Business
Palomar Holdings, Inc. Reports Second Quarter 2021 Results
LA JOLLA, Calif., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $12.3 million, or
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $12.3 million, or $0.47 per diluted share, for the second quarter of 2021 as compared to $12.0 million, or $0.48 per diluted share, for the second quarter of 2020. Adjusted net income(1) was $13.2 million, or $0.51 per diluted share, for the second quarter of 2021 as compared to $13.0 million, or $0.52 per diluted share, for the second quarter of 2020. The Company reported net income of $29.0 million, or $1.11 per diluted share, for the six months ended June 30, 2021, as compared to $23.8 million, or $0.95 per diluted share, for the six months ended June 30, 2020. Adjusted net income(1) was $32.5 million, or $1.24 per diluted share for six months ended June 30, 2021, as compared to $25.4 million, or $1.02 per diluted share, for the six months ended June 30, 2020. Second Quarter 2021 Highlights Gross written premiums increased by 54.4% to $129.4 million compared to $83.8 million in the second quarter of 2020Net income increased by 2.7% to $12.3 million compared to $12.0 million in the second quarter of 2020Adjusted net income(1) increased by 1.5% to $13.2 million compared to $13.0 million in the second quarter of 2020Total loss ratio of 13.3% compared to 10.1% in the second quarter of 2020Combined ratio of 76.0% compared to 68.4% in the second quarter of 2020Adjusted combined ratio(1) of 73.8%, compared to 65.1% in the second quarter of 2020Annualized return on equity of 13.1%, compared to 15.1% in the second quarter of 2020Annualized adjusted return on equity(1) of 14.1%, compared to 16.4% in the second quarter of 2020 (1) See discussion of “Non-GAAP and Key Performance Indicators” below. “Our second quarter results, highlighted by year-over-year gross written premium growth of 54%, demonstrate the sustained momentum we are seeing across our business,” commented Mac Armstrong, Chairman and Chief Executive Officer. “We believe that our E&S business, which delivered $34.1 million in gross written premium and grew 43% sequentially from the first quarter, is in the very early innings of its development and has the potential to reach the size of our admitted carrier over time. In addition to our topline growth, importantly we delivered strong earnings, and grew net income despite $3.9 million of non...