Business
Palomar Holdings, Inc. Reports Fourth Quarter & Full Year 2019 Results
LA JOLLA, Calif., Feb. 18, 2020 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or the “Company”) reported net income of $10.9 million, or
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., Feb. 18, 2020 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or the “Company”) reported net income of $10.9 million, or $0.45 per diluted share, for the fourth quarter of 2019 compared to net income of $4.1 million, or $0.24 per diluted share, for the fourth quarter of 2018. Adjusted net income(1) was $11.5 million, or $0.48 per diluted share, for the fourth quarter of 2019 as compared to $4.6 million, or $0.27 per diluted share, for the fourth quarter of 2018.\n Fourth Quarter 2019 Highlights Gross written premiums increased by 68.4% to $73.3 million compared to $43.5 million in the fourth quarter of 2018Net income increased by 163.6% to $10.9 million compared to $4.1 million in the fourth quarter of 2018Adjusted net income(1) increased by 149.9% to $11.5 million compared to $4.6 million in the fourth quarter of 2018Total loss ratio of 7.1% compared to (4.4)% in the fourth quarter of 2018Combined ratio of 63.1% compared to 59.9% in the fourth quarter of 2018Adjusted combined ratio(1) of 60.7%, compared to 57.3% in the fourth quarter of 2018Annualized return on equity of 20.4%Annualized adjusted return on equity(1) of 21.5% Full Year 2019 Highlights Gross written premiums increased by 62.7% to $252.0 million compared to $154.9 million in 2018Net income decreased by 41.7% to $10.6 million compared to $18.2 million in 2018Adjusted net income(1) increased by 91.1% to $37.9 million compared to $19.8 million in 2018Total loss ratio of 5.6% compared to 9.0% in 2018Combined ratio of 91.3% compared to 71.6% in 2018Adjusted combined ratio(1) of 63.3%, compared to 69.5% in 2018Return on equity of 6.7%Adjusted return on equity(1) of 24.1% (1) See discussion of “Non-GAAP and Key Performance Indicators” below. “Over the course of 2019, Palomar executed on its mission to build a diversified book of specialty property business. We remained acutely focused on developing a suite of distinctive and flexible products delivered via an easy to use and scalable platform that incorporates an analytics-driven underwriting and risk transfer framework” commented Mac Armstrong, Chief Executive Officer and Founder. “Our results over this past quarter and for the full year of 2019 demonstrate that we are making progress on our mission and that our products are well-received by the market. The 64.9% year-over-year growt...