Quarterly ResultMay 6, 2026, 04:18 PM
Palomar Q1 Adjusted Net Income +23.1% to $63.1M; GWP +42.4%
AI Summary
Palomar Holdings reported strong first-quarter 2026 results, with adjusted net income increasing 23.1% to $63.1 million and gross written premiums growing 42.4% to $629.8 million. Net income remained stable at $42.9 million. The company also announced a new $200 million share repurchase program and provided a full-year 2026 adjusted net income outlook of $262 million to $278 million. The results reflect profitable growth across all product categories, including the impact of the Gray Casualty & Surety Company acquisition.
Key Highlights
- Adjusted net income increased 23.1% to $63.1 million, or $2.31 per diluted share, for Q1 2026.
- Gross written premiums increased 42.4% to $629.8 million in Q1 2026.
- Net income was $42.9 million, or $1.57 per diluted share, for Q1 2026, a 0.1% increase.
- Adjusted combined ratio was 76.0% in Q1 2026, compared to 68.5% in Q1 2025.
- Board approved a new share repurchase program of up to $200 million through May 6, 2028.
- Net investment income increased 49.0% to $18.0 million in Q1 2026.
- Q1 2026 results include two months of activity from The Gray Casualty & Surety Company acquisition.
- Casualty GWP increased 55.0% to $206.3 million; Surety & Credit GWP increased 130.7% to $31.9 million.