Palomar Holdings, Inc. Reports First Quarter 2025 Results

LA JOLLA, Calif., May 05, 2025 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $42.9 million, or $1.57 per diluted share, for the first quarter of 2025 compared to net income of $26.4 million, or $1.04 per diluted share, for the first quarter of 2024. Adjusted net income(1) was $51.3 million, or $1.87 per diluted share, for the first quarter of 2025 as compared to $27.8 million, or $1.09 per diluted share, for the first quarter of 2024. First Quarter 2025 Highlights Gross written premiums increased by 20.1% to $442.2 million compared to $368.1 million in the first quarter of 2024Net income of $42.9 million compared to $26.4 million in the first quarter of 2024Adjusted net income(1) increased 84.6% to $51.3 million compared to $27.8 million in the first quarter of 2024Total loss ratio of 23.6% compared to 24.9% in the first quarter of 2024Catastrophe loss ratio(1) of -0.3% compared to 3.1% in the first quarter of 2024Combined ratio of 73.1% compared to 76.9% in the first quarter of 2024Adjusted combined ratio(1) of 68.5% compared to 73.0%, in the first quarter of 2024Adjusted combined ratio excluding catastrophe losses(1) of 68.9% compared to 69.8%, in the first quarter of 2024Annualized return on equity of 22.6% compared to 21.7% in the first quarter of 2024Annualized adjusted return on equity(1) of 27.0% compared to 22.9% in the first quarter of 2024 (1) See discussion of “Non-GAAP and Key Performance Indicators” below. Mac Armstrong, Chairman and Chief Executive Officer, commented, “I am very pleased with our strong start to 2025, as our first quarter saw sustained gross written premium growth and record adjusted net income. The quarter featured 85% adjusted net income growth, a 69% adjusted combined ratio, and a 27% adjusted ROE. Our results demonstrate our continued execution of the Palomar 2X strategic imperative as well as concerted efforts to build a leading specialty insurance franchise with a resilient and diversified portfolio.  Our 20% gross written premium growth was driven by both new products like Crop and Casualty as well as our balanced mix of residential and commercial property products. Importantly, our same-store premium growth rate was 37%(2), demonstrating the strong underlying momentum that exists across our portfolio of specialty products.”   Mr. Armstrong continued, “Beyond our financial performance, we remain focused on executing all our 2025 strategic imperatives. We continue to make investments across our organization, including the successful acquisition of Advanced AgProtection. This acquisition enhances the talent and operational scale of our Crop franchise and is expected to strengthen the near-term and long-term prospects of Palomar.”  (2) Excludes the impact of lines of business exited or discontinued since prior year. Underwriting Results Gross written premiums increased 20.1% to $442.2 million compared to $368.1 million in the first quarter of 2024, while net earned premiums increased 52.1% compared to the prior year’s first quarter. Losses and loss adjustment expenses for the first quarter were $38.7 million, comprised of $39.2 million of attritional losses, offset by $0.5 million of favorable development on prior year catastrophe events. The loss ratio for the quarter was 23.6%, comprised of an attritional loss ratio of 23.9% and a catastrophe loss ratio(1) of -0.3% compared to a loss ratio of 24.9% during the same period last year comprised of an attritional loss ratio of 21.8% and a catastrophe loss ratio(1) of 3.1%. Underwriting income(1) for the first quarter was $44.1 million resulting in a combined ratio of 73.1% compared to underwriting income of $25.0 million resulting in a combined ratio of 76.9% during the same period last year. The Company’s adjusted underwriting income(1) was $51.6 million resulting in an adjusted combined ratio(1) of 68.5% in the first quarter compared to adjusted underwriting income(1) of $29.2 million and an adjusted combined ratio(1) of 73.0% during the same period last year. The Company's adjusted combined ratio excluding catastrophe losses(1) was 68.9% compared to 69.8% during the same period last year. Investment ResultsNet investment income increased by 69.1% to $12.1 million compared to $7.1 million in the prior year’s first quarter. The increase was primarily due to higher yields on invested assets and a higher average balance of investments held during the three months ended March 31, 2025 due to cash generated from operations and proceeds from the August 2024 public offering. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.09 years at March 31, 2025. Cash and invested assets totaled $1.2 billion at March 31, 2025. During the first quarter, the Company recorded $2.3 million net realized and unrealized losses related to its investment portfolio as compared to net realized and unrealized gains of $3.0 million during the same period last year. Tax RateThe effective tax rate for the three months ended March 31, 2025 was 20.1% compared to 23.2% for the three months ended March 31, 2024. For the current quarter, the Company’s income tax rate differed from the statutory rate due primarily to the tax impact of the permanent component of employee stock options offset by non-deductible executive compensation expense. Stockholders’ Equity and ReturnsStockholders' equity was $790.4 million at March 31, 2025, compared to $501.7 million at March 31, 2024. For the three months ended March 31, 2025, the Company’s annualized return on equity was 22.6% compared to 21.7% for the same period in the prior year while adjusted return on equity(1) was 27.0% compared to 22.9% for the same period in the prior year. Full Year 2025 OutlookFor the full year 2025, the Company expects to achieve adjusted net income of $186 million to $200 million, an increase from the Company’s initial outlook of adjusted net income of $180 million to $192 million. This range includes an estimate of $8 million to $12 million of catastrophe losses for the remainder of the year. Conference CallAs previously announced, Palomar will host a conference call Tuesday, May 6, 2025, to discuss its first quarter 2025 results at 12:00 p.m. (Eastern Time). The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar First Quarter 2025 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on May 6, 2025, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13752911. The replay will be available until 11:59 p.m. (Eastern Time) on May 13, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at http://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call. About Palomar Holdings, Inc.Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. ("PUEO"), First Indemnity of America Insurance Co. ("FIA"), and Palomar Crop Insurance Services, Inc. ("PCIS"). Palomar's consolidated results also include Laulima Exchange ("Laulima"), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best. To learn more, visit PLMR.com. Non-GAAP and Key Performance Indicators Palomar discusses certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance. Underwriting revenue is a non-GAAP financial measure defined as total revenue, excluding net investment income and net realized and unrealized gains and losses on investments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of total revenue calculated in accordance with GAAP to underwriting revenue. Underwriting income is a non-GAAP financial measure defined as income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, and interest expense. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to underwriting income. Adjusted net income is a non-GAAP financial measure defined as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. Palomar calculates the tax impact only on adjustments which would be included in calculating the Company’s income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of net income calculated in accordance with GAAP to adjusted net income. Annualized Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. Annualized adjusted return on equity is a non-GAAP financial measure defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of return on equity calculated using unadjusted GAAP numbers to adjusted return on equity. Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses, to net earned premiums. Expense ratio, expressed as a percentage, is the ratio of acquisition and other underwriting expenses, net of commission and other income to net earned premiums. Combined ratio is defined as the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss. Adjusted combined ratio is a non-GAAP financial measure defined as the sum of the loss ratio and the expense ratio calculated excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio. Diluted adjusted earnings per share is a non-GAAP financial measure defined as adjusted net income divided by the weighted-average common shares outstanding for the period, reflecting the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of diluted earnings per share calculated in accordance with GAAP to diluted adjusted earnings per share. Catastrophe loss ratio is a non-GAAP financial measure defined as the ratio of catastrophe losses to net earned premiums. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of loss ratio calculated using unadjusted GAAP numbers to catastrophe loss ratio. Adjusted combined ratio excluding catastrophe losses is a non-GAAP financial measure defined as adjusted combined ratio excluding the impact of catastrophe losses. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio excluding catastrophe losses. Adjusted underwriting income is a non-GAAP financial measure defined as underwriting income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to adjusted underwriting income. Tangible stockholders’ equity is a non-GAAP financial measure defined as stockholders’ equity less goodwill and intangible assets. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of stockholders’ equity calculated in accordance with GAAP to tangible stockholders’ equity. Safe Harbor StatementPalomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words "believe," "expect," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. ContactMedia Inquiries Lindsay Conner 1-551-206-6217 lconner@plmr.com Investor RelationsJamie Lillis1-203-428-3223investors@plmr.com Source: Palomar Holdings, Inc. Summary of Operating Results: The following tables summarize the Company’s results for the three months ended March 31, 2025 and 2024: Three Months Ended March 31, 2025 2024 Change % Change ($ in thousands, except per share data) Gross written premiums $442,163 $368,078 $74,085 20.1%Ceded written premiums (230,745) (228,171) (2,574) 1.1%Net written premiums 211,418 139,907 71,511 51.1%Net earned premiums 164,070 107,866 56,204 52.1%Commission and other income 830 528 302 57.2%Total underwriting revenue (1) 164,900 108,394 56,506 52.1%Losses and loss adjustment expenses 38,743 26,837 11,906 44.4%Acquisition expenses, net of ceding commissions and fronting fees 46,359 31,798 14,561 45.8%Other underwriting expenses 35,733 24,804 10,929 44.1%Underwriting income (1) 44,065 24,955 19,110 76.6%Interest expense (85) (740) 655 (88.5)%Net investment income 12,071 7,139 4,932 69.1%Net realized and unrealized (losses) gains on investments (2,338) 3,002 (5,340) (177.9)%Income before income taxes 53,713 34,356 19,357 56.3%Income tax expense 10,791 7,974 2,817 35.3%Net income $42,922 $26,382 $16,540 62.7%Adjustments: Net realized and unrealized losses (gains) on investments 2,338 (3,002) 5,340 (177.9)%Expenses associated with transactions 2,088 — 2,088 —%Stock-based compensation expense 4,745 3,820 925 24.2%Amortization of intangibles 707 390 317 81.3%Tax impact (1,494) 204 (1,698) NM Adjusted net income (1) $51,306 $27,794 $23,512 84.6%Key Financial and Operating Metrics Annualized return on equity 22.6% 21.7% Annualized adjusted return on equity (1) 27.0% 22.9% Loss ratio 23.6% 24.9% Expense ratio 49.5% 52.0% Combined ratio 73.1% 76.9% Adjusted combined ratio (1) 68.5% 73.0% Diluted earnings per share $1.57 $1.04 Diluted adjusted earnings per share (1) $1.87 $1.09 Catastrophe losses $(542) $3,359 Catastrophe loss ratio (1) (0.3)% 3.1% Adjusted combined ratio excluding catastrophe losses (1) 68.9% 69.8% Adjusted underwriting income (1) $51,605 $29,165 $22,440 76.9%NM - not meaningful (1) Indicates Non-GAAP financial measure - see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP. Condensed Consolidated Balance sheets Palomar Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) (in thousands, except shares and par value data) March 31, December 31, 2025 2024 (Unaudited) Assets Investments: Fixed maturity securities available for sale, at fair value (amortized cost: $1,015,892 in 2025; $973,330 in 2024) $991,759 $939,046 Equity securities, at fair value (cost: $44,462 in 2025; $32,987 in 2024) 44,367 40,529 Equity method investment 2,259 2,277 Other investments 11,031 5,863 Total investments 1,049,416 987,715 Cash and cash equivalents 119,312 80,438 Restricted cash 15 101 Accrued investment income 8,590 8,440 Premiums receivable 334,247 305,724 Deferred policy acquisition costs, net of ceding commissions and fronting fees 102,861 94,881 Reinsurance recoverable on paid losses and loss adjustment expenses 30,361 47,076 Reinsurance recoverable on unpaid losses and loss adjustment expenses 361,227 348,083 Ceded unearned premiums 295,275 276,237 Prepaid expenses and other assets 92,292 91,086 Deferred tax assets, net 5,596 8,768 Property and equipment, net 2,393 429 Goodwill and intangible assets, net 24,925 13,242 Total assets $2,426,510 $2,262,220 Liabilities and stockholders' equity Liabilities: Accounts payable and other accrued liabilities $65,405 $70,079 Reserve for losses and loss adjustment expenses 543,889 503,382 Unearned premiums 813,462 741,692 Ceded premium payable 179,105 190,168 Funds held under reinsurance treaty 34,200 27,869 Total liabilities 1,636,061 1,533,190 Stockholders' equity: Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024 — — Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,735,132 and 26,529,402 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 3 3 Additional paid-in capital 501,950 493,656 Accumulated other comprehensive loss (16,642) (26,845)Retained earnings 305,138 262,216 Total stockholders' equity 790,449 729,030 Total liabilities and stockholders' equity $2,426,510 $2,262,220 Condensed Consolidated Income Statement Palomar Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Income and Comprehensive Income (loss) (Unaudited) (in thousands, except shares and per share data) Three Months Ended March 31, 2025 2024 Revenues: Gross written premiums $442,163 $368,078 Ceded written premiums (230,745) (228,171)Net written premiums 211,418 139,907 Change in unearned premiums (47,348) (32,041)Net earned premiums 164,070 107,866 Net investment income 12,071 7,139 Net realized and unrealized (losses) gains on investments (2,338) 3,002 Commission and other income 830 528 Total revenues 174,633 118,535 Expenses: Losses and loss adjustment expenses 38,743 26,837 Acquisition expenses, net of ceding commissions and fronting fees 46,359 31,798 Other underwriting expenses 35,733 24,804 Interest expense 85 740 Total expenses 120,920 84,179 Income before income taxes 53,713 34,356 Income tax expense 10,791 7,974 Net income $42,922 $26,382 Other comprehensive income, net: Net unrealized gains (losses) on securities available for sale 10,203 (2,514)Net comprehensive income $53,125 $23,868 Per Share Data: Basic earnings per share $1.61 $1.06 Diluted earnings per share $1.57 $1.04 Weighted-average common shares outstanding: Basic 26,658,106 24,862,367 Diluted 27,399,997 25,468,564 Underwriting Segment Data The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (GWP) by product, location and company are presented below: Three Months Ended March 31, 2025 2024 ($ in thousands) % of % of % Amount GWP Amount GWP Change Change Product Earthquake $130,245 29.5% $105,729 28.7% $24,516 23.2%Casualty 110,487 25.0% 51,935 14.1% 58,552 112.7%Inland Marine and Other Property 99,284 22.5% 76,876 20.9% 22,408 29.1%Fronting 53,927 12.2% 94,831 25.8% (40,904) (43.1)%Crop 48,220 10.9% 38,707 10.5% 9,513 24.6%Total Gross Written Premiums $442,163 100.0% $368,078 100.0% $74,085 20.1% Three Months Ended March 31, 2025 2024 ($ in thousands) % of % of Amount GWP Amount GWP State California $139,723 31.6% $157,217 42.7%Texas 44,991 10.2% 40,795 11.1%Hawaii 20,358 4.6% 12,516 3.4%Florida 18,641 4.2% 13,924 3.8%Washington 15,669 3.5% 12,002 3.3%New York 14,597 3.3% 8,030 2.2%New Mexico 12,395 2.8% 7,469 2.0%Colorado 12,168 2.8% 9,605 2.6%Other 163,621 37.0% 106,520 28.9%Total Gross Written Premiums $442,163 100.0% $368,078 100.0% Three Months Ended March 31, 2025 2024 ($ in thousands) % of % of Amount GWP Amount GWP Subsidiary PSIC $230,917 52.2% $222,657 60.5%PESIC 190,786 43.1% 136,493 37.1%Laulima 16,037 3.7% 8,928 2.4%FIA 4,423 1.0% — —%Total Gross Written Premiums $442,163 100.0% $368,078 100.0% Gross and net earned premiums The table below shows the amount of premiums the Company earned on a gross and net basis and the Company’s net earned premiums as a percentage of gross earned premiums for each period presented: Three Months Ended March 31, 2025 2024 Change % Change ($ in thousands) Gross earned premiums $375,776 $302,872 $72,904 24.1%Ceded earned premiums (211,706) (195,006) (16,700) 8.6%Net earned premiums $164,070 $107,866 $56,204 52.1% Net earned premium ratio 43.7% 35.6% Loss detail Three Months Ended March 31, 2025 2024 Change % Change ($ in thousands) Catastrophe losses $(542) $3,359 $(3,901) (116.1)%Non-catastrophe losses 39,285 23,478 15,807 67.3%Total losses and loss adjustment expenses $38,743 $26,837 $11,906 44.4% Catastrophe loss ratio (0.3)% 3.1% Non-catastrophe loss ratio 23.9% 21.8% Total loss ratio 23.6% 24.9% The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses: Three Months Ended March 31, 2025 2024 (in thousands) Reserve for losses and LAE net of reinsurance recoverables at beginning of period $155,299 $97,653 Add: Balance acquired from FIA(1) 6,788 — Add: Incurred losses and LAE, net of reinsurance, related to: Current year 43,059 26,333 Prior years (4,316) 504 Total incurred 38,743 26,837 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 4,998 4,895 Prior years 13,170 9,432 Total payments 18,168 14,327 Reserve for losses and LAE net of reinsurance recoverables at end of period 182,662 110,163 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 361,227 292,024 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period $543,889 $402,187 (1) Represents amounts recognized in Reserve for losses and LAE net of reinsurance recoverables upon acquisition of FIA on 1/1/2025, in accordance with ASC 805, Business Combinations. Reconciliation of Non-GAAP Financial Measures For the three months ended March 31, 2025 and 2024, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows: Underwriting revenue Three Months Ended March 31, 2025 2024 (in thousands) Total revenue $174,633 $118,535 Net investment income (12,071) (7,139)Net realized and unrealized losses (gains) on investments 2,338 (3,002)Underwriting revenue $164,900 $108,394 Underwriting income and adjusted underwriting income Three Months Ended March 31, 2025 2024 (in thousands) Income before income taxes $53,713 $34,356 Net investment income (12,071) (7,139)Net realized and unrealized losses (gains) on investments 2,338 (3,002)Interest expense 85 740 Underwriting income $44,065 $24,955 Expenses associated with transactions 2,088 — Stock-based compensation expense 4,745 3,820 Amortization of intangibles 707 390 Adjusted underwriting income $51,605 $29,165 Adjusted net income Three Months Ended March 31, 2025 2024 (in thousands) Net income $42,922 $26,382 Adjustments: Net realized and unrealized losses (gains) on investments 2,338 (3,002)Expenses associated with transactions 2,088 — Stock-based compensation expense 4,745 3,820 Amortization of intangibles 707 390 Tax impact (1,494) 204 Adjusted net income $51,306 $27,794 Annualized adjusted return on equity Three Months Ended March 31, 2025 2024 (in thousands) Annualized adjusted net income $205,224 $111,176 Average stockholders' equity $759,739 $486,455 Annualized adjusted return on equity 27.0% 22.9% Adjusted combined ratio Three Months Ended March 31, 2025 2024 (in thousands) Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $120,005 $82,911 Denominator: Net earned premiums $164,070 $107,866 Combined ratio 73.1% 76.9%Adjustments to numerator: Expenses associated with transactions $(2,088) $— Stock-based compensation expense (4,745) (3,820)Amortization of intangibles (707) (390)Adjusted combined ratio 68.5% 73.0% Diluted adjusted earnings per share Three Months Ended March 31, 2025 2024 (in thousands, except per share data) Adjusted net income $51,306 $27,794 Weighted-average common shares outstanding, diluted 27,399,997 25,468,564 Diluted adjusted earnings per share $1.87 $1.09 Catastrophe loss ratio Three Months Ended March 31, 2025 2024 (in thousands) Numerator: Losses and loss adjustment expenses $38,743 $26,837 Denominator: Net earned premiums $164,070 $107,866 Loss ratio 23.6% 24.9% Numerator: Catastrophe losses $(542) $3,359 Denominator: Net earned premiums $164,070 $107,866 Catastrophe loss ratio (0.3)% 3.1% Adjusted combined ratio excluding catastrophe losses Three Months Ended March 31, 2025 2024 (in thousands) Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $120,005 $82,911 Denominator: Net earned premiums $164,070 $107,866 Combined ratio 73.1% 76.9%Adjustments to numerator: Expenses associated with transactions $(2,088) $— Stock-based compensation expense (4,745) (3,820)Amortization of intangibles (707) (390)Catastrophe losses 542 (3,359)Adjusted combined ratio excluding catastrophe losses 68.9% 69.8% Tangible Stockholders’ equity March 31, December 31, 2025 2024 (in thousands) Stockholders' equity $790,449 $729,030 Goodwill and intangible assets (24,925) (13,242)Tangible stockholders' equity $765,524 $715,788

Palomar Holdings, Inc. Reports First Quarter 2025 Results

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