Palomar Q1 Revenue $262.85M Beats Expectations
Reports Q1 revenue $262.85M, consensus $248.24M. Mac Armstrong, CEO, commented, "The first quarter was another demonstration of our sustained profitable growth. Our unique, 'one of one' specialty products portfolio is purposely built to generate consistent earnings and compelling margins in any market cycle. The combination of Palomar's mix of personal and commercial lines products written on both an admitted and excess and surplus basis, and strong growth from our Crop and Surety franchises made for a great start to the year. Importantly, our growth wasn't limited to one product set. In fact, we grew across all five categories, including Earthquake, this quarter. I'm happy to share that our profits and capital efficiency stayed strong in the first quarter, with an adjusted combined ratio of 76% and an adjusted return on equity of 27%."
