Quarterly ResultMay 8, 2026, 06:08 AM
Palomar Holdings Q1 Net Income $42.9M; Premiums Up 42.4%
AI Summary
Palomar Holdings reported flat net income of $42.9 million for Q1 2026, despite a 42.4% increase in gross written premiums to $629.8 million. Total revenues grew by 59.7% to $278.9 million. The quarter saw significant investing activities, including the acquisition of The Gray Casualty and Surety Company, funded in part by a new term loan of $297.4 million, and share repurchases totaling $23.1 million.
Key Highlights
- Net income remained flat at $42.9 million for Q1 2026, compared to $42.9 million in Q1 2025.
- Gross written premiums increased by 42.4% to $629.8 million from $442.2 million year-over-year.
- Net earned premiums rose by 59.3% to $261.4 million, up from $164.1 million in the prior year.
- Net investment income increased by 49.0% to $18.0 million, compared to $12.1 million in Q1 2025.
- Acquisitions, net of cash, used $246.3 million in cash, primarily for Gray Casualty and Surety Company.
- The company secured a new term loan of $297.4 million during the quarter.
- Share repurchases amounted to $23.1 million for the three months ended March 31, 2026.
- Favorable prior year loss development was $10.3 million, mainly from Inland Marine and Property.