Palomar completes 6/1 reinsurance renewal, raises FY 2023 adjusted net income guidance to $88M-$92M

Palomar Holdings, Inc.

Reinsurance coverage exhausts at $2.68B for earthquake, $900M for Hawaii hurricane, $100M for continental US hurricane.
Per occurrence catastrophe retention remains $17.5M after-tax, within management's previously stated guideposts.
Purchased ~$550M of reinsurance limit for earthquake franchise growth; $200M via new catastrophe bond Torrey Pines Re Series 2023-1.
Raised full year 2023 adjusted net income guidance to $88M-$92M.

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