Palomar reports Q1 adjusted EPS $1.87, consensus $1.60

Reports Q1 revenue $174.6M, consensus $161.77M. Gross written premiums increased by 20.1% to $442.2M compared to $368.1M in the first quarter of 2024. Mac Armstrong, Chairmanand Chief Executive Officer, commented, “I am very pleased with our strong start to 2025, as our first quarter saw sustained gross written premium growth and record adjusted net income. The quarter featured 85% adjusted net income growth, a 69% adjusted combined ratio, and a 27% adjusted ROE.Our results demonstrate our continued execution of the Palomar (PLMR) 2X strategic imperative as well as concerted efforts to build a leading specialty insurance franchise with a resilient and diversified portfolio. Our 20% gross written premium growth was driven by both new products like Crop and Casualty as well as our balanced mix of residential and commercial property products.Importantly, our same-store premium growth rate was 37%, demonstrating the strong underlying momentum that exists across our portfolio of specialty products. Beyond our financial performance, we remain focused on executing all our 2025 strategic imperatives. We continue to make investments across our organization, including the successful acquisition of Advanced AgProtection. This acquisition enhances the talent and operational scale of our Crop franchise and is expected to strengthen the near-term and long-term prospects of Palomar.”