The following is a summary of the Palomar Holdings, Inc. (PLMR) Q1 2024 Earnings Call Transcript:
Financial Performance:
Palomar reported significant growth in premium rates with a 47.2% increase in gross written premium and 30% increase in net earned premium.
The Company observed a 36% increase in adjusted net income, leading to a return on equity of 22.9%.
Stockholders' equity surpassed $500 million, which helped the company advance to the AM Best Financial Size Category 10.
-Following their Palomar 2X goal, they are looking at doubling their adjusted net income in the next 3-5 years.
Business Progress:
Palomar has seen significant premium growth in various product lines. Their Casualty product line saw a 327% increase in premiums, while the Crop product line started strong, prompting revised forecasts.
The Company expects a stable rate increase across the Casualty book with professional risk management and conservative underwriting strategies.
Expansion of Fronting partnerships and investments in system capacity and underwriting resources are part of Palomar's growth strategies.
They are also targeting specific market segments like high-net-worth homeowners for Earthquake coverage.
More details: Palomar Holdings IR
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