Core Insights - Palomar Holdings, Inc. reported a significant increase in net income, rising 60.6% to $56.2 million for Q4 2025 compared to $35 million in Q4 2024 [1] - The company achieved strong underwriting results, with gross written premiums (GWP) increasing by 31.8% to $492.6 million in Q4 2025, up from $373.7 million in Q4 2024 [3] - Net premiums written (NPW) rose by 46.3% to $247.6 million in Q4 2025, compared to $169.2 million in Q4 2024 [3] - Net premiums earned (NPE) increased 61.1% to $233.5 million in Q4 2025, compared to $144.9 million in Q4 2024 [3] Underwriting Performance - Underwriting income for Q4 2025 was $54.4 million, with a combined ratio of 76.8%, compared to $34.9 million and 75.9% for the same period in 2024 [4] - Losses and loss adjustment expenses for Q4 2025 totaled $70.9 million, including $72.9 million of attritional losses and $2.1 million of favorable development on catastrophe losses [4] - The loss ratio for the quarter was 30.4%, with an attritional loss ratio of 31.3% and a catastrophe loss ratio of -0.9%, compared to 25.7% in Q4 2024 [5] Investment Income - Palomar reported a net investment income increase of 41.3% to $16 million in Q4 2025, up from $11.3 million in Q4 2024, driven by higher yields on invested assets [6] Full-Year Results - For the full year 2025, GWP rose by 31.5% to $2 billion, compared to $1.5 billion in 2024 [7] - NPW increased by 49.5% to $964 million, compared to $644.8 million in 2024, while NPE rose by 57.2% to $802.6 million [7] - Underwriting income for the full year increased by 66.1% to $185.9 million compared to $111.9 million in 2024 [7] Annual Ratios - The total loss ratio for 2025 increased slightly to 28.5% from 26.4% in 2024, with the catastrophe loss ratio decreasing to -0.1% from 5.5% [8] - The FY 2025 combined ratio dipped to 76.9% compared to 78.1% in 2024 [8] - Net income for 2025 increased 67.6% to $197.1 million compared to $117.6 million in 2024 [8] Strategic Commentary - The CEO highlighted the strong fourth quarter results as a culmination of an exceptional 2025, with record adjusted net income and significant growth in gross written premiums [9] - The company emphasized its specialty product suite's capability to navigate market cycles and generate consistent returns, achieving an adjusted combined ratio of 73% and a 27% adjusted return on equity [10] - Notable accomplishments in 2025 included successful acquisitions and the addition of exceptional leaders, which are expected to sustain long-term profitable growth [11]