~ Full Year 2024 Adjusted Net Income Guidance Increased to $122 Million to $128 Million ~ LA JOLLA, Calif., May 28, 2024 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ: PLMR) ("Palomar" or the "Company") today announced the successful completion of certain reinsurance programs incepting June 1, 2024, and increased the Company's full year 2024 adjusted net income guidance. The Company procured approximately $400 million of incremental limit to support the growth of its Earthquake franchise. Palomar's rei ...

Company Performance - Palomar Holdings, Inc. (PLMR) shares have increased by 76.5% over the past year, significantly outperforming the industry growth of 26.5% and the Finance sector's rise of 25% [1] - The company has a market capitalization of $2.07 billion, with an average trading volume of 0.1 million shares over the last three months [1] Business Drivers - The surge in PLMR's stock price is attributed to new business acquisition, strong premium retention rates, renewals of existing policies, and improved pricing strategies [2] - The company has a strong earnings surprise history, beating estimates in the last four quarters with an average surprise of 15.10% [2] Earnings Estimates - The consensus estimate for PLMR's 2024 earnings per share indicates a year-over-year increase of 21.1% compared to 2023, with revenues expected to reach $478.68 million, reflecting a 28.3% improvement [3] - For 2025, the earnings per share is projected to grow by 18.3% from 2024, with revenues estimated at $592.11 million, indicating a 23.7% increase [4] Profitability and Investment - Palomar's return on equity stands at 19.9%, having expanded by 230 basis points year-over-year, showcasing effective utilization of shareholder equity [4] - The company has experienced a five-year compound annual growth rate (CAGR) of 49% in net investment income, with expectations of a three-year CAGR of 59.5% due to a solid investment portfolio and favorable interest rates [6] Strategic Initiatives - The introduction of fee-generating services through PLMR-FRONT is anticipated to enhance growth in the medium term, strengthening the earnings base [7] - The company maintains a combined ratio under 95% since 2017, reflecting prudent underwriting practices, and has a debt-free balance sheet, contributing to a strong capital position [7][8] Future Outlook - Palomar expects to generate adjusted net income between $113 million and $118 million in 2024, indicating a positive outlook for the company's financial performance [8]

Palomar Holdings, Inc. (NASDAQ:PLMR) Q1 2024 Earnings Conference Call May 3, 2024 11:00 AM ET Company Participants Chris Uchida - Chief Financial Officer Mac Armstrong - Chairman and Chief Executive Officer Jon Christianson - President Conference Call Participants Paul Newsome - Piper Sandler Mark Hughes - Truist Securities Peter Knudsen - Evercore ISI Matt Carletti - Citizens JMP Andrew Andersen - Jefferies Meyer Shields - KBW Pablo Singzon - JPMorgan Operator Good morning and welcome to the Palomar Holdin ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-38873 Palomar Holdings, Inc. (Exact name of registrant as specified in its charter) D ...

[Financial Highlights and CEO Commentary](index=1&type=section&id=Financial%20Highlights%20and%20CEO%20Commentary) Palomar Holdings reported strong Q1 2024 results, with net income up 52.4% to $26.4 million and gross written premiums growing 47.2% Financial Highlights | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Net Income | $26.4 million | $17.3 million | +52.6% | | Diluted EPS | $1.04 | $0.68 | +52.9% | | Adjusted Net Income | $27.8 million | $20.4 million | +36.0% | | Adjusted Diluted EPS | $1.09 | $0.80 | +36.3% | | Gross Written Premiums | $368.1 million | $250.1 million | +47.2% | | Annualized Adjusted ROE | 22.9% | 20.7% | +2.2 pts | - The CEO attributed strong results to a focus on profitable growth and predictable earnings, with key contributions from newer product lines and the core franchise[4](index=4&type=chunk) - **Strong Growth Drivers**: Crop and Casualty products significantly contributed to the **47.2% growth** in gross written premiums[4](index=4&type=chunk) - **Core Franchise Performance**: The market-leading Earthquake franchise demonstrated solid growth of **18%** on a same-store basis[4](index=4&type=chunk) - **Strategic Confidence**: The positive start supports the company's 'Palomar 2X' strategic plan and led to an increased full-year financial outlook[4](index=4&type=chunk) [Financial Performance Analysis](index=1&type=section&id=Financial%20Performance%20Analysis) Q1 2024 financial performance showed robust premium growth, stable underwriting profitability with a 76.9% combined ratio, 39.4% investment income growth, and increased stockholders' equity to $501.7 million [Underwriting Results](index=1&type=section&id=Underwriting%20Results) Q1 2024 underwriting performance remained strong with gross written premiums up 47.2% to $368.1 million and an improved combined ratio of 76.9% Underwriting Performance Metrics | Underwriting Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Gross Written Premiums | $368.1 M | $250.1 M | | Net Earned Premiums | $107.9 M | $83.2 M | | Underwriting Income | $25.0 M | $18.4 M | | Adjusted Underwriting Income | $29.2 M | $22.2 M | | Loss Ratio | 24.9% | 24.8% | | Combined Ratio | 76.9% | 77.9% | | Adjusted Combined Ratio | 73.0% | 73.3% | - Losses for the quarter totaled **$26.8 million**, including **$3.4 million** in catastrophe losses from flood activity and **$23.5 million** in non-catastrophe attritional losses[6](index=6&type=chunk) [Investment Results](index=1&type=section&id=Investment%20Results) Q1 2024 net investment income increased 39.4% to $7.1 million, driven by higher yields and a larger average investment balance, with $3.0 million in net realized/unrealized gains - The increase in net investment income was attributed to higher yields and a larger average balance of investments[8](index=8&type=chunk) - Cash and invested assets totaled **$766.4 million** at the end of the quarter[8](index=8&type=chunk) - The weighted average duration of the fixed-maturity investment portfolio was **3.62 years** as of March 31, 2024[8](index=8&type=chunk) [Stockholders' Equity and Returns](index=3&type=section&id=Stockholders'%20Equity%20and%20Returns) Stockholders' equity grew to $501.7 million by March 31, 2024, supporting improved annualized return on equity of 21.7% and adjusted return on equity of 22.9% Stockholders' Equity and Return Metrics | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Stockholders' Equity | $501.7 M | $404.6 M | | Annualized Return on Equity | 21.7% | 17.5% | | Annualized Adjusted ROE | 22.9% | 20.7% | [Full Year 2024 Outlook](index=3&type=section&id=Full%20Year%202024%20Outlook) Palomar Holdings raised its full-year 2024 adjusted net income guidance to $113 million to $118 million, incorporating Q1 catastrophe losses - The company increased its full-year 2024 guidance for adjusted net income to a range of **$113 million to $118 million**[11](index=11&type=chunk) [Detailed Financial Statements](index=6&type=section&id=Detailed%20Financial%20Statements) Detailed financial statements reveal significant year-over-year growth in premiums, underwriting income, and net income, with total assets reaching $1.88 billion [Summary of Operating Results](index=6&type=section&id=Summary%20of%20Operating%20Results) Q1 2024 operating results show a 47.2% increase in gross written premiums and a 52.4% rise in net income, with net earned premiums up 29.6% Summary of Operating Results (Thousands) | ($ in thousands) | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Gross written premiums | $368,078 | $250,112 | 47.2% | | Net earned premiums | $107,866 | $83,241 | 29.6% | | Underwriting income (Non-GAAP) | $24,955 | $18,383 | 35.8% | | Net investment income | $7,139 | $5,120 | 39.4% | | Income before income taxes | $34,356 | $22,629 | 51.8% | | Net income | $26,382 | $17,313 | 52.4% | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets reached $1.88 billion, with total liabilities at $1.38 billion and stockholders' equity at $501.7 million Condensed Consolidated Balance Sheets (Thousands) | ($ in thousands) | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total investments | $704,631 | $689,576 | | Cash and cash equivalents | $61,387 | $51,546 | | Total assets | $1,884,684 | $1,708,022 | | Reserve for losses and LAE | $402,187 | $342,275 | | Total liabilities | $1,383,026 | $1,236,770 | | Total stockholders' equity | $501,658 | $471,252 | [Condensed Consolidated Income Statement](index=8&type=section&id=Condensed%20Consolidated%20Income%20Statement) Q1 2024 income statement shows total revenues grew to $118.5 million, with net income reaching $26.4 million and diluted EPS at $1.04 Condensed Consolidated Income Statement (Thousands) | ($ in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total revenues | $118,535 | $89,202 | | Total expenses | $84,179 | $66,573 | | Income before income taxes | $34,356 | $22,629 | | Net income | $26,382 | $17,313 | | Diluted EPS | $1.04 | $0.68 | [Underwriting Segment Data](index=9&type=section&id=Underwriting%20Segment%20Data) GWP breakdown shows diversified growth, with Casualty up 327.2% and Crop adding $38.7 million, while California's GWP share decreased to 42.7%, indicating geographic diversification [Gross Written Premiums by Product](index=9&type=section&id=Gross%20Written%20Premiums%20by%20Product) Q1 2024 GWP growth was driven by Casualty (up 327.2% to $51.9 million) and the new Crop line ($38.7 million), with Earthquake growing 13.1% to $105.7 million Gross Written Premiums by Product (Millions) | Product Line | Q1 2024 GWP ($M) | Q1 2023 GWP ($M) | % Change | | :--- | :--- | :--- | :--- | | Earthquake | $105.7 | $93.5 | 13.1% | | Fronting | $94.8 | $91.8 | 3.4% | | Inland Marine & Other | $76.9 | $52.7 | 45.9% | | Casualty | $51.9 | $12.2 | 327.2% | | Crop | $38.7 | $0.0 | N/A | | **Total** | **$368.1** | **$250.1** | **47.2%** | [Gross Written Premiums by State](index=9&type=section&id=Gross%20Written%20Premiums%20by%20State) California remains the largest GWP market at 42.7%, but its concentration decreased, while Texas, Colorado, and New Mexico showed significant growth, indicating geographic diversification - Top 5 states by GWP in Q1 2024 were[41](index=41&type=chunk) - California: **$157.2 million** (**42.7%** of total)[41](index=41&type=chunk) - Texas: **$40.8 million** (**11.1%** of total)[41](index=41&type=chunk) - Florida: **$13.9 million** (**3.8%** of total)[41](index=41&type=chunk) - Hawaii: **$12.5 million** (**3.4%** of total)[41](index=41&type=chunk) - Washington: **$12.0 million** (**3.3%** of total)[41](index=41&type=chunk) [Detailed Underwriting and Loss Analysis](index=10&type=section&id=Detailed%20Underwriting%20and%20Loss%20Analysis) Underwriting analysis reveals a 29.6% increase in net earned premiums to $107.9 million, with total losses and LAE up 29.9% to $26.8 million, and reserves increasing to $110.2 million [Gross and Net Earned Premiums](index=10&type=section&id=Gross%20and%20Net%20Earned%20Premiums) Q1 2024 gross earned premiums increased 34.5% to $302.9 million, with net earned premiums growing 29.6% to $107.9 million, while the net earned premium ratio slightly decreased to 35.6% Gross and Net Earned Premiums (Thousands) | ($ in thousands) | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Gross earned premiums | $302,872 | $225,243 | 34.5% | | Ceded earned premiums | $(195,006) | $(142,002) | 37.3% | | Net earned premiums | $107,866 | $83,241 | 29.6% | [Loss Detail and Reserve Reconciliation](index=10&type=section&id=Loss%20Detail%20and%20Reserve%20Reconciliation) Total losses and LAE increased to $26.8 million in Q1 2024, with catastrophe losses at $3.4 million and non-catastrophe losses at $23.5 million, and gross loss reserves at $402.2 million Loss Detail (Thousands) | ($ in thousands) | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Catastrophe losses | $3,359 | $1,806 | 86.0% | | Non-catastrophe losses | $23,478 | $18,846 | 24.6% | | **Total losses and LAE** | **$26,837** | **$20,652** | **29.9%** | - The reserve for losses and LAE, gross of reinsurance, ended the period at **$402.2 million**, compared to **$265.0 million** at the end of Q1 2023[43](index=43&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=11&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles non-GAAP financial measures, adjusting Q1 2024 GAAP net income of $26.4 million to an adjusted net income of $27.8 million Reconciliation to Adjusted Net Income (Thousands) | Reconciliation to Adjusted Net Income ($ in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net income (GAAP)** | **$26,382** | **$17,313** | | Net realized/unrealized gains on investments | $(3,002) | $(146) | | Stock-based compensation expense | $3,820 | $3,450 | | Amortization of intangibles | $390 | $313 | | Expenses associated with catastrophe bond | $— | $50 | | Tax impact | $204 | $(540) | | **Adjusted net income (Non-GAAP)** | **$27,794** | **$20,440** | Reconciliation to Adjusted Combined Ratio | Reconciliation to Adjusted Combined Ratio | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Combined ratio (GAAP)** | **76.9%** | **77.9%** | | Stock-based compensation expense | (3.5)% | (4.1)% | | Amortization of intangibles | (0.4)% | (0.4)% | | Expenses associated with catastrophe bond | 0.0% | (0.1)% | | **Adjusted combined ratio (Non-GAAP)** | **73.0%** | **73.3%** |

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-38873 Palomar Holdings, Inc. (Exact name of registrant as specified in its charter) (State ...

Palomar Holdings, Inc. (NASDAQ:PLMR) Q4 2023 Earnings Conference Call February 15, 2024 12:00 PM ET Company Participants Mac Armstrong - Chairman and CEO Chris Uchida - CFO Jon Christianson - President Conference Call Participants Paul Newsome - Piper Sandler Mark Hughes - Truist Securities Andrew Andersen - Jefferies Meyer Shields - KBW Pablo Singzon - JPMorgan Operator Good morning, and welcome to Palomar Holdings, Inc. Fourth Quarter and Full Year 2023 Earnings Conference Call. During today’s presentatio ...

Palomar Holdings, Inc. (NASDAQ:PLMR) Q3 2023 Earnings Conference Call November 2, 2023 12:00 PM ET Company Participants Chris Uchida - CFO McDonald Armstrong - Founder, CEO & Chairman Jon Christianson - President Conference Call Participants Mark Hughes - Truist Securities Andrew Lambert - Piper Sandler David Motemaden - Evercore ISI Meyer Shields - KBW Andrew Andersen - Jefferies Pablo Singzon - JPMorgan Chase & Co. Operator Good morning, and welcome to the Palomar Holdings Third Quarter 2023 Earnings Conf ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-38873 Palomar Holdings, Inc. (Exact name of registrant as specified in its charte ...

Palomar Holdings, Inc. (NASDAQ:PLMR) Q2 2023 Earnings Conference Call August 3, 2023 12:00 PM ET Company Participants Chris Uchida - Chief Financial Officer Mac Armstrong - Chairman and CEO Jon Christianson - President Conference Call Participants Tracy Benguigui - Barclays Mark Hughes - Truist Securities David Motemaden - Evercore ISI Andrew Andersen - Jefferies Pablo Singzon - JPMorgan Operator Good morning. And welcome to the Palomar Holdings, Inc. Second Quarter 2023 Earnings Conference Call. During tod ...