Palomar Holdings, Inc.

Listed Company

PLMRCIK 0001761312NasdaqLarge AcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$875.97M

Net Income

$197.07M

Total Assets

$3.05B

Equity

$942.67M

Shares Out

26.69M

Op. Cash Flow

$409.12M

Business

Palomar Holdings, Inc. is a specialty property and casualty insurance holding company that underwrites and distributes tailored insurance solutions. It offers Earthquake, Inland Marine and Other Property, Casualty, Fronting and Crop products across admitted and excess & surplus (E&S) formats, with proprietary analytics and an automated policy platform. Key operating entities include its admitted and surplus insurance subsidiaries and supporting reinsurance and program administration affiliates that underwrite, front and reinsure specialty programs. Palomar distributes through retail agents, wholesale brokers, program administrators and carrier partnerships across the United States.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gross written premiums	2,028	1,542	1,142	882	535
Ceded written premiums	−1,064	−897	−732	−525	−223
Net written premiums	964	645	410	357	312
Change in unearned premiums	−161	−134	−64	−41	−78
Net earned premiums	803	511	346	316	234
Net investment income	56	36	24	14	9
Net realized and unrealized gains on investments	12	5	3	−8	1
Commission and other income	5	3	3	4	4
Total revenues	876	554	376	327	248
Losses and loss adjustment expenses	229	135	73	79	41
Acquisition expenses, net of ceding commissions and fronting fees	217	150	108	111	95
Other underwriting expenses	176	117	88	69	54
Interest expense	392,000	1	4	873,000	40,000
Total expenses	623	403	272	260	191
Income before income taxes	253	151	104	68	57
Income tax expense	56	34	24	15	11
Net income	197	118	79	52	46
Net unrealized gains (losses) on securities available for sale	24	−3	13	−42	−8
Total comprehensive income	221	115	92	10	38
Basic earnings per share (in dollars per share)	7.4	4.61	3.19	2.07	1.8
Diluted earnings per share (in dollars per share)	7.17	4.48	3.13	2.02	1.76
Basic (in shares)	27	26	25	25	25
Diluted (in shares)	27	26	25	26	26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024)	1,224	939	644	515	433
Equity securities, at fair value (cost: $81,772 in 2025; $32,987 in 2024)	99	41	43	39	33
Equity method investment	0	2	3	0	—
Other investments	29	6	0	—	—
Total investments	1,352	988	690	554	466
Cash and cash equivalents	107	80	52	68	50
Restricted cash	17,000	101,000	306,000	56,000	87,000
Accrued investment income	12	8	5	4	3
Premiums receivable	453	306	262	163	88
Deferred policy acquisition costs, net of ceding commissions and fronting fees	128	95	61	57	56
Reinsurance recoverable on paid losses and loss adjustment expenses	56	47	32	40	29
Reinsurance recoverable on unpaid losses and loss adjustment expenses	412	348	245	154	128
Ceded unearned premiums	356	276	266	204	58
Prepaid expenses and other assets	111	91	73	44	37
Deferred tax assets, net	761,000	9	10	11	—
Property and equipment, net	3	429,000	373,000	603,000	527,000
Goodwill and intangible assets, net	61	13	12	8	—
Total assets	3,051	2,262	1,708	1,306	926
Accounts payable and other accrued liabilities	116	70	42	26	21
Reserve for losses and loss adjustment expenses	688	503	342	231	173
Unearned premiums	988	742	597	471	285
Ceded premium payable	271	190	182	146	37
Funds held under reinsurance treaty	45	28	13	11	11
Total liabilities	2,108	1,533	1,237	922	532
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	0	—
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,520,417 and 26,529,402 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	3,000	3,000	3,000	3,000	3,000
Additional paid-in capital	523	494	351	334	319
Accumulated other comprehensive loss	−3	−27	−24	−37	5
Retained earnings	422	262	145	88	70
Total stockholders' equity	943	729	471	385	394
Total liabilities and stockholders' equity	3,051	2,262	1,708	1,306	926

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	21	17	15	12	6
Depreciation and amortization expense	9	5	5	4	4
Loss on asset disposal	31,000	0	0	—	—
Amortization of premium on fixed maturity securities	−61,000	−945,000	−9,000	2	2
Deferred income tax expense (benefit)	2	2	−3	−4	641,000
Accrued investment income	−3	−3	−2	−1	−180,000
Premium receivable	−147	−44	−99	−75	−39
Deferred policy acquisition costs	−31	−34	−4	−787,000	−20
Reinsurance recoverables	−74	−118	−83	−36	−53
Ceded unearned premiums	−80	−10	−62	−146	−23
Prepaid expenses and other assets	26	−16	−25	−4	591,000
Accounts payable and other accrued liabilities	−7	29	16	5	−946,000
Reserve for losses and loss adjustment expenses	178	161	111	58	44
Unearned premiums	241	145	126	187	101
Ceded premiums payable	81	8	36	109	15
Funds held under reinsurance treaty	17	14	3	−202,000	6
Income taxes payable	0	−7	7	0	0
Net proceeds from (purchases of) derivative contracts	−10	0	0	—	—
Net cash provided by operating activities	409	261	116	170	88
Purchases of property and equipment	−137,000	−243,000	−15,000	−313,000	−18,000
Proceeds from sale of property and equipment	346,000	—	—	—	—
Capitalized software costs	−6	−6	−7	−6	−5
Purchases of fixed maturity securities	−848	−601	−234	−382	−167
Purchases of equity securities	−56	−202,000	−945,000	−11	−50
Purchase of equity method investment	0	0	−3	0	0
Sales and maturities of fixed maturity securities	615	302	120	243	120
Sales of equity securities	13	9	295,000	0	42
Change in securities receivable or payable, net	−1	−1	950,000	−950,000	2
Investments in limited partnerships	−11	−5	0	0	—
Acquisitions, net of cash acquired	−59	0	−6	−15,000	−11,000
Purchase of policy renewal rights	−905,000	−2	0	0	−11,000
Net cash used in investing activities	−354	−306	−128	−157	−58
Payments on Line of Credit	−15	−53	0	—	—
Proceeds from Line of Credit	15	0	16	36	0
Proceeds from common stock issued via employee stock purchase plan	1	902,000	799,000	760,000	719,000
Proceeds from common stock issued via stock option exercises	4	7	1	2	2
Policy holder contribution to surplus	4	3	90,000	0	0
Repurchase of common stock	−37	0	−22	−34	−16
Proceeds from stock offering, net of offering costs	−141,000	116	0	0	—
Net cash provided by (used in) financing activities	−29	74	−4	5	−13
Net increase (decrease) in cash, cash equivalents and restricted cash	26	29	−16	18	17
Cash paid for federal income taxes	58	38	21	—	—
Cash paid for state income taxes	1	644,000	484,000	—	—
Cash paid for interest	287,000	1	4	704,000	0

Filings

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