Palomar Holdings Reports 27% Increase in Gross Written Premiums to $630.5 Million

Palomar Holdings, Inc. reported significant financial growth in its latest quarterly filing, with gross written premiums reaching $630.5 million for the three months ended June 30, 2026, a 27% increase from $496.3 million in the same period last year. For the first half of 2026, gross written premiums totaled $1.26 billion, up 34.3% from $938.5 million in the prior year. The company’s net income for the second quarter was $52.6 million, reflecting a 13% increase from $46.5 million in the previous year, while net income for the first half rose to $95.5 million, a 6.8% increase from $89.5 million.

The company experienced notable changes in its operational metrics, with net written premiums increasing by 41.5% to $325.2 million in Q2 2026, driven by strong performance in its Casualty and Crop lines. The net earned premiums also saw a substantial rise of 59.5%, reaching $287 million for the quarter. However, losses and loss adjustment expenses surged by 114.3% to $99 million, attributed to higher attritional losses in various lines of business, particularly in Casualty and Crop.

Strategically, Palomar completed the acquisition of Gray Surety in January 2026 for approximately $314 million, funded through a new $300 million term loan. This acquisition is expected to enhance the company’s surety platform and has already contributed $21.6 million in revenue for the quarter. The company also announced a cash dividend of $0.45 per share, marking its first dividend declaration, which is set to be paid on September 2, 2026.

Operationally, Palomar's total assets increased to $3.96 billion as of June 30, 2026, up from $3.05 billion at the end of 2025. The company’s investments also grew significantly, with total investments reaching $1.68 billion, up from $1.35 billion. The company’s employee headcount has expanded as it continues to grow its business, although specific figures were not disclosed in the filing. Looking ahead, Palomar Holdings anticipates continued growth driven by its strategic initiatives and market opportunities, despite the challenges posed by rising loss expenses and competitive pressures in the insurance industry.