Business
Palomar Holdings, Inc. Reports First Quarter 2025 Results
LA JOLLA, Calif., May 05, 2025 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $42.9 million, or
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., May 05, 2025 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $42.9 million, or $1.57 per diluted share, for the first quarter of 2025 compared to net income of $26.4 million, or $1.04 per diluted share, for the first quarter of 2024. Adjusted net income(1) was $51.3 million, or $1.87 per diluted share, for the first quarter of 2025 as compared to $27.8 million, or $1.09 per diluted share, for the first quarter of 2024. First Quarter 2025 Highlights Gross written premiums increased by 20.1% to $442.2 million compared to $368.1 million in the first quarter of 2024Net income of $42.9 million compared to $26.4 million in the first quarter of 2024Adjusted net income(1) increased 84.6% to $51.3 million compared to $27.8 million in the first quarter of 2024Total loss ratio of 23.6% compared to 24.9% in the first quarter of 2024Catastrophe loss ratio(1) of -0.3% compared to 3.1% in the first quarter of 2024Combined ratio of 73.1% compared to 76.9% in the first quarter of 2024Adjusted combined ratio(1) of 68.5% compared to 73.0%, in the first quarter of 2024Adjusted combined ratio excluding catastrophe losses(1) of 68.9% compared to 69.8%, in the first quarter of 2024Annualized return on equity of 22.6% compared to 21.7% in the first quarter of 2024Annualized adjusted return on equity(1) of 27.0% compared to 22.9% in the first quarter of 2024 (1) See discussion of “Non-GAAP and Key Performance Indicators” below. Mac Armstrong, Chairman and Chief Executive Officer, commented, “I am very pleased with our strong start to 2025, as our first quarter saw sustained gross written premium growth and record adjusted net income. The quarter featured 85% adjusted net income growth, a 69% adjusted combined ratio, and a 27% adjusted ROE. Our results demonstrate our continued execution of the Palomar 2X strategic imperative as well as concerted efforts to build a leading specialty insurance franchise with a resilient and diversified portfolio. Our 20% gross written premium growth was driven by both new products like Crop and Casualty as well as our balanced mix of residential and commercial property products. Importantly, our same-store premium growth rate was 37%(2), demonstrating the strong underlying momentum that exists across our portfolio of specialty products.” Mr. Armstr...