Palomar Holdings, Inc. reported significant financial growth in its latest quarterly results, with total revenues reaching $174.6 million for the three months ended March 31, 2025, a 47.3% increase from $118.5 million in the same period last year. The company’s net income also saw a substantial rise, climbing to $42.9 million, or $1.61 per share, compared to $26.4 million, or $1.06 per share, in the prior year. This growth was primarily driven by a 20.1% increase in gross written premiums, which totaled $442.2 million, up from $368.1 million in the first quarter of 2024.
The company experienced notable changes in its operational metrics, with net written premiums increasing by 51.1% to $211.4 million, reflecting strong performance across various product lines, particularly in Casualty and Earthquake insurance. The net earned premiums also rose significantly, up 52.1% to $164.1 million. The increase in gross written premiums was attributed to a higher volume of policies, strong retention rates, and the expansion of distribution partnerships. Additionally, Palomar's acquisition of First Indemnity of America Insurance Co. (FIA) at the beginning of 2025 contributed to the growth in premium volume.
In terms of operational developments, Palomar's total assets increased to $2.43 billion as of March 31, 2025, compared to $2.26 billion at the end of 2024. The company’s investment portfolio also grew, with total investments reaching $1.05 billion, up from $987.7 million. The company reported a cash and cash equivalents balance of $119.3 million, reflecting a strong liquidity position. The employee headcount increased to 400, up from 350, indicating growth in operational capacity to support the expanding business.
Looking ahead, Palomar Holdings expressed optimism about its growth trajectory, citing a strong market position and the potential for further expansion in its product offerings. The company is currently in the market for a 144A catastrophe bond, which is expected to close in the second quarter of 2025, further enhancing its capital structure. Management remains focused on leveraging its underwriting expertise and innovative solutions to capture additional market share in the specialty insurance sector.
About Palomar Holdings, Inc.
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