Welcome to our dedicated page for Palomar Holdings news (Ticker: PLMR), a resource for investors and traders seeking the latest updates and insights on Palomar Holdings stock.
Palomar Holdings, Inc. reports recurring developments as a specialty property and casualty insurance holding company serving residential and commercial clients. Company updates focus on five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop, along with the performance of insurance, reinsurance, agency, exchange and related underwriting subsidiaries.
Palomar news commonly covers quarterly and annual operating results, gross written premiums, net and adjusted income, loss ratios, catastrophe loss ratios, combined ratios and return on equity measures. Other recurring topics include capital-structure actions such as share repurchase programs, completed subsidiary acquisitions, investor presentations and conference participation.
Palomar Holdings announced the successful completion of its June 1, 2024, reinsurance programs, raising the company's full-year 2024 adjusted net income guidance to $122-$128 million from $113-$118 million.
The company secured an additional $400 million in reinsurance to support its earthquake franchise, now totaling $3.06 billion in coverage for earthquake events, $735 million for Hawaii hurricanes, and $117.5 million for continental U.S. hurricanes.
Palomar's per occurrence event retention was reduced to $15.5 million for hurricanes and remains at $20 million for earthquakes. A new $420 million catastrophe bond, Torrey Pines Re Series 2024-1, was issued as part of this coverage expansion.
The reinsurance panel includes 90 reinsurers, all rated 'A-' or better, and provides $895 million in multi-year ILS capacity. This renewal reflects better-than-expected terms and pricing, along with broad-based market support for Palomar's risk profile.
Palomar Holdings, Inc. reported a strong first quarter in 2024 with a net income of $26.4 million, a 47.2% increase in gross written premiums, and adjusted net income growth of 36.0%. The company's underwriting results improved significantly, and it raised its full-year adjusted net income guidance to $113-118 million. Palomar continues to focus on profitable growth and aims to deliver industry-leading profitability and returns.
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