Underwriting Information

12 Months Ended

Dec. 31, 2021

Underwriting Information

Underwriting Information

14. Underwriting Information

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

	Year Ended December 31,
	2021				2020				2019
	($ in thousands)
			% of				% of				% of
	Amount		GWP		Amount		GWP		Amount		GWP
Product
Residential Earthquake	$	171,048	32.0	%	$	140,934	39.8	%	$	130,473	51.8	%
Commercial Earthquake		90,552	16.9	%		58,890	16.6	%		38,741	15.4	%
Specialty Homeowners		67,894	12.7	%		49,849	14.1	%		32,788	13.0	%
Inland Marine		57,124	10.7	%		15,423	4.3	%		2,465	1.0	%
Commercial All Risk		38,640	7.2	%		53,933	15.2	%		30,358	12.0	%
Hawaii Hurricane		30,298	5.6	%		13,824	3.9	%		10,764	4.3	%
Residential Flood		11,652	2.2	%		8,176	2.3	%		5,216	2.1	%
Other		67,967	12.7	%		13,331	3.8	%		1,156	0.4	%
Total Gross Written Premiums	$	535,175	100.0	%	$	354,360	100.0	%	$	251,961	100.0	%

Gross written premiums by state are as follows:

	Year Ended December 31,
	2021				2020				2019
	($ in thousands)
			% of				% of				% of
	Amount		GWP		Amount		GWP		Amount		GWP
State
California	$	244,416	45.6	%	$	172,765	48.8	%	$	141,743	56.3	%
Texas		62,893	11.8	%		67,974	19.2	%		44,087	17.5	%
Hawaii		34,993	6.5	%		16,398	4.6	%		11,851	4.7	%
Florida		27,386	5.1	%		5,795	1.7	%		—	—	%
Washington		23,608	4.4	%		14,328	4.0	%		9,607	3.8	%
North Carolina		15,271	2.9	%		11,143	3.1	%		3,894	1.5	%
Oregon		13,677	2.6	%		10,038	2.8	%		7,396	2.9	%
Illinois		12,133	2.3	%		6,133	1.7	%		6,133	2.4	%
Other		100,798	18.8	%		49,786	14.1	%		27,250	10.9	%
Total Gross Written Premiums	$	535,175	100.0	%	$	354,360	100.0	%	$	251,961	100.0	%

Gross written premiums by insurance subsidiary are as follows:

	Year Ended December 31,
	2021				2020				2019
	($ in thousands)
			% of				% of				% of
	Amount		GWP		Amount		GWP		Amount		GWP
Subsidiary
PSIC	$	383,063	71.4	%	$	324,870	91.7	%	$	—	0.0	%
PESIC		152,111	28.6	%		29,490	8.3	%		—	0.0	%
Total Gross Written Premiums	$	535,175	100.0	%	$	354,360	100.0	%	$	—	0.0	%

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 products accounted for $255.8 million or 48.2% of the Company’s gross written premiums for the year ended December 31, 2021, $191.3 million or 54.0% of the Company’s gross written premiums for the year ended December 31, 2020, and $148.6 million or 59.0% of the Company’s gross written premiums for the year ended December 31, 2019.