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Sep 30, 2020
Palomar Holdings Q3 2020 Earnings Report
Palomar Holdings reported a net loss due to significant catastrophe losses, despite growth in gross written premiums.
Key Takeaways
Palomar Holdings, Inc. reported a net loss of $15.7 million for the third quarter of 2020, compared to a net income of $7.5 million for the third quarter of 2019. The results were impacted by several damaging hurricanes. Gross written premiums increased by 55.4% to $103.0 million compared to $66.2 million in the third quarter of 2019.
Gross written premiums increased by 55.4% to $103.0 million compared to $66.2 million in the third quarter of 2019
Net loss was $15.7 million, or $0.62 per diluted share, compared to net income of $7.5 million, or $0.31 per diluted share, in the third quarter of 2019
Adjusted net income excluding catastrophe losses was $13.7 million, compared to $9.6 million in the third quarter of 2019
Total loss ratio of 97.7% compared to 8.8% in the third 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.comOther Revenue
CapyFin.com Forward Guidance
For the full year 2020, the Company updated its previous full year 2020 guidance of adjusted net income of $50.5 to $53.0 million, to adjusted net income of $51.0 to $52.0 million excluding catastrophe losses, equating to a growth rate of 35% to 37% compared to the full year 2019.
Revenue & Expenses
Visualization of income flow from segment revenue to net income