Palomar Holdings ( (PLMR) ) has released its Q3 earnings. Here is a breakdown of the information Palomar Holdings presented to its investors.
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Palomar Holdings, Inc. is an innovative specialty insurer offering residential and commercial clients coverage in five key product categories, including Earthquake, Inland Marine, Other Property, Casualty, Fronting, and Crop, supported by its subsidiaries and boasting a strong financial rating from A.M. Best.
Palomar Holdings reported robust financial results for the third quarter of 2024, showcasing significant growth in net income and gross written premiums. The company’s diversified approach, particularly in earthquake and casualty products, contributed to the financial success amidst increased catastrophic events.
Key financial metrics revealed a 32.2% increase in gross written premiums to $415 million, with net income rising to $30.5 million, a substantial leap from the previous year. Despite a higher catastrophe loss ratio, the company maintained a solid combined ratio of 80.5%. Palomar’s strategic initiatives, including the Palomar 2X strategy and acquisition plans, are set to bolster its market position and growth trajectory.
Palomar’s investment income surged by 56%, driven by higher yields and increased asset holdings. The company’s substantial equity increase and effective tax rate management further underscore its financial health and growth potential.
Looking ahead, Palomar Holdings anticipates continued growth and profitability, leveraging its recent capital raise and strategic acquisitions to expand into new markets like surety, while focusing on organic growth and risk management to deliver steady earnings growth over time.
