Business
Palomar Holdings, Inc. Reports Third Quarter 2020 Results
LA JOLLA, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or the “Company”) reported a net loss of $15.7 million, or
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or the “Company”) reported a net loss of $15.7 million, or $0.62 per diluted share, for the third quarter of 2020 compared to net income of $7.5 million, or $0.31 per diluted share, for the third quarter of 2019.\n Third Quarter 2020 Highlights Gross written premiums increased by 55.4% to $103.0 million compared to $66.2 million in the third quarter of 2019Net loss was $15.7 million, or $0.62 per diluted share, compared to net income of $7.5 million, or $0.31 per diluted share, in the third quarter of 2019Adjusted net income excluding catastrophe losses(1) was $13.7 million, compared to $9.6 million in the third quarter of 2019Total loss ratio of 97.7% compared to 8.8% in the third quarter of 2019Catastrophe loss ratio of 86.9%(1) compared to zero percent in the third quarter of 2019Combined ratio of 157.1% compared to 73.4% in the third quarter of 2019Adjusted combined ratio excluding catastrophe losses(1) of 68.9%, compared to 63.6% in the third quarter of 2019Annualized return on equity of (17.0)%, compared to 14.6% in the third quarter of 2019 (1) See discussion below of “Non-GAAP and Key Performance Indicators” Mac Armstrong, Chairman and Chief Executive Officer, commented, “The third quarter demonstrated the sustained execution of Palomar’s strategic plan while also serving as a test of our analytically driven underwriting and risk management frameworks due to the impact from several damaging hurricanes that made landfall in areas of our exposure. Our third quarter results were highlighted by a 55.4%, year-over-year increase in gross written premiums, as we experienced meaningful growth across all of our product lines, most notably commercial earthquake and inland marine. We launched our newly established surplus lines subsidiary, Palomar Excess and Surplus Insurance Company (“PESIC”) in August. PESIC bound policies across several existing lines of business during the quarter and will enable Palomar to expand our lines of business and geographic footprint in an expedient fashion. We believe PESIC enhances our ability to pursue profitable growth and respond favorably to the continuing hardening rate environment. Finally, we executed several notable partnerships across multiple lines of business and maintained our commitment t...