Palomar Holdings, Inc.
112.49-0.27 (-0.24%)
Oct 29, 4:00:01 PM EDT · NasdaqGS · PLMR · USD
Key Stats
Market Cap
3.01BP/E (TTM)
19.80Basic EPS (TTM)
5.68Dividend Yield
0%Recent Filings
10-Q
Q2 FY2025 results
Palomar Holdings drove net earned premiums up 47% year-over-year to $180M in Q2 FY2025 ended June 30, 2025, fueled by 29% growth in gross written premiums to $496M, with casualty and crop lines surging 119% and 1,593% respectively, while fronting dipped 37%. The loss ratio edged to 25.7% from 24.9%, reflecting higher attritional losses on expanded business, yet the combined ratio held steady at 78.8% amid favorable prior-year development of $6.5M. Diluted EPS climbed 68% to $1.68 on 27.6M shares, reconciling cleanly to net income of $46.5M. Cash from operations hit $208M YTD, bolstering $81M in cash equivalents with no debt outstanding under the $100M revolver. Acquisitions of FIA in January for surety bonds and AAP assets in April added $62.8M in goodwill and intangibles, amortized over undisclosed lives. Non-GAAP metrics like adjusted combined ratio at 73.1% are fully reconciled in the 10-Q. Catastrophe claims remain unpredictable.
8-K
Q2 premiums up 29%, buyback approved
Palomar Holdings crushed Q2 2025 with gross written premiums surging 28.8% to $496.3 million and net income doubling to $46.5 million, fueled by zero catastrophe losses and a steady 73.1% adjusted combined ratio. The board greenlit a $150 million share repurchase through July 2027, signaling confidence in capital returns amid robust growth. Full-year adjusted net income guidance bumped to $198–$208 million, baking in $8–$12 million in remaining cat losses. Repurchases hinge on market swings.
8-K
Reinsurance renewal boosts coverage
Palomar Holdings completed its June 1, 2025 reinsurance renewal, securing $455 million in incremental earthquake limit to reach $3.53 billion total coverage, exceeding its 1:250-year PML. Retentions dropped to $11 million for hurricanes and hold at $20 million for earthquakes, while a $525 million catastrophe bond bolstered capacity. This setup, with a diverse A-rated panel and prepaid reinstatements, caps pre-tax losses at those levels. Palomar raised 2025 adjusted net income guidance to $195 million-$205 million, signaling stronger earnings amid growth. Yet risks from catastrophe events persist.
8-K
Annual meeting results approved
Palomar Holdings held its 2025 annual meeting on May 22, electing Mac Armstrong and Martha Notaras as Class III directors until 2028, with strong support of over 21 million votes each. Stockholders approved executive compensation via advisory vote and ratified Ernst & Young as auditors for the year ending December 31, 2025. Votes sailed through. This signals robust governance alignment amid steady operations.
10-Q
Q1 FY2025 results
Palomar Holdings kicked off 2025 with gross written premiums surging 20.1% year-over-year to $442.2 million, fueled by robust growth in casualty (up 112.7%) and earthquake lines, while fronting dipped 43.1% from a prior partnership exit. Net earned premiums climbed 52.1% to $164.1 million, driving net income to $42.9 million—a 62.7% jump—with diluted EPS at $1.57, confirmed against 27.4 million shares and no anti-dilution flags. The low 23.6% loss ratio reflected $4.3 million in favorable prior-year development from lower attritional severity, yielding a 73.1% combined ratio. Operating cash flow hit $87.2 million, bolstering $119.3 million in cash; the January 2025 FIA acquisition added $6.8 million in reserves and $11.7 million in goodwill plus intangibles (amortized over undisclosed lives), with no synergies detailed. No debt outstanding under the $100 million revolver, fully available sans covenants breach. Yet catastrophe risks loom large in California-heavy exposures.
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