (Details) - Performance Shares [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Non-vested, shares (in shares) \| shares	383,103
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 37.62
Granted, shares (in shares) \| shares	46,029
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 51.36
Vested, shares (in shares) \| shares	0
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0
Forfeited, shares (in shares) \| shares	(5,511)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 54.33
Non-vested, shares (in shares) \| shares	423,621
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 38.9

Note 3 - Investments - The Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Due within one year, Amortized Cost	$ 46,366
Due within one year, Fair Value	45,221
Due after one year through five years, Amortized Cost	188,698
Due after one year through five years, Fair Value	180,645
Due after five years through ten years, Amortized Cost	127,925
Due after five years through ten years, Fair Value	118,748
Due after ten years, Amortized Cost	37,591
Due after ten years, Fair Value	34,458
Mortgage and asset-backed securities, Amortized Cost	274,550
Mortgage and asset-backed securities, Fair Value	264,727
Amortized Cost	675,130	$ 561,580
Total, Fair Value	$ 643,799	$ 515,064

Note 9 - Reserve for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2023

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

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
	(in thousands)
Reserve for losses and loss adjustment expense, net of reinsurance recoverables at beginning of period	$	77,520	$	45,419	$	34,470
Add: Incurred losses and loss adjustment expenses, net of reinsurance, related to:
Current year		70,363		76,289		45,042
Prior years		2,229		2,383		(3,585	)
Total incurred		72,592		78,672		41,457
Deduct: Loss and loss adjustment expense payments, net of reinsurance, related to:
Current year		19,631		21,802		12,063
Prior years		32,828		24,769		18,445
Total payments		52,459		46,571		30,508
Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period		97,653		77,520		45,419
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		244,622		153,895		127,947
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	342,275	$	231,415	$	173,366

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

	*2023*
	(in thousands)
Reserve for losses and loss adjustment expense, net of reinsurance recoverables:
Property	$	43,326
Other liability occurrence		13,304
Other liability claims made		20,966
Reinsurance - Nonproportional assumed property⁽¹⁾		8,379
Other		11,678
Total reserve for losses and loss adjustment expense, net of reinsurance recoverables		97,653
Reinsurance recoverable on unpaid claims:
Property	$	84,778
Other liability occurrence		6,975
Other liability claims made		71,201
Other		81,668
Total reinsurance recoverable on unpaid claims		244,622
Total reserve for losses and loss adjustment expenses	$	342,275

Other Insurance Lines [Member]

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

									*As of December 31, 2023*
									*Incurred but Not Reported*		*Cumulative Number of*
Accident Year		*2020*		*2021*		*2022*		*2023*	*Liabilities*		*Claims*
Prior	$	48	$	26	$	7	$	—	$	—		7
2021				3,429		3,299		2,928		2,073		106
2022						8,871		8,873		6,033		424
2023								12,580		9,226		922
Total							$	24,381	$	17,332		1,459

Accident Year		*2020*		*2021*		*2022*		*2023*
Prior	$	—	$	—	$	—	$	—
2021				62		221		449
2022						481		1,584
2023								1,382
Total							$	3,415
Reserve for losses and loss adjustment expense, net of reinsurance							$	20,966

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

		*Year 1*				*Year 2*				*Year 3*
Payout percentage			4.63	%			5.95	%			7.78	%

Special Property Product Line [Member]

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

							*As of December 31, 2023*
								*Incurred but Not Reported*		*Cumulative Number of*
Accident Year	*2021*		*2022*		*2023*		*Liabilities*		*Claims*
Prior	$	109	$	35	$	46	$	—		6
2021		2,138		1,641		2,172		797		19
2022				7,160		8,755		4,132		52
2023						5,005		4,055		28
Total					$	15,978	$	8,984		105

Accident Year	*2021*		*2022*		*2023*
Prior	$	109	$	35	$	46
2021		141		347		653
2022				746		1,603
2023						372
Total					$	2,674
Reserve for losses and loss adjustment expense, net of reinsurance					$	13,304

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

		Year 1				Year 2				Year 3
Payout percentage			5.61	%			6.43	%			14.09	%

Homeowners Insurance Product Line [Member]

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

																			*As of December 31, 2023*
	*Year Ended December 31,*																		*Incurred but Not Reported*		*Cumulative Number of*
Accident Year	*2015*		*2016*		*2017*		*2018*		*2019*		*2020*		*2021*		*2022*		*2023*		*Liabilities*		*Claims*
2015	$	2,678	$	2,504	$	2,329	$	2,307	$	2,320	$	2,313	$	2,316	$	2,304	$	2,324	$	-	$	566
2016				7,450		7,127		6,972		7,090		7,075		7,062		7,125		5,730		-	$	1,376
2017						12,425		10,893		10,644		10,652		10,561		10,668		12,339		-		3,607
2018								8,163		8,103		7,939		7,950		7,941		8,010		7		1,176
2019										4,575		4,223		3,947		4,293		4,350		3		1,666
2020												61,434		57,248		59,565		56,008		213		4,983
2021														29,836		25,158		25,733		868		5,191
2022																42,887		44,943		6,109		4,062
2023																		40,921		17,407		4,130
Total																	$	200,358	$	24,607	$	26,757

	*Year Ended December 31,*
Accident Year	*2015*		*2016*		*2017*		*2018*		*2019*		*2020*		*2021*		*2022*		*2023*
2015	$	1,125	$	1,817	$	2,109	$	2,241	$	2,300	$	2,309	$	2,316	$	2,304	$	2,324
2016				4,823		6,420		6,801		7,051		7,072		7,062		7,125		5,729
2017						9,102		10,719		10,639		10,640		10,560		10,636		12,339
2018								4,409		7,889		7,931		7,943		7,943		7,999
2019										2,179		3,510		3,757		4,170		4,345
2020												31,862		49,222		55,504		55,619
2021														11,355		22,500		24,408
2022																12,647		30,042
2023																		14,226
Total																	$	157,031
Reserve for losses and loss adjustment expense, net of reinsurance																	$	43,327

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

		Year 1				Year 2				Year 3				Year 4				Year 5				Year 6				Year 7				Year 8 (2)				Year 9
Payout percentage			52.82	%			32.23	%			6.20	%			3.32	%			1.25	%			0.38	%			5.07	%			(12.44	)%			0.88	%

Note 7 - Capitalized Assets - Schedule of Capitalized Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Capitalized Software, cost	$ 25,356	$ 18,622
Capitalized Software, accumulated amortization	(9,079)	(6,303)
Capitalized Software, net	16,277	12,319
Capitalized assets, cost	2,021	2,005
Capitalized assets, accumulated depreciation	(1,648)	(1,402)
Property and equipment, net	373	603
Leasehold Improvements [Member]
Capitalized assets, cost	879	879
Capitalized assets, accumulated depreciation	(811)	(694)
Property and equipment, net	68	185
Computer Equipment [Member]
Capitalized assets, cost	418	402
Capitalized assets, accumulated depreciation	(272)	(205)
Property and equipment, net	146	197
Office Equipment [Member]
Capitalized assets, cost	724	724
Capitalized assets, accumulated depreciation	(565)	(503)
Property and equipment, net	$ 159	$ 221

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2020	25,525,796
Balance as of January 1 at Dec. 31, 2020	$ 3	$ 310,507	$ 13,246	$ 39,957	$ 363,713
Other comprehensive income (loss), net of tax	0	0	(7,934)	0	(7,934)
Stock-based compensation	$ 0	5,584	0		5,584
Issuance of common stock via employee stock purchase plan (in shares)	9,793
Issuance of common stock via employee stock purchase plan	$ 0	719	0	0	719
Issuance of common stock via equity incentive plan (in shares)	132,436
Issuance of common stock via equity incentive plan	$ 0	2,092	0	0	2,092
Repurchases of common stock (in shares)	(239,096)
Repurchases of common stock	$ 0	0	0	(15,852)	(15,852)
Net income	$ 0	0	0	45,847	45,847
Balance (in shares) at Dec. 31, 2021	25,428,929
Balance at end of period at Dec. 31, 2021	$ 3	318,902	5,312	69,952	394,169
Other comprehensive income (loss), net of tax	0	0	(41,827)	0	(41,827)
Stock-based compensation	$ 0	11,624	0	0	$ 11,624
Issuance of common stock via employee stock purchase plan (in shares)	13,990				13,990
Issuance of common stock via employee stock purchase plan	$ 0	760	0	0	$ 760
Issuance of common stock via equity incentive plan (in shares)	205,963
Issuance of common stock via equity incentive plan	$ 0	2,272	0	0	2,272
Repurchases of common stock (in shares)	(621,415)
Repurchases of common stock	$ 0	0	0	(34,414)	(34,414)
Net income	$ 0	0	0	52,170	52,170
Balance (in shares) at Dec. 31, 2022	25,027,467
Balance at end of period at Dec. 31, 2022	$ 3	333,558	(36,515)	87,708	384,754
Other comprehensive income (loss), net of tax	0	0	12,524	0	12,524
Stock-based compensation	$ 0	14,913	0	0	$ 14,913
Issuance of common stock via employee stock purchase plan (in shares)	17,080				17,080
Issuance of common stock via employee stock purchase plan	$ 0	799	0	0	$ 799
Issuance of common stock via equity incentive plan (in shares)	147,341
Issuance of common stock via equity incentive plan	$ 0	1,237	0	0	1,237
Repurchases of common stock (in shares)	(418,901)
Repurchases of common stock	$ 0	0	0	(22,266)	(22,266)
Net income	0	0	0	79,201	79,201
Policyholder contribution to surplus	$ 0	90	0	0	90
Balance (in shares) at Dec. 31, 2023	24,772,987
Balance at end of period at Dec. 31, 2023	$ 3	$ 350,597	$ (23,991)	$ 144,643	$ 471,252

Note 16 - Income Taxes - Reconciliation of Federal Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Expense computed at federal tax rate	$ 21,765	$ 14,186	$ 11,999
Expense computed at federal tax rate, percent	21.00%	21.00%	21.00%
Stock-based compensation and Section 162(m)	$ 1,523	$ 153	$ (1,067)
Stock-based compensation and Section 162(m)	1.47%	0.23%	(1.87%)
Dividend received deduction and tax-exempt interest	$ (96)	$ (101)	$ (81)
Dividend received deduction and tax-exempt interest, percent	(0.09%)	(0.15%)	(0.14%)
Meals & entertainment, penalties & parking	$ 261	$ 180	$ 91
Meals & entertainment, penalties & parking, percent	0.25%	0.27%	0.16%
State tax expense (benefit)	$ 303	$ 773	$ (1,750)
State tax expense (benefit)	0.29%	1.14%	(3.06%)
Valuation allowance	$ 416	$ 191	$ 2,199
Valuation allowance, percent	0.40%	0.28%	3.85%
Other	$ 269	$ (1)	$ (101)
Other, percent	0.26%	0.00%	(0.18%)
Income tax expense (benefit)	$ 24,441	$ 15,381	$ 11,291
Income tax expense (benefit), percent	23.58%	22.77%	19.76%

Schedule II - Condensed Financial Information of Parent - Balance Sheets (Details) (Parentheticals) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Equity Securities, Cost	$ 43,003	$ 42,352
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)	24,772,987	25,027,467
Common Stock, Shares, Outstanding (in shares)	24,772,987	25,027,467
Parent Company [Member]
Fixed maturities securities, amortized cost	$ 51,946	$ 51,993
Equity Securities, Cost	$ 1,725	$ 1,725
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)	24,772,987	25,027,467
Common Stock, Shares, Outstanding (in shares)	24,772,987	25,027,467

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include time deposits and marketable securities with original maturities of three months or less at acquisition and are stated at cost, which approximates fair value. The Company maintains cash balances in federally insured financial institutions.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Restricted cash includes cash on deposit with reinsurance carriers. Restricted cash also includes cash held in a fiduciary capacity for the benefit of third-party insurance carriers.
Investment, Policy [Policy Text Block]	Investments All of the Company’s investments in fixed maturity securities are classified as available-for-sale and are carried at fair value. Investment income consists primarily of interest and dividends. Interest income is recognized on an accrual basis. Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the prospective method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the prospective method. Dividend income is recognized on the ex-dividend date. Net investment income represents investment income, net of expenses. Unrealized gains and losses related to fixed maturity securities are included in accumulated other comprehensive income as a separate component of stockholders’ equity. Equity securities are carried at fair value with unrealized gains and losses included as a component of net income on the Company’s consolidated statement of income and comprehensive income. The Company uses the specific-identification method to determine the cost of fixed maturity securities sold and the first-in, first-out method for lots of equity securities sold. The Company has one investment in a limited liability company which is accounted for under the equity method of accounting whereby the investment carrying amount is adjusted in subsequent periods to reflect the Company's share of earnings or losses. Gains or losses from this equity method investment are recognized as a component of realized and unrealized gains or losses on investments in the Company's Statement of Income and Comprehensive Income. The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities fair value necessitates the recognition of an allowance for credit losses. Factors considered in the review include the extent to which the fair value has been less than amortized cost, and current market interest rates and whether the unrealized loss is credit-driven or a result of changes in market interest rates. The Company also considers factors specific to the issuer including the general financial condition of the issuer, the issuers industry and future business prospects, any past failure of issuer to make scheduled interest or principal payments, and the payment structure of the investment and the issuers ability to make contractual payments on the investment. The Company also considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. When assessing whether it intends to sell a fixed-maturity security or if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs, and potential sales of investments to capitalize on favorable pricing. For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, a credit-loss charge is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company has the intent and ability to hold, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income. The Company reports accrued interest receivable as a component of accrued investment income on its consolidated balance sheet which is presented separately from available-for-sale securities. The Company does not measure an allowance for credit losses on accrued interest receivable and instead would write off accrued interest receivable at the time an issuer defaults or is expected to default on payments. The Company’s allowance for credit losses related to its available-for-sale securities was immaterial as of December 31, 2023 and December 31, 2022.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value Fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The three-tier hierarchy of inputs is summarized in the three broad levels listed below: Level 1—Unadjusted quoted prices are available in active markets for identical investments as of the reporting date. Level 2—Pricing inputs are quoted prices for similar investments in active markets; quoted prices for identical or similar investments in inactive markets; or valuation based on models where the significant inputs are observable or can be corroborated by observable market data. Level 3—Pricing inputs into models are unobservable for the investment. The unobservable inputs require significant management judgment or estimation. To measure fair value, the Company obtains quoted market prices for its investment securities from its outside investment managers. If a quoted market price is not available, the Company uses prices of similar securities. The fair values obtained from the outside investment managers are reviewed for reasonableness and any discrepancies are investigated for final valuation. The fair value of the Company’s investments in fixed maturity securities is estimated using relevant inputs, including available market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. An Option Adjusted Spread model is also used to develop prepayment and interest rate scenarios. Industry standard models are used to analyze and value securities with embedded options or prepayment sensitivities. These fair value measurements are estimated based on observable, objectively verifiable market information rather than market quotes; therefore, these investments are classified and disclosed in Level 2 of the hierarchy. The fair value of the Company’s investments in equity securities is based on quoted prices available in active markets and classified and disclosed in Level 1 of the hierarchy.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities ("VIE") A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not participate in the gains and losses of the entity. The Company consolidates VIEs in which the Company is deemed the primary beneficiary. The primary beneficiary is the entity that has both (1) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE and (2) the power to direct the activities of the VIE that most significantly affect that entity’s economic performance.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, fixed maturity securities and reinsurance recoverables. The Company places its cash and cash equivalents with high credit quality financial institutions and its fixed maturity securities in securities of the U.S. government, U.S. government agencies, and high credit quality issuers of debt securities. The Company evaluates the financial condition of its reinsurers and reinsures its business with highly rated reinsurers and sometimes requires letters of credit or retains funds from reinsurers (see Note 10).
Premiums Receivable, Basis of Accounting, Policy [Policy Text Block]	Premiums Receivable Premiums receivable represent amounts due from policyholders, insurance agents, or program administrators for policies written. Generally, premiums are collected prior to providing risk coverage, minimizing the Company’s exposure to credit risk. Premiums receivable are short-term in nature and due within a year. The Company has established an allowance for uncollectible premiums related to its credit risk, which it reviews on a quarterly basis and adjusts as appropriate. The company considers the current economic environment, specific regulatory developments, and historic payment and cancelation trends by line of business and location when determining whether to record an allowance for uncollectible premiums. The Company recorded an immaterial allowance for uncollectible premiums as of December 31, 2023 and $0.1 million as of December 31, 2022, respectively, and believes that all other amounts are collectable.
Revenue Recognition, Premiums Earned, Policy [Policy Text Block]	Earned Premiums Gross premiums written are recorded at policy inception and are earned as revenue ratably over the term of the respective policies. Premiums written not yet recognized as revenue are reflected as unearned premiums on the balance sheet, or as advanced premiums if received prior to the policy effective date. Premiums written where cash is not yet received are recognized as premiums receivable. A premium deficiency is recognized if the sum of expected losses and loss adjustment expenses, unamortized acquisition costs, and policy maintenance costs exceeds the remaining unearned premiums. A premium deficiency would first be recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency were greater than unamortized acquisition costs, a liability would be accrued for the excess deficiency. The Company does not consider anticipated investment income when determining if a premium deficiency exists. There was no premium deficiency at December 31, 2023 or 2022.
Deferred Policy Acquisition Costs, Policy [Policy Text Block]	Deferred Policy Acquisition Costs The costs of successfully acquiring new business, principally commission expense and premium taxes, are deferred and amortized over the terms of the policies in force, net of any ceding commissions or fronting fees and are shown as acquisition expenses in the accompanying consolidated statements of income and comprehensive income.
Revenue Recognition, Services, Commissions and Other Income [Policy Text Block]	Commission and Other Income Commission and other income is comprised of commissions earned on policies where the Company has no exposure to underlying risk and fees earned in conjunction with underwriting policies. Commission and fee income is earned at the time the policy is written.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are capitalized and carried at cost less accumulated depreciation. Depreciation for property and equipment is calculated on a straight-line basis using useful lives of 3 to 5 years. Leasehold improvements and other fixed assets are capitalized and depreciated over the useful lives of the properties and equipment. Expenditure for maintenance and repairs are charged to operations as incurred. Upon disposition, the asset cost and related depreciation are removed from the accounts and the resulting gain or loss is included in the Company’s results of operations.
Internal Use Software, Policy [Policy Text Block]	Capitalized Software Costs associated with the implementation of certain internal systems are capitalized and carried at capitalized cost less accumulated amortization and are included as a component of prepaid expenses and other assets on the Company’s consolidated balance sheet. Costs capitalized include internal personnel costs, external developer costs, and interest. The implementation costs relate to systems built on software which the Company purchases under a cloud computing arrangement and accounts for as a service contract. As such, capitalized costs are amortized over the term of the service contract.
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination, Policy [Policy Text Block]	Intangible Assets and Goodwill Intangible assets consist of both finite and indefinite lived assets. Finite lived intangible assets consist of customer relationships acquired from another insurer during 2020 which the Company is amortizing over a period of 8 years. Indefinite lived intangible assets consist primarily of state licenses acquired upon formation of the Company. Goodwill was recognized as a result of a business acquisition during 2023. Intangible assets and goodwill are initially recognized and measured at fair value and are subsequently evaluated for impairment annually or more frequently if circumstances warrant. No impairments of intangible assets or goodwill were recognized for the years ended December 31, 2023, 2022 or 2021.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-Lived Assets Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, the fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. This assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value. No impairments of long-lived assets were recognized for the years ended December 31, 2023, 2022 or 2021.
Liability Reserve Estimate, Policy [Policy Text Block]	Reserve for Losses and Loss Adjustment Expenses The reserve for unpaid losses and loss adjustment expenses includes estimates for unpaid claims and claim adjustment expenses on reported losses and estimates of losses incurred but not reported (“IBNR”), net of salvage and subrogation recoveries. The liability is based on individual claims, case reserves and other estimates reported by policyholders, as well as management estimates of ultimate losses and loss adjustment expenses. Inherent in the estimates of ultimate losses and loss adjustment expenses are expected trends in claims severity and frequency and other factors that could vary significantly as claims are settled. The Company’s estimates of ultimate losses and loss adjustment expenses are based in part upon the estimation of claims resulting from natural disasters such as hurricanes and earthquakes. Estimation by management of the ultimate losses and loss adjustment expenses resulting from catastrophic events is inherently difficult because of the potential severity of property catastrophe claims. Therefore, the Company uses both proprietary and commercially available models, as well as historic claims experience, for purposes of providing an estimate of ultimate losses and loss adjustment expenses. Reserves for IBNR are established in accordance with industry practice to provide for (i) the estimated amount of future loss payments on incurred claims not yet reported, and (ii) potential development on reported claims. IBNR reserves are estimated based on generally accepted actuarial reserving techniques that consider quantitative loss experience data and, where appropriate, qualitative factors. Ultimate losses and loss adjustment expenses may vary materially from the amounts provided in the consolidated financial statements. Estimates of unpaid losses and loss adjustment expenses are reviewed regularly and, as experience develops and new information becomes known, the liabilities are adjusted as necessary. Such adjustments, if any, are reflected in operations in the period in which they become known and are accounted for as changes in estimates. The Company does not discount its liability for unpaid losses and loss adjustment expenses.
Reinsurance Accounting Policy [Policy Text Block]	Reinsurance The Company purchases excess of loss and quota share reinsurance to protect it against the impact of losses. The Company also writes premiums under fronting agreements where it cedes the majority of premium and risk to reinsurers in exchange for a fronting fee. Reinsurance premiums, commissions, and ceded unearned premiums are accounted for on bases consistent with the underlying terms of the reinsurance contracts and in proportion to the amount of insurance protection provided. The Company receives ceding commissions and fronting fees in connection with quota share and fronting reinsurance contracts. The ceding commissions and fronting fees are capitalized and amortized as a reduction of acquisition expenses. Amounts applicable to ceded unearned premiums are reported as assets in the accompanying consolidated balance sheets. Premiums earned and losses and loss adjustment expenses incurred are stated in the accompanying consolidated statements of income and comprehensive income net of amounts ceded to reinsurers. Reinsurance recoverables represent balances due to the Company from its reinsurers for paid and unpaid losses and loss adjustment expenses. The Company is exposed to credit losses from reinsurers being unable to meet their obligations. The Company evaluates the financial condition of potential reinsurers and reinsures its business with highly rated reinsurers with a rating of “A-“ (Excellent) (Outlook Stable) or better from A.M. Best. Reinsurers who do not meet the Company’s rating criteria are required to post collateral. The Company reviews credit quality of its reinsurers on a quarterly basis. The Company’s reinsurance contracts also include special termination provisions that allow the Company to cancel and replace any participating reinsurer that is downgraded below a rating of “A−” from A.M. Best, or whose surplus drops by more than 20%. Historically, the Company has not experienced any credit losses from reinsurance recoverables and did not have an allowance for uncollectible reinsurance recoverables as of December 31, 2023 or December 31, 2022.
Share-Based Payment Arrangement [Policy Text Block]	Stock Based Compensation Expense Stock-based compensation expense is recognized on a straight-line basis over the vesting period of awards. The Company does not apply a forfeiture rate to unvested awards and accounts for forfeitures as they occur. For stock option grants, the fair value of awards is estimated using the Black Scholes Model. The fair value of restricted stock units is determined using the closing price of the Company's common stock on the grant date. The fair value of performance stock units containing employee service or company financial performance based conditions is determined using the closing price of the Company's common stock on the grant date. The fair value of performance stock units containing conditions based on performance of the Company’s stock is determined using a Monte Carlo simulation. All stock-based compensation is included in other underwriting expenses in the Company’s consolidated statements of income and comprehensive income.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company is taxed as a property/casualty insurer for federal income tax purposes. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and the tax bases of assets and liabilities, using enacted tax rates expected to be in effect during the year in which the basis differences reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company recognizes the tax benefit of uncertain tax positions where the position is more likely than not to be sustained assuming examination by taxing authorities. Based on its evaluation for the tax years ended December 31, 2023 and 2022, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The Company recognizes interest and penalties related to uncertain tax positions, if any, as a component of income tax expense. The Company has not been assessed interest or penalties by any major tax jurisdictions for the respective tax years ended December 31, 2023, 2022, or 2021.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average common shares outstanding for the period. Diluted earnings per share reflects the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. When inclusion of additional common share equivalents increases the earnings per share or reduces the loss per share, the effect on earnings per share is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these common share equivalents.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently adopted accounting pronouncements The Company has not adopted any new accounting guidance during the year ended December 31, 2023. *Recently issued accounting pronouncements not* yet adopted** Segment Reporting In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public business entities to disclose additional information with respect to the reconciliation of the effective tax rate to the statutory rate. Additionally, public business entities will need to disaggregate federal, state and foreign taxes paid in their financial statements. ASU 2023-09 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Note 19 - Dividend Restrictions (Details Textual) $ in Millions	Dec. 31, 2023 USD ($)
Threshold Dividend or Distribution without Approval of Oregon and California Insurance Commissioners	$ 96.0
Palomar Specialty Reinsurance Company Bermuda Ltd [Member]
Dividends And Return On Capital Receivable	$ 4.1

Note 10 - Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Ceded Credit Risk [Table Text Block]

	*Year Ended December 31,*
	*2023*			*2022*		*2021*
	(in thousands)
Fronting	$	351,485		$	237,285	$	11,001
Inland Marine		88,213			63,627		28,389
Casualty		36,677			23,398		5,138
Commercial Earthquake		29,708			20,467		14,447
Commercial All Risk		7,229			6,260		3,948
Specialty Homeowners		(41	)		4,946		27,394
Others		13,009			9,210		5,684
Total	$	526,280		$	365,193	$	96,001

Effects of Reinsurance [Table Text Block]

	*2023*						*2022*						*2021*
	*Written*			*Earned*			*Written*			*Earned*			*Written*			*Earned*
	(in thousands)
Premiums Written and Earned:
Direct	$	1,083,804		$	959,614		$	816,387		$	628,973		$	467,424		$	384,463
Assumed		57,754			56,107			65,481			66,299			67,751			49,535
Ceded		(731,531	)		(669,808	)		(524,575	)		(378,806	)		(223,443	)		(200,172	)
Net	$	410,027		$	345,913		$	357,293		$	316,466		$	311,732		$	233,826

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

	*2022*
	*Losses*			*LAE*			*Total*
	(in thousands)
Losses and LAE Incurred:
Direct	$	133,517		$	38,004		$	171,521
Assumed		23,574			5,998			29,572
Ceded		(91,261	)		(31,159	)		(122,421	)
Net	$	65,829		$	12,843		$	78,672

	*2021*
	*Losses*			*LAE*			*Total*
	(in thousands)
Losses and LAE Incurred:
Direct	$	168,292		$	13,295		$	181,587
Assumed		17,184			1,926			19,110
Ceded		(148,106	)		(11,134	)		(159,240	)
Net	$	37,370		$	4,087		$	41,457

Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits	$ 0	$ 0
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards	$ 100
Open Tax Year	2020 2021 2022
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 2,800
Open Tax Year	2019 2020 2021 2022

Note 10 - Reinsurance - Schedule of Ceded Premiums (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Ceded premiums written	$ 731,531	$ 524,575	$ 223,443
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member]
Ceded premiums written	526,280	365,193	96,001
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member] \| Fronting Premium [Member]
Ceded premiums written	351,485	237,285	11,001
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member] \| Inland Marine [Member]
Ceded premiums written	88,213	63,627	28,389
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member] \| Casualty [Member]
Ceded premiums written	36,677	23,398	5,138
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member] \| Commercial Earthquake [Member]
Ceded premiums written	29,708	20,467	14,447
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member] \| Commercial All Risk [Member]
Ceded premiums written	7,229	6,260	3,948
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member] \| Special Property Product Line [Member]
Ceded premiums written	(41)	4,946	27,394
Ceded Written Premiums Under Fronting and Quota Share Arrangements [Member] \| Insurance, Other [Member]
Ceded premiums written	$ 13,009	$ 9,210	$ 5,684

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

12 Months Ended

Dec. 31, 2023

Condensed Balance Sheet [Table Text Block]

	*December 31, 2023*			*December 31, 2022*
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $51,946 in 2023, $51,993 in 2022)	$	48,626		$	45,511
Equity securities, at fair value: (cost: $1,725 in 2023, $1,725 in 2022)		1,835			1,626
Equity method investment		2,617			—
Total investments		53,078			47,137
Cash and cash equivalents		314			781
Accrued investment income		345			320
Prepaid expenses and other assets		3,780			2,267
Receivables from subsidiaries		51,967			3,689
Note receivable from subsidiary		15,000			—
Investment in subsidiaries		530,690			405,525
Total assets	$	655,174		$	459,719
Liabilities and Stockholders' equity
Liabilities:
Accounts payable and other liabilities	$	10,120		$	7,359
Payables to subsidiaries		157,404			57,324
Federal income tax payable		16,398			10,282
Total liabilities		183,922			74,965
Stockholders' equity:
Common stock, $0.0001 par value, 500,000,000 shares authorized, 24,772,987 and 25,027,467 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively		3			3
Additional paid‑in capital		350,597			333,557
Accumulated other comprehensive income (loss)		(23,991	)		(36,514	)
Retained earnings		144,643			87,708
Total stockholders' equity		471,252			384,754
Total liabilities and stockholders' equity	$	655,174		$	459,719

Condensed Income Statement [Table Text Block]

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Revenues:
Net investment income	$	1,699		$	1,048		$	555
Net realized and unrealized gains (losses) on investments		(209	)		(320	)		217
Total revenues		1,490			728			772
Expenses:
Other operating expenses		39,347			33,292			19,480
Loss before income taxes		(37,857	)		(32,564	)		(18,708	)
Income tax (benefit) expense		(7,953	)		(8,464	)		11,039
Loss before equity in net income of subsidiaries		(29,904	)		(24,100	)		(29,747	)
Equity in net income of subsidiaries		109,105			76,270			75,594
Net income	$	79,201		$	52,170		$	45,847
Other comprehensive income:
Net unrealized (losses) gains on securities available for sale		(2,505	)		(3,997	)		580
Equity in other comprehensive income (loss) of subsidiaries, net of taxes		15,029			(37,830	)		(8,514	)
Total comprehensive income	$	91,725		$	10,343		$	37,913

Condensed Cash Flow Statement [Table Text Block]

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Operating activities
Net income	$	79,201		$	52,170		$	45,847
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(109,105	)		(76,270	)		(75,594	)
Stock-based compensation expense		10,426			8,820			4,755
Net realized and unrealized (losses) gains on investments		209			320			(217	)
Amortization of premium on fixed maturity securities		189			347			443
Deferred income tax expense		2,787			7,210			634
Changes in operating assets and liabilities:		37,777			36,449			13,596
Net cash provided by (used in) operating activities		21,484			29,046			(10,536	)
Investing activities
Purchases of fixed maturity securities		(11,045	)		(9,807	)		(2,177	)
Sales and maturities of fixed maturity securities		9,232			8,488			11,396
Cash paid to subsidiaries		—			—			(15,595	)
Cash received from subsidiaries		—			—			27,100
Net cash (used in) provided by investing activities		(1,813	)		(1,319	)		20,724
Financing activities
Proceeds from common stock issued via equity incentive plans		2,038			3,032			2,811
Policyholder contribution to surplus		90			—			—
Repurchase of common stock		(22,266	)		(34,415	)		(15,852	)
Net cash used in financing activities		(20,138	)		(31,383	)		(13,041	)
Net decrease in cash and cash equivalents		(467	)		(3,656	)		(2,853	)
Cash and cash equivalents at beginning of period		781			4,437			7,290
Cash and cash equivalents at end of period	$	314		$	781		$	4,437
Supplementary cash flow information:
Cash paid for income taxes	$	21,124		$	18,890		$	2,104
Cash paid for interest	$	3,682		$	704		$	—

Schedule II - Condensed Financial Information of Parent Company - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 79,201	$ 52,170	$ 45,847
Stock-based compensation expense	14,913	11,624	5,584
Net realized and unrealized losses (gains) on investments	(2,941)	7,529	(1,277)
Amortization of premium on fixed maturity securities	(9)	1,607	2,317
Deferred	(2,826)	(3,461)	641
Net cash provided by operating activities	116,106	169,583	87,814
Purchases of fixed maturity securities	(233,770)	(382,114)	(166,894)
Sales and maturities of fixed maturity securities	120,285	242,726	120,198
Net cash used in investing activities	(128,478)	(156,807)	(58,188)
Proceeds from common stock issued via employee stock purchase plan	799	760	719
Policy holder contribution to surplus	90	0	0
Repurchase of common stock	(22,266)	(34,415)	(15,852)
Net cash (used in) provided by financing activities	(3,940)	5,017	(13,041)
Net (decrease) increase in cash, cash equivalents and restricted cash	(16,312)	17,793	16,585
Cash and cash equivalents at beginning of period	68,164
Cash and cash equivalents at end of period	51,852	68,164
Cash paid for income taxes	21,124	18,890	2,104
Cash paid for interest	3,682	704	0
Parent Company [Member]
Net income	79,201	52,170	45,847
Equity in undistributed earnings of subsidiaries	(109,105)	(76,270)	(75,594)
Stock-based compensation expense	10,426	8,820	4,755
Net realized and unrealized losses (gains) on investments	209	320	(217)
Amortization of premium on fixed maturity securities	189	347	443
Deferred	2,787	7,210	634
Changes in operating assets and liabilities:	37,777	36,449	13,596
Net cash provided by operating activities	21,484	29,046	(10,536)
Purchases of fixed maturity securities	(11,045)	(9,807)	(2,177)
Sales and maturities of fixed maturity securities	9,232	8,488	11,396
Cash paid to subsidiaries	0	0	(15,595)
Cash received from subsidiaries	0	0	27,100
Net cash used in investing activities	(1,813)	(1,319)	20,724
Proceeds from common stock issued via employee stock purchase plan	2,038	3,032	2,811
Policy holder contribution to surplus	90	0	0
Repurchase of common stock	(22,266)	(34,415)	(15,852)
Net cash (used in) provided by financing activities	(20,138)	(31,383)	(13,041)
Net (decrease) increase in cash, cash equivalents and restricted cash	(467)	(3,656)	(2,853)
Cash and cash equivalents at beginning of period	781	4,437	7,290
Cash and cash equivalents at end of period	314	781	4,437
Cash paid for income taxes	21,124	18,890	2,104
Cash paid for interest	$ 3,682	$ 704	$ 0

Note 9 - Reserve for Losses and Loss Adjustment Expenses - Schedule of Average Annual Percentage Payout of Incurred Claims on Special Property Insurance (Details) - Special Property Product Line [Member]	Dec. 31, 2023
Payout percentage, year 1	5.61%
Payout percentage, year 2	6.43%
Payout percentage, year 3	14.09%

Note 2 - Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies [Text Block]

2. Significant Accounting Policies

Cash and Cash Equivalents

Cash and cash equivalents include time deposits and marketable securities with original maturities of three months or less at acquisition and are stated at cost, which approximates fair value. The Company maintains cash balances in federally insured financial institutions.

Restricted Cash

Restricted cash includes cash on deposit with reinsurance carriers. Restricted cash also includes cash held in a fiduciary capacity for the benefit of third-party insurance carriers.

Investments

All of the Company’s investments in fixed maturity securities are classified as available-for-sale and are carried at fair value.

Investment income consists primarily of interest and dividends. Interest income is recognized on an accrual basis. Premiums and discounts on mortgage-backed securities and asset-backed securities are amortized or accrued using the prospective method which considers anticipated prepayments at the date of purchase. To the extent that the estimated lives of such securities change as a result of changes in estimated prepayment rates, the adjustments are included in net investment income using the prospective method. Dividend income is recognized on the ex-dividend date. Net investment income represents investment income, net of expenses.

Unrealized gains and losses related to fixed maturity securities are included in accumulated other comprehensive income as a separate component of stockholders’ equity. Equity securities are carried at fair value with unrealized gains and losses included as a component of net income on the Company’s consolidated statement of income and comprehensive income. The Company uses the specific-identification method to determine the cost of fixed maturity securities sold and the first-in, first-out method for lots of equity securities sold. The Company has one investment in a limited liability company which is accounted for under the equity method of accounting whereby the investment carrying amount is adjusted in subsequent periods to reflect the Company's share of earnings or losses. Gains or losses from this equity method investment are recognized as a component of realized and unrealized gains or losses on investments in the Company's Statement of Income and Comprehensive Income.

The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities fair value necessitates the recognition of an allowance for credit losses. Factors considered in the review include the extent to which the fair value has been less than amortized cost, and current market interest rates and whether the unrealized loss is credit-driven or a result of changes in market interest rates. The Company also considers factors specific to the issuer including the general financial condition of the issuer, the issuers industry and future business prospects, any past failure of issuer to make scheduled interest or principal payments, and the payment structure of the investment and the issuers ability to make contractual payments on the investment.

The Company also considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. When assessing whether it intends to sell a fixed-maturity security or if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs, and potential sales of investments to capitalize on favorable pricing.

For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, a credit-loss charge is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company has the intent and ability to hold, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income.

The Company reports accrued interest receivable as a component of accrued investment income on its consolidated balance sheet which is presented separately from available-for-sale securities. The Company does not measure an allowance for credit losses on accrued interest receivable and instead would write off accrued interest receivable at the time an issuer defaults or is expected to default on payments.

The Company’s allowance for credit losses related to its available-for-sale securities was immaterial as of December 31, 2023 and December 31, 2022.

Fair Value

Fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1—Unadjusted quoted prices are available in active markets for identical investments as of the reporting date.

Level 2—Pricing inputs are quoted prices for similar investments in active markets; quoted prices for identical or similar investments in inactive markets; or valuation based on models where the significant inputs are observable or can be corroborated by observable market data.

Level 3—Pricing inputs into models are unobservable for the investment. The unobservable inputs require significant management judgment or estimation.

To measure fair value, the Company obtains quoted market prices for its investment securities from its outside investment managers. If a quoted market price is not available, the Company uses prices of similar securities. The fair values obtained from the outside investment managers are reviewed for reasonableness and any discrepancies are investigated for final valuation.

The fair value of the Company’s investments in fixed maturity securities is estimated using relevant inputs, including available market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. An Option Adjusted Spread model is also used to develop prepayment and interest rate scenarios. Industry standard models are used to analyze and value securities with embedded options or prepayment sensitivities. These fair value measurements are estimated based on observable, objectively verifiable market information rather than market quotes; therefore, these investments are classified and disclosed in Level 2 of the hierarchy.

The fair value of the Company’s investments in equity securities is based on quoted prices available in active markets and classified and disclosed in Level 1 of the hierarchy.

Variable Interest Entities ("VIE")

A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not participate in the gains and losses of the entity. The Company consolidates VIEs in which the Company is deemed the primary beneficiary. The primary beneficiary is the entity that has both (1) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE and (2) the power to direct the activities of the VIE that most significantly affect that entity’s economic performance.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, fixed maturity securities and reinsurance recoverables. The Company places its cash and cash equivalents with high credit quality financial institutions and its fixed maturity securities in securities of the U.S. government, U.S. government agencies, and high credit quality issuers of debt securities. The Company evaluates the financial condition of its reinsurers and reinsures its business with highly rated reinsurers and sometimes requires letters of credit or retains funds from reinsurers (see Note 10).

Premiums Receivable

Premiums receivable represent amounts due from policyholders, insurance agents, or program administrators for policies written. Generally, premiums are collected prior to providing risk coverage, minimizing the Company’s exposure to credit risk. Premiums receivable are short-term in nature and due within a year. The Company has established an allowance for uncollectible premiums related to its credit risk, which it reviews on a quarterly basis and adjusts as appropriate. The company considers the current economic environment, specific regulatory developments, and historic payment and cancelation trends by line of business and location when determining whether to record an allowance for uncollectible premiums.

The Company recorded an immaterial allowance for uncollectible premiums as of December 31, 2023 and $0.1 million as of December 31, 2022, respectively, and believes that all other amounts are collectable.

Earned Premiums

Gross premiums written are recorded at policy inception and are earned as revenue ratably over the term of the respective policies. Premiums written not yet recognized as revenue are reflected as unearned premiums on the balance sheet, or as advanced premiums if received prior to the policy effective date. Premiums written where cash is not yet received are recognized as premiums receivable.

A premium deficiency is recognized if the sum of expected losses and loss adjustment expenses, unamortized acquisition costs, and policy maintenance costs exceeds the remaining unearned premiums. A premium deficiency would first be recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency were greater than unamortized acquisition costs, a liability would be accrued for the excess deficiency. The Company does not consider anticipated investment income when determining if a premium deficiency exists. There was no premium deficiency at December 31, 2023 or 2022.

Deferred Policy Acquisition Costs

The costs of successfully acquiring new business, principally commission expense and premium taxes, are deferred and amortized over the terms of the policies in force, net of any ceding commissions or fronting fees and are shown as acquisition expenses in the accompanying consolidated statements of income and comprehensive income.

Commission and Other Income

Commission and other income is comprised of commissions earned on policies where the Company has no exposure to underlying risk and fees earned in conjunction with underwriting policies. Commission and fee income is earned at the time the policy is written.

Property and Equipment

Property and equipment are capitalized and carried at cost less accumulated depreciation. Depreciation for property and equipment is calculated on a straight-line basis using useful lives of 3 to 5 years. Leasehold improvements and other fixed assets are capitalized and depreciated over the useful lives of the properties and equipment. Expenditure for maintenance and repairs are charged to operations as incurred. Upon disposition, the asset cost and related depreciation are removed from the accounts and the resulting gain or loss is included in the Company’s results of operations.

Capitalized Software

Costs associated with the implementation of certain internal systems are capitalized and carried at capitalized cost less accumulated amortization and are included as a component of prepaid expenses and other assets on the Company’s consolidated balance sheet. Costs capitalized include internal personnel costs, external developer costs, and interest. The implementation costs relate to systems built on software which the Company purchases under a cloud computing arrangement and accounts for as a service contract. As such, capitalized costs are amortized over the term of the service contract.

Intangible Assets and Goodwill

Intangible assets consist of both finite and indefinite lived assets. Finite lived intangible assets consist of customer relationships acquired from another insurer during 2020 which the Company is amortizing over a period of 8 years. Indefinite lived intangible assets consist primarily of state licenses acquired upon formation of the Company. Goodwill was recognized as a result of a business acquisition during 2023. Intangible assets and goodwill are initially recognized and measured at fair value and are subsequently evaluated for impairment annually or more frequently if circumstances warrant. No impairments of intangible assets or goodwill were recognized for the years ended December 31, 2023, 2022 or 2021.

Impairment of Long-Lived Assets

Long-lived assets with finite lives are tested for impairment whenever recognized events or changes in circumstances indicate the carrying value of these assets may not be recoverable. If indicators of impairment are present, the fair value is calculated using estimated future cash flows expected to be generated from the use of those assets. An impairment loss is recognized only if the carrying amount of a long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. This assessment is based on the carrying amount of the asset or asset group at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value. No impairments of long-lived assets were recognized for the years ended December 31, 2023, 2022 or 2021.

Reserve for Losses and Loss Adjustment Expenses

The reserve for unpaid losses and loss adjustment expenses includes estimates for unpaid claims and claim adjustment expenses on reported losses and estimates of losses incurred but not reported (“IBNR”), net of salvage and subrogation recoveries. The liability is based on individual claims, case reserves and other estimates reported by policyholders, as well as management estimates of ultimate losses and loss adjustment expenses. Inherent in the estimates of ultimate losses and loss adjustment expenses are expected trends in claims severity and frequency and other factors that could vary significantly as claims are settled.

The Company’s estimates of ultimate losses and loss adjustment expenses are based in part upon the estimation of claims resulting from natural disasters such as hurricanes and earthquakes. Estimation by management of the ultimate losses and loss adjustment expenses resulting from catastrophic events is inherently difficult because of the potential severity of property catastrophe claims. Therefore, the Company uses both proprietary and commercially available models, as well as historic claims experience, for purposes of providing an estimate of ultimate losses and loss adjustment expenses.

Reserves for IBNR are established in accordance with industry practice to provide for (i) the estimated amount of future loss payments on incurred claims not yet reported, and (ii) potential development on reported claims. IBNR reserves are estimated based on generally accepted actuarial reserving techniques that consider quantitative loss experience data and, where appropriate, qualitative factors.

Ultimate losses and loss adjustment expenses may vary materially from the amounts provided in the consolidated financial statements. Estimates of unpaid losses and loss adjustment expenses are reviewed regularly and, as experience develops and new information becomes known, the liabilities are adjusted as necessary. Such adjustments, if any, are reflected in operations in the period in which they become known and are accounted for as changes in estimates. The Company does not discount its liability for unpaid losses and loss adjustment expenses.

Reinsurance

The Company purchases excess of loss and quota share reinsurance to protect it against the impact of losses. The Company also writes premiums under fronting agreements where it cedes the majority of premium and risk to reinsurers in exchange for a fronting fee. Reinsurance premiums, commissions, and ceded unearned premiums are accounted for on bases consistent with the underlying terms of the reinsurance contracts and in proportion to the amount of insurance protection provided. The Company receives ceding commissions and fronting fees in connection with quota share and fronting reinsurance contracts. The ceding commissions and fronting fees are capitalized and amortized as a reduction of acquisition expenses. Amounts applicable to ceded unearned premiums are reported as assets in the accompanying consolidated balance sheets. Premiums earned and losses and loss adjustment expenses incurred are stated in the accompanying consolidated statements of income and comprehensive income net of amounts ceded to reinsurers.

Reinsurance recoverables represent balances due to the Company from its reinsurers for paid and unpaid losses and loss adjustment expenses. The Company is exposed to credit losses from reinsurers being unable to meet their obligations. The Company evaluates the financial condition of potential reinsurers and reinsures its business with highly rated reinsurers with a rating of “A-“ (Excellent) (Outlook Stable) or better from A.M. Best. Reinsurers who do not meet the Company’s rating criteria are required to post collateral. The Company reviews credit quality of its reinsurers on a quarterly basis. The Company’s reinsurance contracts also include special termination provisions that allow the Company to cancel and replace any participating reinsurer that is downgraded below a rating of “A−” from A.M. Best, or whose surplus drops by more than 20%. Historically, the Company has not experienced any credit losses from reinsurance recoverables and did not have an allowance for uncollectible reinsurance recoverables as of December 31, 2023 or December 31, 2022.

Stock Based Compensation Expense

Stock-based compensation expense is recognized on a straight-line basis over the vesting period of awards. The Company does not apply a forfeiture rate to unvested awards and accounts for forfeitures as they occur. For stock option grants, the fair value of awards is estimated using the Black Scholes Model. The fair value of restricted stock units is determined using the closing price of the Company's common stock on the grant date. The fair value of performance stock units containing employee service or company financial performance based conditions is determined using the closing price of the Company's common stock on the grant date. The fair value of performance stock units containing conditions based on performance of the Company’s stock is determined using a Monte Carlo simulation. All stock-based compensation is included in other underwriting expenses in the Company’s consolidated statements of income and comprehensive income.

Income Taxes

The Company is taxed as a property/casualty insurer for federal income tax purposes. Deferred income tax assets and liabilities are determined based on the difference between the financial statement and the tax bases of assets and liabilities, using enacted tax rates expected to be in effect during the year in which the basis differences reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

The Company recognizes the tax benefit of uncertain tax positions where the position is more likely than not to be sustained assuming examination by taxing authorities. Based on its evaluation for the tax years ended December 31, 2023 and 2022, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The Company recognizes interest and penalties related to uncertain tax positions, if any, as a component of income tax expense. The Company has not been assessed interest or penalties by any major tax jurisdictions for the respective tax years ended December 31, 2023, 2022, or 2021.

Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted-average common shares outstanding for the period. Diluted earnings per share reflects the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. When inclusion of additional common share equivalents increases the earnings per share or reduces the loss per share, the effect on earnings per share is anti-dilutive, and the diluted net earnings or net loss per share is computed excluding these common share equivalents.

Recently adopted accounting pronouncements

The Company has not adopted any new accounting guidance during the year ended December 31, 2023.

Recently issued accounting pronouncements not yet adopted

Segment Reporting

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public business entities to disclose additional information with respect to the reconciliation of the effective tax rate to the statutory rate. Additionally, public business entities will need to disaggregate federal, state and foreign taxes paid in their financial statements. ASU 2023-09 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements.

Note 3 - Investments - Security Holdings in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Less than 12 Months, fair value	$ 58,944	$ 384,693
Less than 12 Months, Accumulated Loss	(726)	(31,558)
12 Months or Longer, fair value	392,045	99,986
12 Months or Longer, Accumulated Loss	(33,577)	(15,365)
Fair value	450,989	484,679
Accumulated Loss	(34,303)	(46,923)
US Government Agencies Debt Securities [Member]
Less than 12 Months, fair value	738	41,077
Less than 12 Months, Accumulated Loss	(1)	(1,523)
12 Months or Longer, fair value	38,063	6,853
12 Months or Longer, Accumulated Loss	(1,415)	(730)
Fair value	38,801	47,930
Accumulated Loss	(1,416)	(2,253)
US States and Political Subdivisions Debt Securities [Member]
Less than 12 Months, fair value	0	7,525
Less than 12 Months, Accumulated Loss	0	(1,173)
12 Months or Longer, fair value	6,196	0
12 Months or Longer, Accumulated Loss	(839)	0
Fair value	6,196	7,525
Accumulated Loss	(839)	(1,173)
Special Revenue Excluding Asset Backed Securities [Member]
Less than 12 Months, fair value	0	25,091
Less than 12 Months, Accumulated Loss	0	(3,287)
12 Months or Longer, fair value	26,736	5,080
12 Months or Longer, Accumulated Loss	(3,149)	(1,200)
Fair value	26,736	30,171
Accumulated Loss	(3,149)	(4,487)
Corporate Debt Securities and Other Debt Obligations [Member]
Less than 12 Months, fair value	28,872	192,185
Less than 12 Months, Accumulated Loss	(480)	(15,667)
12 Months or Longer, fair value	204,034	55,605
12 Months or Longer, Accumulated Loss	(16,717)	(8,481)
Fair value	232,906	247,790
Accumulated Loss	(17,197)	(24,148)
Asset-Backed Securities [Member]
Less than 12 Months, fair value	29,334	118,815
Less than 12 Months, Accumulated Loss	(245)	(9,908)
12 Months or Longer, fair value	117,016	32,448
12 Months or Longer, Accumulated Loss	(11,457)	(4,954)
Fair value	146,350	151,263
Accumulated Loss	$ (11,702)	$ (14,862)

Note 12 - Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Text Block]

12. Stockholders’ Equity

As of December 31, 2023 and December 31, 2022, the Company has 5,000,000 preferred shares authorized with a par value of $0.0001 and no preferred shares issued and outstanding. As of December 31, 2023 and December 31, 2022, the Company has 500,000,000 common shares authorized and 24,772,987 and 25,027,467 common shares issued and outstanding, respectively, with a par value of $0.0001. Additional paid in capital is $350.6 million as of December 31, 2023 and $333.6 million as of December 31, 2022.

Common stock reserved for future issuance consists of the following as of December 31, 2023:

Stock options outstanding under 2019 Equity Incentive Plan			807,685
Restricted stock units outstanding under 2019 Equity Incentive Plan			333,716
Performance stock units outstanding under 2019 Equity Incentive Plan			423,621
Shares authorized for future issuance under 2019 Equity Incentive Plan			3,130,991
Shares authorized for future issuance under 2019 Employee Stock Purchase Plan			1,130,770
Total			5,826,783

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

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

	*Year ended December 31,*
	*2023*		*2022*		*2021*
	(in thousands)
Stock-Based Compensation Expense	$	14,913	$	11,624	$	5,584

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

2019 Equity Incentive Plan

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

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

Stock Options

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

The following table summarizes stock option transactions for the year ended December 31, 2023:

	*Number of*			*Weighted-average exercise*		*Weighted average remaining contractual term*		*Aggregate intrinsic value*
	*shares*			*price*		*(in years)*		*(in thousands)*
Outstanding at January 1, 2023		882,892		$	33.85		—	$	—
Options granted		—			—
Options exercised		(61,258	)		20.21
Options canceled		(13,949	)		67.08
Outstanding at December 31, 2023		807,685		$	34.31		5.83	$	21,635
Vested and Exercisable at December 31, 2023		747,105		$	32.11		5.69	$	21,414

The total intrinsic value of stock options exercised during the years ended December 31, 2023 and December 31, 2022 was $3.5 million and $7.1 million, respectively. As of December 31, 2023, the Company had approximately $1.3 million of total unrecognized stock-based compensation expense related to stock options expected to be recognized over a weighted-average period of 1.0 years.

The fair value of each option granted was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions in each year presented:

	*Year ended December 31,*
	*2023 (1*		)	*2021*
	(in thousands)
Risk free rate of return (2)		—	%		1.69% - 4.23%		0.57% - 1.35%
Expected share price volatility (3)		0.00	%		39.73% - 43.03%		26.06% - 39.41%
Expected life in years (4)		—			5.89		5.89
Dividend yield (5)		0	%		0	%	0	%

(1)	There were no stock options granted during the year ended December 31, 2023.
(2)	Determined based on the U.S. Treasury yield in effect at the time of the grant for zero-coupon U.S. Treasury notes with remaining terms similar to the expected term of the options.

(3)	Determined based on a blend of the Company’s historic stock price volatility and the historic volatility of a peer group of publicly traded companies.

(4)

Determined using the “simplified method” for estimating the expected option life, which is the average of the weighted-average vesting period and contractual term of the option as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its common stock has been publicly traded.

(5)	Determined to be zero as the Company does not currently plan to issue dividends.

Restricted Stock Units

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

The following table summarizes RSU transactions for the year ended December 31, 2023:

	*Number of shares*			*Weighted-average grant date fair value*
Non vested outstanding at January 1, 2023		271,951		$	68.90
Granted		170,140			51.55
Vested		(86,083	)		69.43
Forfeited		(22,292	)		52.56
Non vested outstanding at December 31, 2023		333,716		$	61.01

As of December 31, 2023, the Company had approximately $15.3 million of total unrecognized stock-based compensation expense related to RSUs expected to be recognized over a weighted-average period of 2.0 years.

Performance Stock Units (“PSUs”)

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

The majority of PSUs were issued via grants made to certain executives during 2021. These PSUs are earned based on the achievement of stock price milestones. If the Company’s stock price reaches and remains at certain milestones for 30 days, the PSUs shall become earned units and will vest upon completion of a requisite service period of approximately five years from the date of grant. As of December 31, 2023, none of the stock price milestones have been achieved.

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

The following table summarizes PSU transactions for the year ended December 31, 2023:

	*Number of shares*			*Weighted-average grant date fair value*
Non vested outstanding at January 1, 2023		383,103		$	37.62
Granted		46,029			51.36
Vested		—			—
Forfeited		(5,511	)		54.33
Non vested outstanding at December 31, 2023		423,621		$	38.90

The PSU grants above represent the number of shares that would vest based on achievement of all stock price milestones in the executive stock grants and the 100% achievement of the predetermined company performance conditions for the other PSU grants. The actual number of PSUs which will vest is subject to adjustment based on the Company’s actual stock price performance and financial performance relative to the predetermined targets and subject to recipient service requirements. As of December 31, 2023, the Company had approximately $9.0 million of total unrecognized stock-based compensation expense related to PSUs expected to be recognized over a weighted-average period of 2.5 years.

2021 Executive Stock Grants

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

The PSUs are earned based on the achievement of stock price milestones. If the Company’s stock price reaches and remains at certain milestones for 30 days, the PSUs shall become earned units and will vest upon completion of a requisite service period. The Company’s CEO must remain as an employee through December 31, 2025, or as an employee and/or director through the fifth anniversary of the grant date the PSUs to vest. Other executives must remain as employees through December 31, 2026 for the PSUs to vest. As of December 31, 2023, none of the stock price milestones have been achieved.

The RSUs were valued based on the closing price of the Company’s stock on the grant date. The PSUs were valued using a Monte Carlo simulation to account for the market condition within the award. The Company expects to recognize $14.6 million of expense relating to the RSUs and $12.4 million relating to the PSUs. The expense shall be recognized straight-line over the requisite service period of approximately five years. Should these executives leave prior to the requisite service period, any recognized compensation expense related to unvested RSUs and PSUs will be reversed.

2019 Employee Stock Purchase Plan

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

Under the 2019 ESPP, employees can purchase Company stock at a discount via payroll withholdings. The 2019 ESPP is administered through employee participation in discrete offering periods. During each discrete offering period employee funds are withheld, and the stock purchase occurs upon the conclusion of the offering period. The Company issued 17,080 and 13,990 shares pursuant to the ESPP during the years ended December 31, 2023 and December 31, 2022, respectively.

Share repurchases

In January 2022, the Company's Board of Directors approved a share repurchase program which replaced the existing program and authorized the repurchase of up to $100 million of outstanding shares of common stock over the period ending on March 31, 2024.

The Company purchased 418,901 shares for $22.3 million at an average price of $54.4 under this program during the year ended December 31, 2023. Approximately $43.5 million remains available for future repurchases. 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
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Gross written premiums	$ 1,141,558	$ 881,868	$ 535,175
Ceded written premiums	(731,531)	(524,575)	(223,443)
Net written premiums	410,027	357,293	311,732
Change in unearned premiums	(64,114)	(40,827)	(77,906)
Net earned premiums	345,913	316,466	233,826
Net investment income	23,705	13,877	9,080
Net realized and unrealized gains (losses) on investments	2,941	(7,529)	1,277
Commission and other income	3,367	4,272	3,608
Total revenues	375,926	327,086	247,791
Expenses:
Losses and loss adjustment expenses	72,592	78,672	41,457
Acquisition expenses, net of ceding commissions and fronting fees	107,745	110,771	95,433
Other underwriting expenses	88,172	69,219	53,723
Interest expense	3,775	873	40
Total expenses	272,284	259,535	190,653
Income before income taxes	103,642	67,551	57,138
Income tax expense	24,441	15,381	11,291
Net income	79,201	52,170	45,847
Other comprehensive income, net:
Net unrealized gains (losses) on securities available for sale	12,524	(41,827)	(7,934)
Total comprehensive income	$ 91,725	$ 10,343	$ 37,913
Per Share Data:
Basic earnings per share (in dollars per share)	$ 3.19	$ 2.07	$ 1.8
Diluted earnings per share (in dollars per share)	$ 3.13	$ 2.02	$ 1.76
Weighted-average common shares outstanding:
Basic (in shares)	24,822,004	25,243,397	25,459,514
Diluted (in shares)	25,327,091	25,796,008	26,111,904

Note 5 - Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Policy Acquisition Costs [Table Text Block]

	*Year ended December 31,*
	*2023*			*2022*			*2021*
	(in thousands)
Deferred Policy Acquisition Costs:
Balance, beginning of year	$	56,740		$	55,953		$	35,481
Additions to deferred balance:
Direct commissions		220,822			209,061			133,242
Ceding commissions and fronting fees		(123,911	)		(109,302	)		(32,249	)
Premium taxes		13,690			10,166			8,209
Total net additions		110,601			109,925			109,202
Amortization of net policy acquisition costs		(106,351	)		(109,138	)		(88,730	)
Balance, end of year	$	60,990		$	56,740		$	55,953
Acquisition expenses:
Amortization of net policy acquisition costs	$	106,351		$	109,138		$	88,730
Period costs		1,394			1,633			6,703
Total Acquisition expenses	$	107,745		$	110,771		$	95,433

Note 8 - Leases

12 Months Ended

Dec. 31, 2023

Lessee, Operating Leases [Text Block]

8. Leases

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

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

Operating lease costs for the years ended December 31, 2023, 2022 and 2021 were $0.8 million, $0.8 million and $0.7 million, respectively. Operating lease costs are comprised of rental expense for operating leases. Lease expense is recognized on a straight-line basis over the lease term and is included as a component of other underwriting expenses in the Company’s consolidated statements of income and comprehensive income.

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

Year ended December 31, 2023		*(in thousands)*
Operating cash outflows from operating leases		$	1,021

December 31, 2023	*($ in thousands)*
Operating lease ROU assets	$	934
Operating lease liabilities	$	1,085
Weighted-average remaining lease term on operating leases (years)		2.4
Weighted-average discount rate on operating leases		0.9	%

Future minimum lease payments as of December 31, 2023 are as follows:

Years ending December 31,	*(in thousands)*
2024		643
2025		171
2026		177
2027		136
2028		—
2029		—
Total future minimum lease payments	$	1,127
Less: imputed interest		(42	)
Total operating lease liability	$	1,085

Note 11 - Credit Agreements

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Text Block]

11. Credit Agreements

U.S. Bank Credit Agreement

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

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

The financial covenants in the Credit agreement require the Company not to exceed a maximum leverage ratio and maintain a minimum net worth at the end of each quarter. The Company’s insurance subsidiaries are also required to maintain a minimum Risk Based Capital Ratio at the end of each year and must always maintain a minimum AM Best Financial Strength rating. As of December 31, 2023, the Company was in compliance with all covenants.

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

As of December 31, 2023 and 2022, there were no outstanding borrowings under this Credit Agreement. For the years ended December 31, 2023 and 2022, the Company incurred $1.0 million and $0.4 million, respectively, of interest related to borrowings and amortization of fees associated with the credit agreement.

FHLB Line of Credit

The Company’s PSIC subsidiary is a member of the Federal Home Loan Bank of San Francisco (“FHLB”). Membership in the FHLB provides PSIC access to collateralized advances, which can be drawn for general corporate purposes and used to enhance liquidity management. All borrowings are fully secured by a pledge of specific investment securities of PSIC and the borrowing capacity is currently equal to 10% of PSIC’s statutory admitted assets. All advances have a predetermined term and the interest rate varies based on the term of the advance.

As of December 31, 2023, the Company had $52.6 million of borrowings outstanding through the FHLB at the overnight rate of 5.62%. Interest expense on the FHLB Line of Credit was $2.8 million for the year ended December 31, 2023. As of December 31, 2022, the Company had $36.4 million of borrowings outstanding through the FHLB line of credit. Interest expense on the FHLB Line of Credit was $0.5 million for the year ended December 31, 2022.

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.

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Schedule V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

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

Schedule V

Palomar Holdings, Inc. and Subsidiaries

Valuation and Qualifying Accounts

			*Additions*		*Deductions*
	*Balance at*		*Amounts*		*Amounts*		*Balance at*
	*Beginning*		*Charged to*		*Written*		*End of*
(in thousands)	*of Period*		*Expense*		*Off*		*Period*
Year Ended December 31, 2023
Valuation Allowance for deferred tax assets	$	3,070	$	416	$	—	$	3,486
Valuation Allowance for premium receivable	$	96	$	42		89	$	49
Year Ended December 31, 2022
Valuation Allowance for deferred tax assets	$	2,879	$	191	$	—	$	3,070
Valuation Allowance for premium receivable	$	315	$	188		407	$	96

Note 11 - Credit Agreements (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available as Percentage of Statutory Admitted Assets		10.00%
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances		$ 52,600	$ 36,400
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate		5.62%
Interest Expense, Loans from Other Federal Home Loan Banks		$ 2,800	500
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000
Line of Credit Facility, Commitment Fee Amount	$ 300
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Debt Instrument, Basis Spread on Variable Rate, Additional Spread for Default	2.00%
Long-Term Line of Credit		0
Interest Expense, Debt		$ 1,000	$ 400
Revolving Credit Facility [Member] \| Secured Overnight Financing Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility [Member] \| Alternate Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%

Note 19 - Dividend Restrictions

12 Months Ended

Dec. 31, 2023

Dividend Restriction Disclosure [Text Block]

19. Dividend Restrictions

U.S.

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

Under California and Oregon statute which govern PSIC, dividends paid in a consecutive twelve month period cannot exceed the greater of (i) 10% of an insurance company’s statutory policyholders’ surplus as of December 31 of the preceding year or (ii) 100% of its statutory net income for the preceding calendar year. Any dividends or distributions in excess of these amounts would require regulatory approval. In addition, under Oregon statute, PSIC may only declare a dividend from earned surplus, which does not include contributed capital. Surplus arising from unrealized capital gains or revaluation of assets is not considered part of earned surplus. Based on the above restrictions, PSIC may pay a dividend or distribution of no greater than $96.0 million in 2024 without approval by the California and Oregon Insurance Commissioners.

Under Arizona statute which governs PESIC, dividends paid in a consecutive twelve month period cannot exceed the lesser of (i) 10% of an insurance company’s statutory policyholders’ surplus as of December 31 of the preceding year or (ii) 100% of its statutory net income for the preceding calendar year. Based on the above restrictions, PESIC may pay a dividend or distribution of no greater than $1.5 million in 2024 without approval of the Arizona Insurance Commissioner.

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

Bermuda

Bermuda regulations limit the amount of dividends and return of capital paid by a regulated entity. A Class 3A insurer is prohibited from declaring or paying a dividend if it is in breach of its minimum solvency margin, its enhanced capital requirement, or its minimum liquidity ratio, or if the declaration or payment of such dividend would cause such a breach, or if there are reasonable grounds for believing there has been such a breach. Pursuant to Bermuda regulations, the maximum amount of dividends and return of capital available to be paid by a reinsurer is determined pursuant to a formula. Under this formula, the maximum amount of dividends and return of capital available to the Company from PSRE during 2023 is calculated to be approximately $4.1 million. However, this dividend amount is subject to annual enhanced solvency requirement calculations.

Note 13 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balance as of January 1	$ 384,754	$ 394,169	$ 363,713
Other comprehensive income (loss)	12,524	(41,827)	(7,934)
Balance at end of period	471,252	384,754	394,169
AOCI Attributable to Parent [Member]
Balance as of January 1	(36,515)	5,312	13,246
Other comprehensive income (loss) before reclassification	15,913	(55,270)	(9,579)
Federal income tax (expense) benefit	(3,342)	11,607	2,012
Other comprehensive income (loss) before reclassification, net of tax	12,571	(43,663)	(7,567)
Amounts reclassified from AOCI	(60)	2,325	(464)
Federal income tax expense (benefit)	13	(489)	97
Amounts reclassified from AOCI, net of tax	(47)	1,836	(367)
Other comprehensive income (loss)	12,524	(41,827)	(7,934)
Balance at end of period	$ (23,991)	$ (36,515)	$ 5,312

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

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Note 3 - Investments (Details Textual) $ in Thousands	12 Months Ended
Note 3 - Investments (Details Textual) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	483	543
Debt Securities, Available-for-Sale, Unrealized Loss Position	$ 450,989	$ 484,679
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss	34,303	46,923
Debt Securities, Available-for-Sale, Allowance for Credit Loss	904	236
Proceeds from Sale of Debt Securities, Available-for-Sale	10,100	19,700	$ 17,400
Debt Securities, Available-for-Sale	643,799	515,064
Securities on Deposit With State Regulatory Authorities [Member]
Debt Securities, Available-for-Sale	$ 8,600	$ 8,500

Note 14 - Underwriting Information (Tables)

12 Months Ended

Dec. 31, 2023

Disaggregation of Revenue [Table Text Block]

	*Year Ended December 31,*
	*2023*						*2022*					*2021*
	($ in thousands)
				*% of*					*% of*					*% of*
	*Amount*			*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
Product
Fronting	$	364,250			31.9	%	$	223,249		25.3	%	$	11,459		2.2	%
Residential Earthquake		253,530			22.2	%		213,803		24.2	%		171,048		32.0	%
Commercial Earthquake		183,368			16.1	%		131,677		14.9	%		90,552		16.9	%
Inland Marine		140,067			12.3	%		105,068		11.9	%		57,124		10.7	%
Casualty		76,864			6.7	%		35,791		4.1	%		9,584		1.9	%
Hawaii Hurricane		38,188			3.3	%		32,967		3.7	%		30,298		5.6	%
Commercial All Risk		35,515			3.1	%		51,671		5.9	%		38,640		7.2	%
Residential Flood		20,087			1.8	%		14,539		1.7	%		11,652		2.2	%
Specialty Homeowners		(101	)		(0.0	)%		29,959		3.4	%		67,894		12.7	%
Other		29,790			2.6	%		43,144		4.9	%		46,924		8.6	%
Total Gross Written Premiums	$	1,141,558			100.0	%	$	881,868		100.0	%	$	535,175		100.0	%

	*Year Ended December 31,*
	*2023*					*2022*					*2021*
	($ in thousands)
			*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
State
California	$	600,791		52.6	%	$	418,809		47.5	%	$	244,416		45.7	%
Texas		95,517		8.4	%		90,459		10.3	%		62,893		11.8	%
Washington		49,494		4.3	%		41,827		4.7	%		23,608		4.4	%
Hawaii		47,388		4.2	%		40,157		4.5	%		34,993		6.5	%
Florida		47,595		4.2	%		38,715		4.4	%		27,386		5.1	%
Oregon		23,220		2.0	%		24,108		2.7	%		13,677		2.6	%
Illinois		22,340		2.0	%		17,368		2.0	%		12,133		2.3	%
New York		18,424		1.6	%		12,510		1.5	%		3,077		0.6	%
Other		236,789		20.7	%		197,915		22.4	%		112,992		21.1	%
Total Gross Written Premiums	$	1,141,558		100.0	%	$	881,868		100.0	%	$	535,175		100.0	%

	*Year Ended December 31,*
	*2023*					*2022*					*2021*
	($ in thousands)
			*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
Subsidiary
PSIC	$	653,809		57.3	%	$	489,720		55.5	%	$	383,064		71.6	%
PESIC		487,749		42.7	%		392,148		44.5	%		152,111		28.4	%
Total Gross Written Premiums	$	1,141,558		100.0	%	$	881,868		100.0	%	$	535,175		100.0	%

Note 7 - Capitalized Assets (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Table Text Block]

			*Accumulated*			*Net*
December 31, 2023	*Cost*		*Amortization*			*Book Value*
	(in thousands)
Capitalized Software	$	25,356	$	(9,079	)	$	16,277

			*Accumulated*			*Net*
December 31, 2022	*Cost*		*Amortization*			*Book Value*
	(in thousands)
Capitalized Software	$	18,622	$	(6,303	)	$	12,319

			*Accumulated*			*Net*
December 31, 2023	*Cost*		*Depreciation*			*Book Value*
	(in thousands)
Leasehold improvements	$	879	$	(811	)	$	68
Computer hardware		418		(272	)		146
Office equipment and furniture		724		(565	)		159
Total	$	2,021	$	(1,648	)	$	373

			*Accumulated*			*Net*
December 31, 2022	*Cost*		*Depreciation*			*Book Value*
	(in thousands)
Leasehold improvements	$	879	$	(694	)	$	185
Computer hardware		402		(205	)		197
Office equipment and furniture		724		(503	)		221
Total	$	2,005	$	(1,402	)	$	603

Note 17 - Earnings Per Share - Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 79,201	$ 52,170	$ 45,847
Basic (in shares)	24,822,004	25,243,397	25,459,514
Common Share equivalents (in shares)	505,087	552,611	652,390
Diluted (in shares)	25,327,091	25,796,008	26,111,904
Basic earnings per share (in dollars per share)	$ 3.19	$ 2.07	$ 1.8
Diluted earnings per share (in dollars per share)	$ 3.13	$ 2.02	$ 1.76

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

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Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premium Receivable, Allowance for Credit Loss		$ 100
Premium Deficiency	$ 0	0
Impairment of Intangible Assets (Excluding Goodwill)	0	0	$ 0
Impairment, Long-Lived Asset, Held-for-Use	0	0	0
Unrecognized Tax Benefits	0	0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 0	$ 0	$ 0
Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	8 years
Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years

Note 20 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Text Block]

20. Commitments and Contingencies

Litigation

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

Letters of Credit and Trusts

As of December 31, 2023, the Company has four irrevocable standby letters of credit for the benefit of ceding insurance companies to secure the unearned premium assumed by PSIC. The bank letters of credit amount to a total of $3.9 million and may renew if the Company continues to assume premium from these insurance companies. The letters of credit are collateralized by either the Company’s available-for-sale investments or the Credit Agreement.

In addition, the Company established two Regulation 114 Trust accounts for the benefit of ceding insurance companies to secure the unearned premium assumed by PSIC. As of December 31, 2023 the trust had a market value of $9.2 million.

Note 12 - Stockholders' Equity (Details Textual)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

Jan. 24, 2022

USD ($)

Apr. 16, 2019

Preferred Stock, Shares Authorized (in shares)

5,000,000

Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares

$ 0.0001

Preferred Stock, Shares Issued (in shares)

Common Stock, Shares Authorized (in shares)

500,000,000

Common Stock, Shares, Issued (in shares)

24,772,987

25,027,467

Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares

$ 0.0001

Additional Paid in Capital, Common Stock | $

$ 350,597

$ 333,558

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $

$ 3,500

$ 7,100

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate

^[1]

0.00%

^[2]

0.00%

Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)

17,080

13,990

Stock Repurchase Program, Authorized Amount | $

$ 100,000

Treasury Stock, Shares, Acquired (in shares)

418,901

Treasury Stock, Value, Acquired, Cost Method | $

$ 22,300

Shares Acquired, Average Cost Per Share (in dollars per share) | $ / shares

$ 54.4

Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)

43,500,000

Preferred Stock, Shares Outstanding (in shares)

Common Stock, Shares, Outstanding (in shares)

24,772,987

25,027,467

Share-Based Payment Arrangement, Option [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)

10 years

Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $

$ 1,300

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

1 year

Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate

0.00%

Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Minimum [Member]

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%

Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Maximum [Member]

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%

Share-Based Payment Arrangement, Option [Member] | Share Based Payment Arrangement Tranche One First Anniversary [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)

1 year

Restricted Stock Units (RSUs) [Member]

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

2 years

Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $

$ 15,300

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

170,140

Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Year 2021 [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)

5 years

Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $

$ 14,600

Number of Stock Price Milestones Achieved

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

192,307

Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Service Period (Year)

3 years

Performance Shares [Member]

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

2 years 6 months

Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $

$ 9,000

Number of Stock Price Milestones Achieved

Predetermined Performance Achievement, Percentage

100.00%

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

46,029

Performance Shares [Member] | Executive Officer [Member] | Year 2021 [Member]

Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $

$ 12,400

Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)

350,000

Performance Shares [Member] | Share-Based Payment Arrangement, Tranche One [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Service Period (Year)

5 years

Number of Days, Achievement of Milestone Stock Price

Performance Shares [Member] | Share-Based Payment Arrangement, Tranche Two [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Service Period (Year)

3 years

RSUs and PSUs [Member] | Executive Officer [Member] | Year 2021 [Member]

Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)

5 years

Employee Stock [Member]

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]

Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)

3,130,991

2,400,000

Share Based Compensation Arrangement By Share Based Payment Award Percentage, Number of Additional Shares Available for Grant

3.00%

[1]	Determined to be zero as the Company does not currently plan to issue dividends.
[2]	There were no stock options granted during the year ended December 31, 2023.

Schedule V - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Valuation Allowance [Table Text Block]

			*Additions*		*Deductions*
	*Balance at*		*Amounts*		*Amounts*		*Balance at*
	*Beginning*		*Charged to*		*Written*		*End of*
(in thousands)	*of Period*		*Expense*		*Off*		*Period*
Year Ended December 31, 2023
Valuation Allowance for deferred tax assets	$	3,070	$	416	$	—	$	3,486
Valuation Allowance for premium receivable	$	96	$	42		89	$	49
Year Ended December 31, 2022
Valuation Allowance for deferred tax assets	$	2,879	$	191	$	—	$	3,070
Valuation Allowance for premium receivable	$	315	$	188		407	$	96

Note 10 - Reinsurance - Effects of Reinsurance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Written premiums, direct	$ 1,083,804	$ 816,387	$ 467,424
Earned premiums, direct	959,614	628,973	384,463
Written premiums, assumed	57,754	65,481	67,751
Earned premiums, assumed	56,107	66,299	49,535
Ceded written premiums	(731,531)	(524,575)	(223,443)
Earned premiums, ceded	(669,808)	(378,806)	(200,172)
Net written premiums	410,027	357,293	311,732
Net earned premiums	345,913	316,466	233,826
Losses, direct	228,441	133,517	168,292
LAE, direct	60,834	38,004	13,295
Losses and LAE, direct	289,275	171,521	181,587
Losses, assumed	19,799	23,574	17,184
LAE, assumed	1,789	5,998	1,926
Losses and LAE, assumed	21,588	29,572	19,110
Losses, ceded	(186,706)	(91,261)	(148,106)
LAE, ceded	(51,565)	(31,159)	(11,134)
Losses and LAE, ceded	(238,271)	(122,421)	(159,240)
Losses, net	61,534	65,829	37,370
LAE, net	11,058	12,843	4,087
Losses and loss adjustment expenses	$ 72,592	$ 78,672	$ 41,457

Note 21 - Variable Interest Entities ("VIEs") (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premiums Earned, Net	$ 345,913	$ 316,466	$ 233,826
Assets	1,708,022	1,306,450
Liabilities	1,236,770	$ 921,696
Variable Interest Entity, Not Primary Beneficiary [Member]
Premiums Earned, Net	100
Policyholder Benefits and Claims Incurred, Net	0
Assets	16,400
Cash, Cash Equivalents, and Short-Term Investments	15,100
Liabilities	16,900
Long-Term Debt	15,000
Variable Interest Entity, Not Primary Beneficiary [Member] \| PSIC [Member]
Debt Instrument, Face Amount	$ 15,000

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Schedule II - Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2023

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

Schedule II

Palomar Holdings, Inc. and Subsidiaries

Balance Sheets (Parent Company)

(In Thousands, except shares and par value data)

	*December 31, 2023*			*December 31, 2022*
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $51,946 in 2023, $51,993 in 2022)	$	48,626		$	45,511
Equity securities, at fair value: (cost: $1,725 in 2023, $1,725 in 2022)		1,835			1,626
Equity method investment		2,617			—
Total investments		53,078			47,137
Cash and cash equivalents		314			781
Accrued investment income		345			320
Prepaid expenses and other assets		3,780			2,267
Receivables from subsidiaries		51,967			3,689
Note receivable from subsidiary		15,000			—
Investment in subsidiaries		530,690			405,525
Total assets	$	655,174		$	459,719
Liabilities and Stockholders' equity
Liabilities:
Accounts payable and other liabilities	$	10,120		$	7,359
Payables to subsidiaries		157,404			57,324
Federal income tax payable		16,398			10,282
Total liabilities		183,922			74,965
Stockholders' equity:
Common stock, $0.0001 par value, 500,000,000 shares authorized, 24,772,987 and 25,027,467 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively		3			3
Additional paid‑in capital		350,597			333,557
Accumulated other comprehensive income (loss)		(23,991	)		(36,514	)
Retained earnings		144,643			87,708
Total stockholders' equity		471,252			384,754
Total liabilities and stockholders' equity	$	655,174		$	459,719

See accompanying notes.

Schedule II

Palomar Holdings, Inc. and Subsidiaries

Statements of Income (Parent Company)

(In Thousands)

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Revenues:
Net investment income	$	1,699		$	1,048		$	555
Net realized and unrealized gains (losses) on investments		(209	)		(320	)		217
Total revenues		1,490			728			772
Expenses:
Other operating expenses		39,347			33,292			19,480
Loss before income taxes		(37,857	)		(32,564	)		(18,708	)
Income tax (benefit) expense		(7,953	)		(8,464	)		11,039
Loss before equity in net income of subsidiaries		(29,904	)		(24,100	)		(29,747	)
Equity in net income of subsidiaries		109,105			76,270			75,594
Net income	$	79,201		$	52,170		$	45,847
Other comprehensive income:
Net unrealized (losses) gains on securities available for sale		(2,505	)		(3,997	)		580
Equity in other comprehensive income (loss) of subsidiaries, net of taxes		15,029			(37,830	)		(8,514	)
Total comprehensive income	$	91,725		$	10,343		$	37,913

See accompanying notes.

Schedule II

Palomar Holdings, Inc. and Subsidiaries

Statements of Cash Flows (Parent Company)

(In Thousands)

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
Operating activities
Net income	$	79,201		$	52,170		$	45,847
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(109,105	)		(76,270	)		(75,594	)
Stock-based compensation expense		10,426			8,820			4,755
Net realized and unrealized (losses) gains on investments		209			320			(217	)
Amortization of premium on fixed maturity securities		189			347			443
Deferred income tax expense		2,787			7,210			634
Changes in operating assets and liabilities:		37,777			36,449			13,596
Net cash provided by (used in) operating activities		21,484			29,046			(10,536	)
Investing activities
Purchases of fixed maturity securities		(11,045	)		(9,807	)		(2,177	)
Sales and maturities of fixed maturity securities		9,232			8,488			11,396
Cash paid to subsidiaries		—			—			(15,595	)
Cash received from subsidiaries		—			—			27,100
Net cash (used in) provided by investing activities		(1,813	)		(1,319	)		20,724
Financing activities
Proceeds from common stock issued via equity incentive plans		2,038			3,032			2,811
Policyholder contribution to surplus		90			—			—
Repurchase of common stock		(22,266	)		(34,415	)		(15,852	)
Net cash used in financing activities		(20,138	)		(31,383	)		(13,041	)
Net decrease in cash and cash equivalents		(467	)		(3,656	)		(2,853	)
Cash and cash equivalents at beginning of period		781			4,437			7,290
Cash and cash equivalents at end of period	$	314		$	781		$	4,437
Supplementary cash flow information:
Cash paid for income taxes	$	21,124		$	18,890		$	2,104
Cash paid for interest	$	3,682		$	704		$	—

See accompanying notes.

Schedule II

1.Accounting Policies

Organization

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

Basis of Presentation

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

Estimates and Assumptions

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

Note 7 - Capitalized Assets (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Computer Software, Amortization	$ 2.8	$ 2.6	$ 2.1
Depreciation	$ 0.2	$ 0.2	$ 0.2

Note 12 - Stockholders' Equity - Summary of RSU Transactions (Details) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Non-vested, shares (in shares) \| shares	271,951
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 68.9
Granted, shares (in shares) \| shares	170,140
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 51.55
Vested, shares (in shares) \| shares	(86,083)
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 69.43
Forfeited, shares (in shares) \| shares	(22,292)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 52.56
Non-vested, shares (in shares) \| shares	333,716
Non-vested outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 61.01

Note 12 - Stockholders' Equity - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Outstanding, options (in shares) \| shares	882,892
Outstanding, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 33.85
Options exercised, options (in shares) \| shares	(61,258)
Options exercised, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 20.21
Options canceled, options (in shares) \| shares	(13,949)
Options canceled, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 67.08
Outstanding, options (in shares) \| shares	807,685
Outstanding, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 34.31
Outstanding, options, weighted average remaining contractual term (Year)	5 years 9 months 29 days
Outstanding, options, aggregate intrinsic value \| $	$ 21,635
Vested and Exercisable, options (in shares) \| shares	747,105
Vested and Exercisable, options, weighted average exercise price (in dollars per share) \| $ / shares	$ 32.11
Vested and Exercisable, options, weighted average remaining contractual term (Year)	5 years 8 months 8 days
Vested and Exercisable, options, aggregate intrinsic value \| $	$ 21,414

Note 14 - Underwriting Information (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premiums Written, Gross	$ 1,141,558	$ 881,868	$ 535,175
Percentage of Gross Written Premiums	100.00%	100.00%	100.00%
Revenue Benchmark [Member] \| Product Concentration Risk [Member] \| Largest Program Administrator [Member]
Premiums Written, Gross	$ 394,100	$ 322,400	$ 215,300
Percentage of Gross Written Premiums	34.50%	36.60%	40.20%
Revenue Benchmark [Member] \| Product Concentration Risk [Member] \| Second Largest Program Administrator [Member]
Premiums Written, Gross	$ 152,400	$ 95,100
Percentage of Gross Written Premiums	13.30%	10.80%
Revenue Benchmark [Member] \| Product Concentration Risk [Member] \| Other Program Administrators [Member]
Premiums Written, Gross	$ 0	$ 0	$ 0
Percentage of Gross Written Premiums	10.00%	10.00%	10.00%

Note 3 - Investments (Tables)

12 Months Ended

Dec. 31, 2023

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

December 31, 2023	*Amortized Cost or Cost*		*Gross Unrealized Gains*		*Gross Unrealized Losses*			*Allowance for Credit Losses*			*Fair Value*
	(in thousands)
Fixed maturities:
U.S. Government	$	40,836	$	—	$	(1,416	)	$	—		$	39,420
U.S. States, Territories, and Political Subdivisions		10,641		100		(839	)		—			9,902
Special revenue excluding mortgage/asset-backed securities		32,513		147		(3,149	)		—			29,511
Corporate and other		316,590		1,750		(17,197	)		(904	)		300,239
Mortgage/asset-backed securities		274,550		1,879		(11,702	)		—			264,727
Total available-for-sale investments	$	675,130	$	3,876	$	(34,303	)	$	(904	)	$	643,799

December 31, 2022	*Amortized Cost or Cost*		*Gross Unrealized Gains*		*Gross Unrealized Losses*			*Allowance for Credit Losses*			*Fair Value*
	(in thousands)
Fixed maturities:
U.S. Government	$	50,802	$	2	$	(2,253	)	$	—		$	48,551
U.S. States, Territories, and Political Subdivisions		10,776		49		(1,173	)		—			9,652
Special revenue excluding mortgage/asset-backed securities		37,260		26		(4,487	)		—			32,799
Corporate and other		278,164		79		(23,912	)		(236	)		254,095
Mortgage/asset-backed securities		184,578		251		(14,862	)		—			169,967
Total available-for-sale investments	$	561,580	$	407	$	(46,687	)	$	(236	)	$	515,064

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

	*Less Than 12 Months*					*More Than 12 Months*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
December 31, 2023	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
	(in thousands)
Fixed maturity securities:
U.S. Government	$	738	$	(1	)	$	38,063	$	(1,415	)	$	38,801	$	(1,416	)
U.S. States, Territories, and Political Subdivisions		—		—			6,196		(839	)		6,196		(839	)
Special revenue excluding mortgage/asset-backed securities		—		—			26,736		(3,149	)		26,736		(3,149	)
Corporate and other		28,872		(480	)		204,034		(16,717	)		232,906		(17,197	)
Mortgage/asset-backed securities		29,334		(245	)		117,016		(11,457	)		146,350		(11,702	)
Total	$	58,944	$	(726	)	$	392,045	$	(33,577	)	$	450,989	$	(34,303	)

	*Less Than 12 Months*					*More Than 12 Months*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
December 31, 2022	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
	(in thousands)
Fixed maturity securities:
U.S. Government	$	41,077	$	(1,523	)	$	6,853	$	(730	)	$	47,930	$	(2,253	)
U.S. States, Territories, and Political Subdivisions		7,525		(1,173	)		—		—			7,525		(1,173	)
Special revenue excluding mortgage/asset-backed securities		25,091		(3,287	)		5,080		(1,200	)		30,171		(4,487	)
Corporate and other		192,185		(15,667	)		55,605		(8,481	)		247,790		(24,148	)
Mortgage/asset-backed securities		118,815		(9,908	)		32,448		(4,954	)		151,263		(14,862	)
Total	$	384,693	$	(31,558	)	$	99,986	$	(15,365	)	$	484,679	$	(46,923	)

Investments Classified by Contractual Maturity Date [Table Text Block]

	*Amortized*		*Fair*
	*Cost*		*Value*
	(in thousands)
Due within one year	$	46,366	$	45,221
Due after one year through five years		188,698		180,645
Due after five years through ten years		127,925		118,748
Due after ten years		37,591		34,458
Mortgage and asset-backed securities		274,550		264,727
	$	675,130	$	643,799

Unrealized Gain (Loss) on Investments [Table Text Block]

	*Year Ended December 31,*
	*2023*		*2022*			*2021*
	(in thousands)
Change in net unrealized gains (losses)
Fixed maturities	$	15,185	$	(53,076	)	$	(10,148	)
Net increase (decrease)	$	15,185	$	(53,076	)	$	(10,148	)

Investment Income [Table Text Block]

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
	(in thousands)
Interest income	$	23,349		$	13,631		$	9,119
Dividend income		871			739			461
Investment expense		(515	)		(493	)		(500	)
Net investment income	$	23,705		$	13,877		$	9,080

Gain (Loss) on Securities [Table Text Block]

	*Year Ended*
	*December 31,*
	*2023*			*2022*			*2021*
	(in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	89		$	14		$	466
Gains on sales of equity securities		—			—			1,416
Total realized gains		89			14			1,882
Realized losses:
Losses on sales of fixed maturity securities		(32	)		(2,340	)		(1	)
Losses on sales of equity securities		—			—			—
Total realized losses		(32	)		(2,340	)		(1	)
Net realized investment gains (losses)		57			(2,326	)		1,881
Change in allowance for credit losses		(667	)		—			—
Net unrealized gains (losses) on equity securities		3,933			(5,203	)		(604	)
Net unrealized losses on equity method investment		(382	)		—			—
Net realized and unrealized gains (losses) on investments	$	2,941		$	(7,529	)	$	1,277

Note 21 - Variable Interest Entities ("VIEs")

12 Months Ended

Dec. 31, 2023

Variable Interest Entity Disclosure [Text Block]

21. Variable Interest Entities ("VIEs")

Laulima Insurance Exchange, a Hawaii domiciled reciprocal exchange (“Laulima”) is a consolidated VIE. Laulima was formed in 2023 as an insurance carrier organized as an unincorporated association.

The Company's PUEO entity manages the business operations of Laulima and receives a management fee for the services provided to Laulima. Upon formation of Laulima, PSIC provided capital of $15.0 million in the form of a contribution to the surplus note issued by Laulima, which remains outstanding as of December 31, 2023. The Company holds an interest in the form of this surplus note which is included in other liabilities on the Statement of Assets and Liabilities of Laulima. In addition, the Company provides quota share reinsurance on the property business of Laulima. The Company has determined that is has the ability to direct the activities that most significantly impact the economic performance of the Laulima and, as it has provided capital to Laulima, would absorb any expected losses which could be significant to Laulima. As such, the Company is deemed the primary beneficiary and consolidates the results of Laulima.

The Company does not own the equity of Laulima, which is owned by the policyholders. In the event of dissolution, policyholders would share any residual unassigned surplus but are not subject to assessment for any deficit in unassigned surplus of Laulima. The assets of Laulima can be used only to settle the obligations of Laulima and general creditors have no recourse to the Company.

The results of operations of Laulima are included in the Company’s consolidated income statement and generated $0.1 million of earned premiums in 2023. There were no claims or claims expenses in 2023. As of December 31, 2023, Laulima's assets totaled $16.4 million, primarily comprised of $15.1 million of cash and investments, and are included in the Company's consolidated balance sheets. Laulima's liabilities totaled $16.9 million and primarily include $15.0 million of surplus notes. The surplus notes are payable to PSIC and eliminate in consolidation. Laulima's remaining liabilities are included in the Company's consolidated balance sheets.

Note 16 - Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Text Block]

16. Income Taxes

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

	*December 31,*
	*2023*			*2022*			*2021*
	(in thousands)
Current	$	27,267		$	18,842		$	10,650
Deferred		(2,826	)		(3,461	)		641
Income tax expense (benefit)	$	24,441		$	15,381		$	11,291

As of December 31, 2023 and 2022, significant components of the Company’s deferred tax assets and liabilities were as follows:

	*December 31,*
	*2023*			*2022*
	(in thousands)
Deferred tax assets:
Losses and LAE reserve discount	$	942		$	680
Net operating losses		3,486			3,070
Deferred Intercompany		656			656
Unearned premiums		13,895			11,258
Capitalized organizational costs		154			184
Unrealized losses on investments		5,829			9,891
Deferred compensation		2,425			1,585
Other		1,701			1,544
Total deferred tax assets	$	29,088		$	28,868
Deferred tax liabilities:
Deferred acquisition costs	$	(12,128	)	$	(11,922	)
Internally developed software		(1,276	)		(1,520	)
State deferred liability		(1,150	)		(1,076	)
Other		(929	)		(658	)
Total deferred tax liabilities		(15,483	)		(15,176	)
Net deferred tax asset (liability) before valuation allowance		13,605			13,692
Valuation allowance		(3,486	)		(3,070	)
Total net deferred tax assets (liabilities)	$	10,119		$	10,622

The above valuation allowance relates to state net operating losses ("NOL") carryforwards and federal net operating losses related to Laulima, which was formed in 2023. Due to the limited carryforward period these do not meet the “more likely than not” criteria and it is necessary to maintain a valuation allowance on these items. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period change or if objective negative evidence in the form of cumulative losses is no longer present.

As of December 31, 2023, there are $0.1 million of federal NOLs set to expire starting 2043 and $2.8 million of state NOLs set to expire beginning in 2023 over various periods.

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the tax years ended December 31, 2023, 2022 and 2021:

	*Years Ended December 31,*
	*2023*					*2022*					*2021*
	($ in thousands)
Expense computed at federal tax rate	$	21,765		21.00	%	$	14,186		21.00	%	$	11,999		21.00	%
Stock-based compensation and Section 162(m)		1,523		1.47	%		153		0.23	%		(1,067	)	(1.87	)%
Dividend received deduction and tax‑exempt interest		(96	)	(0.09	)%		(101	)	(0.15	)%		(81	)	(0.14	)%
Meals & entertainment, penalties & parking		261		0.25	%		180		0.27	%		91		0.16	%
State tax expense (benefit)		303		0.29	%		773		1.14	%		(1,750	)	(3.06	)%
Valuation allowance		416		0.40	%		191		0.28	%		2,199		3.85	%
Other		269		0.26	%		(1	)	—	%		(101	)	(0.18	)%
Income tax expense (benefit)	$	24,441		23.58	%	$	15,381		22.77	%	$	11,290		19.76	%

For the year ended December 31, 2023, the difference relates primarily to Section 162(m) limitations on executive compensation deductions, offset by the permanent component of employees stock option exercises. For the year ended December 31, 2022, the difference relates primarily to Section 162(m) limitations on executive compensation deductions and state taxes. For the year ended December 31, 202, the difference relates primarily to the permanent component of employee stock option exercises and state taxes. For the years ended December 31, 2022 and December 31, 2021, the Company increased its valuation allowance relating to deferred tax assets associated with state net operating losses.

As of December 31, 2023 and 2022, the Company had no uncertain tax positions that required either recognition or disclosure in the consolidated financial statements. This is not expected to change significantly during the next twelve months. The Company classifies interest and penalties, if any, related to the liability for unrecognized tax benefits as a component of the provision for income taxes. The Company’s federal income tax returns for 2020 through 2022 and state income tax returns for 2019 through 2022 remain subject to examination by the tax authorities. The 2023 income tax return is expected to be filed in 2024 and is subject to examination when filed.

The Company's PSRE entity may be subject to taxation in Bermuda in future years under the Bermuda Corporate Income Tax Act of 2023.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Note 18 - Statutory Financial Information - Schedule of Statutory Net Income and Statutory Capital Surplus (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statutory net income (loss)	$ 97,391	$ 76,222	$ 51,410
Statutory capital and surplus	$ 439,264	$ 314,508	$ 271,977

Note 12 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Apr. 16, 2019
Options, Outstanding, Number (in shares)	807,685	882,892
Total (in shares)	5,826,783
Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	333,716	271,951
Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	423,621	383,103
Equity Incentive Plan 2019 [Member]
Options, Outstanding, Number (in shares)	807,685
Number of Shares Authorized (in shares)	3,130,991		2,400,000
Equity Incentive Plan 2019 [Member] \| Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	333,716
Equity Incentive Plan 2019 [Member] \| Performance Shares [Member]
Equity Instruments Other than Options, Nonvested, Number (in shares)	423,621
Employee Stock Purchase Plan 2019 [Member]
Number of Shares Authorized (in shares)	1,130,770

Note 16 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current	$ 27,267	$ 18,842	$ 10,650
Deferred	(2,826)	(3,461)	641
Income tax expense (benefit)	$ 24,441	$ 15,381	$ 11,291

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

Note 12 - Stockholders' Equity - Schedule of Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation Expense	$ 14,913	$ 11,624	$ 5,584

Note 18 - Statutory Financial Information

12 Months Ended

Dec. 31, 2023

Statutory Financial Information Disclosure [Text Block]

18. Statutory financial information

U.S.

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

Combined statutory net income and statutory capital surplus for the U.S. insurance subsidiaries, PSIC and PESIC as of December 31, 2023, 2022 and 2021 and for the years then ended are summarized as follows:

	*December 31,*
	*2023*		*2022*		*2021*
	(in thousands)
Statutory net income (loss)	$	97,391	$	76,222	$	51,410
Statutory capital and surplus		439,264		314,508		271,977

Risk-Based Capital (“RBC”) requirements promulgated by the NAIC require property/casualty insurers to maintain minimum capitalization levels determined based on formulas incorporating various business risks of the insurance subsidiaries. As of December 31, 2023 and 2022, the company’s capital and surplus exceeds its authorized control level.

Bermuda

Under the Bermuda Insurance Act, 1978 and related regulations, PSRE is required to maintain certain solvency and liquidity levels. The minimum statutory solvency margin required at December 31, 2023 and 2022 was approximately $1.2 million and $1.2 million, respectively. Actual statutory capital and surplus at December 31, 2023 and 2022 was $16.1 million and $15.6 million, respectively. PSRE had statutory net income of $0.3 million, $0.2 million and $1.4 million for 2023, 2022 and 2021, respectively.

PSRE had stockholders’ equity of $16.3 million and $15.5 million on a GAAP basis at December 31, 2023 and 2022, respectively. The principal difference between statutory capital and surplus and stockholders’ equity presented in accordance with GAAP are prepaid expenses, which are non-admitted assets for Bermuda statutory purposes. No dividends were paid in 2023 and 2022.

PSRE maintains a Class 3A license and thus must maintain a minimum liquidity ratio in which the value of its relevant assets is not less than 75.0% of the amount of its relevant liabilities for general business. Relevant assets include cash and cash equivalents, fixed maturity securities, accrued interest income, premiums receivable, losses recoverable from reinsurers, and funds withheld. The relevant liabilities include total general business insurance reserves and total other liabilities, less sundry liabilities. As of December 31, 2023 and 2022, the Company met the minimum liquidity ratio requirement.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income	$ 79,201	$ 52,170	$ 45,847
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	14,913	11,624	5,584
Depreciation and amortization expense	4,503	4,115	3,544
Allowance for credit loss on fixed maturity securities	0	236	106
Net realized and unrealized losses (gains) on investments	(2,941)	7,529	(1,277)
Amortization of premium on fixed maturity securities	(9)	1,607	2,317
Deferred income tax expense	(2,826)	(3,519)	641
Changes in operating assets and liabilities:
Accrued investment income	(1,505)	(1,052)	(180)
Premium receivable	(99,114)	(74,846)	(39,170)
Deferred policy acquisition costs	(4,250)	(787)	(20,472)
Reinsurance recoverables	(83,181)	(36,298)	(52,587)
Ceded unearned premiums	(61,724)	(145,768)	(23,284)
Prepaid expenses and other assets	(24,885)	(4,017)	591
Accounts payable and other accrued liabilities	15,666	5,426	(946)
Reserve for losses and loss adjustment expenses	110,860	58,049	44,330
Unearned premiums	125,789	186,649	101,176
Ceded premiums payable	35,615	108,667	15,227
Funds held under reinsurance treaty	2,739	(202)	6,367
Income taxes payable	7,255	0	0
Net cash provided by operating activities	116,106	169,583	87,814
Investing activities
Purchases of property and equipment	(15)	(313)	(18)
Capitalized software costs	(6,744)	(5,623)	(4,836)
Purchases of fixed maturity securities	(233,770)	(382,114)	(166,894)
Purchases of equity securities	(945)	(10,518)	(49,680)
Purchase of equity method investment	(3,000)	0	0
Sales and maturities of fixed maturity securities	120,285	242,726	120,198
Sales of equity securities	295	0	41,553
Change in securities receivable or payable, net	950	(950)	1,500
Acquisitions, net of cash acquired	(5,534)	(15)	(11)
Net cash used in investing activities	(128,478)	(156,807)	(58,188)
Financing activities
Proceeds from line of credit, net of repayments	16,200	36,400	0
Proceeds from common stock issued via employee stock purchase plan	799	760	719
Proceeds from common stock issued via stock option exercises	1,237	2,272	2,092
Policy holder contribution to surplus	90	0	0
Repurchase of common stock	(22,266)	(34,415)	(15,852)
Net cash (used in) provided by financing activities	(3,940)	5,017	(13,041)
Net (decrease) increase in cash, cash equivalents and restricted cash	(16,312)	17,793	16,585
Cash, cash equivalents and restricted cash at beginning of period	68,164	50,371	33,786
Cash, cash equivalents and restricted cash at end of period	51,852	68,164	50,371
Supplementary cash flow information:
Cash paid for income taxes	21,124	18,890	2,104
Cash paid for interest	3,682	704	$ 0
Cash and cash equivalents	51,546	68,108
Restricted cash	306	56
Cash and cash equivalents and restricted cash	$ 51,852	$ 68,164

Note 9 - Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Changes in Reserve Balance for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reserve for losses and loss adjustment expense, net of reinsurance recoverables at beginning of period	$ 77,520	$ 45,419	$ 34,470
Current year	70,363	76,289	45,042
Prior years	2,229	2,383	(3,585)
Total incurred	72,592	78,672	41,457
Current year	19,631	21,802	12,063
Prior years	32,828	24,769	18,445
Total payments	52,459	46,571	30,508
Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period	97,653	77,520	45,419
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	244,622	153,895	127,947
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$ 342,275	$ 231,415	$ 173,366

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available-for-Sale, Amortized Cost	$ 675,130	$ 561,580
Equity Securities, Cost	$ 43,003	$ 42,352
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)	24,772,987	25,027,467
Common Stock, Shares, Outstanding (in shares)	24,772,987	25,027,467

Note 13 - Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2023

Comprehensive Income (Loss) Note [Text Block]

13. Accumulated Other Comprehensive Income

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

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
	(in thousands)
Balance as of January 1	$	(36,515	)	$	5,312		$	13,246
Other comprehensive income (loss) before reclassification		15,913			(55,270	)		(9,579	)
Federal income tax (expense) benefit		(3,342	)		11,607			2,012
Other comprehensive income (loss) before reclassification, net of tax		12,571			(43,663	)		(7,567	)
Amounts reclassified from AOCI		(60	)		2,325			(464	)
Federal income tax expense (benefit)		13			(489	)		97
Amounts reclassified from AOCI, net of tax		(47	)		1,836			(367	)
Other comprehensive income (loss)		12,524			(41,827	)		(7,934	)
Balance at end of period	$	(23,991	)	$	(36,515	)	$	5,312

Schedule V - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
Valuation Allowance	$ 3,070	$ 2,879
Valuation allowance, additions	416	191
Valuation allowance, deductions	0	0
Valuation Allowance	3,486	3,070
SEC Schedule, 12-09, Allowance, Uncollectible Premium Receivable [Member]
Valuation Allowance	96	315
Valuation allowance, additions	42	188
Valuation allowance, deductions	89	407
Valuation Allowance	$ 49	$ 96

Note 15 - Retirement and Post-employment Retirement Plans (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Defined Contribution Plan, Cost	$ 0.9	$ 0.7	$ 0.7

Schedule II - Condensed Financial Information of Parent - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Fixed maturity securities available for sale, at fair value (amortized cost: $51,946 in 2023, $51,993 in 2022)	$ 643,799	$ 515,064
Equity securities, at fair value: (cost: $1,725 in 2023, $1,725 in 2022)	43,160	38,576
Equity method investment	2,617	0
Total investments	689,576	553,640
Cash and cash equivalents	51,546	68,108
Accrued investment income	5,282	3,777
Prepaid expenses and other assets	72,941	44,088
Total assets	1,708,022	1,306,450
Liabilities:
Accounts payable and other liabilities	42,376	25,760
Total liabilities	1,236,770	921,696
Stockholders' equity:
Common stock, $0.0001 par value, 500,000,000 shares authorized, 24,772,987 and 25,027,467 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	3	3
Additional paid-in capital	350,597	333,558
Accumulated other comprehensive income (loss)	(23,991)	(36,515)
Retained earnings	144,643	87,708
Total stockholders' equity	471,252	384,754
Total liabilities and stockholders' equity	1,708,022	1,306,450
Parent Company [Member]
Assets
Fixed maturity securities available for sale, at fair value (amortized cost: $51,946 in 2023, $51,993 in 2022)	48,626	45,511
Equity securities, at fair value: (cost: $1,725 in 2023, $1,725 in 2022)	1,835	1,626
Equity method investment	2,617	0
Total investments	53,078	47,137
Cash and cash equivalents	314	781
Accrued investment income	345	320
Prepaid expenses and other assets	3,780	2,267
Note receivable from subsidiary	15,000	0
Investment in subsidiaries	530,690	405,525
Total assets	655,174	459,719
Liabilities:
Accounts payable and other liabilities	10,120	7,359
Federal income tax payable	16,398	10,282
Total liabilities	183,922	74,965
Stockholders' equity:
Common stock, $0.0001 par value, 500,000,000 shares authorized, 24,772,987 and 25,027,467 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	3	3
Additional paid-in capital	350,597	333,557
Accumulated other comprehensive income (loss)	(23,991)	(36,514)
Retained earnings	144,643	87,708
Total stockholders' equity	471,252	384,754
Total liabilities and stockholders' equity	655,174	459,719
Parent Company [Member] \| Related Party [Member]
Assets
Receivables from subsidiaries	51,967	3,689
Liabilities:
Payables to subsidiaries	$ 157,404	$ 57,324

Note 9 - Reserve for Losses and Loss Adjustment Expenses

12 Months Ended

Dec. 31, 2023

Reserve for Losses and Loss Adjustment Expenses [Text Block]

9. Reserve for Losses and Loss Adjustment Expenses

Loss and loss adjustment expenses reserves represent management’s best estimate of the ultimate cost of all reported and unreported losses incurred for the years ended December 31, 2023, 2022, and 2021. The Company does not discount loss and loss adjustment expense reserves. The reserves for unpaid losses and loss adjustment expenses are estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in loss severity and frequency.

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

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

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

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

	*Year Ended December 31,*
	*2023*		*2022*		*2021*
	(in thousands)
Reserve for losses and loss adjustment expense, net of reinsurance recoverables at beginning of period	$	77,520	$	45,419	$	34,470
Add: Incurred losses and loss adjustment expenses, net of reinsurance, related to:
Current year		70,363		76,289		45,042
Prior years		2,229		2,383		(3,585	)
Total incurred		72,592		78,672		41,457
Deduct: Loss and loss adjustment expense payments, net of reinsurance, related to:
Current year		19,631		21,802		12,063
Prior years		32,828		24,769		18,445
Total payments		52,459		46,571		30,508
Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period		97,653		77,520		45,419
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		244,622		153,895		127,947
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	342,275	$	231,415	$	173,366

The foregoing reconciliation shows a loss and loss adjustment expense deficiency of $2.2 million and $2.4 million developed in 2023 and 2022 respectively, and a loss and loss adjustment expense reserve redundancy of $3.6 million developed in 2021. During 2023, the net unfavorable reserve development was primarily due to the effect of ceding gross favorable development under our catastrophe XOL reinsurance program and due to unfavorable development on lines of business subject to lower amounts of ceding.

During 2022, the net unfavorable reserve development was primarily attributable to prior year catastrophe events including certain 2020 Hurricanes, offset by favorable development related to 2021 attritional and catastrophe losses. During 2021, the net favorable reserve development was primarily due to the effect of ceding gross unfavorable development under our reinsurance program and lower than anticipated severity of catastrophe losses associated with certain hurricanes that occurred during the second half of 2020.

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

The following tables show information about the Company’s incurred and paid loss development as of December 31, 2023, net of reinsurance, as well as cumulative claim frequency, the total of IBNR liabilities included within the net incurred loss amounts and the average historical claims duration as of December 31, 2023. The loss information has been disaggregated so that losses that are expected to develop in a similar manner are grouped together. The information provided herein about incurred and paid accident year claims development for the years ended December 31, 2023 and prior is presented as unaudited supplementary information.

Incurred Losses and Allocated Loss Adjustment Expenses,

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

																			*As of December 31, 2023*
	*Year Ended December 31,*																		*Incurred but Not Reported*		*Cumulative Number of*
Accident Year	*2015*		*2016*		*2017*		*2018*		*2019*		*2020*		*2021*		*2022*		*2023*		*Liabilities*		*Claims*
2015	$	2,678	$	2,504	$	2,329	$	2,307	$	2,320	$	2,313	$	2,316	$	2,304	$	2,324	$	-	$	566
2016				7,450		7,127		6,972		7,090		7,075		7,062		7,125		5,730		-	$	1,376
2017						12,425		10,893		10,644		10,652		10,561		10,668		12,339		-		3,607
2018								8,163		8,103		7,939		7,950		7,941		8,010		7		1,176
2019										4,575		4,223		3,947		4,293		4,350		3		1,666
2020												61,434		57,248		59,565		56,008		213		4,983
2021														29,836		25,158		25,733		868		5,191
2022																42,887		44,943		6,109		4,062
2023																		40,921		17,407		4,130
Total																	$	200,358	$	24,607	$	26,757

Cumulative Paid Losses and Allocated Loss Adjustment Expenses,

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

	*Year Ended December 31,*
Accident Year	*2015*		*2016*		*2017*		*2018*		*2019*		*2020*		*2021*		*2022*		*2023*
2015	$	1,125	$	1,817	$	2,109	$	2,241	$	2,300	$	2,309	$	2,316	$	2,304	$	2,324
2016				4,823		6,420		6,801		7,051		7,072		7,062		7,125		5,729
2017						9,102		10,719		10,639		10,640		10,560		10,636		12,339
2018								4,409		7,889		7,931		7,943		7,943		7,999
2019										2,179		3,510		3,757		4,170		4,345
2020												31,862		49,222		55,504		55,619
2021														11,355		22,500		24,408
2022																12,647		30,042
2023																		14,226
Total																	$	157,031
Reserve for losses and loss adjustment expense, net of reinsurance																	$	43,327

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

Average Annual Percentage Payout of Incurred Claims by Age,

Net of Reinsurance Property Insurance (unaudited)

		Year 1				Year 2				Year 3				Year 4				Year 5				Year 6				Year 7				Year 8 (2)				Year 9
Payout percentage			52.82	%			32.23	%			6.20	%			3.32	%			1.25	%			0.38	%			5.07	%			(12.44	)%			0.88	%

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

Incurred Losses and Allocated Loss Adjustment Expenses,

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

							*As of December 31, 2023*
								*Incurred but Not Reported*		*Cumulative Number of*
Accident Year	*2021*		*2022*		*2023*		*Liabilities*		*Claims*
Prior	$	109	$	35	$	46	$	—		6
2021		2,138		1,641		2,172		797		19
2022				7,160		8,755		4,132		52
2023						5,005		4,055		28
Total					$	15,978	$	8,984		105

Cumulative Paid Losses and Allocated Loss Adjustment Expenses,

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

Accident Year	*2021*		*2022*		*2023*
Prior	$	109	$	35	$	46
2021		141		347		653
2022				746		1,603
2023						372
Total					$	2,674
Reserve for losses and loss adjustment expense, net of reinsurance					$	13,304

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

Average Annual Percentage Payout of Incurred Claims by Age,

Net of Reinsurance Other Liability Occurrence (unaudited)

		Year 1				Year 2				Year 3
Payout percentage			5.61	%			6.43	%			14.09	%

Incurred Losses and Allocated Loss Adjustment Expenses,

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

									*As of December 31, 2023*
									*Incurred but Not Reported*		*Cumulative Number of*
Accident Year		*2020*		*2021*		*2022*		*2023*	*Liabilities*		*Claims*
Prior	$	48	$	26	$	7	$	—	$	—		7
2021				3,429		3,299		2,928		2,073		106
2022						8,871		8,873		6,033		424
2023								12,580		9,226		922
Total							$	24,381	$	17,332		1,459

Cumulative Paid Losses and Allocated Loss Adjustment Expenses,

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

Accident Year		*2020*		*2021*		*2022*		*2023*
Prior	$	—	$	—	$	—	$	—
2021				62		221		449
2022						481		1,584
2023								1,382
Total							$	3,415
Reserve for losses and loss adjustment expense, net of reinsurance							$	20,966

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

Average Annual Percentage Payout of Incurred Claims by Age,

Net of Reinsurance Other Liability Claims Made (unaudited)

		*Year 1*				*Year 2*				*Year 3*
Payout percentage			4.63	%			5.95	%			7.78	%

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

	*2023*
	(in thousands)
Reserve for losses and loss adjustment expense, net of reinsurance recoverables:
Property	$	43,326
Other liability occurrence		13,304
Other liability claims made		20,966
Reinsurance - Nonproportional assumed property⁽¹⁾		8,379
Other		11,678
Total reserve for losses and loss adjustment expense, net of reinsurance recoverables		97,653
Reinsurance recoverable on unpaid claims:
Property	$	84,778
Other liability occurrence		6,975
Other liability claims made		71,201
Other		81,668
Total reinsurance recoverable on unpaid claims		244,622
Total reserve for losses and loss adjustment expenses	$	342,275

(1)

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

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $675,130 in 2023; $561,580 in 2022)	$ 643,799	$ 515,064
Equity securities, at fair value (cost: $43,003 in 2023; $42,352 in 2022)	43,160	38,576
Equity method investment	2,617	0
Total investments	689,576	553,640
Cash and cash equivalents	51,546	68,108
Restricted cash	306	56
Accrued investment income	5,282	3,777
Premium receivable	261,972	162,858
Deferred policy acquisition costs, net of ceding commissions and fronting fees	60,990	56,740
Reinsurance recoverable on paid losses and loss adjustment expenses	32,172	39,718
Reinsurance recoverable on unpaid losses and loss adjustment expenses	244,622	153,895
Ceded unearned premiums	265,808	204,084
Prepaid expenses and other assets	72,941	44,088
Deferred tax assets, net	10,119	10,622
Property and equipment, net	373	603
Goodwill and intangible assets, net	12,315	8,261
Total assets	1,708,022	1,306,450
Liabilities:
Accounts payable and other liabilities	42,376	25,760
Reserve for losses and loss adjustment expenses	342,275	231,415
Unearned premiums	597,103	471,314
Ceded premium payable	181,742	146,127
Funds held under reinsurance treaty	13,419	10,680
Income taxes payable	7,255	0
Borrowings from credit agreements	52,600	36,400
Total liabilities	1,236,770	921,696
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2023 and December 31, 2022, 0 shares issued and outstanding as of December 31, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized, 24,772,987 and 25,027,467 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	3	3
Additional paid-in capital	350,597	333,558
Accumulated other comprehensive income (loss)	(23,991)	(36,515)
Retained earnings	144,643	87,708
Total stockholders' equity	471,252	384,754
Total liabilities and stockholders' equity	$ 1,708,022	$ 1,306,450

Note 9 - Reserve for Losses and Loss Adjustment Expenses - Schedule of Average Annual Percentage Payout of Incurred Claims on Homeowners' Insurance (Details) - Homeowners Insurance Product Line [Member]

Dec. 31, 2023

Payout percentage, year 1

52.82%

Payout percentage, year 2

32.23%

Payout percentage, year 3

6.20%

Payout percentage, year 4

3.32%

Payout percentage, year 5

1.25%

Payout percentage, year 6

0.38%

Payout percentage, year 7

5.07%

Payout percentage, year 8

(12.44%)

^[1]

Payout percentage, year 9

0.88%

[1]

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

Note 1 - Summary of Operations and Basis of Presentation (Details Textual)	12 Months Ended
	Dec. 31, 2023
Number Of States Company Underwrites Catastrophe Insurance On Admitted Basis	42

Note 3 - Investments - Schedule of Available-for-sale Gross Unrealized Gains or Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fixed maturities	$ 15,185	$ (53,076)	$ (10,148)
Net increase (decrease)	$ 15,185	$ (53,076)	$ (10,148)

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

Note 10 - Reinsurance (Details Textual) $ in Thousands	12 Months Ended
Note 10 - Reinsurance (Details Textual) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2021 USD ($)
Reinsurance, Amount Retained, Per Event	$ 13,400	$ 10,700
Prepaid Reinsurance Premiums	265,808	204,084
Catastrophe Bond, Face Value				$ 200,000	$ 275,000	$ 400,000
Ceded Premiums Written	731,531	524,575	$ 223,443
Ceded Premiums Earned	669,808	378,806	200,172
Largest Reinsurer One [Member]
Ceded Premiums Earned	152,400	24,700	24,700
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments	69,500	60,600
Largest Reinsurer Two [Member]
Ceded Premiums Earned	65,900	22,900	11,700
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments	29,800	53,900
Largest Reinsurer Three [Member]
Ceded Premiums Earned	47,400	18,400	$ 10,400
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments	$ 25,500	$ 50,600
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member]
Number of Largest Reinsurers	3	3	3
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| Three Largest Reinsurers [Member]
Concentration Risk, Percentage	36.30%	23.90%	20.90%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| Three Largest Reinsurers [Member]
Number of Largest Reinsurers	3	3
Concentration Risk, Percentage	45.70%	31.50%
Catastrophe [Member]
Reinsurance, Amount Retained, Per Event	$ 17,500
Ceded Premiums Written	42,700	$ 28,300	$ 11,700
Earthquake [Member]
Reinsurance Policy, Excess of Loss Protection Amount	2,710
Hawaii Hurricane [Member]
Reinsurance Policy, Excess of Loss Protection Amount	900,000
U.S. Hurricane [Member]
Reinsurance Policy, Excess of Loss Protection Amount	$ 100,000

Note 18 - Statutory Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Statutory Accounting Practices Disclosure [Table Text Block]

	*December 31,*
	*2023*		*2022*		*2021*
	(in thousands)
Statutory net income (loss)	$	97,391	$	76,222	$	51,410
Statutory capital and surplus		439,264		314,508		271,977

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

Note 6 - Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Text Block]

6. Intangible Assets and Goodwill

Intangible assets consist of the following:

	*December 31,*
	*2023*			*2022*
	(in thousands)
Goodwill:	$	3,755		$	—
Indefinite-lived intangibles:
State insurance licenses	$	744		$	744
Finite-lived intangibles:
Customer relationships		11,803			10,023
Accumulated amortization on finite-lived intangibles		(3,987	)		(2,506	)
Total intangible assets	$	12,315		$	8,261

State insurance licenses consist of licenses acquired at the inception of PSIC.

Customer relationships represents the fair value of acquired policy renewal rights. The Company began amortizing this intangible asset on a straight line basis in 2021 and is amortizing it over a period of 8 years. Amortization expense was $1.5 million for the years ended December 31, 2023 and $1.3 million for the year ended December 31, 2022.

Note 3 - Investments

12 Months Ended

Dec. 31, 2023

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

3. Investments

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

December 31, 2023	*Amortized Cost or Cost*		*Gross Unrealized Gains*		*Gross Unrealized Losses*			*Allowance for Credit Losses*			*Fair Value*
	(in thousands)
Fixed maturities:
U.S. Government	$	40,836	$	—	$	(1,416	)	$	—		$	39,420
U.S. States, Territories, and Political Subdivisions		10,641		100		(839	)		—			9,902
Special revenue excluding mortgage/asset-backed securities		32,513		147		(3,149	)		—			29,511
Corporate and other		316,590		1,750		(17,197	)		(904	)		300,239
Mortgage/asset-backed securities		274,550		1,879		(11,702	)		—			264,727
Total available-for-sale investments	$	675,130	$	3,876	$	(34,303	)	$	(904	)	$	643,799

December 31, 2022	*Amortized Cost or Cost*		*Gross Unrealized Gains*		*Gross Unrealized Losses*			*Allowance for Credit Losses*			*Fair Value*
	(in thousands)
Fixed maturities:
U.S. Government	$	50,802	$	2	$	(2,253	)	$	—		$	48,551
U.S. States, Territories, and Political Subdivisions		10,776		49		(1,173	)		—			9,652
Special revenue excluding mortgage/asset-backed securities		37,260		26		(4,487	)		—			32,799
Corporate and other		278,164		79		(23,912	)		(236	)		254,095
Mortgage/asset-backed securities		184,578		251		(14,862	)		—			169,967
Total available-for-sale investments	$	561,580	$	407	$	(46,687	)	$	(236	)	$	515,064

Security holdings in an unrealized loss position

As of December 31, 2023, the Company held 483 fixed maturity securities in an unrealized loss position with a total estimated fair value of $451.0 million and total gross unrealized losses of $34.3 million. As of December 31, 2022, the Company held 543 fixed maturity securities in an unrealized loss position with a total estimated fair value of $484.7 million and total gross unrealized losses of $46.9 million.

The aggregate fair value and gross unrealized losses of the Company’s investments aggregated by investment category and the length of time these individual securities have been in a continuous unrealized loss position as of December 31, 2023 and 2022, are as follows:

	*Less Than 12 Months*					*More Than 12 Months*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
December 31, 2023	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
	(in thousands)
Fixed maturity securities:
U.S. Government	$	738	$	(1	)	$	38,063	$	(1,415	)	$	38,801	$	(1,416	)
U.S. States, Territories, and Political Subdivisions		—		—			6,196		(839	)		6,196		(839	)
Special revenue excluding mortgage/asset-backed securities		—		—			26,736		(3,149	)		26,736		(3,149	)
Corporate and other		28,872		(480	)		204,034		(16,717	)		232,906		(17,197	)
Mortgage/asset-backed securities		29,334		(245	)		117,016		(11,457	)		146,350		(11,702	)
Total	$	58,944	$	(726	)	$	392,045	$	(33,577	)	$	450,989	$	(34,303	)

	*Less Than 12 Months*					*More Than 12 Months*					*Total*
	*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*
December 31, 2022	*Value*		*Losses*			*Value*		*Losses*			*Value*		*Losses*
	(in thousands)
Fixed maturity securities:
U.S. Government	$	41,077	$	(1,523	)	$	6,853	$	(730	)	$	47,930	$	(2,253	)
U.S. States, Territories, and Political Subdivisions		7,525		(1,173	)		—		—			7,525		(1,173	)
Special revenue excluding mortgage/asset-backed securities		25,091		(3,287	)		5,080		(1,200	)		30,171		(4,487	)
Corporate and other		192,185		(15,667	)		55,605		(8,481	)		247,790		(24,148	)
Mortgage/asset-backed securities		118,815		(9,908	)		32,448		(4,954	)		151,263		(14,862	)
Total	$	384,693	$	(31,558	)	$	99,986	$	(15,365	)	$	484,679	$	(46,923	)

The Company reviewed the above securities at each balance sheet date to consider whether it was necessary to recognize a credit loss related to any of these securities. An allowance for credit losses of $0.9 million and $0.2 million was recorded pertaining to one investment security as of December 31, 2023 and 2022, respectively. For the remaining securities, the Company determined that the fixed maturity securities’ unrealized losses were primarily the result of the interest rate environment and not the credit quality of the issuers. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis.

Contractual maturities of available-for-sale fixed maturity securities

The amortized cost and fair value of fixed maturity securities at December 31, 2023, by contractual maturity, are shown below.

	*Amortized*		*Fair*
	*Cost*		*Value*
	(in thousands)
Due within one year	$	46,366	$	45,221
Due after one year through five years		188,698		180,645
Due after five years through ten years		127,925		118,748
Due after ten years		37,591		34,458
Mortgage and asset-backed securities		274,550		264,727
	$	675,130	$	643,799

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

Change in unrealized gains (losses) of investments

The following table presents the change in available-for-sale gross unrealized gains or losses by investment type:

	*Year Ended December 31,*
	*2023*		*2022*			*2021*
	(in thousands)
Change in net unrealized gains (losses)
Fixed maturities	$	15,185	$	(53,076	)	$	(10,148	)
Net increase (decrease)	$	15,185	$	(53,076	)	$	(10,148	)

Net investment income summary

Net investment income is summarized as follows:

	*Year Ended December 31,*
	*2023*			*2022*			*2021*
	(in thousands)
Interest income	$	23,349		$	13,631		$	9,119
Dividend income		871			739			461
Investment expense		(515	)		(493	)		(500	)
Net investment income	$	23,705		$	13,877		$	9,080

Net realized and unrealized investment gains and losses

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

	*Year Ended*
	*December 31,*
	*2023*			*2022*			*2021*
	(in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	89		$	14		$	466
Gains on sales of equity securities		—			—			1,416
Total realized gains		89			14			1,882
Realized losses:
Losses on sales of fixed maturity securities		(32	)		(2,340	)		(1	)
Losses on sales of equity securities		—			—			—
Total realized losses		(32	)		(2,340	)		(1	)
Net realized investment gains (losses)		57			(2,326	)		1,881
Change in allowance for credit losses		(667	)		—			—
Net unrealized gains (losses) on equity securities		3,933			(5,203	)		(604	)
Net unrealized losses on equity method investment		(382	)		—			—
Net realized and unrealized gains (losses) on investments	$	2,941		$	(7,529	)	$	1,277

Proceeds from the sale of fixed maturity securities were $10.1 million, $19.7 million and $17.4 million for the years ended December 31, 2023, 2022 and 2021, 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 consolidated balance sheets. At December 31, 2023 and 2022, the carrying value of securities on deposit with state regulatory authorities was $8.6 million and $8.5 million, respectively.

Note 9 - Reserve for Losses and Loss Adjustment Expenses - Reconciliation of Liability for Claims and Claim Adjustments Expenses (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Reserve for losses and loss adjustment expense, net of reinsurance

$ 97,653

$ 77,520

$ 45,419

$ 34,470

Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period

244,622

153,895

127,947

Reserve for losses and loss adjustment expenses

342,275

$ 231,415

$ 173,366

Property Lines [Member]

Reserve for losses and loss adjustment expense, net of reinsurance

43,326

Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period

84,778

Other Liability Occurrence [Member]

Reserve for losses and loss adjustment expense, net of reinsurance

13,304

Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period

6,975

Other Liability Claims [Member]

Reserve for losses and loss adjustment expense, net of reinsurance

20,966

Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period

71,201

Reinsurance Nonproportional Assumed Property [Member]

Reserve for losses and loss adjustment expense, net of reinsurance

^[1]

8,379

Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period

81,668

Insurance, Other [Member]

Reserve for losses and loss adjustment expense, net of reinsurance

11,678

Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period

$ 244,622

[1]

Note 15 - Retirement and Post-employment Retirement Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Text Block]

15. Retirement and Post-Employment Retirement Plans

For employees meeting certain eligibility requirements, the Company provides a defined contribution retirement plan under IRC Section 401(k). Under a safe-harbor plan, the Company contributes 3% of each participant’s gross wages regardless of the employee’s contribution. For the years ended December 31, 2023, 2022 and 2021 the Company’s contributions to the plan were $0.9 million, $0.7 million and $0.7 million, respectively.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

Note 16 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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

	*December 31,*
	*2023*			*2022*			*2021*
	(in thousands)
Current	$	27,267		$	18,842		$	10,650
Deferred		(2,826	)		(3,461	)		641
Income tax expense (benefit)	$	24,441		$	15,381		$	11,291

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

	*December 31,*
	*2023*			*2022*
	(in thousands)
Deferred tax assets:
Losses and LAE reserve discount	$	942		$	680
Net operating losses		3,486			3,070
Deferred Intercompany		656			656
Unearned premiums		13,895			11,258
Capitalized organizational costs		154			184
Unrealized losses on investments		5,829			9,891
Deferred compensation		2,425			1,585
Other		1,701			1,544
Total deferred tax assets	$	29,088		$	28,868
Deferred tax liabilities:
Deferred acquisition costs	$	(12,128	)	$	(11,922	)
Internally developed software		(1,276	)		(1,520	)
State deferred liability		(1,150	)		(1,076	)
Other		(929	)		(658	)
Total deferred tax liabilities		(15,483	)		(15,176	)
Net deferred tax asset (liability) before valuation allowance		13,605			13,692
Valuation allowance		(3,486	)		(3,070	)
Total net deferred tax assets (liabilities)	$	10,119		$	10,622

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

	*Years Ended December 31,*
	*2023*					*2022*					*2021*
	($ in thousands)
Expense computed at federal tax rate	$	21,765		21.00	%	$	14,186		21.00	%	$	11,999		21.00	%
Stock-based compensation and Section 162(m)		1,523		1.47	%		153		0.23	%		(1,067	)	(1.87	)%
Dividend received deduction and tax‑exempt interest		(96	)	(0.09	)%		(101	)	(0.15	)%		(81	)	(0.14	)%
Meals & entertainment, penalties & parking		261		0.25	%		180		0.27	%		91		0.16	%
State tax expense (benefit)		303		0.29	%		773		1.14	%		(1,750	)	(3.06	)%
Valuation allowance		416		0.40	%		191		0.28	%		2,199		3.85	%
Other		269		0.26	%		(1	)	—	%		(101	)	(0.18	)%
Income tax expense (benefit)	$	24,441		23.58	%	$	15,381		22.77	%	$	11,290		19.76	%

Note 22 - Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2023

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

Years ending December 31,	*(in thousands)*
2024		643
2025		171
2026		177
2027		136
2028		—
2029		—
Total future minimum lease payments	$	1,127
Less: imputed interest		(42	)
Total operating lease liability	$	1,085

Office in La Jolla, California [Member]

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

Months 1-12:	$	71
Months 13-24:	$	76
Months 25-36:	$	105
Months 37-48:	$	108
Months 49-60:	$	112
Months 61-72:	$	115
Months 73-84:	$	119
Months 85-96:	$	122
Months 97-108:	$	126
Months 109-120:	$	129

Note 9 - Reserve for Losses and Loss Adjustment Expenses - Schedule of Incurred Losses and Allocated Loss Adjustment Expenses on Special Property Insurance (Details) - Special Property Product Line [Member]
$ in Thousands

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Insurance contracts, incurred but not reported liabilities

^[1]

$ 15,978

^[1]

$ 8,984

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

105

^[1]

$ 2,674

Reserve for losses and loss adjustment expense, net of reinsurance

^[1]

13,304

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

Insurance contracts, incurred but not reported liabilities

$ 35

$ 109

$ 0

Insurance contracts, claims paid and allocated claim adjustment expense

$ 46

109

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

Insurance contracts, incurred but not reported liabilities

^[1]

2,172

1,641

2,138

^[1]

$ 797

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

^[1]

$ 653

347

$ 141

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

Insurance contracts, incurred but not reported liabilities

^[1]

8,755

7,160

^[1]

$ 4,132

Insurance contracts, claims paid and allocated claim adjustment expense

^[1]

^[1]

$ 1,603

$ 746

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

Insurance contracts, incurred but not reported liabilities

5,005

$ 4,055

Insurance contracts, claims paid and allocated claim adjustment expense

$ 372

[1]

Note 16 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Losses and LAE reserve discount	$ 942	$ 680
Net operating losses	3,486	3,070
Deferred Intercompany	656	656
Unearned premiums	13,895	11,258
Capitalized organizational costs	154	184
Unrealized losses on investments	5,829	9,891
Deferred compensation	2,425	1,585
Other	1,701	1,544
Total deferred tax assets	29,088	28,868
Deferred acquisition costs	(12,128)	(11,922)
Internally developed software	(1,276)	(1,520)
State deferred liability	(1,150)	(1,076)
Other	(929)	(658)
Total deferred tax liabilities	(15,483)	(15,176)
Net deferred tax asset (liability) before valuation allowance	13,605	13,692
Valuation allowance	(3,486)	(3,070)
Total net deferred tax assets (liabilities)	$ 10,119	$ 10,622

Note 1 - Summary of Operations and Basis of Presentation

12 Months Ended

Dec. 31, 2023

Basis of Presentation and Significant Accounting Policies [Text Block]

1. Summary of Operations and Basis of Presentation

Summary of Operations

Palomar Holdings, Inc. (the “Company”) is a Delaware incorporated insurance holding company that was founded in 2014. The Company has several wholly owned subsidiaries including an Oregon domiciled insurance company, Palomar Specialty Insurance Company (“PSIC”), a Bermuda based reinsurance company, Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), an Arizona domiciled surplus lines insurance company, Palomar Excess and Surplus Insurance Company (“PESIC”), a California domiciled property and casualty insurance agency, Palomar Insurance Agency, DBA Palomar General Insurance Agency (“PGIA”), and a Delaware incorporated management company, Palomar Underwriters Exchange Organization, Inc. ("PUEO").

PSIC is a property and casualty insurance company domiciled in the state of Oregon. The Company’s core focus is on the residential and commercial earthquake markets in earthquake-exposed states such as California, Oregon, Washington, and states with exposure to the New Madrid Seismic Zone. The Company also offers products tailored to broader geographic regions and perils, including Fronting, Inland Marine, Hawaii Hurricane, Casualty, and Flood products. PSIC is licensed to underwrite insurance on an admitted basis in 42 states in the United States, as of December 31, 2023, mainly through managing general insurance agencies, wholesale brokers, and independent agents.

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

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

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

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

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

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

Basis of Presentation

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

Use of Estimates

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

Note 20 - Commitments and Contingencies (Details Textual) $ in Millions	Dec. 31, 2023 USD ($)
Trust, Par Value	$ 9.2
Standby Letters of Credit [Member]
Loss Contingency, Estimate of Possible Loss	$ 3.9

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares
ecd_TradingArrByIndTable
Material Terms of Trading Arrangement [Text Block]	*Item 9B.* Other Information Rule 10b5-1 Plans** On November 30, 2023, Mac Armstrong, the Company’s Chairman and Chief Executive Officer, entered a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1c under the Exchange Act, providing for the sale of up to 77,000 shares of the Company’s common stock. Pursuant to this plan, Mr. Armstrong may sell shares beginning February 29, 2024 and ending January 31, 2025. On December 11, 2023, Chris Uchida, the Company’s Chief Financial Officer, entered a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1c under the Exchange Act, providing for the exercise and sale of up to 6,000 shares of Company stock options and sale of up to 16,750 shares of the Company’s common stock. Pursuant to this plan, Mr. Uchida may sell shares beginning March 11, 2024 and ending August 31, 2024. On December 14, 2023, Jon Christianson, the Company’s President, entered a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1c under the Exchange Act, providing for the sale of up to 18,000 shares of the Company’s common stock. Pursuant to this plan, Mr. Christianson may sell shares beginning March 14, 2024 and ending August 31, 2024. There were no “non-Rule 10b5-1 trading arrangements” (as defined in Item 408 of Regulation S-K of the Exchange Act) adopted, modified or terminated during the fiscal quarter ended December 31, 2023 by our directors and Section 16 officers. Each of the Rule 10b5-1 trading arrangements are in accordance with our Insider Trading Policy and actual sale transactions made pursuant to such trading arrangements will be disclosed publicly in Section 16 filings with the SEC in accordance with applicable securities laws, rules and regulations.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Mac Armstrong [Member]
ecd_TradingArrByIndTable
Trading Arrangement Adoption Date	November 30, 2023
Trading Arrangement, Individual Name	Mac Armstrong
Trading Arrangement, Individual Title	Chairman and Chief Executive Officer
Non-Rule 10b5-1 Arrangement Adopted [Flag]	true
Trading Arrangement, Securities Aggregate Available Amount	77,000
Trading Arrangement Termination Date	January 31, 2025
Chris Uchida [Member]
ecd_TradingArrByIndTable
Trading Arrangement Adoption Date	December 11, 2023
Trading Arrangement, Individual Name	Chris Uchida
Trading Arrangement, Individual Title	Chief Financial Officer
Trading Arrangement, Securities Aggregate Available Amount	16,750
Trading Arrangement Termination Date	August 31, 2024
Rule 10b5-1 Arrangement Adopted [Flag]	true
Chris Uchida [Member] \| Options [Member]
ecd_TradingArrByIndTable
Trading Arrangement, Securities Aggregate Available Amount	6,000
Jon Christianson [Member]
ecd_TradingArrByIndTable
Trading Arrangement Adoption Date	December 14, 2023
Trading Arrangement, Individual Name	Jon Christianson
Trading Arrangement, Individual Title	President
Trading Arrangement, Securities Aggregate Available Amount	18,000
Trading Arrangement Termination Date	August 31, 2024
Rule 10b5-1 Arrangement Adopted [Flag]	true

Note 6 - Intangible Assets and Goodwill (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cost, Amortization	$ 1.5	$ 1.3
Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	8 years

Note 22 - Subsequent Events - Monthly Payments on Lease (Details) - Subsequent Event [Member] - Office in La Jolla, California [Member] $ in Thousands	Feb. 09, 2024 USD ($)
Months 1-12:	$ 71
Months 13-24:	76
Months 25-36:	105
Months 37-48:	108
Months 49-60:	112
Months 61-72:	115
Months 73-84:	119
Months 85-96:	122
Months 97-108:	126
Months 109-120:	$ 129

Note 3 - Investments - Net Realized and Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gains on sales of fixed maturity securities	$ 89	$ 14	$ 466
Gains on sales of equity securities	0	0	1,416
Total realized gains	89	14	1,882
Losses on sales of fixed maturity securities	(32)	(2,340)	(1)
Losses on sales of equity securities	0	0	0
Total realized losses	(32)	(2,340)	(1)
Net realized investment gains (losses)	57	(2,326)	1,881
Change in allowance for credit losses	(667)	0	0
Net unrealized gains (losses) on equity securities	3,933	(5,203)	(604)
Net unrealized losses on equity method investment	(382)	0	0
Net realized and unrealized gains (losses) on investments	$ 2,941	$ (7,529)	$ 1,277

Note 14 - Underwriting Information

12 Months Ended

Dec. 31, 2023

Segment Reporting Disclosure [Text Block]

14. Underwriting Information

The Company has a single reportable segment and offers primarily earthquake, fronting, inland marine, wind, casualty, and flood insurance products. Gross written premiums (“GWP”) by product are presented below:

	*Year Ended December 31,*
	*2023*						*2022*					*2021*
	($ in thousands)
				*% of*					*% of*					*% of*
	*Amount*			*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
Product
Fronting	$	364,250			31.9	%	$	223,249		25.3	%	$	11,459		2.2	%
Residential Earthquake		253,530			22.2	%		213,803		24.2	%		171,048		32.0	%
Commercial Earthquake		183,368			16.1	%		131,677		14.9	%		90,552		16.9	%
Inland Marine		140,067			12.3	%		105,068		11.9	%		57,124		10.7	%
Casualty		76,864			6.7	%		35,791		4.1	%		9,584		1.9	%
Hawaii Hurricane		38,188			3.3	%		32,967		3.7	%		30,298		5.6	%
Commercial All Risk		35,515			3.1	%		51,671		5.9	%		38,640		7.2	%
Residential Flood		20,087			1.8	%		14,539		1.7	%		11,652		2.2	%
Specialty Homeowners		(101	)		(0.0	)%		29,959		3.4	%		67,894		12.7	%
Other		29,790			2.6	%		43,144		4.9	%		46,924		8.6	%
Total Gross Written Premiums	$	1,141,558			100.0	%	$	881,868		100.0	%	$	535,175		100.0	%

Gross written premiums by state are as follows:

	*Year Ended December 31,*
	*2023*					*2022*					*2021*
	($ in thousands)
			*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
State
California	$	600,791		52.6	%	$	418,809		47.5	%	$	244,416		45.7	%
Texas		95,517		8.4	%		90,459		10.3	%		62,893		11.8	%
Washington		49,494		4.3	%		41,827		4.7	%		23,608		4.4	%
Hawaii		47,388		4.2	%		40,157		4.5	%		34,993		6.5	%
Florida		47,595		4.2	%		38,715		4.4	%		27,386		5.1	%
Oregon		23,220		2.0	%		24,108		2.7	%		13,677		2.6	%
Illinois		22,340		2.0	%		17,368		2.0	%		12,133		2.3	%
New York		18,424		1.6	%		12,510		1.5	%		3,077		0.6	%
Other		236,789		20.7	%		197,915		22.4	%		112,992		21.1	%
Total Gross Written Premiums	$	1,141,558		100.0	%	$	881,868		100.0	%	$	535,175		100.0	%

Gross written premiums by insurance subsidiary are as follows:

	*Year Ended December 31,*
	*2023*					*2022*					*2021*
	($ in thousands)
			*% of*					*% of*					*% of*
	*Amount*		*GWP*			*Amount*		*GWP*			*Amount*		*GWP*
Subsidiary
PSIC	$	653,809		57.3	%	$	489,720		55.5	%	$	383,064		71.6	%
PESIC		487,749		42.7	%		392,148		44.5	%		152,111		28.4	%
Total Gross Written Premiums	$	1,141,558		100.0	%	$	881,868		100.0	%	$	535,175		100.0	%

The Company distributes a significant portion of its Fronting, Residential Earthquake, Commercial Earthquake, and Hawaii Hurricane products through select program administrators. Each of the products managed by the program administrators operates as a separate program that is governed by an independent, separately negotiated agreement with unique terms and conditions, including geographic scope, key men provisions, economics and exclusivity. These programs also feature separate managerial oversight and leadership, policy administration systems and retail agents originating policies.

For the year ended December 31, 2023, our largest program administrator distributed $394.1 million or 34.5% of our gross written premiums and our second largest program administrator distributed $152.4 million, or 13.3% of our gross written premiums. There were no other program administrators which distributed greater than 10% of our gross written premiums for the year ended December 31, 2023.

For the year ended December 31, 2022, our largest program administrator distributed $322.4 million or 36.6% of our gross written premiums and our second largest program administrator distributed $95.1 million, or 10.8% of our gross written premiums. There were no other program administrators which distributed greater than 10% of our gross written premiums for the year ended December 31, 2022.

For the year ended December 31, 2021, our largest program administrator distributed $215.3 million or 40.2% of our gross written premiums. There were no other program administrators which distributed greater than 10% of our gross written premiums for the year ended December 31, 2021.

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

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Note 3 - Investments - Summary of Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income	$ 23,349	$ 13,631	$ 9,119
Dividend income	871	739	461
Investment expense	(515)	(493)	(500)
Net investment income	$ 23,705	$ 13,877	$ 9,080

Note 8 - Leases (Tables)

12 Months Ended

Dec. 31, 2023

Lease, Cost [Table Text Block]

Year ended December 31, 2023		*(in thousands)*
Operating cash outflows from operating leases		$	1,021

December 31, 2023	*($ in thousands)*
Operating lease ROU assets	$	934
Operating lease liabilities	$	1,085
Weighted-average remaining lease term on operating leases (years)		2.4
Weighted-average discount rate on operating leases		0.9	%

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

Years ending December 31,	*(in thousands)*
2024		643
2025		171
2026		177
2027		136
2028		—
2029		—
Total future minimum lease payments	$	1,127
Less: imputed interest		(42	)
Total operating lease liability	$	1,085

Note 6 - Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill:	$ 3,755	$ 0
State insurance licenses	744	744
Customer relationships	11,803	10,023
Accumulated amortization on finite-lived intangibles	(3,987)	(2,506)
Total intangible assets	$ 12,315	$ 8,261

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Note 8 - Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2024	$ 643
2025	171
2026	177
2027	136
2028	0
2029	0
Total future minimum lease payments	1,127
Less: imputed interest	(42)
Total operating lease liability	$ 1,085

Note 6 - Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Intangible Assets and Goodwill [Table Text Block]

	*December 31,*
	*2023*			*2022*
	(in thousands)
Goodwill:	$	3,755		$	—
Indefinite-lived intangibles:
State insurance licenses	$	744		$	744
Finite-lived intangibles:
Customer relationships		11,803			10,023
Accumulated amortization on finite-lived intangibles		(3,987	)		(2,506	)
Total intangible assets	$	12,315		$	8,261

Note 18 - Statutory Financial Information (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	$ 439,264	$ 314,508	$ 271,977
Statutory Accounting Practices, Statutory Net Income Amount	97,391	76,222	51,410
Equity, Attributable to Parent	471,252	384,754
BERMUDA
Minimum Statutory Solvency Margin	1,200	1,200
Statutory Accounting Practices, Statutory Capital and Surplus, Balance	16,100	15,600
Statutory Accounting Practices, Statutory Net Income Amount	300	200	$ 1,400
Equity, Attributable to Parent	16,300	$ 15,500
Dividends Received from Subsidiary	$ 0
BERMUDA \| Minimum [Member]
Liquidity Ratio	75.00%

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

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Note 9 - Reserve for Losses and Loss Adjustment Expenses - Schedule of Incurred Losses and Allocated Loss Adjustment Expenses on Homeowners' Insurance (Details) - Homeowners Insurance Product Line [Member]

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

Dec. 31, 2015

USD ($)

Insurance contracts, incurred but not reported liabilities

$ 200,358,000

$ 24,607,000

Insurance contracts, claims paid and allocated claim adjustment expense

26,757

$ 157,031,000

Reserve for losses and loss adjustment expense, net of reinsurance

43,327,000

Short-Duration Insurance Contracts, Accident Year 2015 [Member]

Insurance contracts, incurred but not reported liabilities

2,324,000

2,304,000

$ 2,316,000

$ 2,313,000

$ 2,320,000

$ 2,307,000

$ 2,329,000

$ 2,504,000

$ 2,678,000

$ 0

Insurance contracts, claims paid and allocated claim adjustment expense

566

$ 2,324,000

2,304,000

2,316,000

2,309,000

2,300,000

2,241,000

2,109,000

1,817,000

1,125,000

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

Insurance contracts, incurred but not reported liabilities

5,730,000

7,125,000

7,062,000

^[1]

7,075,000

^[1]

7,090,000

^[1]

6,972,000

^[1]

7,127,000

^[1]

7,450,000

^[1]

$ 0

Insurance contracts, claims paid and allocated claim adjustment expense

1,376

$ 5,729,000

7,125,000

7,062,000

^[1]

7,072,000

^[1]

7,051,000

^[1]

6,801,000

^[1]

6,420,000

^[1]

4,823,000

^[1]

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

Insurance contracts, incurred but not reported liabilities

12,339,000

10,668,000

10,561,000

^[1]

10,652,000

^[1]

10,644,000

^[1]

10,893,000

^[1]

12,425,000

^[1]

$ 0

Insurance contracts, claims paid and allocated claim adjustment expense

3,607

$ 12,339,000

10,636,000

10,560,000

^[1]

10,640,000

^[1]

10,639,000

^[1]

10,719,000

^[1]

9,102,000

^[1]

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

Insurance contracts, incurred but not reported liabilities

8,010,000

7,941,000

7,950,000

^[1]

7,939,000

^[1]

8,103,000

^[1]

8,163,000

^[1]

$ 7,000

Insurance contracts, claims paid and allocated claim adjustment expense

1,176

$ 7,999,000

7,943,000

^[1]

7,931,000

^[1]

7,889,000

^[1]

4,409,000

^[1]

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

Insurance contracts, incurred but not reported liabilities

4,350,000

4,293,000

3,947,000

^[1]

4,223,000

^[1]

4,575,000

^[1]

$ 3,000

Insurance contracts, claims paid and allocated claim adjustment expense

1,666

$ 4,345,000

4,170,000

3,757,000

^[1]

3,510,000

^[1]

2,179,000

^[1]

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

Insurance contracts, incurred but not reported liabilities

56,008,000

59,565,000

57,248,000

^[1]

61,434,000

^[1]

$ 213,000

Insurance contracts, claims paid and allocated claim adjustment expense

4,983

$ 55,619,000

55,504,000

49,222,000

^[1]

31,862,000

^[1]

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

Insurance contracts, incurred but not reported liabilities

25,733,000

25,158,000

29,836,000

^[1]

$ 868,000

Insurance contracts, claims paid and allocated claim adjustment expense

5,191

$ 24,408,000

22,500,000

11,355,000

^[1]

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

Insurance contracts, incurred but not reported liabilities

44,943,000

42,887,000

^[1]

$ 6,109,000

Insurance contracts, claims paid and allocated claim adjustment expense

4,062

$ 30,042,000

12,647,000

^[1]

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

Insurance contracts, incurred but not reported liabilities

40,921,000

$ 17,407,000

Insurance contracts, claims paid and allocated claim adjustment expense

4,130

$ 14,226

[1]

Note 9 - Reserve for Losses and Loss Adjustment Expenses - Schedule of Average Annual Percentage Payout of Incurred Claims on Other Insurance (Details) - Other Insurance Lines [Member]	Dec. 31, 2023
Payout percentage, year 1	4.63%
Payout percentage, year 2	5.95%
Payout percentage, year 3	7.78%

Note 3 - Investments - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available-for-Sale, Amortized Cost	$ 675,130	$ 561,580
Available-for-sale, Accumulated Gross Unrealized Gain	3,876	407
Available-for-sale, Accumulated Gross Unrealized Loss	(34,303)	(46,687)
Available-for-Sale, Allowance for Credit Loss	(904)	(236)
Debt Securities, Available-for-sale	643,799	515,064
US Government Agencies Debt Securities [Member]
Available-for-Sale, Amortized Cost	40,836	50,802
Available-for-sale, Accumulated Gross Unrealized Gain	0	2
Available-for-sale, Accumulated Gross Unrealized Loss	(1,416)	(2,253)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	39,420	48,551
US States and Political Subdivisions Debt Securities [Member]
Available-for-Sale, Amortized Cost	10,641	10,776
Available-for-sale, Accumulated Gross Unrealized Gain	100	49
Available-for-sale, Accumulated Gross Unrealized Loss	(839)	(1,173)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	9,902	9,652
Special Revenue Excluding Asset Backed Securities [Member]
Available-for-Sale, Amortized Cost	32,513	37,260
Available-for-sale, Accumulated Gross Unrealized Gain	147	26
Available-for-sale, Accumulated Gross Unrealized Loss	(3,149)	(4,487)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	29,511	32,799
Corporate Debt Securities and Other Debt Obligations [Member]
Available-for-Sale, Amortized Cost	316,590	278,164
Available-for-sale, Accumulated Gross Unrealized Gain	1,750	79
Available-for-sale, Accumulated Gross Unrealized Loss	(17,197)	(23,912)
Available-for-Sale, Allowance for Credit Loss	(904)	(236)
Debt Securities, Available-for-sale	300,239	254,095
Asset-Backed Securities [Member]
Available-for-Sale, Amortized Cost	274,550	184,578
Available-for-sale, Accumulated Gross Unrealized Gain	1,879	251
Available-for-sale, Accumulated Gross Unrealized Loss	(11,702)	(14,862)
Available-for-Sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale	$ 264,727	$ 169,967

Note 4 - Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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

December 31, 2023	*Level 1*		*Level 2*		*Level 3*		*Total*
	(in thousands)
Assets:
Fixed maturity securities
U.S. Government	$	—	$	39,420	$	—	$	39,420
U.S. States, Territories, and Political Subdivisions		—		9,902		—		9,902
Special revenue excluding mortgage/asset-backed securities		—		29,511		—		29,511
Corporate and other		—		300,239		—		300,239
Mortgage/asset-backed securities		—		264,727		—		264,727
Equity securities		43,160		—		—		43,160
Cash, cash equivalents, and restricted cash		51,852		—		—		51,852
Total assets	$	95,012	$	643,799	$	—	$	738,811

December 31, 2022	*Level 1*		*Level 2*		*Level 3*		*Total*
	(in thousands)
Assets:
Fixed maturity securities
U.S. Government	$	—	$	48,551	$	—	$	48,551
U.S. States, Territories, and Political Subdivisions		—		9,652		—		9,652
Special revenue excluding mortgage/asset-backed securities		—		32,799		—		32,799
Corporate and other		—		254,095		—		254,095
Mortgage/asset-backed securities		—		169,967		—		169,967
Equity securities		38,576		—		—		38,576
Cash, cash equivalents, and restricted cash		68,164		—		—		68,164
Total assets	$	106,740	$	515,064	$	—	$	621,804

Note 17 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023