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Jun 30, 2020
Palomar Holdings Q2 2020 Earnings Report
Reported second quarter 2020 results with increased gross written premiums and net income.
Key Takeaways
Palomar Holdings reported a net income of $12.0 million, or $0.48 per diluted share, for the second quarter of 2020. Gross written premiums increased by 43.6% to $83.8 million. The company successfully completed its June 1st reinsurance placement and announced the formation of Palomar Excess and Surplus Insurance Company.
Gross written premiums increased by 43.6% to $83.8 million compared to $58.3 million in the second quarter of 2019.
Net income increased by 79.3% to $12.0 million, or $0.48 per diluted share, compared to a net income of $6.7 million, or $0.30 per diluted share, in the second quarter of 2019.
Adjusted net income increased by 63.0% to $13.0 million, or $0.52 per diluted share, compared to $8.0 million, or $0.36 per diluted share, in the second quarter of 2019.
Total loss ratio of 10.1% compared to 2.8% in the second quarter of 2019.
Palomar Holdings
Palomar Holdings
Palomar Holdings Revenue by Geographic Location
Revenue by Geographic Location
California Revenue
CapyFin.comTexas Revenue
CapyFin.comHawaii Revenue
CapyFin.comWashington Revenue
CapyFin.com Forward Guidance
The Company affirms prior guidance of adjusted net income of $50.5 to $53.0 million for the full year 2020, equating to a growth rate of 33% to 40% compared to the full year 2019.
Revenue & Expenses
Visualization of income flow from segment revenue to net income