Business
Palomar Holdings, Inc. Reports Third Quarter 2021 Results
LA JOLLA, Calif., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $0.2 million, or
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $0.2 million, or $0.01 per diluted share, for the third quarter of 2021 as compared to a net loss of $15.7 million, or $0.62 per diluted share, for the third quarter of 2020. Adjusted net income(1) was $1.7 million, or $0.07 per diluted share, for the third quarter of 2021 as compared to an adjusted net loss of $15.2 million, or $0.60 per diluted share, for the third quarter of 2020. The Company reported net income of $29.2 million, or $1.12 per diluted share, for the nine months ended September 30, 2021, as compared to $8.1 million, or $0.32 per diluted share, for the nine months ended September 30, 2020. Adjusted net income(1) was $34.2 million, or $1.31 per diluted share for the nine months ended September 30, 2021, as compared to $10.1 million, or $0.40 per diluted share, for the nine months ended September 30, 2020. Third Quarter 2021 Highlights Gross written premiums increased by 47.9% to $152.3 million compared to $103.0 million in the third quarter of 2020 Net income of $0.2 million compared to a net loss of $15.7 million in the third quarter of 2020 Adjusted net income(1) of $1.7 million compared to an adjusted net loss of $15.2 million in the third quarter of 2020 Total loss ratio of 44.0% compared to 97.7% in the third quarter of 2020 Catastrophe loss ratio(1) of 27.0% compared to 86.9% in the third quarter of 2020Combined ratio of 102.8% compared to 157.1% in the third quarter of 2020 Adjusted combined ratio excluding catastrophe losses(1) of 73.2%, compared to 68.9% in the third quarter of 2020 Annualized return on equity of 0.3%, compared to negative 17.0% in the third quarter of 2020 Annualized adjusted return on equity(1) of 1.8%, compared to negative 16.5% in the third quarter of 2020 (1) See discussion of “Non-GAAP and Key Performance Indicators” below. “Our third quarter results demonstrated continued execution of Palomar’s commitment to building a market leading specialty insurer,” commented Mac Armstrong, Chairman and Chief Executive Officer. “The quarter’s results are highlighted by year-over-year gross written premium increases of 48% most notably in our surplus lines, or E&S operation, which delivered $41.4 million of gross written premium and 22% sequential growth. Addi...