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15/06/2026 , 22:32 Palomar Holdings , Inc. Form 8 - K filed on Aug - 04-2021 Palomar Exhibit 99.1 Palomar Holdings , Inc. Reports Second Quarter 2021 Results - LA JOLLA , Calif . ( Aug 4 , 2021 ) Palomar Holdings , Inc. ( NASDAQ : PLMR ) ( “ Palomar ” or “ Company ” ) reported net income of $ 12.3 million , or $ 0.47 per diluted share , for the second quarter of 2021 as compared to $ 12.0 million , or $ 0.48 per diluted share , for the second quarter of 2020. Adjusted net income ( 1 ) was $ 13.2 million , or $ 0.51 per diluted share , for the second quarter of 2021 as compared to $ 13.0 million , or $ 0.52 per diluted share , for the second quarter of 2020 . The Company reported net income of $ 29.0 million , or $ 1.11 per diluted share , for the six months ended June 30 , 2021 , as compared to $ 23.8 million , or $ 0.95 per diluted share , for the six months ended June 30 , 2020 . Adjusted net income ( ¹ ) was $ 32.5 million , or $ 1.24 per diluted share for six months ended June 30 , 2021 , as compared to $ 25.4 million , or $ 1.02 per diluted share , for the six months ended June 30 , 2020 . Second Quarter 2021 Highlights . • Gross written premiums increased by 54.4 % to $ 129.4 million compared to $ 83.8 million in the second quarter of 2020 Net income increased by 2.7 % to $ 12.3 million compared to $ 12.0 million in the second quarter of 2020 Adjusted net income ( 1 ) increased by 1.5 % to $ 13.2 million compared to $ 13.0 million in the second quarter of 2020 Total loss ratio of 13.3 % compared to 10.1 % in the second quarter of 2020 Combined ratio of 76.0 % compared to 68.4 % in the second quarter of 2020 Adjusted combined ratio ( ¹ ) of 73.8 % , compared to 65.1 % in the second quarter of 2020 Annualized return on equity of 13.1 % , compared to 15.1 % in the second quarter of 2020 Annualized adjusted return on equity ( ¹ ) of 14.1 % , compared to 16.4 % in the second quarter of 2020 ( 1 ) See discussion of " Non - GAAP and Key Performance Indicators " below . " Our second quarter results , highlighted by year - over - year gross written premium growth of 54 % , demonstrate the sustained momentum we are seeing across our business , ” commented Mac Armstrong , Chairman and Chief Executive Officer . " We believe that our E & S business , which delivered $ 34.1 million in gross written premium and grew 43 % sequentially from the first quarter , is in the very early innings of its development and has the potential to reach the size of our admitted carrier over time . In addition to our topline growth , importantly we delivered strong earnings , and grew net income despite $ 3.9 million of non - recurring , incremental reinsurance charges incurred as a result of Winter Storm Uri . During the quarter we continued our focus on using risk transfer to provide a stable earnings base and profitable growth as we successfully completed our June 1 reinsurance renewal in which we procured approximately $ 180 million of incremental reinsurance limit for earthquakes and $ 100 million of incremental limit for windstorms . Our reinsurance coverage now exhausts at $ 1.65 billion for earthquake events and $ 700 million for hurricane events , which we believe provides ample capacity for our growth . " Mr. Armstrong added , " While I am very pleased with our growth , I am most proud of our people and the culture they create at Palomar . We analytically and proactively manage our portfolio , product by product and state by state , at a granular level , as we seek to optimize risk adjusted returns , exposures , and most of all profitability . We continue to invest in the development of new product offerings that add value to the market and achieve target returns and as such launched several during the quarter . We remain confident in our ability to expand our product suite , distribution footprint , and earnings base over time . Moreover , we believe we have the capital to execute our strategy for the foreseeable future and opportunistically deploy it towards other initiatives that we believe generate an attractive return . Consistent with that philosophy , during the quarter we repurchased 239,000 shares of our stock under the share repurchase program we announced in late March . ” Underwriting Results https://www.capitaliq.com/CIQDotNet/Filings/DocumentRedirector.axd?versionId=1422524130&type=html 3/27