Companies · PLMR
Palomar Holdings
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Latest analysis
Updated Nov 6, 2026
Palomar Q3 2026: GWP up 28% to $767M, combined ratio widens to 80.8% as crop retention strategy lifts attritional losses 108%
Palomar's Q3 2026 results reflect the deliberate trade-off of retaining more Crop premium — net earned premiums rose 62% to $365M while the total loss ratio expanded to 41.5% from 32.3%, driven almost entirely by attritional losses on Crop, Surety & Credit, and Inland Marine. The Gray Surety acquisition (closed January 31, 2026) added $26.7M in Q3 GWP and $60.7M year-to-date but is contributing a net loss, burdening the nine-month P&L with $7.4M in deal costs and elevated amortization of $21.4M. Despite the combined ratio widening to 80.8% GAAP (76.3% adjusted), adjusted ROE accelerated to 33.1% annualized in Q3, signaling the underlying economics of the specialty book remain intact.
Tone: mixedRevenue
$876M
PLMR 10-K · FY 2025
Employees
439
Revenue FY2024
$553.9M
Founded
2014
Profile
PLMR 10-K Item 1 · Feb 24, 2026Palomar Holdings is a specialty property and casualty insurer that uses proprietary data analytics and a technology-enabled platform to underwrite earthquake, casualty, inland marine, crop, and fronting risks for individuals and businesses across the United States. The company distributes through retail agents, wholesale brokers, program administrators, and carrier partnerships, and manages earnings volatility through an extensive reinsurance program including catastrophe bonds. Founded in 2014, Palomar has grown gross written premiums from $16.6 million to $2.0 billion, achieving a compound annual growth rate of approximately 55%.
Read filing description ↓ Collapse description ↑
We are a specialty insurance company that provides property and casualty insurance products to individuals and businesses. We leverage underwriting expertise and data-driven analytics to offer innovative solutions in five product categories: Earthquake, Casualty, Inland Marine and Other Property, Crop, and Fronting. We offer coverage in both the admitted and excess and surplus lines ('E&S') markets, utilizing proprietary data analytics and a technology-enabled platform to support customized underwriting and pricing. Our insurance company subsidiaries, Palomar Specialty Insurance Company ('PSIC'), Palomar Excess and Surplus Insurance Company ('PESIC'), and First Indemnity of America Insurance Co. ('FIA') carry an 'A' financial strength rating from A.M. Best Company ('A.M. Best'), a leading rating agency for the insurance industry. We distribute our products through multiple channels, including retail agents, program administrators, wholesale brokers, and strategic partnerships with other insurance companies. Our business strategy is supported by a comprehensive risk transfer program with reinsurance coverage that we believe reduces earnings volatility and provides appropriate levels of protection from catastrophic events and other significant loss events. Our management team combines decades of insurance industry experience across specialty underwriting, reinsurance, program administration, distribution, analytics, and claims. Founded in 2014, we have significantly grown our business and have generated attractive returns. We have organically increased gross written premiums from $16.6 million in our first year of operations to $2.0 billion for the year ended December 31, 2025, which reflects a compound annual growth rate of approximately 55%. We have been profitable since 2016, and our net income has increased over that period at a compound annual growth rate of approximately 46%.
Primary products
- Residential Earthquake
- Commercial Earthquake
- E&S Casualty
- Primary Casualty
- Real Estate Agent Errors and Omissions
- Excess Liability
Business segments
End markets
Geographies
Named customers
Named competitors
“We believe that our analytically-driven underwriting approach has been the foundation of our ability to generate attractive risk-adjusted underwriting margins.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew from $553.9 million in 2024 to $876.0 million in 2025, driven primarily by strong growth in net earned premiums across Casualty, Crop, and other specialty lines.
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