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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%.
Palomar Holdings
Palomar Holdings
Palomar Holdings Revenue by Segment
Palomar Holdings Revenue by Geographic Location
Revenue by Segment
Earthquake Revenue
CapyFin.comCasualty Revenue
CapyFin.comFronting Revenue
CapyFin.comCrop Revenue
CapyFin.comRevenue by Geographic Location
California Revenue
CapyFin.comTexas Revenue
CapyFin.comHawaii Revenue
CapyFin.comFlorida Revenue
CapyFin.comWashington Revenue
CapyFin.comOther Revenue
CapyFin.com 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