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Mar 31, 2023
Palomar Holdings Q1 2023 Earnings Report
Palomar Holdings reported strong first quarter results driven by premium growth and underwriting profitability.
Key Takeaways
Palomar Holdings reported a strong start to 2023 with a 46.3% increase in gross written premiums, an adjusted combined ratio of 73.3%, and an adjusted return on equity of 20.7%. The company's net income was $17.3 million, or $0.68 per diluted share, while adjusted net income was $20.4 million, or $0.80 per diluted share.
Gross written premiums increased by 46.3% to $250.1 million.
Net income reached $17.3 million, compared to $14.5 million in the same quarter last year.
Adjusted net income was $20.4 million, compared to $18.6 million in the first quarter of 2022.
The adjusted combined ratio was 73.3%, compared to 72.1% in the first quarter of 2022.
Palomar Holdings
Palomar Holdings
Palomar Holdings Revenue by Segment
Palomar Holdings Revenue by Geographic Location
Revenue by Segment
Casualty Revenue
CapyFin.comRevenue by Geographic Location
California Revenue
CapyFin.comTexas Revenue
CapyFin.comHawaii Revenue
CapyFin.comFlorida Revenue
CapyFin.comNew York Revenue
CapyFin.comWashington Revenue
CapyFin.comIllinois Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
For the full year 2023, the Company expects to achieve adjusted net income of $86 million to $90 million. This includes catastrophe losses incurred in the first quarter of approximately $1.8 million. The expected results do not include any additional catastrophe losses.