Palomar Holdings, Inc. Q3 2025 Earnings Recap

Palomar Holdings delivered an exceptional third quarter in 2025, achieving record gross written premiums and adjusted net income, marking the 12th consecutive quarter of earnings beats.

Key Takeaways

• Gross written premiums increased by 44%, alongside a 70% rise in adjusted net income year-over-year.
• Adjusted combined ratio stood at 75%, with a robust adjusted return on equity of 26%, reflecting strong underwriting discipline.
• Recent acquisition of Gray Casualty and Surety Company is expected to significantly enhance Palomar's surety platform and market presence.
• All product lines showed strong double-digit growth, contributing to overall solid performance despite prevailing market challenges.
• Continued expansion in specialty markets and strategic partnerships is poised to sustain long-term growth and profitability.