Palomar Q2 net income $25.7M ($1.00 EPS) vs $17.6M; guidance raised to $124-130M adjusted net income

Palomar Holdings, Inc.

2024-Q2 EPS reported $2.04 revenue$249,603,000

Gross written premiums surged 40.4% to $385.2M; net earned premiums up 47.1% YoY.
Adjusted net income of $32.0M ($1.25 diluted EPS) vs $21.8M ($0.86) year ago.
Combined ratio of 79.1% (adjusted 73.1%); attritional loss ratio 22.1%, catastrophe ratio 2.8%.
FY 2024 adjusted net income guidance raised to $124-130M; includes ~$5-7M from Hurricanes Beryl/Debby.
Annualized adjusted ROE of 24.7% vs 21.3%; AM Best upgraded financial strength rating to A.

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