Palomar Q3 net income beat estimates as premiums rise 28%
PLMR•Palomar’s Q3 adjusted EPS was $3.01, above the $2.56 analyst estimate, while adjusted net income of $81.31 million beat the $67.87 million estimate. Gross written premiums rose 28% year over year to $767.05 million.
1. Quarterly results
Palomar reported Q3 adjusted net income of $81.31 million, above the $67.87 million analyst estimate. Adjusted EPS was $3.01, compared with the $2.56 estimate; reported net income was $65.34 million and EPS was $2.42.
2. Premiums and losses
Gross written premiums increased 28% year over year to $767.05 million, with growth across all five product categories, including significant gains in Crop and Surety & Credit. Net investment income rose 54%, while the loss ratio increased to 41.5% from 32.3%, reflecting higher attritional and catastrophe losses, including hurricane and flood events.
3. 2026 outlook
Palomar expects 2026 adjusted net income of $280 million to $285 million and estimates catastrophe losses of $8 million to $12 million. The company repurchased 70,000 shares for $8.9 million during the quarter.
