Palomar Holdings, Inc. (PLMR) Earnings
Palomar Holdings, Inc. is expected to report next earnings on August 3, 2026 (in NaN days), with a consensus EPS estimate of $2.23. PLMR has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +16.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $2.17 | $2.31 | +6.5% | $630M | +12.9% |
| Feb 11, 2026 | $2.06 | $2.24 | +8.7% | $493M | +114.3% |
| Nov 6, 2025 | $1.58 | $2.01 | +27.2% | $245M | +16.1% |
| Feb 12, 2025 | $1.22 | $1.52 | +24.6% | $156M | +11.8% |
| May 2, 2024 | $0.94 | $1.09 | +16.0% | $119M | -63.7% |
| Feb 14, 2024 | $0.94 | $1.11 | +18.1% | $105M | -64.6% |
| Nov 1, 2023 | $0.74 | $0.92 | +24.3% | $91M | -72.3% |
| Aug 2, 2023 | $0.83 | $0.86 | +3.6% | $90M | -70.1% |
| May 3, 2023 | $0.74 | $0.80 | +8.1% | $89M | -61.8% |
| Feb 15, 2023 | $0.74 | $0.82 | +10.8% | $89M | -60.0% |
| Nov 2, 2022 | $0.60 | $0.29 | -51.7% | $81M | -64.3% |
| Aug 3, 2022 | $0.67 | $0.73 | +9.0% | $80M | -58.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Mac expressed satisfaction with first quarter results, highlighting strong start, consistent profitable growth, and durability of the model. • Discussed portfolio diversity in in-force premium breakdown. • Mentioned repurchase of 190,255 shares and authorization of new $200 million share repurchase program. • Talked about current market conditions in different sectors, including property, casualty, crop, surety and credit. • Addressed organizational effort to leverage AI across Palomar. • Highlighted progress in various product lines like earthquake, inland marine and property, commercial product suite, casualty, crop, surety and credit.
Guidance
• Increased adjusted net income guidance from $260 million to $275 million to $262 million to $278 million. • Now expect 35% growth in crop vs previously expressed 30% and nice profitability in 2026. • Assumed rate decreases will maintain at a similar level for commercial earthquake, and residential earthquake performing well. • Net earned premium ratio expected to increase into the upper 40s for 2026, slight improvements in acquisition and other underwriting expense ratios expected, loss ratio including catastrophes expected to be in the mid to upper 30s for 2026, adjusted combined ratio expected to be in the mid-70s.
Segment performance
Admitted and E&S premium split 57-43%; property (including earthquake) and casualty premium split 60-40%; residential and commercial property premium split 45-55%; 90% of Q1 premium from lines not impacted by traditional P&C market cycle. Gross written premium increased 42% YOY. Adjusted net income grew 23%, adjusted combined ratio 76%, adjusted return on equity 27%. Earthquake franchise: 58% residential, 63% admitted, 3% YOY growth; commercial earthquake pricing competitive with rates down ~18% on renewals; residential earthquake performing well with 97% premium retention. Inland marine and property: gross rate and premiums grew 47%, 34-66% split between residential and commercial lines, 70-30% split between admitted and E&S products. Commercial product suite: Builder's Risk a key contributor, expanding underwriting footprint; newly launched construction engineering line performing well above initial plan. Casualty: gross written premium increased ~55% YOY, strong performing lines include environmental liability, primary general liability, etc. Crop: gross written premiums rose 82% YOY, now expect 35% growth vs previously expressed 30%, drought conditions impact winter wheat but risk-sharing structure mitigates. Surety and credit: increased by 131% YOY, integration of Gray (rebranded as Palomar Casualty and Surety) going well.
Risks & headwinds
• Current drought conditions put pressure on results in winter wheat in states like Oklahoma and Kansas and PRF products in Mountain West and Plain states. • Market conditions and loss trends being less favorable in some areas where exposure is being reduced. • Competition in certain segments like property and casualty leading to pricing changes. • Potential impact of higher energy prices or tariffs not expected to be meaningful but need to be monitored. • Some lines of business facing rate moderations or softness which may require triaging.
Analyst Q&A
Q: As casualty pricing maybe moderates a bit here, how are you thinking about the interplay with retention decisions? And does a moderating price environment on long tail kind of slow the pace at which you're thinking about increasing the net retentions?
A: Mac said it's nuanced, seeing rate increases hold in healthcare liability, some lines moderating, expecting retentions to remain consistent for now, and taking proactive stance in soft lines.
Q: On commercial earthquake, how are pricing pressure expected to be and growth in resi book?
A: Rate decreases to maintain at similar level, residential quake performing well.
Q: On casualty book, how has IBNR shifted?
A: IBNR has been north of 80% since start, ticked up slightly this quarter, reserve base mostly in IVNR.
Q: Amortization of intangibles, is it ongoing?
A: Amortization of intangibles from acquisitions is ongoing, sitting in other adjusted underwriting expenses.
Q: Inland Marine pricing and data center involvement?
A: Balance of the book performing well, mix of admitted and residential business, and data center involvement more from builder's risk standpoint.
Q: Drought impact on crop, and guidance update on reinsurance attachment points?
A: Drought impacts winter wheat, guidance range assumes 10-15% down in reinsurance, no change to retentions in assumptions.
Q: Fertilizer impact on yields and underwriting?
A: No impact seen this year as fertilizer for 2026 growing season mostly secured prior, market efficient.
Q: Changed initial loss picks in casualty or crop?
A: No change to initial loss picks at this stage.
Q: Competitive environment for residential earthquake?
A: Remain market leader, distinct offering with flexibility in coverages and deductible options.