Palomar raises FY2024 adj. net income guidance to $122M-$128M; reinsurance renewal completed

Palomar Holdings, Inc.

FY2024 adjusted net income guidance raised to $122M-$128M from $113M-$118M.
Reinsurance coverage extended to $3.06B for earthquake, $735M for Hawaii hurricane, $117.5M for continental U.S. hurricane.
Per-occurrence retention reduced to $15.5M for hurricane (from $17.5M) and remains $20M for earthquake.
$420M of earthquake limit sourced via new catastrophe bond Torrey Pines Re Series 2024-1, the fifth ILS sponsored.
Reinsurance panel of 90 reinsurers/ILS investors, all A- or better or fully collateralized; $895M multi-year ILS capacity.

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