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15/06/2026 , 22:20 Palomar Holdings , Inc. Form 8 - K filed on Nov - 03-2021 Exhibit 99.1 Palomar Palomar Holdings , Inc. Reports Third Quarter 2021 Results - LA JOLLA , Calif . ( Nov 3 , 2021 ) Palomar Holdings , Inc. ( NASDAQ : PLMR ) ( " Palomar " or " Company " ) reported net income of $ 0.2 million , or $ 0.01 per diluted share , for the third quarter of 2021 as compared to a net loss of $ 15.7 million , or $ 0.62 per diluted share , for the third quarter of 2020. Adjusted net income ( 1 ) was $ 1.7 million , or $ 0.07 per diluted share , for the third quarter of 2021 as compared to an adjusted net loss of $ 15.2 million , or $ 0.60 per diluted share , for the third quarter of 2020 . The Company reported net income of $ 29.2 million , or $ 1.12 per diluted share , for the nine months ended September 30 , 2021 , as compared to $ 8.1 million , or $ 0.32 per diluted share , for the nine months ended September 30 , 2020. Adjusted net income ( 1 ) was $ 34.2 million , or $ 1.31 per diluted share for the nine months ended September 30 , 2021 , as compared to $ 10.1 million , or $ 0.40 per diluted share , for the nine months ended September 30 , 2020 . Third Quarter 2021 Highlights ( 1 ) Gross written premiums increased by 47.9 % to $ 152.3 million compared to $ 103.0 million in the third quarter of 2020 Net income of $ 0.2 million compared to a net loss of $ 15.7 million in the third quarter of 2020 Adjusted net income ( 1 ) of $ 1.7 million compared to an adjusted net loss of $ 15.2 million in the third quarter of 2020 Total loss ratio of 44.0 % compared to 97.7 % in the third quarter of 2020 Catastrophe loss ratio ( ¹ ) of 27.0 % compared to 86.9 % in the third quarter of 2020 Combined ratio of 102.8 % compared to 157.1 % in the third quarter of 2020 Adjusted combined ratio excluding catastrophe losses ( 1 ) of 73.2 % , compared to 68.9 % in the third quarter of 2020 Annualized return on equity of 0.3 % , compared to negative 17.0 % in the third quarter of 2020 Annualized adjusted return on equity ( 1 ) of 1.8 % , compared to negative 16.5 % in the third quarter of 2020 See discussion of " Non - GAAP and Key Performance Indicators " below . “ Our third quarter results demonstrated continued execution of Palomar's commitment to building a market leading specialty insurer , ” commented Mac Armstrong , Chairman and Chief Executive Officer . “ The quarter's results are highlighted by year - over - year gross written premium increases of 48 % most notably in our surplus lines , or E & S operation , which delivered $ 41.4 million of gross written premium and 22 % sequential growth . Additionally , our core earthquake business grew at a healthy rate of 32 % as our innovative products continued to capitalize on attractive market conditions . While our results reflect the impact of catastrophe losses from Hurricanes Ida and Nicholas as well as a single excess liability policy shock loss , we take solace in the fact that approximately 61 % of the gross losses from these events came from discontinued lines of business and are non - recurring in nature . It is also worth noting those discontinued operations contributed 34 % of our gross attritional losses in the quarter . Mr. Armstrong added , “ Importantly , we embarked upon several initiatives during the quarter that will translate into profitable growth into 2022 and beyond . One such example is our entrance into the fronting sector of the U.S. insurance market , where we are partnering with reinsurers , insurance carriers , and managing general agents to design customized insurance programs . Our PLMR - FRONT us access and deeper reach into attractive markets , high leverage of our talent generates recurring fee income . Beyond PLMR - FRONT , we launched new products terrific additions to our team who will broaden our product suite and addressable market . ” Underwriting Results initiative provides and capital , and and made several Gross written premiums increased 47.9 % to $ 152.3 million compared to $ 103.0 million in the third quarter of 2020 , while net earned premiums increased 54.0 % compared to the prior year's third quarter . Losses and loss adjustment expenses for the third quarter were $ 28.5 million due to attritional losses of $ 11.0 million and catastrophe losses of $ 17.5 million . The third quarter catastrophe loss results include Hurricanes Ida and Nicholas , the PG & E excess liability loss , and were partially offset by favorable prior period development . https://www.capitaliq.com/CIQDotNet/Filings/DocumentRedirector.axd?versionId=1506429718&type=html 3/20