Form 8-K

8-K — Palomar Holdings, Inc.

Accession: 0001193125-26-332846

Filed: 2026-08-04

Period: 2026-08-04

CIK: 0001761312

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Other Events

Documents

8-K — plmr-20260804.htm (Primary)

EX-99.1 (plmr-ex99_1.htm)

GRAPHIC (img251763236_0.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: plmr-20260804.htm · Sequence: 1

8-K

0001761312false00017613122026-08-042026-08-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 04, 2026

Palomar Holdings, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-38873

83-3972551

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

7979 Ivanhoe Avenue, Suite 500

La Jolla, California

92037

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 619 567-5290

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

PLMR

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 4, 2026, Palomar Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

The information contained under this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, regardless of any general incorporation language in any such filing, unless the Company expressly sets forth in such filing that such information is to be considered “filed” or incorporated by reference therein.

Item 8.01. Other Events.

On July 30, 2026, the Board of Directors of the Company declared the Company’s initial quarterly cash dividend of $0.45 per common share. The dividend will be payable on September 2, 2026, to stockholders of record as of the close of business on August 19, 2026.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.

Description

99.1

Press Release, dated August 4, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PALOMAR HOLDINGS, INC.

Date:

August 4, 2026

By:

/s/ T. Christopher Uchida

T. Christopher Uchida

Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-99.1

Filename: plmr-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Palomar Holdings, Inc. Reports Second Quarter 2026 Results

LA JOLLA, Calif. (August 4, 2026) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $52.6 million, or $1.94 per diluted share, for the second quarter of 2026 compared to net income of $46.5 million, or $1.68 per diluted share, for the second quarter of 2025. Adjusted net income(1) was $63.8 million, or $2.36 per diluted share, for the second quarter of 2026 as compared to $48.5 million, or $1.76 per diluted share, for the second quarter of 2025.

Second Quarter 2026 Highlights

•

Gross written premiums increased by 27.0% to $630.5 million compared to $496.3 million in the second quarter of 2025

•

Net income increased 13.0% to $52.6 million compared to $46.5 million in the second quarter of 2025

•

Adjusted net income(1) increased 31.4% to $63.8 million compared to $48.5 million in the second quarter of 2025

•

Diluted earnings per share increased by 15.5% to $1.94 compared to $1.68 in the second quarter of 2025

•

Diluted adjusted earnings per share(1) increased by 34.1% to $2.36 compared to $1.76 in the second quarter of 2025

•

Total loss ratio of 34.5% compared to 25.7% in the second quarter of 2025

•

Combined ratio of 83.3% compared to 78.8% in the second quarter of 2025

•

Adjusted combined ratio(1) of 76.7% compared to 73.1%, in the second quarter of 2025

•

Annualized return on equity of 21.7% compared to 22.7% in the second quarter of 2025

•

Annualized adjusted return on equity(1) of 26.3% compared to 23.7% in the second quarter of 2025

(1) See discussion of “Non-GAAP and Key Performance Indicators” below.

Mac Armstrong, Chairman and Chief Executive Officer, commented, “The second quarter of 2026 was another strong one for Palomar; highlighted by record adjusted net income, our 15th consecutive earnings beat and the third increase to our full-year adjusted net income guidance. Gross written premium increased 27% year-over-year, adjusted net income grew 31%, adjusted earnings per share grew 34%, adjusted combined ratio was 77% and our adjusted return on equity was 26% - all outstanding results. Bolstering our financial performance were several operational achievements including the launch of the PLMR.Farm, our innovative crop policy administration system, and exceptional new additions to our team. These results demonstrate our ability to execute in a dynamic insurance market while maintaining discipline in underwriting and capital allocation.

Mr. Armstrong continued, “Our strong and consistent earnings, attractive returns and healthy balance sheet provide ample capacity to not only invest in the businesses driving our Palomar 2X strategy but also return capital to shareholders. As such our Board authorized the introduction of a quarterly dividend of $0.45 per share. Importantly, the dividend does not change our growth strategy or the execution of Palomar 2X; it only enhances our ability to create shareholder value.”

Underwriting Results

Gross written premiums increased 27.0% to $630.5 million compared to $496.3 million in the second quarter of 2025, while net earned premiums increased 59.5% compared to the prior year’s second quarter.

Losses and loss adjustment expenses for the second quarter were $99.0 million, comprised of $99.4 million of attritional losses, offset by $0.4 million of favorable development on catastrophe events. The loss ratio for the quarter was 34.5%, comprised of an attritional loss ratio of 34.6% and a catastrophe loss ratio(1) of -0.1% compared to a loss ratio of 25.7% during the same period last year comprised entirely of attritional losses. Additionally, our second quarter results include $14.1 million of attritional and $0.2 million of catastrophe loss favorable prior year development. The majority of the attritional loss prior year favorability related to Inland Marine and Property lines and previous years’ Crop results.

Underwriting income(1) for the second quarter was $48.0 million resulting in a combined ratio of 83.3% compared to underwriting income of $38.3 million resulting in a combined ratio of 78.8% during the same period last year. The Company’s adjusted underwriting income(1) was $67.0 million, an increase of 38.4%, resulting in an adjusted combined ratio(1) of 76.7% in the second quarter compared to adjusted underwriting income(1) of $48.4 million and an adjusted combined ratio(1) of 73.1% during the same period last year. The Company’s adjusted combined ratio excluding catastrophe losses(1) was 76.8% compared to 73.1% during the same period last year.

Investment Results

Net investment income increased by 49.2% to $20.0 million compared to $13.4 million in the prior year’s second quarter. The increase was primarily due to higher yields on invested assets and a higher average balance of investments held during the three months ended June 30, 2026 due to cash generated from operations. The weighted average duration of the fixed-maturity investment portfolio,

including cash equivalents, was 4.33 years at June 30, 2026. Cash and invested assets totaled $1.7 billion at June 30, 2026. During the second quarter, the Company recorded $6.8 million net realized and unrealized gains related to its investment portfolio as compared to net realized and unrealized gains of $8.3 million during the same period last year.

Tax Rate

The effective tax rate for the three months ended June 30, 2026 was 24.7% compared to 22.3% for the three months ended June 30, 2025. For the current quarter, the Company’s income tax rate differed from the statutory rate of 21% due primarily to the non-deductible executive compensation expense.

Stockholders’ Equity and Capital Matters

Stockholders’ equity was $980.9 million at June 30, 2026, compared to $847.2 million at June 30, 2025. For the three months ended June 30, 2026, the Company’s annualized return on equity was 21.7% compared to 22.7% for the same period in the prior year while adjusted return on equity(1) was 26.3% compared to 23.7% for the same period in the prior year.

During the current quarter, the Company repurchased 368,719 shares of its common stock for $41.0 million.

On July 30, 2026, the Company’s Board of Directors declared an initial quarterly cash dividend of $0.45 per share of common stock, payable on September 2, 2026, to stockholders of record as of August 19, 2026.

Full Year 2026 Outlook

For the full year 2026, the Company expects to achieve adjusted net income of $270 million to $280 million. This includes an estimate of $8 million to $12 million of catastrophe losses for the year.

Conference Call

As previously announced, Palomar will host a conference call on Wednesday, August 5, 2026, to discuss its second quarter 2026 results at 12:00 p.m. (Eastern Time). The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar Second Quarter 2026 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on August 5, 2026, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13761138. The replay will be available until 11:59 p.m. (Eastern Time) on August 19, 2026.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at http://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.

About Palomar Holdings, Inc.

Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), Palomar Crop Insurance Services, Inc. (“PCIS”), and Palomar Casualty and Surety Company (“PCSC”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Property, Casualty, Surety & Credit, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, PESIC, and FIA have a financial strength rating of “A” (Excellent) from A.M. Best and PCSC has a financial strength rating of “A-” (Excellent) from A.M. Best.

To learn more, visit PLMR.com.

Non-GAAP and Key Performance Indicators

Palomar discusses certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance. Management uses these non-GAAP measures internally to evaluate the Company’s underlying business performance and operating results, and to make resource allocation and strategic decisions. Management believes that disclosure of these measures provides investors with the same insight used internally to assess the Company’s operating performance.

Underwriting revenue is a non-GAAP financial measure defined as total revenue, excluding net investment income and net realized and unrealized gains and losses on investments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of total revenue calculated in accordance with GAAP to underwriting revenue.

Underwriting income is a non-GAAP financial measure defined as income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, and interest expense. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to underwriting income.

Adjusted net income is a non-GAAP financial measure defined as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. Palomar calculates the tax impact only on adjustments which would be included in calculating the Company’s income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of net income calculated in accordance with GAAP to adjusted net income.

Annualized Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

Annualized adjusted return on equity is a non-GAAP financial measure defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of return on equity calculated using unadjusted GAAP numbers to adjusted return on equity.

Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses, to net earned premiums.

Expense ratio, expressed as a percentage, is the ratio of acquisition and other underwriting expenses, net of commission and other income to net earned premiums.

Combined ratio is defined as the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

Adjusted combined ratio is a non-GAAP financial measure defined as the sum of the loss ratio and the expense ratio calculated excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio.

Diluted adjusted earnings per share is a non-GAAP financial measure defined as adjusted net income divided by the weighted-average common shares outstanding for the period, reflecting the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of diluted earnings per share calculated in accordance with GAAP to diluted adjusted earnings per share.

Catastrophe loss ratio is a non-GAAP financial measure defined as the ratio of catastrophe losses to net earned premiums. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of loss ratio calculated using unadjusted GAAP numbers to catastrophe loss ratio.

Adjusted combined ratio excluding catastrophe losses is a non-GAAP financial measure defined as adjusted combined ratio excluding the impact of catastrophe losses. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio excluding catastrophe losses.

Adjusted underwriting income is a non-GAAP financial measure defined as underwriting income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to adjusted underwriting income.

Tangible stockholders’ equity is a non-GAAP financial measure defined as stockholders’ equity less goodwill and intangible assets. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of stockholders’ equity calculated in accordance with GAAP to tangible stockholders’ equity.

Safe Harbor Statement

Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking

statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact

Media Inquiries

Lindsay Conner

1-551-206-6217

lconner@plmr.com

Investor Relations

Jamie Lillis

1-203-428-3223

investors@plmr.com

Source: Palomar Holdings, Inc.

Summary of Operating Results:

The following tables summarize the Company’s results for the three and six months ended June 30, 2026 and 2025:

Three Months Ended

June 30,

2026

2025

Change

% Change

(in thousands, except per share data)

Gross written premiums

630,456

496,288

134,168

27.0

Ceded written premiums

(305,279

)

(266,506

)

(38,773

)

14.5

Net written premiums

325,177

229,782

95,395

41.5

Net earned premiums

286,951

179,958

106,993

59.5

Commission and other income

769

1,677

(908

)

(54.1

Total underwriting revenue (1)

287,720

181,635

106,085

58.4

Losses and loss adjustment expenses

98,988

46,183

52,805

114.3

Acquisition expenses, net of ceding commissions and fronting fees

71,256

51,637

19,619

38.0

Other underwriting expenses

69,429

45,525

23,904

52.5

Underwriting income (1)

48,047

38,290

9,757

25.5

Interest expense

(4,947

)

(86

)

(4,861

)

Net investment income

19,950

13,370

6,580

49.2

Net realized and unrealized gains on investments

6,753

8,306

(1,553

)

(18.7

Income before income taxes

69,803

59,880

9,923

16.6

Income tax expense

17,211

13,352

3,859

28.9

Net income

52,592

46,528

6,064

13.0

Adjustments:

Net realized and unrealized gains on investments

(6,753

)

(8,306

)

1,553

(18.7

Expenses associated with transactions

754

(748

)

(99.2

Stock-based compensation expense

7,438

5,347

2,091

39.1

Amortization of intangibles

9,180

1,346

7,834

Expenses associated with catastrophe bond

2,330

2,661

(331

)

(12.4

Tax impact

(1,025

)

202

(1,227

)

Adjusted net income (1)

63,768

48,532

15,236

31.4

Key Financial and Operating Metrics

Annualized return on equity

21.7

22.7

Annualized adjusted return on equity (1)

26.3

23.7

Loss ratio

34.5

25.7

Expense ratio

48.8

53.1

Combined ratio

83.3

78.8

Adjusted combined ratio (1)

76.7

73.1

Diluted earnings per share

1.94

1.68

Diluted adjusted earnings per share (1)

2.36

1.76

Catastrophe losses

(418

)

(22

)

Catastrophe loss ratio (1)

-0.1

0.0

Adjusted combined ratio excluding catastrophe losses (1)

76.8

73.1

Adjusted underwriting income (1)

67,001

48,398

18,603

38.4

NM - not meaningful

(1)

Indicates Non-GAAP financial measure - see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP.

Six Months Ended

June 30,

2026

2025

Change

% Change

(in thousands, except per share data)

Gross written premiums

1,260,284

938,452

321,832

34.3

Ceded written premiums

(597,192

)

(497,251

)

(99,941

)

20.1

Net written premiums

663,092

441,201

221,891

50.3

Net earned premiums

548,389

344,029

204,360

59.4

Commission and other income

2,178

2,507

(329

)

(13.1

Total underwriting revenue (1)

550,567

346,536

204,031

58.9

Losses and loss adjustment expenses

186,085

84,927

101,158

119.1

Acquisition expenses, net of ceding commissions and fronting fees

141,571

97,996

43,575

44.5

Other underwriting expenses

134,336

81,258

53,078

65.3

Underwriting income (1)

88,575

82,355

6,220

7.6

Interest expense

(8,105

)

(171

)

(7,934

)

Net investment income

37,934

25,441

12,493

49.1

Net realized and unrealized gains on investments

4,860

5,968

(1,108

)

(18.6

Income before income taxes

123,264

113,593

9,671

8.5

Income tax expense

27,725

24,143

3,582

14.8

Net income

95,539

89,450

6,089

6.8

Adjustments:

Net realized and unrealized gains on investments

(4,860

)

(5,968

)

1,108

(18.6

Expenses associated with transactions

7,412

2,841

4,571

160.9

Stock-based compensation expense

16,224

10,092

6,132

60.8

Amortization of intangibles

15,235

2,054

13,181

Expenses associated with catastrophe bond

2,330

2,661

(331

)

(12.4

Tax impact

(4,976

)

(1,293

)

(3,683

)

284.8

Adjusted net income (1)

126,904

99,837

27,067

27.1

Key Financial and Operating Metrics

Annualized return on equity

19.9

22.7

Annualized adjusted return on equity (1)

26.4

25.3

Loss ratio

33.9

24.7

Expense ratio

49.9

51.4

Combined ratio

83.8

76.1

Adjusted combined ratio (1)

76.3

70.9

Diluted earnings per share

3.51

3.24

Diluted adjusted earnings per share (1)

4.66

3.62

Catastrophe losses

(149

)

(565

)

Catastrophe loss ratio (1)

0.0

-0.2

Adjusted combined ratio excluding catastrophe losses (1)

76.4

71.1

Adjusted underwriting income (1)

129,776

100,003

29,773

29.8

NM - not meaningful

(1)

Condensed Consolidated Balance sheets

Palomar Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)

(in thousands, except shares and par value data)

June 30,

December 31,

2026

2025

(Unaudited)

Assets

Investments:

Fixed maturity securities available for sale, at fair value (amortized cost: $1,523,005 in 2026; $1,227,605 in 2025)

1,502,860

1,224,187

Equity securities, at fair value (cost: $109,595 in 2026; $81,772 in 2025)

129,515

99,333

Other investments

45,877

28,503

Total investments

1,678,252

1,352,023

Cash and cash equivalents

62,689

106,875

Restricted cash

Accrued investment income

14,742

11,545

Premiums receivable

655,876

452,908

Deferred policy acquisition costs, net of ceding commissions and fronting fees

153,824

127,718

Reinsurance recoverable on paid losses and loss adjustment expenses

62,237

56,428

Reinsurance recoverable on unpaid losses and loss adjustment expenses

523,790

412,273

Ceded unearned premiums

445,449

355,918

Prepaid expenses and other assets

127,870

110,896

Deferred tax assets, net

—

761

Property and equipment, net

2,665

2,551

Goodwill and intangible assets, net

236,756

61,054

Total assets

3,964,165

3,050,967

Liabilities and stockholders’ equity

Liabilities:

Accounts payable and other accrued liabilities

159,331

115,663

Reserve for losses and loss adjustment expenses

944,737

688,231

Unearned premiums

1,226,105

988,143

Ceded premium payable

295,430

271,413

Funds held under reinsurance treaty

50,910

44,850

Term loan

295,773

—

Deferred tax liabilities, net

10,937

—

Total liabilities

2,983,223

2,108,300

Stockholders’ equity:

Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025

—

Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,186,979 and 26,520,417 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital

542,662

523,168

Accumulated other comprehensive loss

(15,159

)

(2,506

)

Retained earnings

453,436

422,002

Total stockholders’ equity

980,942

942,667

Total liabilities and stockholders’ equity

3,964,165

3,050,967

Condensed Consolidated Income Statement

Palomar Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)

(in thousands, except shares and per share data)

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Revenues:

Gross written premiums

630,456

496,288

1,260,284

938,452

Ceded written premiums

(305,279

)

(266,506

)

(597,192

)

(497,251

)

Net written premiums

325,177

229,782

663,092

441,201

Change in unearned premiums

(38,226

)

(49,824

)

(114,703

)

(97,172

)

Net earned premiums

286,951

179,958

548,389

344,029

Net investment income

19,950

13,370

37,934

25,441

Net realized and unrealized gains on investments

6,753

8,306

4,860

5,968

Commission and other income

769

1,677

2,178

2,507

Total revenues

314,423

203,311

593,361

377,945

Expenses:

Losses and loss adjustment expenses

98,988

46,183

186,085

84,927

Acquisition expenses, net of ceding commissions and fronting fees

71,256

51,637

141,571

97,996

Other underwriting expenses

69,429

45,525

134,336

81,258

Interest expense

4,947

8,105

171

Total expenses

244,620

143,431

470,097

264,352

Income before income taxes

69,803

59,880

123,264

113,593

Income tax expense

17,211

13,352

27,725

24,143

Net income

52,592

46,528

95,539

89,450

Other comprehensive income, net:

Net unrealized gains (losses) on securities available for sale

1,294

3,009

(12,653

)

13,213

Net comprehensive income

53,886

49,537

82,886

102,663

Per Share Data:

Basic earnings per share

2.00

1.74

3.61

3.35

Diluted earnings per share

1.94

1.68

3.51

3.24

Weighted-average common shares outstanding:

Basic

26,346,887

26,756,095

26,458,904

26,707,371

Diluted

27,056,554

27,628,733

27,208,113

27,568,913

Underwriting Segment Data

The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (“GWP”) by product, location and company are presented below:

Three Months Ended June 30,

2026

2025

($ in thousands)

% of

Amount

GWP

Amount

GWP

Change

Product(1)

Casualty

197,494

31.3

144,388

29.1

53,106

36.8

Inland Marine and Property

169,728

26.9

153,040

30.8

16,688

10.9

Earthquake

146,648

23.3

147,709

29.8

(1,061

)

(0.7

Crop

77,368

12.3

39,464

8.0

37,904

96.0

Surety & Credit

39,218

6.2

11,687

2.3

27,531

235.6

Total gross written premiums

630,456

100.0

496,288

100.0

134,168

27.0

(1)

Beginning in 2026, the Company has updated the categorization of its products to align with management’s current strategy and view of the business. Prior year amounts have been reclassified for comparability purposes. The recategorization is for presentation purposes only and does not impact overall gross written premiums.

Six Months Ended June 30,

2026

2025

($ in thousands)

% of

Amount

GWP

Amount

GWP

Change

Product(1)

Casualty

403,793

32.0

277,490

29.6

126,303

45.5

Inland Marine and Property

336,291

26.7

266,366

28.4

69,925

26.3

Earthquake

283,964

22.5

281,405

30.0

2,559

0.9

Crop

165,142

13.1

87,683

9.3

77,459

88.3

Surety & Credit

71,094

5.7

25,508

2.7

45,586

178.7

Total gross written premiums

1,260,284

100.0

938,452

100.0

321,832

34.3

(1)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

($ in thousands)

% of

Amount

GWP

Amount

GWP

Amount

GWP

Amount

GWP

State

California

165,306

26.2

163,814

33.0

322,925

25.6

303,536

32.3

Texas

61,497

9.7

35,708

7.2

125,081

9.9

80,699

8.6

Florida

34,462

5.5

23,979

4.8

64,350

5.1

42,621

4.5

Hawaii

27,259

4.3

24,544

4.9

50,104

4.0

44,901

4.8

New York

26,971

4.3

17,462

3.5

51,454

4.1

32,857

3.5

Washington

18,207

2.9

17,188

3.5

37,406

3.0

32,059

3.4

Illinois

18,179

2.9

13,048

2.7

25,271

2.0

18,637

2.0

Minnesota

15,644

2.5

12,004

2.4

17,656

1.4

13,042

1.4

Other

262,931

41.7

188,541

38.0

566,037

44.9

370,100

39.5

Total gross written premiums

630,456

100.0

496,288

100.0

1,260,284

100.0

938,452

100.0

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

($ in thousands)

% of

Amount

GWP

Amount

GWP

Amount

GWP

Amount

GWP

Subsidiary

PESIC

304,276

48.3

237,943

47.9

574,346

45.6

428,730

45.7

PSIC

278,176

44.1

232,983

46.9

601,929

47.8

463,900

49.4

Laulima

23,407

3.7

20,134

4.1

42,078

3.3

36,171

3.9

PCSC

21,558

3.4

—

33,979

2.7

—

FIA

3,039

0.5

5,228

1.1

7,952

0.6

9,651

1.0

Total gross written premiums

630,456

100.0

496,288

100.0

1,260,284

100.0

938,452

100.0

Gross and net earned premiums

The table below shows the amount of premiums the Company earned on a gross and net basis and the Company’s net earned premiums as a percentage of gross earned premiums for each period presented:

Three Months Ended

Six Months Ended

June 30,

2026

2025

Change

2026

2025

Change

($ in thousands)

Gross earned premiums

552,859

408,764

144,095

35.3

1,056,731

784,540

272,191

34.7

Ceded earned premiums

(265,908

)

(228,806

)

(37,102

)

16.2

(508,342

)

(440,511

)

(67,831

)

15.4

Net earned premiums

286,951

179,958

106,993

59.5

548,389

344,029

204,360

59.4

Net earned premium ratio

51.9

44.0

51.9

43.9

Loss detail

Three Months Ended

Six Months Ended

June 30,

2026

2025

Change

% Change

2026

2025

Change

% Change

($ in thousands)

Catastrophe losses

(418

)

(22

)

(396

)

(149

)

(565

)

416

(73.6

Non-catastrophe losses

99,406

46,205

53,201

115.1

186,234

85,492

100,742

117.8

Total losses and loss adjustment expenses

98,988

46,183

52,805

114.3

186,085

84,927

101,158

119.1

Catastrophe loss ratio

-0.1

0.0

(0.2

Non-catastrophe loss ratio

34.6

25.7

33.9

24.9

Total loss ratio

34.5

25.7

33.9

24.7

The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

($ in thousands)

Reserve for losses and LAE net of reinsurance recoverables at beginning of period

341,016

182,661

275,959

155,299

Add: Balances acquired(1)

—

22,178

6,788

Add: Incurred losses and LAE, net of reinsurance, related to:(2)

Current year

113,312

52,698

210,741

95,757

Prior years

(14,324

)

(6,515

)

(24,656

)

(10,830

)

Total incurred

98,988

46,183

186,085

84,927

Deduct: Loss and LAE payments, net of reinsurance, related to:

Current year

7,262

17,659

27,980

22,657

Prior years

11,795

12,000

35,295

25,172

Total payments

19,057

29,659

63,275

47,829

Reserve for losses and LAE net of reinsurance recoverables at end of period

420,947

199,185

420,947

199,185

Add: Reinsurance recoverables on unpaid losses and LAE at end of period

523,790

399,471

523,790

399,471

Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period

944,737

598,656

944,737

598,656

(1)

Represents amounts recognized in Reserve for losses and LAE net of reinsurance recoverables upon acquisition of The Gray Casualty and Surety Company (“Gray Surety”) and FIA on 1/31/2026 and 1/1/2025, respectively, in accordance with ASC 805, Business Combinations. See Note 23 of the Notes to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K and Note 14 of our June 30, 2026 Quarterly Report on Form 10-Q for additional information regarding the acquisitions.

(2)

Losses for the three months ended June 30, 2026 and 2025 include $6.2 million and an insignificant amount, respectively, of losses on derivative instruments. Losses for the six months ended June 30, 2026 and 2025 include $18.5 million and an insignificant amount, respectively, of losses on derivative instruments.

Reconciliation of Non-GAAP Financial Measures

For the three and six months ended June 30, 2026 and 2025, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:

Underwriting revenue

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

($ in thousands)

Total revenue

314,423

203,311

593,361

377,945

Net investment income

(19,950

)

(13,370

)

(37,934

)

(25,441

)

Net realized and unrealized gains on investments

(6,753

)

(8,306

)

(4,860

)

(5,968

)

Underwriting revenue

287,720

181,635

550,567

346,536

Underwriting income and adjusted underwriting income

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

($ in thousands)

Income before income taxes

69,803

59,880

123,264

113,593

Net investment income

(19,950

)

(13,370

)

(37,934

)

(25,441

)

Net realized and unrealized gains on investments

(6,753

)

(8,306

)

(4,860

)

(5,968

)

Interest expense

4,947

8,105

171

Underwriting income

48,047

38,290

88,575

82,355

Expenses associated with transactions

754

7,412

2,841

Stock-based compensation expense

7,438

5,347

16,224

10,092

Amortization of intangibles

9,180

1,346

15,235

2,054

Expenses associated with catastrophe bond

2,330

2,661

2,330

2,661

Adjusted underwriting income

67,001

48,398

129,776

100,003

Adjusted net income

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

($ in thousands)

Net income

52,592

46,528

95,539

89,450

Adjustments:

Net realized and unrealized gains on investments

(6,753

)

(8,306

)

(4,860

)

(5,968

)

Expenses associated with transactions

754

7,412

2,841

Stock-based compensation expense

7,438

5,347

16,224

10,092

Amortization of intangibles

9,180

1,346

15,235

2,054

Expenses associated with catastrophe bond

2,330

2,661

2,330

2,661

Tax impact

(1,025

)

202

(4,976

)

(1,293

)

Adjusted net income

63,768

48,532

126,904

99,837

Annualized adjusted return on equity

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

($ in thousands)

Annualized adjusted net income

255,072

194,128

253,808

199,674

Average stockholders’ equity

969,991

818,823

961,805

788,114

Annualized adjusted return on equity

26.3

23.7

26.4

25.3

Adjusted combined ratio

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

($ in thousands)

Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income

238,904

141,668

459,814

261,674

Denominator: Net earned premiums

286,951

179,958

548,389

344,029

Combined ratio

83.3

78.8

83.8

76.1

Adjustments to numerator:

Expenses associated with transactions

)

(754

)

(7,412

)

(2,841

)

Stock-based compensation expense

(7,438

)

(5,347

)

(16,224

)

(10,092

)

Amortization of intangibles

(9,180

)

(1,346

)

(15,235

)

(2,054

)

Expenses associated with catastrophe bond

(2,330

)

(2,661

)

(2,330

)

(2,661

)

Adjusted combined ratio

76.7

73.1

76.3

70.9

Diluted adjusted earnings per share

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

(in thousands, except per share data)

Adjusted net income

63,768

48,532

126,904

99,837

Weighted-average common shares outstanding, diluted

27,056,554

27,628,733

27,208,113

27,568,913

Diluted adjusted earnings per share

2.36

1.76

4.66

3.62

Catastrophe loss ratio

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

($ in thousands)

Numerator: Losses and loss adjustment expenses

98,988

46,183

186,085

84,927

Denominator: Net earned premiums

286,951

179,958

548,389

344,029

Loss ratio

34.5

25.7

33.9

24.7

Numerator: Catastrophe losses

(418

)

(22

)

(149

)

(565

)

Denominator: Net earned premiums

286,951

179,958

548,389

344,029

Catastrophe loss ratio

-0.1

0.0

-0.2

Adjusted combined ratio excluding catastrophe losses

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

($ in thousands)

Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income

238,904

141,668

459,814

261,674

Denominator: Net earned premiums

286,951

179,958

548,389

344,029

Combined ratio

83.3

78.8

83.8

76.1

Adjustments to numerator:

Expenses associated with transactions

)

(754

)

(7,412

)

(2,841

)

Stock-based compensation expense

(7,438

)

(5,347

)

(16,224

)

(10,092

)

Amortization of intangibles

(9,180

)

(1,346

)

(15,235

)

(2,054

)

Expenses associated with catastrophe bond

(2,330

)

(2,661

)

(2,330

)

(2,661

)

Catastrophe losses

418

149

565

Adjusted combined ratio excluding catastrophe losses

76.8

73.1

76.4

71.1

Tangible Stockholders’ equity

June 30,

December 31,

2026

2025

($ in thousands)

Stockholders’ equity

980,942

942,667

Goodwill and intangible assets

(236,756

)

(61,054

)

Tangible stockholders’ equity

744,186

881,613

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Document And Entity Information

Aug. 04, 2026

Cover [Abstract]

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration