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 for Q2 2026 rose 13% year-over-year to $52.6 million, with adjusted net income up 31.4% to $63.8 million.

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

• Maintained underwriting discipline and capital allocation, supporting strong, profitable growth and industry-leading ROE.

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: $52.6 million (+13% YoY); adjusted net income: $63.8 million (+31.4% YoY).

• Gross written premiums: $630.5 million (+27% YoY); net earned premiums: $287 million (+59.5% YoY).

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

• Stockholders’ equity reached $980.9 million, including $41 million in share repurchases.

Outlook and guidance

• Full-year adjusted net income guidance raised to $270–$280 million, implying 27% year-over-year growth and 26% adjusted ROE.

• Guidance includes $8–$12 million of catastrophe losses.

• Loss ratio expected in the mid to upper 30s for 2026; adjusted combined ratio to increase to the mid 70s.

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

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