Palomar Holdings Inc · Q1 2023 earnings

Briefing

Palomar Holdings reported strong first quarter results driven by premium growth and underwriting profitability.

Palomar Holdings reported a strong start to 2023 with a 46.3% increase in gross written premiums, an adjusted combined ratio of 73.3%, and an adjusted return on equity of 20.7%. The company's net income was $17.3 million, or $0.68 per diluted share, while adjusted net income was $20.4 million, or $0.80 per diluted share.

• Gross written premiums increased by 46.3% to $250.1 million.
• Net income reached $17.3 million, compared to $14.5 million in the same quarter last year.
• Adjusted net income was $20.4 million, compared to $18.6 million in the first quarter of 2022.
• The adjusted combined ratio was 73.3%, compared to 72.1% in the first quarter of 2022.

Headline financials

Revenue & EPS history

For the full year 2023, the Company expects to achieve adjusted net income of $86 million to $90 million. This includes catastrophe losses incurred in the first quarter of approximately $1.8 million. The expected results do not include any additional catastrophe losses.