Palomar (PLMR) Q2 2026 earnings summary

Executive summary

• Achieved record adjusted net income and 15th consecutive earnings beat, with a third increase to full-year adjusted net income guidance for 2026.

• Gross written premiums rose 27% year-over-year to $630.5 million for Q2 2026, driven by growth in Casualty and Crop lines, new partnerships, and strong retention rates.

• Net income increased 13% to $52.6 million for the quarter, with adjusted net income up 31.4% to $63.8 million and adjusted EPS up 34%.

• Diversified specialty portfolio with no single product group over one-third of gross written premium; property business is about half the portfolio.

• Board authorized a new quarterly dividend of $0.45 per share, reflecting strong capital position.

Financial highlights

• Adjusted net income for Q2 2026 was $63.8 million ($2.36 per share), up from $48.5 million ($1.76 per share) in Q2 2025.

• Net income: $52.6M (+13.0% YoY); adjusted net income: $63.8M (+31.4% YoY).

• Gross earned premiums rose 27% to $630.5 million; net earned premium up 59.5% to $287 million.

• Adjusted underwriting income increased 38% to $67 million.

• Net investment income grew 49.2% to $20 million; cash and invested assets at $1.7 billion.

Outlook and guidance

• Increased full-year adjusted net income guidance to $270–$280 million, implying 27% year-over-year growth and 26% adjusted ROE, including $8–$12 million of catastrophe losses.

• Guidance raised for the third time this year, reflecting continued strong performance.

• Expect loss ratio in mid to upper 30s and adjusted combined ratio in mid 70s for 2026.

• Crop premium outlook raised to over $400 million for 2026.

• Management expects continued premium growth, especially in Casualty and Crop, supported by new products and expanded distribution.