earnings
confidence high
sentiment positive
materiality 0.80
Palomar Q3 adjusted EPS $1.23, premiums up 32%; guides FY adj net income $124-128M
Palomar Holdings, Inc.
2024-Q3 EPS reported
$3.19
revenue$398,105,000
- Net income $30.5M ($1.15 diluted EPS) vs $18.4M ($0.73) a year ago; adjusted net income $32.4M ($1.23).
- Gross written premiums $415.0M, up 32.2% YoY; same-store premium growth 38%.
- Combined ratio 80.5%, adjusted combined ratio 77.1%; catastrophe loss ratio 9.5% from Hurricanes Beryl, Debby, Helene.
- Full-year 2024 adjusted net income guidance $124-128M, includes ~$8M Hurricane Milton losses.
- Raised $116M in August; acquiring First Indemnity of America to enter surety market.