Q3 2025 Palomar Holdings Inc Earnings Call Transcript
Key Points
- Palomar Holdings Inc (PLMR) reported record gross written premium and adjusted net income for the third quarter of 2025.
- The company achieved a 44% growth in gross written premiums and a 70% increase in adjusted net income year-over-year.
- Palomar Holdings Inc (PLMR) raised its 2025 adjusted net income guidance to $210 million to $215 million, reflecting strong financial performance.
- The acquisition of Gray Casualty and Surety Company is expected to enhance Palomar's market position and diversify its portfolio.
- The company's crop franchise delivered significant growth, doubling gross written premium year-over-year, and is on track to exceed full-year guidance.
- The commercial earthquake market experienced rate pressure, with average commercial risk prices decreasing by approximately 18%.
- Fronting premium declined 32% year-over-year due to the termination of the Omaha National partnership.
- The commercial property market remains challenging, impacting excess national property and commercial all-risk lines.
- The company's net earned premium ratio is expected to be at its lowest in the third quarter due to the timing of reinsurance renewals and crop premium seasonality.
- The company anticipates continued softening in the commercial earthquake market, which may impact growth in that segment.
Good morning, and welcome to the Palomar Holdings, Inc. third quarter 2025 earnings conference call.
(Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Mr. Chris Uchida, Chief Financial Officer. Please go ahead, sir.
Thank you, operator, and good morning, everyone. We appreciate your participation in our earnings call. With me here today is Mac Armstrong, our Chairman and Chief Executive Officer. Additionally, Jon Christianson, our President, is here to answer questions during the Q&A portion of the call.
As a reminder, a telephonic replay of this call will be available on the Investor Relations section of our website through 11:59 p.m. Eastern Time on November 14, 2025.
Before we begin, let me remind everyone this call may contain certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include remarks about
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