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Underwriting Information
 6 Months Ended 12 Months Ended
Jun. 30, 2019
Dec. 31, 2018
Underwriting Information    
Underwriting Information

12. Underwriting information

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 

 

 

Six Months Ended June 30, 

 

 

 

2019

 

2018

 

 

2019

 

2018

 

 

 

($ in thousands)

 

 

($ in thousands)

 

 

 

 

 

 

% of

 

 

 

 

% of

 

 

 

 

 

% of

 

 

 

 

% of

 

 

 

Amount

 

GWP

 

Amount

 

GWP

 

 

Amount

 

GWP

 

Amount

 

GWP

 

Product

    

 

  

    

  

    

 

  

    

  

 

    

 

  

    

  

    

 

  

    

  

 

Residential Earthquake

 

$

29,987

 

51.4

%  

$

19,872

 
53.2

%

 

$

59,294

 

52.8

%  

$

36,624

 
51.4

%

Specialty Homeowners

 

 

8,646

 

14.8

%  

 

7,579

 
20.3

%

 

 

16,426

 

14.6

%  

 

14,215

 
19.9

%

Commercial Earthquake

 

 

8,085

 

13.8

%  

 

4,382

 
11.7

%

 

 

14,618

 

13.0

%  

 

10,080

 
14.1

%

Commercial All Risk

 

 

7,288

 

12.5

%  

 

2,982

 
8.0

%

 

 

14,852

 

13.2

%  

 

6,049

 
8.5

%

Hawaii Hurricane

 

 

2,675

 

4.6

%  

 

2,012

 
5.4

%

 

 

4,750

 

4.2

%  

 

3,516

 
4.9

%

Flood

 

 

1,271

 

2.2

%  

 

515

 
1.4

%

 

 

2,043

 

1.8

%  

 

870

 
1.2

%

Other

 

 

394

 

0.7

%  

 

 —

 

 —

%

 

 

394

 

0.4

%  

 

 —

 

 —

%

Total Gross Written Premiums

 

$

58,346

 

100

%  

$

37,342

 
100

%

 

$

112,377

 

100

%  

$

71,354

 
100

%

 

Gross written premiums by state are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 

 

 

Six Months Ended June 30, 

 

 

 

2019

 

2018

 

 

2019

 

2018

 

 

 

($ in thousands)

 

 

($ in thousands)

 

 

 

 

 

 

% of

 

 

 

 

% of

 

 

 

 

 

% of

 

 

 

 

% of

 

 

 

Amount

 

GWP

 

Amount

 

GWP

 

 

Amount

 

GWP

 

Amount

 

GWP

 

State

    

 

  

    

  

    

 

  

    

  

 

    

 

  

    

  

    

 

  

    

  

 

California

 

$

32,306

 

55.4

%  

$

19,699

 
52.8

%

 

$

62,754

 

55.8

%  

$

37,426

 
52.4

%

Texas

 

 

11,000

 

18.8

%  

 

8,159

 
21.8

%

 

 

21,439

 

19.1

%  

 

15,846

 
22.2

%

Hawaii

 

 

2,921

 

5.0

%  

 

2,012

 
5.4

%

 

 

5,013

 

4.5

%  

 

3,517

 
4.9

%

Washington

 

 

1,926

 

3.3

%  

 

1,055

 
2.8

%

 

 

3,520

 

3.1

%  

 

2,067

 
2.9

%

South Carolina

 

 

1,686

 

2.9

%  

 

803

 
2.2

%

 

 

3,355

 

3.0

%  

 

1,646

 
2.3

%

Oregon

 

 

1,671

 

2.9

%  

 

1,343

 
3.6

%

 

 

3,126

 

2.8

%  

 

2,394

 
3.4

%

Illinois

 

 

1,204

 

2.1

%  

 

1,137

 
3.0

%

 

 

2,254

 

2.0

%  

 

2,181

 
3.1

%

Other

 

 

5,632

 

9.6

%  

 

3,134

 
8.4

%

 

 

10,916

 

9.7

%  

 

6,277

 
8.8

%

Total Gross Written Premiums

 

$

58,346

 

100

%  

$

37,342

 
100

%

 

$

112,377

 

100

%  

$

71,354

 
100

%

 

19. Underwriting Information

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

 

2018

 

2017

 

2016

 

 

 

($ in thousands)

 

 

    

Amount

    

% of GWP

    

Amount

    

% of GWP

    

Amount

    

% of GWP

 

Product

 

 

  

 

  

 

 

  

 

  

 

 

  

 

  

 

Residential Earthquake

 

$

81,679

 

52.7

%  

$

57,328

 

47.7

%  

$

32,662

 

39.7

%

Specialty Homeowners

 

 

27,680

 

17.9

%  

 

26,516

 

22.0

%  

 

24,389

 

29.6

%

Commercial Earthquake

 

 

20,946

 

13.5

%  

 

23,079

 

19.2

%  

 

20,580

 

25.0

%

Commercial All Risk

 

 

14,338

 

9.3

%  

 

7,321

 

6.1

%  

 

1,784

 

2.2

%

Hawaii Hurricane

 

 

8,128

 

5.2

%  

 

5,323

 

4.4

%  

 

2,872

 

3.5

%

Flood

 

 

2,120

 

1.4

%  

 

667

 

0.6

%  

 

 —

 

 —

 

Total Gross Written Premium

 

$

154,891

 

100

%  

$

120,234

 

100

%  

$

82,287

 

100

%

 

Gross Written premiums by state are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

 

2018

 

2017

 

2016

 

 

    

Amount

    

% of GWP

    

Amount

    

% of GWP

    

Amount

    

% GWP

 

 

 

($ in thousands)

 

State

 

 

  

 

  

 

 

  

 

  

 

 

  

 

  

 

California

 

$

82,119

 

53.0

%  

$

64,231

 

53.4

%  

$

44,999

 

54.7

%

Texas

 

 

32,568

 

21.0

%  

 

29,273

 

24.4

%  

 

25,286

 

30.7

%

Hawaii

 

 

8,128

 

5.2

%  

 

5,323

 

4.4

%  

 

2,872

 

3.5

%

Illinois

 

 

4,403

 

2.8

%  

 

4,854

 

4.0

%  

 

332

 

0.4

%

Oregon

 

 

5,286

 

3.4

%  

 

4,250

 

3.6

%  

 

3,278

 

4.0

%

Washington

 

 

5,658

 

3.7

%  

 

2,803

 

2.3

%  

 

1,513

 

1.8

%

South Carolina

 

 

3,208

 

2.1

%  

 

1,706

 

1.4

%  

 

674

 

0.8

%

Oklahoma

 

 

1,261

 

0.8

%  

 

1,302

 

1.1

%  

 

1,030

 

1.3

%

All Other States

 

 

12,260

 

8.0

%  

 

6,492

 

5.4

%  

 

2,303

 

2.8

%

 

 

$

154,891

 

100

%  

$

120,234

 

100

%  

$

82,287

 

100

%

 

The Company distributes a significant portion of its Residential Earthquake, Commercial Earthquake, Specialty Homeowners and Hawaii Hurricane products through longstanding relationships with two program administrators. Each of the four 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. In total, these four programs accounted for $104.9 million or 67.7% of the Company’s gross written premiums for the year ended December 31, 2018, $85.8 million or 71.3% of the Company’s gross written premiums for the year ended December 31, 2017, and $62.9 million or 76.5% of the Company’s gross written premiums for the year ended December 31, 2016.