Palomar reports Q1 EPS 80c, consensus 74c

Gross written premiums increased by 46.3% to $250.1 million compared to $170.9 million in the first quarter of 2022. Total loss ratio of 24.8% compared to 19.7% in the first quarter of 2022. Combined ratio of 77.9% compared to 76.5% in the first quarter of 2022. Annualized return on equity of 17.5%, compared to 15.0% in the first quarter of 2022. Annualized adjusted return on equity of 20.7%, compared to 19.2% in the first quarter of 2022. Mac Armstrong, Chairman and Chief Executive Officer, commented, "Following a record year in 2022, I am pleased with the strong start to 2023. Our first quarter results demonstrate continued momentum in our business and further execution of our Palomar 2X strategy. Highlights for the quarter include gross written premium growth of 46%, an adjusted combined ratio of 73.3%, and an adjusted return on equity of 20.7%. Importantly, these results were achieved even with elevated catastrophe activity during the quarter."