Underwriting Information

6 Months Ended

Jun. 30, 2022

Underwriting Information

Underwriting Information

7. Underwriting Information

The Company has a single reportable segment and offers primarily earthquake, wind, inland marine, and flood insurance products. The Company also writes premiums under fronting agreements where it cedes the majority of the premium and risk in exchange for a fronting fee. Gross written premiums (“GWP”) by product are presented below:

	Three Months Ended June 30,								Six Months Ended June 30,
	2022				2021				2022				2021
	($ in thousands)								($ in thousands)
			% of				% of				% of				% of
	Amount		GWP		Amount		GWP		Amount		GWP		Amount		GWP
Product
Residential Earthquake	$	54,090	24.7	%	$	42,192	32.6	%	$	100,426	25.8	%	$	78,090	33.5	%
Fronting Premiums		42,154	19.3	%		—	0.0	%		71,999	18.5	%		—	0.0	%
Commercial Earthquake		33,103	15.1	%		17,343	13.4	%		58,247	14.9	%		38,619	16.6	%
Inland Marine		23,134	10.6	%		11,681	9.0	%		41,371	10.6	%		19,515	8.4	%
Commercial All Risk		21,213	9.7	%		14,976	11.6	%		31,791	8.2	%		23,165	9.9	%
Specialty Homeowners		13,891	6.4	%		19,135	14.8	%		30,176	7.7	%		33,138	14.2	%
Hawaii Hurricane		8,240	3.8	%		7,788	6.0	%		15,154	3.9	%		13,925	6.0	%
Residential Flood		3,583	1.6	%		2,865	2.2	%		6,577	1.7	%		5,149	2.2	%
Other		19,281	8.8	%		13,379	10.4	%		33,882	8.7	%		21,335	9.2	%
Total Gross Written Premiums	$	218,689	100.0	%	$	129,359	100.0	%	$	389,623	100.0	%	$	232,936	100.0	%

Gross written premiums by state are as follows:

	Three Months Ended June 30,								Six Months Ended June 30,
	2022				2021				2022				2021
	($ in thousands)								($ in thousands)
			% of				% of				% of				% of
	Amount		GWP		Amount		GWP		Amount		GWP		Amount		GWP
State
California	$	93,130	42.6	%	$	54,223	41.9	%	$	161,848	41.5	%	$	104,725	45.0	%
Texas		26,286	12.0	%		17,373	13.4	%		45,265	11.6	%		28,427	12.2	%
Florida		14,809	6.8	%		11,697	9.0	%		19,771	5.1	%		17,755	7.6	%
Hawaii		10,191	4.7	%		9,041	7.0	%		18,731	4.8	%		15,970	6.9	%
Washington		8,937	4.1	%		4,663	3.6	%		15,818	4.1	%		8,751	3.8	%
Illinois		4,676	2.1	%		3,173	2.5	%		8,949	2.3	%		5,775	2.4	%
Oregon		4,371	2.0	%		2,818	2.2	%		8,745	2.2	%		5,723	2.4	%
North Carolina		3,700	1.7	%		4,264	3.3	%		7,778	2.0	%		8,152	3.5	%
Other		52,589	24.0	%		22,107	17.1	%		102,718	26.4	%		37,658	16.2	%
Total Gross Written Premiums	$	218,689	100.0	%	$	129,359	100.0	%	$	389,623	100.0	%	$	232,936	100.0	%

Gross written premiums by insurance subsidiary are as follows:

	Three Months Ended June 30,								Six Months Ended June 30,
	2022				2021				2022				2021
	($ in thousands)								($ in thousands)
			% of				% of				% of				% of
	Amount		GWP		Amount		GWP		Amount		GWP		Amount		GWP
Subsidiary
PSIC	$	116,338	53.2	%	$	95,271	73.6	%	$	220,342	56.6	%	$	175,117	75.2	%
PESIC		102,351	46.8	%		34,088	26.4	%		169,281	43.4	%		57,819	24.8	%
Total Gross Written Premiums	$	218,689	100.0	%	$	129,359	100.0	%	$	389,623	100.0	%	$	232,936	100.0	%