Palomar Q2 net income $12.3M, gross written premiums +54% YoY; guides FY adj net income $64-69M

Palomar Holdings, Inc.

2021-Q2 EPS reported $1.11 revenue$106,959,000

Gross written premiums surged 54.4% to $129.4M vs $83.8M prior year; net income $12.3M ($0.47 diluted) vs $12.0M ($0.48).
Adjusted net income $13.2M ($0.51 diluted); combined ratio 76.0% vs 68.4% prior, impacted by $3.9M Winter Storm Uri reinsurance charges.
Full-year 2021 adjusted net income guidance: $64M to $69M; company repurchased 239,000 shares for $15.8M under $40M authorization.
E&S business gross written premium $34.1M, up 43% sequentially; reinsurance coverage increased to $1.65B for earthquakes and $700M for hurricanes.
Cash and invested assets $427.8M; stockholders' equity $376.7M.

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