Palomar Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 02, 2023 at 01:45 am IST
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Palomar Holdings, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net income was USD 18.43 million compared to USD 4.29 million a year ago. Basic earnings per share from continuing operations was USD 0.75 compared to USD 0.17 a year ago. Diluted earnings per share from continuing operations was USD 0.73 compared to USD 0.17 a year ago.
For the nine months, net income was USD 53.31 million compared to USD 33.41 million a year ago. Basic earnings per share from continuing operations was USD 2.15 compared to USD 1.32 a year ago. Diluted earnings per share from continuing operations was USD 2.1 compared to USD 1.29 a year ago.
Palomar Holdings, Inc. is an insurance holding company. The Company provides property and casualty insurance products to individuals and businesses. The Company's primary lines of business include Residential and Commercial Earthquake, Fronting, Inland Marine, and Casualty. It distributes its products through multiple channels, including retail agents, program administrators, wholesale brokers, and partnerships with other insurance companies. It offers Residential Earthquake products on an admitted and excess and surplus lines (E&S) basis. Its products insure against damage to the home, contents and any appurtenant structures, and reimburse for temporary housing costs in the event of an earthquake. Its Commercial Earthquake products focused on providing coverage for benign commercial risks. Its Inland Marine products include builderâs risk, contractorâs equipment, mobile equipment, motor truck cargo, miscellaneous floaters, installation floaters, and special property floaters.