Palomar Q1 2026 adjusted profit up 23%, GAAP net income flat; new $200 million buyback
Palomar Holdings reported first-quarter 2026 GAAP net income of $42.9 million, or $1.57 per diluted share, flat from a year earlier, and adjusted net income of $63.1 million, or $2.31 per diluted share, up 23.1%. Gross written premiums rose 42.4% to $629.8 million, but the combined ratio worsened to 84.5% from 73.1% and underwriting income fell 8.0%. The board also approved a new $200 million share repurchase program running through May 6, 2028, replacing the prior program.
Key points
- GAAP net income $42.9 million and $1.57 diluted EPS, both flat versus Q1 2025; adjusted net income $63.1 million, up 23.1%
- Gross written premiums up 42.4% to $629.8 million; combined ratio 84.5% versus 73.1%; underwriting income $40.5 million, down 8.0%
- New repurchase authorization of up to $200 million, effective May 6, 2026, through May 6, 2028
- 2026 outlook: adjusted net income of $262 million to $278 million, including $8 million to $12 million of catastrophe losses
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:01 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 06, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.