Palomar Holdings, Inc. · NASDAQ:PLMR
Palomar — Q4 2025 Earnings Presentation
19 slides from Palomar's earnings presentation, Feb 12, 2026
Slide 1: Investor Presentation
Investor Presentation February 2026 plmr.com
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements about Palomar Holdings, to uncertainties, risks and changes in circumstances that are difficult to predict. Inc. (the “Company”). These statements involve known and unknown risks that Such risks and uncertainties include, among others,
Slide 3: Company Profile
3 Company Profile TRACK RECORD OF DELIVERING STRONG GROWTH AND CONTINUED PROFITABILITY Leading specialty insurer with a portfolio intentionally designed FOURTH QUARTER HIGHLIGHTS (2) to perform through all cycles Gross written premium (GWP) of $492.6 million; Balanced mix of admitted & E&S, reside
Slide 4: Palomar Portfolio of Specialty Insurance Products
4 Palomar Portfolio of Specialty Insurance Products FIVE KEY SPECIALTY INSURANCE PRODUCT CATEGORIES CONSTRUCTED TO EFFECTIVELY NAVIGATE MARKET CYCLES Earthquake • Balanced book: Residential (58%), Commercial (42%) Casualty • Admitted residential segment continues to benefit from strong • Diverse por
Slide 5: Profitable and Diverse Portfolio Positioned for Long-Term Value
5 Profitable and Diverse Portfolio Positioned for Long-Term Value DIVERSIFICATION HAS DRIVEN GROWTH WHILE PRESERVING STRONG MARGINS AND PROFITABILITY Disciplined Business Mix Shift 100.0% $250M Supporting Consistent Profitability 51% 61% 62% 66% 72% Adjusted Net Income 90.0% Continued Strong Growth
Slide 6: Casualty Franchise
6 Casualty Franchise RESPONSIBLE GROWTH WITH A “WALK BEFORE WE RUN” APPROACH WITHIN NICHE MARKET SEGMENTS Conservative Approach Total Net Reserves • Diversified Casualty portfolio targets niche product segments with limited auto exposure Casualty • Led by experienced, proven underwriting leaders acr
Slide 7: Comprehensive & Diverse Utilization of Reinsurance
7 Comprehensive & Diverse Utilization of Reinsurance A BROAD SUITE OF RISK TRANSFER PRODUCTS HELPS TO MANAGE RISK, REDUCE VOLATILITY AND SUPPORT GROWTH Facultative Quota Share Excess of Loss (XOL) Catastrophe Bond • Individual risk-specific • ‘First dollar' pro-rata • Applies on either a per-risk •
Slide 8: Reinsurance Update
8 Reinsurance Update DISCIPLINED AND DIVERSIFIED REINSURANCE STRATEGY PROVIDES MARGIN STABILITY Property Catastrophe Tower Recent Activity • Catastrophe reinsurance strategy blends multiple tools, including • Completed two new placements and renewed four quota share excess of loss (“XOL”), quota sha
Slide 9: Technology and Data
9 Technology and Data KEY ENABLER OF SPEED-TO-MARKET AND DIFFERENTIATION Building on Palomar’s Leveraging AI and Built for Speed Data & Analytics …. Core Advantages …….......New Technologies • Scalable core systems • PASS(1) and frontends • AI-driven automation to • Automated ingestion of leveraging
Slide 10: Palomar 2X Strategy
10 Palomar 2X Strategy STRATEGY TO DOUBLE ADJUSTED NET INCOME AND ACHIEVE AN ADJUSTED ROE + 20% OVER THE INTERMEDIATE TERM Fundamental Principals Adjusted Net Income Drivers • Profitable growth • Greater gross / net line sizes enabled by surplus • Anchored by earthquake franchise growth • Low volati
Slide 11: 2026 Full Year Guidance
11 2026 Full Year Guidance 2026 GUIDANCE IMPLIES EXCEEDING 2024 PALOMAR 2X GOAL IN TWO YEARS 2026 FULL YEAR CURRENT RANGE IMPLIES: OUTLOOK • Adjusted net income growth of 24% based on the midpoint of the range • Adjusted ROE above the Palomar 2X goal of 20% ADJUSTED NET INCOME • $8M–$12M of catastro
Slide 12: 2025 Performance Continues Track Record of Strong Results
12 2025 Performance Continues Track Record of Strong Results ATTRACTIVE BUSINESS MODEL GENERATING PROFITABLE GROWTH GROWTH PROFITABILITY RETURNS Gross Written Premium ($M) Adjusted Net Income ($M) Adjusted Return on Equity $268 27% 26% 23% $2,028 22% 22% $216 $1,542 $134 $1,142 $94 $61 $493 $374 $41
Slide 13: Investment Portfolio as of December 31, 2025
13 Investment Portfolio as of December 31, 2025 HIGH QUALITY, LIQUID INVESTMENT PORTFOLIO PROVIDES COMPLEMENTARY EARNINGS STREAM Objectives: Maintain liquidity, preserve capital, and generate income within a disciplined risk framework. 4% 2% 5% 3% Portfolio Construction: Capacity to improve risk-adj
Slide 14: Entrepreneurial and Experienced Management Team
14 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
Slide 15: Appendix
Appendix @ Palomar
Slide 16: Five Product Categories
16 Five Product Categories STARTING WITH FIRST QUARTER 2026, SURETY & CREDIT WILL BECOME THE FIFTH CORE CATEGORY AND FRONTING PREMIUMS WILL BE ALLOCATED TO THEIR UNDERLYING LINE OF BUSINESS Three Months Ended Year Ended December 31, 2025 September 30, December 31, March 31, 2025 June 30, 2025 Total
Slide 17: Fourth Quarter and Full Year 2025 Financial Highlights
17 Fourth Quarter and Full Year 2025 Financial Highlights Three Months Ended December 31, Year Ended December 31, 2025 2024 Change % Change 2025 2024 Change % Change (in thousands, except per share data) Gross written premiums $ 492,629 $ 373,723 $ 118,906 31.8% $ 2,028,252 $ 1,541,962 $ 486,290 31.
Slide 18: Reconciliation Of Non-GAAP Metrics Used In This Presentation
Reconciliation Of Non-GAAP Metrics Used In This Presentation Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 ($ in thousands, except per share data) Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commis
Slide 19: Reconciliation Of Non-GAAP Metrics Used In This Presentation
19 Reconciliation Of Non-GAAP Metrics Used In This Presentation Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 ($ in thousands, except per share data) Total revenue $ 253,362 $ 155,757 $ 875,967 $ 553,863 Net investment income (15,991) (11,318) (56,005) (35,824) Net real