Business
Palomar Holdings, Inc. Reports Fourth Quarter & Full Year 2021 Results
LA JOLLA, Calif., Feb. 16, 2022 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $16.6 million, or
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., Feb. 16, 2022 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $16.6 million, or $0.64 per diluted share, for the fourth quarter of 2021 compared to a net loss of $1.8 million, or $0.07 per diluted share, for the fourth quarter of 2020. Adjusted net income(1) was $19.2 million, or $0.74 per diluted share, for the fourth quarter of 2021 as compared to an adjusted net loss of $1.3 million, or $0.05 per diluted share, for the fourth quarter of 2020. Fourth Quarter 2021 Highlights Gross written premiums increased by 56.0% to $149.9 million compared to $96.1 million in the fourth quarter of 2020Net income of $16.6 million, compared to a net loss of $1.8 million in the fourth quarter of 2020Adjusted net income(1) of $19.2 million, compared to an adjusted net loss of $1.3 million in the fourth quarter of 2020Total loss ratio of 15.0% compared to 44.2% in the fourth quarter of 2020Combined ratio of 75.0% compared to 112.8% in the fourth quarter of 2020Adjusted combined ratio (1) of 70.7%, compared to 111.0% in the fourth quarter of 2020Annualized return on equity of 17.2%, compared to negative 2.0% in the fourth quarter of 2020Annualized adjusted return on equity(1) of 19.9%, compared to negative 1.4% in the fourth quarter of 2020 Full Year 2021 Highlights Gross written premiums increased by 51.0% to $535.2 million compared to $354.4 million in 2020Net income of $45.8 million, compared to $6.3 million in 2020Adjusted net income(1) of $53.4 million, compared to $8.9 million in 2020Total loss ratio of 17.7%, compared to 41.3% in 2020Combined ratio of 80.0%, compared to 102.5% in 2020Adjusted combined ratio(1) of 76.1%, compared to 100.4% in 2020Return on equity of 12.1%, compared to 2.1% in 2020Adjusted return on equity(1) of 14.1%, compared to 3.0% in 2020 (1) See discussion of “Non-GAAP and Key Performance Indicators” below. Mac Armstrong, Chairman and Chief Executive Officer, commented, “At the onset of 2021, Palomar announced four key strategic initiatives that it intended to implement over the course of the year. First, we would grow our core book of business at a level similar to that of 2020; next, we would build our newly launched E&S company, Palomar Excess & Surplus Insurance Company (“PESIC”); additionally, we would launch several new initiatives that wou...