Business
Palomar Holdings, Inc. Reports First Quarter 2020 Results
LA JOLLA, Calif., May 05, 2020 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or the “Company”) reported net income of $11.8 million, or
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., May 05, 2020 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or the “Company”) reported net income of $11.8 million, or $0.48 per diluted share, for the first quarter of 2020 compared to a net loss of $14.4 million, or $(0.85) per diluted share, for the first quarter of 2019. Adjusted net income(1) was $12.3 million, or $0.50 per diluted share, for the first quarter of 2020 as compared to $8.8 million, or $0.52 per diluted share, for the first quarter of 2019.\n First Quarter 2020 Highlights Gross written premiums increased by 32.3% to $71.5 million compared to $54.0 million in the first quarter of 2019Net income increased to $11.8 million compared to a net loss of $14.4 million in the first quarter of 2019Adjusted net income(1) increased by 39.5% to $12.3 million compared to $8.8 million in the first quarter of 2019Total loss ratio of 5.4% compared to 1.7% in the first quarter of 2019Combined ratio of 63.6% compared to 193.8% in the first quarter of 2019Adjusted combined ratio(1) of 61.6%, compared to 66.7% in the first quarter of 2019Annualized return on equity of 19.7%, compared to (58.2)% in the first quarter of 2019Annualized adjusted return on equity(1) of 20.6%, compared to 35.7% in the first quarter of 2019 (1) See discussion of “Non-GAAP and Key Performance Indicators” below. Mac Armstrong, Chief Executive Officer and Founder, commented, “We currently find ourselves amid extraordinary times produced by the COVID-19 pandemic, our thoughts are with those impacted by the virus and our thanks go to those working in earnest to stem its impact. Since the onset of the pandemic, our first priority has been and remains, the health and safety of our employees and the constituents within the Palomar network. I am proud of our team who seamlessly adapted to a remote work environment providing uninterrupted continuity of service and support to our policyholders and partners. In an effort to further support the challenges potentially facing our insureds, we rapidly implemented a premium grace period to accommodate late payments across all lines of business in all states where we operate. While the risks in our portfolio of specialty property insurance products have not seen a diminution in exposure or hazard, we continue to assess additional methods to potentially help our policyholders and the c...