Financial Performance - Gross written premiums increased from $16.6 million in 2014 to $1.5 billion for the year ended December 31, 2024, reflecting a compound annual growth rate of approximately 57%[90] - Net income growth since 2016 reflects a compound annual growth rate of 43%[90] - Gross written premiums increased by $74.1 million, or 20.1%, to $442.2 million for the three months ended March 31, 2025, compared to $368.1 million for the same period in 2024[124] - Net written premiums rose by $71.5 million, or 51.1%, to $211.4 million for the three months ended March 31, 2025, from $139.9 million in the prior year[128] - Net earned premiums increased by $56.2 million, or 52.1%, to $164.1 million for the three months ended March 31, 2025, compared to $107.9 million for the same period in 2024[129] - Underwriting income surged by $19.1 million, or 76.6%, to $44.1 million for the three months ended March 31, 2025, from $25.0 million in the previous year[131] - Net income rose by $16.5 million, or 62.7%, to $42.9 million for the three months ended March 31, 2025, compared to $26.4 million for the same period in 2024[124] - Adjusted net income increased by $23.5 million, or 84.6%, to $51.3 million for the three months ended March 31, 2025, from $27.8 million in the prior year[124] - Total revenue for the three months ended March 31, 2025, was $174.6 million, up from $118.5 million in 2024, resulting in an underwriting revenue of $164.9 million compared to $108.4 million[141] Underwriting and Ratios - The combined ratio is defined as the sum of the loss ratio and the expense ratio, with a ratio under 100% indicating an underwriting profit[116] - Adjusted combined ratio excluding catastrophe losses is a non-GAAP financial measure that provides insight into underlying business trends[120] - The combined ratio improved to 73.1% for the three months ended March 31, 2025, down from 76.9% in the prior year[124] - Other underwriting expenses as a percentage of gross earned premiums increased to 9.5% for the three months ended March 31, 2025, compared to 8.2% for the same period in 2024[135] - The adjusted combined ratio improved to 68.5% for the three months ended March 31, 2025, from 73.0% in 2024[151] - Adjusted combined ratio excluding catastrophe losses improved to 68.9% in Q1 2025 from 69.8% in Q1 2024[157] Investment and Cash Flow - Net investment income rose by $4.9 million, or 69.1%, to $12.1 million for the three months ended March 31, 2025, from $7.1 million in the prior year[136] - The company incurred $2.3 million of net realized and unrealized losses on investments for the three months ended March 31, 2025, compared to $3.0 million of net realized and unrealized gains for the same period in 2024[137] - Cash provided by operating activities was $87.2 million for Q1 2025, significantly higher than $33.1 million in Q1 2024[173] - Cash used in investing activities was $51.9 million in Q1 2025, compared to $16.3 million in Q1 2024[173] - The company had $1,168.7 million in cash and investment securities available as of March 31, 2025[177] Equity and Dividends - Total stockholders' equity increased to $790.4 million as of March 31, 2025, up from $729.0 million at the end of 2024[184] - Tangible stockholders' equity rose to $765.5 million as of March 31, 2025, compared to $715.8 million at December 31, 2024[159] - PSIC subsidiary has the capacity to pay dividends of up to $99.6 million in 2025 without regulatory approval[162] - The maximum dividend available from PSRE during 2025 is approximately $4.2 million, subject to solvency requirements[168] Acquisitions and New Products - The company completed the acquisition of Advanced AgProtection in April 2025, enhancing its capabilities in the Crop insurance sector[92] - The company has introduced several new products, including Crop, Environmental Liability, and E&S Casualty, to diversify its portfolio[91] Reinsurance and Catastrophe Events - The company holds $895 million in multi-year indemnity-based reinsurance coverage for earthquake events, issued through Torrey Pines Re Ltd[191] - The catastrophe event retention is set at $20 million for earthquake events and $15.5 million for hurricane events[193] - The company’s reinsurance coverage exhausts at $3.2 billion for earthquake events, providing significant protection against catastrophic losses[193] - The company utilizes a mix of traditional reinsurers and insurance-linked securities, purchasing reinsurance from over 100 reinsurers[190] Investment Portfolio - The investment portfolio comprised $991.8 million in fixed maturity securities as of March 31, 2025, with a book yield of 4.65%[186] - The corporate and other fixed maturities represented 51.3% of the total fair value of available-for-sale investments as of March 31, 2025[187] - The fair value of AAA-rated securities increased to $139,730 thousand, accounting for 14.1% of the total fair value as of March 31, 2025, compared to 13.9% on December 31, 2024[188] - The fixed maturity portfolio has an average rating of at least "AA−," with approximately 73.7% rated "A−" or better as of March 31, 2025[198] - As of March 31, 2025, 1.4% of the fixed maturity portfolio was unrated or rated below investment grade, indicating a focus on high credit quality[198] - The estimated fair value of fixed maturities due within one year is $70,386 thousand, representing 7.1% of the total fair value[188]

Financial Data and Key Metrics Changes - The company reported an 85% growth in adjusted net income, reaching $51.3 million or $1.87 per share compared to $27.8 million or $1.09 per share in Q1 2024 [30] - The adjusted combined ratio improved to 68.5% from 73% in the same quarter last year, indicating better underwriting performance [31] - Gross written premiums increased by 20% year over year to $442.2 million, with a 37% growth rate when excluding runoff business [32] Business Line Data and Key Metrics Changes - The casualty gross written premium grew by 113% year over year, driven by strong performance across various segments [20] - The earthquake franchise saw a 23% year-over-year growth in gross written premium, with record new business in the residential segment [14] - The crop franchise generated $48 million in written premium, a 25% increase year over year, despite seasonal limitations [23] Market Data and Key Metrics Changes - The company noted pressure in the commercial accounts market, with rate decreases of approximately 5% in small commercial accounts and 7.5% in large commercial accounts [16] - The Hawaii hurricane segment experienced an 82% growth, with new business written at rates 26% higher than the previous year [18] - The company is facing increased competition in the commercial all-risk segment, leading to significant pricing pressure [19] Company Strategy and Development Direction - The company is focused on executing its strategic imperatives, including integrating and operating new acquisitions, building new market leaders, and maintaining a conservative risk appetite [7][10] - The acquisition of Advanced Ag Protection is expected to enhance the crop business and contribute to long-term growth [24] - The company aims to build a leading specialty insurance franchise with a diversified portfolio, targeting $500 million in premium for the crop business in the intermediate future [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating economic uncertainties, noting that the insurance sector is less impacted by tariffs compared to other industries [11] - The company raised its full-year 2025 adjusted net income guidance to a range of $186 million to $200 million, reflecting strong performance and growth potential [29] - Management acknowledged that a recession could have a more significant impact on the portfolio than tariffs, but emphasized the diversity of the portfolio as a strength [13] Other Important Information - The company secured $525 million of earthquake limit through a catastrophe bond issuance, exceeding its target [26] - The net investment income for Q1 was $12.1 million, a 69.1% increase year over year, attributed to higher yields on invested assets [36] - The company is committed to investing in talent across various departments to support growth and operational efficiency [28] Q&A Session Summary Question: Can you help us think through the flat to down five that you're assuming in your outlook? - Management indicated that all placements to date have come in better than the forecast of flat to down 5%, with a conservative approach to future placements [44] Question: Could you talk about the thought process around splitting out Laulima separately? - The decision to separate Laulima stems from the desire to establish it as an independent entity, allowing for better management and fee generation [47] Question: What sort of growth did you see in the residential and commercial sides? - Management noted strong growth in both residential and commercial segments, with residential benefiting from heightened awareness and new partnerships [52][55] Question: How much of the acceleration in the casualty book was due to market growth versus internal ramp-up? - Management stated that the acceleration was a combination of both new hires and favorable market conditions, allowing for broader distribution and service capabilities [61] Question: Are you keeping the commercial all-risk program in the portfolio? - Management confirmed that they will maintain a minimal presence in the commercial all-risk market, ready to re-enter when conditions improve [73]

Palomar Holdings Inc. (PLMR) reported first-quarter 2025 operating income of $1.87 per share, which beat the Zacks Consensus Estimate by 17.6%. The bottom line increased 71.5% year over year.The quarter’s results overall benefited from improved premiums and net investment income, higher yields on invested assets and solid underwriting income, offset by higher expenses. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)Behind the HeadlinesTotal revenues improved 52.6% year over year to ...

Palomar (PLMR) reported $176.97 million in revenue for the quarter ended March 2025, representing a year-over-year increase of 53.2%. EPS of $1.87 for the same period compares to $1.09 a year ago.The reported revenue represents a surprise of +3.03% over the Zacks Consensus Estimate of $171.76 million. With the consensus EPS estimate being $1.59, the EPS surprise was +17.61%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

Palomar (PLMR) came out with quarterly earnings of $1.87 per share, beating the Zacks Consensus Estimate of $1.59 per share. This compares to earnings of $1.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 17.61%. A quarter ago, it was expected that this insurance holding company would post earnings of $1.24 per share when it actually produced earnings of $1.52, delivering a surprise of 22.58%.Over the last four quarters, th ...

Core Insights - Palomar Holdings, Inc. reported a strong financial performance for the first quarter of 2025, with net income increasing to $42.9 million, or $1.57 per diluted share, compared to $26.4 million, or $1.04 per diluted share, in the same period of 2024 [1][7][32] - Adjusted net income rose significantly by 84.6% to $51.3 million, or $1.87 per diluted share, from $27.8 million, or $1.09 per diluted share, year-over-year [1][7][32] - The company achieved a gross written premium growth of 20.1%, totaling $442.2 million, driven by new products and a balanced mix of residential and commercial property products [4][40] Financial Performance - The adjusted combined ratio improved to 68.5% from 73.0% in the prior year, indicating better underwriting efficiency [6][32] - The total loss ratio decreased to 23.6% from 24.9% year-over-year, with a catastrophe loss ratio of -0.3% compared to 3.1% in the previous year [5][32] - Net earned premiums increased by 52.1% to $164.1 million from $107.9 million in the first quarter of 2024 [4][32] Underwriting and Investment Results - Underwriting income for the quarter was $44.1 million, up from $25.0 million in the same period last year, resulting in a combined ratio of 73.1% compared to 76.9% [6][32] - Net investment income surged by 69.1% to $12.1 million, attributed to higher yields on invested assets and increased average investment balances [7][32] Strategic Initiatives - The company is focused on executing its 2025 strategic imperatives, including the successful acquisition of Advanced AgProtection, which is expected to enhance its Crop franchise [3][11] - Palomar's same-store premium growth rate was reported at 37%, reflecting strong underlying momentum across its specialty products portfolio [3][11] Outlook - For the full year 2025, Palomar expects adjusted net income to range between $186 million and $200 million, an increase from the initial outlook of $180 million to $192 million [11]

Exhibit 99.1 Palomar Holdings, Inc. Reports First Quarter 2025 Results LA JOLLA, Calif. (May 5, 2025) — Palomar Holdings, Inc. (NASDAQ:PLMR) ("Palomar" or "Company") reported net income of $42.9 million, or $1.57 per diluted share, for the first quarter of 2025 compared to net income of $26.4 million, or $1.04 per diluted share, for the first quarter of 2024. Adjusted net income(1) was $51.3 million, or $1.87 per diluted share, for the first quarter of 2025 as compared to $27.8 million, or $1.09 per diluted ...

Palomar Holdings (PLMR) is expected to register an improvement in its top and bottom lines when it reports first-quarter 2025 results on May 5, after the closing bell.The Zacks Consensus Estimate for PLMR’s first-quarter revenues is pegged at $171.2 million, indicating a 48.7% increase from the year-ago reported figure.The consensus estimate for the bottom line is pegged at $1.59 per share. The estimate suggests a year-over-year increase of 45.9%. The Zacks Consensus Estimate for PLMR’s first-quarter earnin ...

LA JOLLA, Calif., April 28, 2025 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ: PLMR) (the “Company”) today announced that it will release its first quarter 2025 results after market close on Monday, May 5, 2025, and will host a conference call at 12:00 p.m. (Eastern Time) the following day, Tuesday, May 6, 2025. The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar First Quarter 2025 Earnings Conferen ...

After reaching an important support level, Palomar (PLMR) could be a good stock pick from a technical perspective. PLMR surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.Like other SMAs, if a st ...