Business
Palomar Holdings, Inc. Reports Second Quarter 2024 Results
LA JOLLA, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $25.7 million, or
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $25.7 million, or $1.00 per diluted share, for the second quarter of 2024 compared to net income of $17.6 million, or $0.69 per diluted share, for the second quarter of 2023. Adjusted net income(1) was $32.0 million, or $1.25 per diluted share, for the second quarter of 2024 as compared to $21.8 million, or $0.86 per diluted share, for the second quarter of 2023. Second Quarter 2024 Highlights Gross written premiums increased by 40.4% to $385.2 million compared to $274.3 million in the second quarter of 2023Net income of $25.7 million, compared to $17.6 million in the second quarter of 2023Adjusted net income(1) of $32.0 million, compared to $21.8 million in the second quarter of 2023Total loss ratio of 24.9% compared to 21.5% in the second quarter of 2023Combined ratio of 79.1% compared to 79.0% in the second quarter of 2023Adjusted combined ratio(1) of 73.1%, compared to 72.2%, in the second quarter of 2023Annualized return on equity of 19.9%, compared to 17.2% in the second quarter of 2023Annualized adjusted return on equity(1) of 24.7%, compared to 21.3% in the second quarter of 2023 (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 second quarter results as we achieved record gross written premium and adjusted net income during the quarter. Additionally, our profitable growth remained robust with gross written premium and adjusted net income increasing 40% and 47%, respectively, year-over-year. Beyond the strong financial results achieved during the quarter, we had several other accomplishments including but not limited to: successfully placing our core excess of loss reinsurance program at June 1st on terms that were better than anticipated, bringing on several new leaders who will help scale the Company and execute our Palomar 2X strategy, and AM Best upgrading our Financial Strength Rating to an A.\" Mr. Armstrong continued, “We introduced our Palomar 2X strategy at our investor day in 2022 with designs of doubling our underwriting income over a three-to-five-year time frame while generating an adjusted ROE in excess of 20%. Our second quarter results and our further raising...