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Sep 30, 2024
Palomar Holdings Q3 2024 Earnings Report
Palomar Holdings reported strong Q3 2024 results, marked by significant growth in gross written premiums and adjusted net income, alongside a solid adjusted combined ratio.
Key Takeaways
Palomar Holdings reported a net income of $30.5 million for Q3 2024, with adjusted net income increasing by 39.3% to $32.4 million. The company experienced a 32.2% increase in gross written premiums, driven by growth in Earthquake, Casualty, and Crop products. The adjusted combined ratio was 77.1%, and the adjusted return on equity was 21.0%.
Gross written premiums increased by 32.2% to $415.0 million.
Net income reached $30.5 million, compared to $18.4 million in the same quarter of the previous year.
Adjusted net income increased by 39.3% to $32.4 million.
The adjusted combined ratio was 77.1%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the full year 2024, the Company expects to achieve adjusted net income of $124 million to $128 million. This range includes additional catastrophe losses incurred during the fourth quarter of 2024 of approximately $8 million related to Hurricane Milton.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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