Q2 2024 Palomar Holdings Inc Earnings Call Transcript
Key Points
- Palomar Holdings Inc (PLMR) achieved record gross written premium and adjusted net income, with a 40% and 47% year-over-year increase, respectively.
- The company successfully placed its June 1 excess of loss reinsurance program at attractive rates, below initial expectations.
- Palomar Holdings Inc (PLMR) signed an agreement to acquire First Indemnity of America Insurance Company, diversifying its portfolio and creating a new growth driver.
- The company raised its full-year 2024 adjusted net income guidance range to $124 million to $130 million, marking the fifth consecutive quarter of raised guidance.
- AM Best upgraded Palomar Holdings Inc (PLMR)'s financial strength rating to an A from an A-, underscoring its financial stability and strategic success.
- The company experienced elevated catastrophe losses from Texas severe convective storm and tornado activity, impacting its Builder's risk book.
- Palomar Holdings Inc (PLMR) will face a decline in fronting premium as one of its key partners, Omaha National, secured the requisite license to do business in California without a front.
- The inland marine and other property product growth slowed from the first quarter's rate due to a focus on curtailing exposure in hurricane-exposed regions.
- The company noted that certain pockets of its casualty book, such as private company D&O, are experiencing softer pricing.
- Palomar Holdings Inc (PLMR) slightly increased its earthquake retention to $20 million, which could impact its financials in the event of a significant earthquake.
Good morning and welcome to the Palomar Holdings Inc.'s second-quarter 2024 earnings conference call. (Operator Instructions)
As a reminder, this conference call is being recorded. I would now like to turn the call over to Mr. Chris Uchida, Chief Financial Officer. Please go ahead.
Thank you, operator, and good morning, everyone. We appreciate your participation in our earnings call. With me here today is Mac Armstrong, our Chairman and Chief Executive Officer. Additionally, Jon Christianson, our President, is here to answer questions during the Q&A portion of the call.
As a reminder, a telephonic replay of this call will be available on the Investor Relations section of our website through 11:59 PM Eastern Time on August 13, 2024.
Before we begin, let me remind everyone that this call may contain certain statements that constitute forward-looking statements within the meaning of the Private Securities Allegation Reform Act of 1995. These include remarks about
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