Palomar Holdings Inc. (NASDAQ: PLMR) reported Q1 EPS of $0.50, $0.09 better than the analyst estimate of $0.41. Revenue for the quarter came in at $71.49 million versus the consensus estimate of $71.02 million.

First Quarter 2020 Highlights

• Gross written premiums increased by 32.3% to $71.5 million compared to $54.0 million in the first quarter of 2019
• Net income increased to $11.8 million compared to a net loss of $14.4 million in the first quarter of 2019
• Adjusted net income(1) increased by 39.5% to $12.3 million compared to $8.8 million in the first quarter of 2019
• Total loss ratio of 5.4% compared to 1.7% in the first quarter of 2019
• Combined ratio of 63.6% compared to 193.8% in the first quarter of 2019
• Adjusted combined ratio(1) of 61.6%, compared to 66.7% in the first quarter of 2019
• Annualized return on equity of 19.7%, compared to (58.2)% in the first quarter of 2019
• Annualized adjusted return on equity(1) of 20.6%, compared to 35.7% in the first quarter of 2019

Mac Armstrong, Chief Executive Officer and Founder, commented, “We currently find ourselves amid extraordinary times produced by the COVID-19 pandemic, our thoughts are with those impacted by the virus and our thanks go to those working in earnest to stem its impact. Since the onset of the pandemic, our first priority has been and remains, the health and safety of our employees and the constituents within the Palomar network. I am proud of our team who seamlessly adapted to a remote work environment providing uninterrupted continuity of service and support to our policyholders and partners. In an effort to further support the challenges potentially facing our insureds, we rapidly implemented a premium grace period to accommodate late payments across all lines of business in all states where we operate. While the risks in our portfolio of specialty property insurance products have not seen a diminution in exposure or hazard, we continue to assess additional methods to potentially help our policyholders and the communities in which they live.”

Full Year 2020 Outlook

For the full year 2020, the Company affirms prior guidance of adjusted net income of $50.5 to $53.0 million, equating to a growth rate of 33% to 40% compared to the full year 2019.

For earnings history and earnings-related data on Palomar Holdings Inc. (PLMR) click here.