Palomar Holdings Inc

For the period ended Mar 31, 2025. Filed May 6, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 6, 2025

PLMR$156.78+0.7%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements

PART II. OTHER INFORMATION
	Condensed Consolidated Balance Sheets at March 31, 2025 (Unaudited) and December 31, 2024	3
	Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) for the Three Months Ended March 31, 2025 and 2024	4
	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the Three Months Ended March 31, 2025 and 2024	5
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2025 and 2024	7
	Notes to Condensed Consolidated Financial Statements (Unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	42
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	66
Item 3.	Defaults Upon Senior Securities	66
Item 4.	Mine Safety Disclosures	66
Item 5.	Other Information	66
Item 6.	Exhibits	67
	Signatures	68

Part I: FINANCIAL INFORMATION

Condensed Consolidated Balance Sheets

(in thousands, except shares and par value data)

	March 31,	December 31,
	2025	2024
(Unaudited)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $1,015,892 in 2025; $973,330 in 2024)	$991,759	$939,046
Equity securities, at fair value (cost: $44,462 in 2025; $32,987 in 2024)	44,367	40,529
Equity method investment	2,259	2,277
Other investments	11,031	5,863
Total investments	1,049,416	987,715
Cash and cash equivalents	119,312	80,438
Restricted cash	15	101
Accrued investment income	8,590	8,440
Premiums receivable	334,247	305,724
Deferred policy acquisition costs, net of ceding commissions and fronting fees	102,861	94,881
Reinsurance recoverable on paid losses and loss adjustment expenses	30,361	47,076
Reinsurance recoverable on unpaid losses and loss adjustment expenses	361,227	348,083
Ceded unearned premiums	295,275	276,237
Prepaid expenses and other assets	92,292	91,086
Deferred tax assets, net	5,596	8,768
Property and equipment, net	2,393	429
Goodwill and intangible assets, net	24,925	13,242
Total assets	$2,426,510	$2,262,220
Liabilities and stockholders' equity
Liabilities:
Accounts payable and other accrued liabilities	$65,405	$70,079
Reserve for losses and loss adjustment expenses	543,889	503,382
Unearned premiums	813,462	741,692
Ceded premium payable	179,105	190,168
Funds held under reinsurance treaty	34,200	27,869
Total liabilities	1,636,061	1,533,190
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024	—	—
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,735,132 and 26,529,402 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	3	3
Additional paid-in capital	501,950	493,656
Accumulated other comprehensive loss	(16,642)	(26,845)
Retained earnings	305,138	262,216
Total stockholders' equity	790,449	729,030
Total liabilities and stockholders' equity	$2,426,510	$2,262,220

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited)

(in thousands, except shares and per share data)

	Three Months Ended
	March 31,
	2025	2024
Revenues:
Gross written premiums	$442,163	$368,078
Ceded written premiums	(230,745)	(228,171)
Net written premiums	211,418	139,907
Change in unearned premiums	(47,348)	(32,041)
Net earned premiums	164,070	107,866
Net investment income	12,071	7,139
Net realized and unrealized (losses) gains on investments	(2,338)	3,002
Commission and other income	830	528
Total revenues	174,633	118,535
Expenses:
Losses and loss adjustment expenses	38,743	26,837
Acquisition expenses, net of ceding commissions and fronting fees	46,359	31,798
Other underwriting expenses	35,733	24,804
Interest expense	85	740
Total expenses	120,920	84,179
Income before income taxes	53,713	34,356
Income tax expense	10,791	7,974
Net income	$42,922	$26,382
Other comprehensive income, net:
Net unrealized gains (losses) on securities available for sale	10,203	(2,514)
Net comprehensive income	$53,125	$23,868
Per Share Data:
Basic earnings per share	$1.61	$1.06
Diluted earnings per share	$1.57	$1.04
Weighted-average common shares outstanding:
Basic	26,658,106	24,862,367
Diluted	27,399,997	25,468,564

Condensed Consolidated Statements of Changes in Stockholders’** Equity (Unaudited)**

(in thousands, except share data)

Number of · Accumulated
Common · Additional · Other · Total
	Shares	Common	Paid-In	Comprehensive	Retained	Stockholders'
	Outstanding	Stock	Capital	Income (Loss)	Earnings	Equity
Balance at December 31, 2023	24,772,987	$3	$350,597	$(23,991)	$144,643	$471,252
Other comprehensive loss, net of tax	—	—	—	(2,514)	—	(2,514)
Stock-based compensation	—	—	3,820	—	—	3,820
Issuance of common stock via employee stock purchase plan	9,806	—	434	—	—	434
Issuance of common stock via equity incentive plan	138,267	—	1,857	—	—	1,857
Policyholder contribution to surplus	—	—	427	—	—	427
Net income	—	—	—	—	26,382	26,382
Balance at March 31, 2024	24,921,060	$3	$357,135	$(26,505)	$171,025	$501,658

Condensed Consolidated Statements of Changes in Stockholders’** Equity (Unaudited)**

(in thousands, except share data)

Number of · Accumulated
Common · Additional · Other · Total
	Shares	Common	Paid-In	Comprehensive	Retained	Stockholders'
	Outstanding	Stock	Capital	Income (Loss)	Earnings	Equity
Balance at December 31, 2024	26,529,402	$3	$493,656	$(26,845)	$262,216	$729,030
Other comprehensive income, net of tax	—	—	—	10,203	—	10,203
Stock-based compensation	—	—	4,745	—	—	4,745
Issuance of common stock via employee stock purchase plan	6,310	—	526	—	—	526
Issuance of common stock via equity incentive plan	199,420	—	2,377	—	—	2,377
Policyholder contribution to surplus	—	—	777	—	—	777
Offering Costs (related to prior year offering)	—	—	(131)	—	—	(131)
Net income	—	—	—	—	42,922	42,922
Balance at March 31, 2025	26,735,132	$3	$501,950	$(16,642)	$305,138	$790,449

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.