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Dec 31, 2023
Palomar Holdings Q4 2023 Earnings Report
Palomar Holdings reported a strong Q4 2023 with increased gross written premiums, net income, and adjusted net income, alongside a reduced loss ratio and combined ratio.
Key Takeaways
Palomar Holdings reported a strong fourth quarter, marked by a 26.8% increase in gross written premiums to $303.2 million and a rise in net income to $25.9 million. The company's adjusted net income also grew to $28.0 million, with the adjusted combined ratio improving to 68.8%.
Gross written premiums increased by 26.8% to $303.2 million.
Net income reached $25.9 million, compared to $18.8 million in Q4 2022.
Adjusted net income was $28.0 million, up from $21.1 million in Q4 2022.
The adjusted combined ratio improved to 68.8% from 71.4% in Q4 2022.
Palomar Holdings
Palomar Holdings
Forward Guidance
For the full year 2024, the Company expects to achieve adjusted net income of $110 million to $115 million. This includes an estimate of the losses incurred in the first quarter from the recent catastrophic California flooding of approximately $3.5 million.