Palomar Holdings ( (PLMR) ) has released its Q4 earnings. Here is a breakdown of the information Palomar Holdings presented to its investors.
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Palomar Holdings, Inc. is a specialty insurance company that provides coverage across various sectors including Earthquake, Inland Marine, Casualty, Fronting, and Crop, with a strong financial strength rating of ‘A’ from A.M. Best. The company recently released its financial results for the fourth quarter and full year of 2024, showing significant growth in key financial metrics.
In the fourth quarter of 2024, Palomar Holdings reported a net income of $35.0 million, representing a 35% increase from the previous year. The company’s gross written premiums grew by 23.3% to $373.7 million, while adjusted net income rose by 47.5% to $41.3 million. Despite facing losses from Hurricane Milton, Palomar managed to maintain a robust financial performance.
For the full year 2024, Palomar’s gross written premiums increased by 35.1% to $1.5 billion, and net income surged by 48.4% to $117.6 million. The adjusted net income for the year was $133.5 million, up 42.8% from 2023. The company’s investment income also saw a notable increase of 61.3% in the fourth quarter, driven by higher yields on invested assets.
Looking forward, Palomar Holdings remains optimistic about its growth trajectory for 2025, with expectations of achieving adjusted net income between $180 million and $192 million. The company continues to focus on strategic investments and acquisitions to sustain its earnings base and expand its market presence.
