Palomar Holdings, Inc. · NASDAQ:PLMR
Palomar — Investor Presentation (May 2026)
24 slides from Palomar's investor presentation, May 29, 2026
Slide 1: Investor Presentation May 2026
Investor Presentation May 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements about Palomar Holdings, Inc. (the “Company”). These statements involve known and unknown risks that relate to the Company’s future events or future financial performance and the actual results could differ materially from those discuss
Slide 3: Company Profile: Track Record of Delivering Strong Growth and Continued Profitability
AM Best rated “A” (Excellent) & Financial Size Category XI Company Profile TRACK RECORD OF DELIVERING STRONG GROWTH AND CONTINUED PROFITABILITY Includes PSIC, PESIC, FIA and Palomar Re. This slide contains non-GAAP metrics. See GAAP reconciliation in the Appendix. FIRST QUARTER and 6/1 HIGHLIGHTS (2
Slide 4: Diversification Within One-of-One Specialty Portfolio
Diversification Within One-of-One Specialty Portfolio Balanced Business mix Drives attractive risk adjusted returns 4 Portfolio Structure: Categories and Products Non-P&C 19% Property 48% Casualty 33% Business Mix Q1 2026 GWP $629.8M ▲+42% YoY
Slide 5: Palomar 2X Strategy
Palomar 2X Strategy STRATEGY TO DOUBLE ADJUSTED NET INCOME and ACHIEVE AN ADJUSTED ROE + 20% OVER THE INTERMEDIATE TERM Profitable growth Anchored by earthquake franchise Low volatility – specialty lines focus Conservative and comprehensive risk transfer strategy Selective entry into new markets Sus
Slide 6: Profitable and Diverse Portfolio Positioned for Long-Term Value
Profitable and Diverse Portfolio Positioned for Long-Term Value Diversification has driven growth while preserving strong margins and profitability Disciplined Business Mix Shift Supporting Consistent Profitability Diversified portfolio enhances resilience across market cycles Business mix has evolv
Slide 7: Comprehensive & Diverse Utilization of Reinsurance
Comprehensive & Diverse Utilization of Reinsurance A Broad SUITE OF Risk Transfer PRODUCTS helps to MANAGE RISK, REDUCE VOLATILITY AND SUPPORT GROWTH Inland Marine Other Property Casualty Other Property Inland Marine Earthquake Casualty Crop Facultative Individual risk-specific protection ‘Second se
Slide 8: Reinsurance – Recent Activity
Reinsurance – Recent Activity Disciplined and Diversified Reinsurance Strategy Provides Margin Stability Completed six placements in the quarter—three Casualty and three Property treaties All treaties renewed at improved economics relative to expiring Casualty quota shares renewed at higher ceding c
Slide 9: Reserving Philosophy
Reserving Philosophy Responsible growth with a “Walk before we run” approach within niche market segments Conservative Approach Highly conservative reserving philosophy supports balance sheet strength Respond quickly to adverse trends and recognize favorable trends deliberately Establish reserves wi
Slide 10: Technology and Data
AI-driven automation to assist underwriting productivity and workflow Third-party data enrichment leveraging AI models for portfolio optimization Deploying AI to improve process optimization and drive operational efficiency Scalable core systems leveraging best-in-class vendors Proven playbooks for
Slide 11: Investment Portfolio as of March 31, 2026
Investment Portfolio as of March 31, 2026 High quality, liquid investment portfolio provides complementary earnings stream Objectives: Maintain liquidity, preserve capital, and generate income within a disciplined risk framework Portfolio Construction: Deploy capacity to improve risk-adjusted return
Slide 12: Q1 2026 Performance Continues Track Record of Strong Results
Q1’ 2026 Performance Continues Track Record of Strong Results ATTRACTIVE BUSINESS MODEL GENERATING PROFITABLE GROWTH GROWTH PROFITABILITY Gross Written Premium ($M) Adjusted Return on Equity Adjusted Net Income ($M) CAGR: +32% CAGR: +43% +23% This slide contains non-GAAP metrics. See GAAP reconcilia
Slide 13: 2026 Full Year Guidance
2026 Full Year Guidance 2026 Guidance implies exceeding 2024 Palomar 2X goal in two years 2026 FULL YEAR OUTLOOK Adjusted Net Income $266M–$280M Current range IMPLIES: Adjusted net income growth of 26% based on the midpoint of the range Adjusted ROE above the Palomar 2X goal of 20% $8M–$12M of catas
Slide 14: Sustained Earnings Outperformance vs. Initial Guidance
Beat Initial guidance midpoint for the past three years, underscoring execution and earnings visibility Sustained Earnings Outperformance vs. Initial Guidance +7% vs. initial guidance +19% vs. initial guidance +16% vs. initial guidance 12x +43% Guidance Raises since 2023 ANI CAGR 2023-2026E(1) Sourc
Slide 15: Palomar Performance & Valuation vs. Peers
Palomar Performance & Valuation vs. Peers Compared to Peers - Top Tier Performance with Uncorrelated valuation Valuation Metrics Industry Leading Performance (1) Source: Bloomberg, data through 5/27/2026
Slide 16: Entrepreneurial and Experienced Management Team
Entrepreneurial and Experienced Management Team LEADING SPECIALTY INSURANCE TALENT CONTINUE TO EXECUTE AND ADD DEPTH TO THE ORGANIZATION NAME EXPERIENCE (YRS) PRIOR PROFESSIONAL EXPERIENCE Mac Armstrong | Chairman & Chief Executive Officer 25+ Arrowhead General Insurance Agency | Spectrum Equity | A
Slide 17: Appendix
Appendix 2025 Investor Day | March 20, 2025
Slide 18: Modeling and Seasonality
Modeling and Seasonality Modeling reflects expected growth, seasonality dynamics and strong profitability CROP PREMIUM SEASONALITY: HISTORICALS AND FORECAST % of Q1 Q2 Q3 Q4 2024 GWP 33% 2% 51% 14% GEP 12% 8% 56% 24% 2025 GWP 19% 14% 50% 17% GEP 8% 13% 53% 26% 2026 FORECAST GWP 20-25% 5-15% 50-70% 5
Slide 19: Q3 Seasonality: GEP increases while NEP Ratio decreases
Q3 Seasonality GEP increases while NEP Ratio decreases Q3 Seasonality GEP increases while NEP Ratio decreases Q3 seasonality increases GEP & decreases NEP Ratio Modeling and Seasonality Gross Earned Premium in $M (1) Expect same seasonal patterns as previous years. For the third quarter: Seasonal pe
Slide 20: Modeling and Seasonality: Near-term ratios
Modeling and Seasonality Near-term ratios reflect business mix and gray integration; full-year guidance remains on track Acquisition expense continues to trend higher Acquisition expense ratio was 14.0% in Q1 2026, compared to 12.3% in Q1 2025 and 13.0% in Q4 2025. Sequential increase reflects growt
Slide 21: 6/1 Catastrophe Reinsurance Coverage
6/1 Catastrophe Reinsurance Coverage COMPREHENSIVE PROPERTY CAT REINSURANCE PROGRAM EFFECTIVE 6/1/2026 $325M 10% CESSION CALIFORNIA COMMERCIAL EARTHQUAKE QUOTA SHARE $1.425B xs $325M CAT BONDS & TRADITIONAL LIMIT SINGLE SHOT INURING EQ XOL EQ ONLY ALL PERILS EXCLUDING EQ PLMR EQ RETENTION CORE EARTH
Slide 22: First Quarter Financial Highlights
Indicates non-GAAP financial measure; see “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable financial measures prepared in accordance with GAAP. NM – Not Meaningful First Quarter Financial Highlights Three Months
Slide 23: Reconciliation Of Non-GAAP Metrics Used In This Presentation
Reconciliation Of Non-GAAP Metrics Used In This Presentation Three Months Ended March 31, 2026 2025 ($ in thousands, except per share data) Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $ 220,909 120,0
Slide 24: Reconciliation Of Non-GAAP Metrics Used In This Presentation
Reconciliation Of Non-GAAP Metrics Used In This Presentation Three Months Ended March 31, 2026 2025 ($ in thousands, except per share data) Total revenue $ 278,938 $ 174,633 Net investment income (17,984) (12,071) Net realized and unrealized (gains) losses on investments 1,894 2,338 Underwriting rev