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15/06/2026 , 22:34 Palomar Holdings , Inc. Form 8 - K filed on May - 05-2021 Palomar Exhibit 99.1 Palomar Holdings , Inc. Reports First Quarter 2021 Results LA JOLLA , Calif . ( May 5 , 2021 ) Palomar Holdings , Inc. ( NASDAQ : PLMR ) ( " Palomar " or " Company " ) reported net income of $ 16.6 million , or $ 0.63 per diluted share , for the first quarter of 2021 as compared to $ 11.8 million , or $ 0.48 per diluted share , for the first quarter of 2020. Adjusted net income ( 1 ) was $ 19.3 million , or $ 0.73 per diluted share , for the first quarter of 2021 as compared to $ 12.3 million , or $ 0.50 per diluted share , for the first quarter of 2020 . First Quarter 2021 Highlights • Gross written premiums increased by 44.9 % to $ 103.6 million compared to $ 71.5 million in the first quarter of 2020 • Net income increased by 41.2 % to $ 16.6 million compared to $ 11.8 million in the first quarter of 2020 • • • Adjusted net income ( 1 ) increased by 56.5 % to $ 19.3 million compared to $ 12.3 million in the first quarter of 2020 Total loss ratio of negative 9.4 % compared to 5.4 % in the first quarter of 2020 Combined ratio of 60.4 % compared to 63.6 % in the first quarter of 2020 Adjusted combined ratio ( 1 ) of 53.3 % , compared to 61.6 % in the first quarter of 2020 Annualized return on equity of 18.0 % , compared to 19.7 % in the first quarter of 2020 ( 1 ) Annualized adjusted return on equity ( D ) of 20.8 % , compared to 20.6 % in the first quarter of 2020 See discussion of " Non - GAAP and Key Performance Indicators " below . " As we exited 2020 , the Palomar team felt we had considerable momentum in our business ; the strong growth in the first quarter of 2021 confirmed this belief . During the quarter we generated gross written premium growth of 45 % while also executing upon new and existing underwriting actions that we believe will translate into attractive risk adjusted returns and earnings predictability , " commented Mac Armstrong , Chairman and Chief Executive Officer . " Our strong top line results were led by our earthquake products , which in the case of the commercial offerings grew 96 % year - over - year and 25 % in the case of our Residential Earthquake offerings . Additionally , new products continued to gather momentum and grow at exceptional rates ; most notably , our Inland Marine products grew 315 % year - over - year . The traction we gained across our entire portfolio continues to validate our specialty insurance offerings . Lastly , our E & S carrier , Palomar Excess and Surplus Insurance Company , better known as PESIC , grew rapidly , approaching $ 100 million in annualized gross written premiums in just its second full quarter of operation . PESIC continues to provide opportunities to extend the reach of our existing products and expand our addressable market . " Mr. Armstrong continued , " In addition to our focus on delivering strong top - line growth , we also started 2021 acutely focused on generating consistent earnings . Beyond underwriting changes , rate increases and winding - down certain unprofitable segments of the business , we made notable enhancements to our robust risk transfer strategy . Specifically , we successfully placed $ 25 million of aggregate excess of loss reinsurance limit during the quarter . The net effect of this new reinsurance facility is that it puts a floor on our operating results should we experience severe catastrophe activity levels like those in 2020. While we aim to grow and capture an increasing share of our significant market opportunity , we must also prudently protect our balance sheet and earnings . The first quarter is a stellar demonstration of this approach . Looking ahead , we believe we have made the necessary adjustments to position the Company for continued success and we are excited about the multiple avenues for profitable growth in 2021 and beyond . " Underwriting Results Gross written premiums increased 44.9 % to $ 103.6 million compared to $ 71.5 million in the first quarter of 2020 , while net earned premiums increased 35.2 % compared to the prior year's first quarter . During the quarter , Winter Storm Uri ( " Uri " ) caused the Company to incur additional reinsurance charges related to the reinstatement of its reinsurance program . For the first half of 2021 , Uri will result in a net underwriting loss of approximately $ 1.0 million comprised of approximately $ 4.0 million of additional reinsurance expense in the first quarter of 2021 and similar additional reinsurance expense in the second quarter of 2021 partially offset by negative net losses in the first quarter of 2021 . Losses and loss adjustment expenses for the first quarter were negative $ 4.4 million due to attritional losses of $ 5.2 million offset by $ 2.4 million of favorable prior year development on 2020 catastrophe losses and reinsurance recoveries . The loss ratio for the quarter was negative 9.4 % , including an attritional loss ratio of 11.1 % , compared to a loss ratio of 5.4 % during the same period last year comprised entirely of attritional losses . Non - catastrophe losses increased mainly due to growth of lines of business subject to attritional losses such as Specialty Homeowners , Flood , and Inland Marine . 1 https://www.capitaliq.com/CIQDotNet/Filings/DocumentRedirector.axd?versionId=1349011234&type=html 3/12