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Palomar (PLMR) investor relations material
Palomar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved record gross written premium of $597.2M, with 43.9%–44% year-over-year growth, and record adjusted net income, marking the 12th consecutive earnings beat and the fourth increase in adjusted net income guidance for 2025.
Net income for Q3 2025 was $51.5M ($1.87/diluted share), up 68.7% from Q3 2024; adjusted net income rose 70% to $55.2M ($2.01/diluted share).
Portfolio diversification across specialty admitted, E&S, residential and commercial P&C, with rapid scaling in Crop and strong growth in Casualty lines.
Acquisition of Gray Casualty & Surety Company announced for $300M, enhancing the surety platform and expanding into key markets.
Completed acquisitions of FIA and AAP in 2025, expanding product offerings and distribution.
Financial highlights
Gross written premium grew 43.9%–44% year-over-year to $597.2M in Q3; net earned premiums increased 66% to $225.1M.
Adjusted net income rose 70% to $55.2M; diluted EPS was $1.87, and adjusted EPS was $2.01.
Underwriting income rose 86.1% to $49.2M; adjusted underwriting income was $56.7M (up 82.6%).
Net investment income up 54.9% to $14.6M; net realized/unrealized gains were $3.5M.
Adjusted combined ratio improved to 74.8% from 77.1%; annualized adjusted ROE reached 25.6%.
Outlook and guidance
2025 adjusted net income guidance raised to $210–$215M, implying over 59% growth and adjusted ROE above 20%.
Palomar 2X objective (doubling adjusted net income every 3–5 years) remains on track.
Management expects continued premium growth from new products and partnerships, with a focus on profitable expansion and risk-adjusted returns.
Liquidity is considered sufficient for the next 12 months and beyond, with $1.3B in cash and investments as of September 30, 2025.
Loss ratio for 2025 expected around 30%, slightly better than prior guidance.
What drove the higher non-catastrophe loss ratio?
What's the strategy for Fronting GWP reduction?
Detail how recent acquisitions support Palomar 2X.
What specific strategies will drive Gray Surety to top 20?
What drives Crop business to $1B premium target?
Commercial quake: how to offset rate pressure?
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Next Palomar earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Palomar Holdings Inc is a specialty insurance company offering property and catastrophe insurance products. The company serves residential and commercial clients with coverage for earthquakes, hurricanes, and other risks, primarily in the United States. The company is headquartered in La Jolla, California, and its shares are listed on the NASDAQ.
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