Business
Palomar Holdings, Inc. Reports Fourth Quarter & Full Year 2020 Results
LA JOLLA, Calif., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported a net loss of $1.8 million, or
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported a net loss of $1.8 million, or $0.07 per diluted share, for the fourth quarter of 2020 compared to net income of $10.9 million, or $0.45 per diluted share, for the fourth quarter of 2019. Fourth Quarter 2020 Highlights Gross written premiums increased by 31.0% to $96.1 million compared to $73.3 million in the fourth quarter of 2019Net loss of $1.8 million, or $0.07 per diluted share, compared to net income of $10.9 million, or $0.45 per diluted share, in the fourth quarter of 2019Total loss ratio of 44.2% compared to 7.1% in the fourth quarter of 2019Catastrophe loss ratio(1) of 37.2% compared to zero in the fourth quarter of 2019Combined ratio of 112.8% compared to 63.1% in the fourth quarter of 2019Adjusted combined ratio excluding catastrophe losses(1) of 73.8%, compared to 60.7% in the fourth quarter of 2019Annualized return on equity of (2.0)%, compared to 20.4% in the fourth quarter of 2019 Full Year 2020 Highlights Gross written premiums increased by 40.6% to $354.4 million compared to $252.0 million in 2019Net income of $6.3 million, compared to $10.6 million in 2019Adjusted net income(1) of $8.9 million, compared to $37.9 million in 2019Total loss ratio of 41.3%, compared to 5.6% in 2019Catastrophe loss ratio(1) of 32.9% compared to zero in 2019Combined ratio of 102.5%, compared to 91.3% in 2019Adjusted combined ratio excluding catastrophe losses(1) of 67.5%, compared to 63.3% in 2019Return on equity of 2.1%, compared to 6.7% in 2019Adjusted return on equity(1) of 3.0%, compared to 24.1% in 2019 (1) See discussion of “Non-GAAP and Key Performance Indicators” below. “I am inspired by the efforts of our team to grow and evolve our business during the past year,” commented Mac Armstrong, Chairman and Chief Executive Officer. “We launched new products and a new insurance carrier, entered into new geographies, made key additions to our team, and continued our pursuit of the Company’s strategic vision all while navigating circumstances that few of us could have anticipated. Our newly launched E&S carrier, Palomar Excess and Surplus Insurance Company, or PESIC, represents an exciting progression in our evolution. PESIC enables us to extend the breadth and reach of our product suite and was a key contributo...