15. Underwriting Information

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


	Year Ended December 31,
	2025					2024					2023
	($ in thousands)
			% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP
Product
Earthquake	$	571,373		28.2	%	$	522,864		33.9	%	$	436,897		38.3	%
Casualty		542,949		26.8	%		235,592		15.3	%		90,388		7.9	%
Inland Marine and Other Property		446,184		22.0	%		334,079		21.7	%		250,022		21.9	%
Crop		247,547		12.2	%		116,239		7.5	%		12,110		1.1	%
Fronting		220,199		10.8	%		333,188		21.6	%		352,141		30.8	%
Total gross written premiums	$	2,028,252		100.0	%	$	1,541,962		100.0	%	$	1,141,558		100.0	%

Gross written premiums by state are as follows:


	Year Ended December 31,
	2025					2024					2023
	($ in thousands)
			% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP
State
California	$	626,399		30.9	%	$	668,635		43.4	%	$	600,791		52.6	%
Texas		160,639		7.9	%		124,416		8.1	%		95,517		8.4	%
Florida		96,764		4.8	%		67,008		4.3	%		47,595		4.2	%
Hawaii		92,585		4.6	%		72,558		4.7	%		47,388		4.2	%
Washington		70,188		3.4	%		57,900		3.8	%		49,494		4.3	%
New York		68,119		3.4	%		38,919		2.5	%		18,424		1.6	%
Illinois		54,406		2.7	%		20,901		1.4	%		22,340		2.0	%
Colorado		39,384		1.9	%		20,149		1.3	%		8,628		0.8	%
Other		819,768		40.4	%		471,476		30.5	%		251,381		21.9	%
Total gross written premiums	$	2,028,252		100.0	%	$	1,541,962		100.0	%	$	1,141,558		100.0	%

Gross written premiums by insurance subsidiary are as follows:


	Year Ended December 31,
	2025					2024					2023
	($ in thousands)
			% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP
Subsidiary
PSIC	$	995,901		49.1	%	$	823,263		53.4	%	$	653,809		57.3	%
PESIC		936,971		46.2	%		661,404		42.9	%		487,749		42.7	%
Laulima		76,727		3.8	%		57,295		3.7	%		—		—	%
FIA		18,653		0.9	%		—		—	%		—		—	%
Total gross written premiums	$	2,028,252		100.0	%	$	1,541,962		100.0	%	$	1,141,558		100.0	%

The Company distributes a significant portion of its 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, 2025, our largest program administrator distributed $411.0 million or 20.3% of our gross written premiums and our second largest program administrator distributed $237.3 million or 11.7% 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, 2025.

For the year ended December 31, 2024, our largest program administrator distributed $403.4 million or 26.2% 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, 2024.

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.

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Palomar Holdings, Inc. Segments Disclosure

About Segments Disclosures

Other Available Disclosures