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Sep 30, 2023
Palomar Holdings Q3 2023 Earnings Report
Reported strong growth in gross written premiums, net income, and adjusted net income, driven by a lower loss ratio and combined ratio.
Key Takeaways
Palomar Holdings reported a strong third quarter with significant growth in gross written premiums and net income. The company's adjusted net income increased by 153%, and the adjusted return on equity reached 22.3%. The results reflect Palomar's efforts to reduce volatility and achieve consistent profitable growth.
Gross written premiums increased by 24.0% to $314.0 million.
Net income reached $18.4 million, a significant increase from $4.3 million in the same quarter of the previous year.
The total loss ratio improved to 18.8% compared to 39.6% in the third quarter of 2022.
The adjusted combined ratio improved to 70.9% compared to 90.3% in the third quarter of 2022.
Palomar Holdings
Palomar Holdings
Forward Guidance
For the full year 2023, the Company expects to achieve adjusted net income of $90 million to $93 million. This includes $3.4 million of catastrophe losses incurred during the nine months ended September 30, 2023.