Quarterly ResultMay 6, 2026, 04:23 PM
Palomar Q1 Adjusted Net Income +23.1% to $63.1M; $200M Buyback
AI Summary
Palomar Holdings, Inc. reported strong first quarter 2026 financial results, with adjusted net income increasing 23.1% to $63.1 million and gross written premiums growing 42.4% to $629.8 million. The company also announced a new $200 million share repurchase program, effective May 6, 2026, replacing the previous plan. These results include two months of activity from the recently acquired Gray Casualty & Surety Company.
Key Highlights
- Board approved new $200 million share repurchase plan for two years.
- Q1 2026 adjusted net income rose 23.1% to $63.1 million.
- Q1 2026 diluted adjusted EPS increased 23.5% to $2.31.
- Gross written premiums grew 42.4% to $629.8 million in Q1 2026.
- Adjusted combined ratio was 76.0% in Q1 2026.
- Annualized adjusted return on equity was 26.6% for Q1 2026.
- Full year 2026 adjusted net income outlook is $262M to $278M.
- Q1 results include two months of activity from Gray Casualty & Surety acquisition.