Palomar Holdings reports $26.4m net income in Q1’24 results

Palomar Holdings has reported a net income of $26.4 million for the first quarter of 2024, marking a notable increase of $17.3 million from the same period in 2023.

The company has experienced substantial growth in gross written premiums (GWP), surging from $250.1 million in Q1’23 to $368.1 million in Q1’24, representing an impressive 47.2% increase.

Furthermore, Palomar Holdings’ total loss ratio for Q1 experienced a slight uptick to 24.9% compared to 24.8% the previous year. This consisted of a catastrophe loss ratio of 3.1% and an attritional loss ratio of 21.8%.

Underwriting income for Q1’24 improved to $25 million compared to $18.4 million the previous year, resulting in a combined ratio of 76.9% compared to 77.9% for the same period last year.

Looking ahead to the full year of 2024, Palomar Holdings anticipates achieving adjusted net income between $113 million and $118 million. This projection includes $3.4 million of catastrophe losses incurred during the first three months of 2024.

Mac Armstrong, Chairman and Chief Executive Officer at Palomar Holdings, remarked, “The strong results of our first quarter are a testament to Palomar’s focus on profitable growth. We further demonstrated our ability to ‘grow where we want to’ and deliver predictable earnings.

“Our five product categories combined to generate gross written premium growth of 47.2% with especially strong contributions from our Crop and Casualty products. These younger product lines combined with our market leading Earthquake franchise, which grew 18% on a same-store basis, drove adjusted net income growth of 36.0%, and an adjusted return on equity of 22.9%.”

“Our portfolio of specialty insurance products is well positioned and provides a strong foundation to our full year outlook which we have raised today. Additionally, our continued investment across the organisation will sustain not only our Palomar 2X strategic plan but also deliver industry leading profitability and returns. We are off to a terrific start to the year,” Armstrong concludes.

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