Financial Data and Key Metrics Changes - Adjusted net income for Q3 2024 was $32.4 million, or $1.23 per share, representing a 39% increase from $23.3 million, or $0.92 per share, in Q3 2023 [45] - Adjusted underwriting income increased to $31 million from $25 million year-over-year [46] - Adjusted combined ratio was 77.1% for Q3 2024, up from 70.9% in Q3 2023, while the adjusted return on equity was 21%, down from 22.3% [46][47] Business Line Data and Key Metrics Changes - Earthquake business gross written premium grew by 19%, with residential earthquake business showing strong new business growth and high policy retention [15] - Casualty premiums increased by 91% year-over-year, with standout classes like real estate errors and omissions growing by 40% [26] - Crop premiums reached $60 million in Q3, with year-to-date premiums exceeding $100 million compared to $12.1 million last year [33][35] Market Data and Key Metrics Changes - The company experienced a 32% increase in gross written premiums, totaling $415 million in Q3 2024 [48] - Hawaii Hurricane premiums grew by 74% in Q3, driven by a 23% rate increase approved in the previous quarter [23] - The attritional loss ratio for Q3 was 20.2%, reflecting strong performance in property lines despite elevated catastrophe losses [54][105] Company Strategy and Development Direction - The company aims to achieve strong premium growth across its portfolio, focusing on segments with the best risk-adjusted returns [9] - A strategic imperative includes navigating market dislocation and diversifying the business, supported by a $160 million equity issuance [10] - The company is committed to delivering consistent earnings and scaling the organization, with significant investments in talent acquisition [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining high teen growth rates for the earthquake business, despite competitive pressures [64] - The company anticipates a favorable trend in net earned premium ratios moving forward, expecting Q3 to be the low point [68] - Management highlighted the importance of diversifying into crop insurance as a stabilizing factor against property market volatility [78] Other Important Information - The company raised $160 million through equity issuance to strengthen its balance sheet and support growth initiatives [10] - The acquisition of FIA, a surety insurer, is expected to close in early 2025, with no financial contribution anticipated in Q4 2024 [41] - The company’s stockholder's equity reached $703.3 million, reflecting consistent profitable growth [59] Q&A Session Summary Question: Growth prospects for the earthquake business next year - Management feels positive about growth prospects, expecting 18% to 20% growth for 2024, with a balanced approach between residential and commercial segments [64] Question: Impact of mix of business versus pricing on earned premium ratio - The increase in the earned premium ratio is attributed to a combination of rate, mix, and strong performance in excess of loss placements [66][68] Question: Profitability of property businesses over time - The property portfolio has generally been profitable, with some underperformers being monitored and exposure reduced [77] Question: Crop business as a diversifier - The crop business is viewed as a strong diversifier, uncorrelated with property market cycles, and expected to contribute steadily to earnings [78][79] Question: Catastrophe losses and expected levels - Management expects catastrophe losses to stabilize around 3 to 4 points on the combined ratio, with adjustments made to reduce exposure [84] Question: Underwriting expense ratio expectations - The underwriting expense ratio is expected to stabilize in the mid-6% to 7% range as the business scales, with ongoing investments in talent [86][87]

Palomar Holdings, Inc.  (PLMR) reported third-quarter 2024 operating income of $1.23 per share, which beat the Zacks Consensus Estimate by 13.9%. The bottom line increased 33.7% year over year. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Palomar witnessed higher premiums, improved adjusted underwriting income and higher yields on invested assets, partly offset by higher losses and loss adjustment expenses, as well as underwriting expenses. Palomar incurred higher-than-expected c ...

For the quarter ended September 2024, Palomar (PLMR) reported revenue of $145.77 million, up 57.9% over the same period last year. EPS came in at $1.23, compared to $0.92 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $134.72 million, representing a surprise of +8.20%. The company delivered an EPS surprise of +13.89%, with the consensus EPS estimate being $1.08.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ho ...

Palomar (PLMR) came out with quarterly earnings of $1.23 per share, beating the Zacks Consensus Estimate of $1.08 per share. This compares to earnings of $0.92 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.89%. A quarter ago, it was expected that this insurance holding company would post earnings of $1.12 per share when it actually produced earnings of $1.25, delivering a surprise of 11.61%.Over the last four quarters, th ...

LA JOLLA, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $30.5 million, or $1.15 per diluted share, for the third quarter of 2024 compared to net income of $18.4 million, or $0.73 per diluted share, for the third quarter of 2023. Adjusted net income(1) was $32.4 million, or $1.23 per diluted share, for the third quarter of 2024 as compared to $23.3 million, or $0.92 per diluted share, for the third quarter of 2023. Third Quarter ...

Exhibit 99.1 Palomar Holdings, Inc. Reports Third Quarter 2024 Results LA JOLLA, Calif. (November 4, 2024) — Palomar Holdings, Inc. (NASDAQ:PLMR) ("Palomar" or "Company") reported net income of $30.5 million, or $1.15 per diluted share, for the third quarter of 2024 compared to net income of $18.4 million, or $0.73 per diluted share, for the third quarter of 2023. Adjusted net income(1) was $32.4 million, or $1.23 per diluted share, for the third quarter of 2024 as compared to $23.3 million, or $0.92 per di ...

LA JOLLA, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ: PLMR) (the "Company") today announced that it will release its third quarter 2024 results after the market close on Monday, November 4, 2024, and will host a conference call at 12:00 p.m. (Eastern Time) the following day, Tuesday, November 5, 2024. The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689- 8573, and requesting to be joined to the Palomar Third Quarter 2024 Ear ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Palomar (PLMR) , which belongs to the Zacks Insurance - Property and Casualty industry. When looking at the last two reports, this insurance holding company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 15.04%, on average, in the last two quarters. For the most recent quarter, Palomar was expected to post e ...

NEW YORK, Oct. 10, 2024 /PRNewswire/ -- The Mechanic Group, a division of Specialty Program Group (SPG), is proud to announce the enhancement of its "Best In Class" Security Alarm & Investigator Program in partnership with Palomar Excess and Surplus Insurance Company (PESIC), a subsidiary of Palomar Holdings, Inc. (Palomar). PESIC has a financial strength rating of "A" (Excellent) from AM Best. This partnership strengthens The Mechanic Group's ability to deliver Best in Class General Liability and Umbrella ...

Shares of Palomar Holdings (PLMR) closed at $97.48 on Wednesday, near a 52-week high of $100.29. New business, strong premium retention rates for existing business and renewals of existing policies, better pricing and effective capital deployment are driving shares higher. Shares of PLMR have gained 20% in the past three months, outperforming the industry's growth of 11.1%, the Finance sector's increase of 1.5% and the Zacks S&P 500 composite's increase of 3.8%. PLMR shares are trading well above the 50-day ...