Palomar updates FY2022 adjusted net income guidance to $82-85M, reduces continental wind PML to $100M

Palomar Holdings, Inc.

Q3 2022 GWP of $253M, up 66% YoY; same-store growth 30% excluding Fronting.
FY2022 adjusted net income guidance $82-85M (48% growth at midpoint), includes Hurricane Ian reinsurance cost.
Reducing continental wind PML from $250M to $100M to manage catastrophe exposure.
$675M of cat XOL tower is multi-year via Torrey Pines Re cat bonds, not renewing in 2023.
Adjusted ROE floor of approximately 14% for FY2022 with aggregate reinsurance program.

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