PLMR Investor presentation

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plmr.com Investor Presentation November 2025

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Disclaimer 2 This presentation contains forward-looking statements about Palomar Holdings, Inc. (the “Company”). These statements involve known and unknown risks that relate to the Company’s future events or future financial performance and the actual results could differ materially from those discussed in this presentation. This presentation also includes financial measures which are not prepared in accordance with generally accepted accounting principles (“GAAP”). For a description of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the appendix to this present. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as ‘‘may’’, ‘‘will’’, ‘‘should’’, ‘‘expects’’, ‘‘plans’’, ‘‘anticipates’’, ‘‘could’’, ‘‘intends’’, ‘‘target’’, ‘‘projects’’, ‘‘contemplates’’, ‘‘believes’’, ‘‘estimates’’, ‘‘predicts’’, ‘‘would’’, ‘‘potential’’ or ‘‘continue’’ or the negative of these words or other similar terms or expressions that concern the Company’s expectations, strategy, plans or intentions. These forward-looking statements include, among others, statements relating to our future financial performance, our business prospects and strategy, anticipated financial position, liquidity and capital needs and other similar matters. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others, future results of operations; financial position; the impact of the ongoing and global COVID-19 pandemic; general economic, political and other risks, including currency and stock market fluctuations and uncertain economic environment; the volatility of the trading price of our common stock; and our expectations about market trends. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company’s forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes. While the Company may elect to update these forward-looking statements at some point in the future, the Company has no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this presentation. Additional risks and uncertainties relating to the Company and its business can be found in the "Risk Factors" section of Palomar Holdings, Inc.’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other filings with the United States Securities and Exchange Commission.

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AM Best rated “A” (Excellent) & Financial Size Category XI 3 Company Profile TRACK RECORD OF DELIVERING STRONG GROWTH AND CONTINUED PROFITABILITY 1. Includes PSIC, PESIC and Palomar Re. 2. This slide contains non-GAAP metrics. See GAAP reconciliation in the Appendix. 3. Excludes the impact of lines of business exited or discontinued since prior year. THIRD QUARTER HIGHLIGHTS (2)  Gross written premium (GWP) of $597 million; 44% YoY growth  Adjusted net income of $55 million, 70% YoY growth  Adjusted return on equity of 26%  Adjusted combined ratio of 75%  Announced the acquisition of Gray Surety, a Louisiana-based surety carrier, to expand the existing surety franchise nationally  Repurchased $37.3 million of shares under the share repurchase program Balanced mix of admitted & E&S, residential & commercial property and casualty products Diversified growth engine anchored by Earthquake and strengthened by growing Casualty, Inland Marine & Other Property, Crop, Fronting and Surety platforms Purpose built risk transfer strategy and reinsurance approach enabling earnings stability and growth Experienced management team committed to PLMR 2X — doubling adjusted net income every 3–5 years while sustaining ROE above 20% Leading specialty insurer with a portfolio intentionally designed to perform through all cycles (1)

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4 Palomar 2X Strategy 2025 FULL YEAR ADJUSTED NET INCOME GUIDANCE OF $210-$215M IMPLIES YEAR-OVER-YEAR GROWTH GREATER THAN 59% • Profitable growth • Anchored by earthquake franchise • Low volatility – specialty lines focus • Conservative and comprehensive risk transfer strategy • Selective entry into new markets • Sustain attractive margins Fundamental Principals • Greater gross / net line sizes enabled by surplus growth • Softening reinsurance market supports margin expansion • Investment leverage drives higher net investment income • Gray Surety acquisition adds accretive scale and earnings Near Term Adjusted Net Income Drivers 2023 2025 Estimated 2022 Actuals $71.3M Adjusted Net Income 2024 Palomar 2X Goal $142.7M Adjusted Net Income Actuals $93.5M Palomar 2X Goal $187.0M Adjusted Net Income Actuals $133.5M Palomar 2X Goal $267.0M Adjusted Net Income Est. ANI $212.5M Palomar 2X Goal $425.0M Historic Performance & Outlook for Palomar 2X Guidance Implies Doubling our 2022 ANI in 3 years and doubling our 2023 ANI in just 2 years

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Inland Marine & Other Property • 170% Growth • Strong growth driven by Primary and Excess Casualty • Maintaining disciplined attachment points and net limits, supported by quota share reinsurance to manage volatility • Reserving philosophy remains conservative and consistent as the portfolio continues to season • 101% Growth • Premium doubled YoY to $120M; YTD $207M above initial $200M full-year target • Continue to add talent across multiple geographies • Revised full-year premium target now $230 million • 50% Growth • Balanced portfolio: Admitted (58%), E&S (42%) • Builder’s Risk up 53%; national footprint in scope • Hawaii Hurricane up ~20%; Laulima now the #2 standalone hurricane writer • last quarter of impact from the • Last Q of impact from termination of Omaha National partnership • Highly selective on partners and counterparties • Expect to add partners, but fronting is not a top strategic priority r • 11% growth • Balanced portfolio: Residential (61%), Commercial (39%) & Admitted (64%), E&S (36%) • Admitted residential segment continues to benefit from strong retention and annual inflation guard increase in softening reinsurance market • Large commercial, segment seeing highest rate pressure, only represents 8% of the total Palomar portfolio 5 Palomar Portfolio of Specialty Insurance Products FIVE KEY SPECIALTY INSURANCE PRODUCT CATEGORIES CONSTRUCTED TO EFFECTIVELY NAVIGATE MARKET CYCLES 5 1. The majority of Crop premiums are written and earned in Q3 2. 56% same-store growth when excluding the impact of lines of business exited or discontinued since prior year 26% 20% 20% 9% 25% Q3 2025 GWP $597M Earthquake Casualty Crop Fronting

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6 Reinsurance Update DISCIPLINED AND DIVERSIFIED REINSURANCE STRATEGY ENHANCING MARGIN STABILITY AND GROWTH Property Catastrophe Tower • Reinsurance strategy blends multiple tools, including excess of loss (“XOL”), quota share, and insurance-linked securities (“ILS”) Program supported by over 100 reinsurers and ILS investors Mix of one-year and multi-year limit to reduce reinsurance market price volatility • Earthquake reinsurance program: o Total ground-up earthquake coverage increased to approximately $3.5B while maintaining $20M occurrence retention o Includes $1.15B of earthquake limit via Torrey Pines Re catastrophe bond program • All perils excluding earthquake subject to separate reinsurance tower o Continental US Hurricane coverage to $100M o All perils excluding earthquake coverage to $85M o Per occurrence retention reduced to $11M • Placed standalone Laulima XOL treaty, improving both Laulima and Core tower economics Q3 2025 Updates • Placed seven treaties during Q3, expanding reinsurance protection with first time placements for Flood and Healthcare Liability programs • All renewed treaties executed at equal or improved terms than expiring • Market conditions remain favorable for buyers • Ongoing softening in the property cat reinsurance market anticipated through 2026 • Leveraging quota share reinsurance to manage Casualty volatility and maintain disciplined net line sizes as the portfolio scales

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• Third-party data enrichment leveraging AI models for mining data and images • AI-driven automation in underwriting process • Active monitoring of Insurtech innovation landscape • Scalable core systems leveraging best-in-class vendors • Proven playbooks for new product launches • Early adoption of business process outsourcing services for rapid scaling and cost efficiency 7 Technology and Data KEY ENABLER OF SPEED-TO-MARKET AND DIFFERENTIATION 1. Palomar Automated Submission System Built for Speed Building on Palomar’s …. Core Advantages • PASS(1) and frontends endorsed by Producer and Carrier partners • Sophisticated pricing tools with automated external data ingestion • Performance and exposure management data assets Leveraging AI and …….......New Technologies • Automated ingestion of catastrophe, hazard, exposure and market data • Granular exposure analytics supporting optimized XOL and quota share structures • Real time portfolio monitoring enhancing pricing, retention and concentration management Data & Analytics

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8 Investment Portfolio as of September 30, 2025 HIGH QUALITY, LIQUID INVESTMENT PORTFOLIO PROVIDES COMPLEMENTARY EARNINGS STREAM Objectives: Maintain liquidity, preserve capital, and generate income within a disciplined risk framework. Portfolio Construction: Retains capacity to improve risk-adjusted performance through a modest and disciplined increase in both credit and duration risk. Investment Leverage and Earnings Contribution: Attractive investment leverage with a conservative risk profile. Opportunity for investment income to meaningfully contribute to adjusted net income over time . Weighted Average Duration: 4.0 Years Average Portfolio Credit Quality: “A2/A” Average Fixed Income Book Yield: 4.8% Average Yield on New Investments: 5.6% 12% 30% 27% 26% 5% Credit Rating AAA A AA BBB High Yield 47% 24% 13% 5% 4% 3% 2% 2% $1.3 Billion Total Investment Portfolio Corporate Bonds Municipal Bonds ABS Corporate HY Bonds MBS / CMBS Cash Equities Treasuries/Agencies

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$71 $94 $134 $32 $55 2022 2023 2024 Q3'24 Q3'25 18% 22% 22% 21% 26% 2022 2023 2024 Q3'24 Q3'25 $882 $1,142 $1,542 $415 $597 2022 2023 2024 Q3'24 Q3'25 9 Proven Business Model ATTRACTIVE BUSINESS MODEL GENERATING PROFITABLE GROWTH GROWTH PROFITABILITY Gross Written Premium ($M) Adjusted Return on EquityAdjusted Net Income ($M) 1. This slide contains non-GAAP metrics. See GAAP reconciliation in the Appendix. RETURNS

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Acquisition of Gray Surety

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Gray Surety Overview 12 Gray Surety Transaction Overview SUMMARY OF TERMS FOR THE $300M ACQUISITION OF GRAY SURETY 12 Transaction Summary • Palomar to acquire 100% of equity interests of Gray Surety Purchase Price • $300 million2 Consideration • All-cash transaction Financing • Transaction expected to be funded with a combination of cash and debt Required Approvals • HSR and insurance regulatory approvals (e.g. Louisiana Department of Insurance) Timing • Expected to close in first half of 2026 Source S&P Capital IQ 1. All figures shown represent Statutory financials 2. Subject to customary closing adjustments • Gray Surety is privately held and was established in 1996 as a wholly-owned subsidiary of The Gray Insurance Company • Headquartered in Louisiana and admitted/licensed in all 50 states with a current Treasury-listing (“T-listing”) of $13m • Specialize in contract bonds for midsized and emerging contractors • Led by an experienced, entrepreneurial management team that maintains a disciplined underwriting approach Key Stats1 / 20% Loss & LAE Ratio (2021-6/30/25) 80% Combined Ratio (2021-6/30/25) Transaction Highlights $81m GWP (TTM 6/30/25, up from $21m in 2021) $122m Statutory Surplus (6/30/25)

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13 Gray Surety - Significant Value Creation Opportunity SIGNIFICANT ENHANCEMENT OF OUR MARKET POSITION AND FINANCIAL PROFILE Attractive Financial Profile Expansion into Attractive Surety Market  Surety markets have seen a recent acceleration in growth, 13% CAGR since 2021 (vs. 15-year CAGR of 4.5%)  Surety continues to produce attractive combined ratios, outperforming the broader P&C industry by ~30ppts  Scarce asset providing foothold in new markets including Texas, Florida, and California  Transaction is expected to be immediately accretive to Adjusted EPS (excluding synergies)  Opportunity to accelerate high-growth trajectory through Palomar scale and capital advantages  Highly profitable underwriting allows for incremental reinsurance optimization / risk participation  Builds upon prior FIA acquisition, enhancing financial strength, scale, and strategic support  Complements and enhances existing capabilities, access to all 50 state licenses and increases T-listing to $13m  Enhances business diversification with limited correlation to existing lines and broader P&C market Strategic Alignment

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Appendix

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15 Comprehensive & Diverse Utilization of Risk Transfer Products EMPLOY A DIVERSE SUITE OF PRODUCTS TO MANAGE RISK, REDUCE EARNINGS VOLATILITY AND SUPPORT GROWTH Inland Marine Other Property Casualty Other Property Inland Marine Earthquake FrontingCasualty Crop Facultative • Individual risk-specific protection • ‘Second set of eyes’ for individual risk underwriting • Effective for newer lines of business or complex risks Excess of Loss (XOL) • Applies on either a per-risk or a portfolio basis (e.g. Catastrophe XOL) • Efficient protection against severity of a single event or loss above a fixed dollar retention Quota Share • ‘First dollar' pro-rata partner for portfolio • Control net line size and volatility for new and existing business • Mitigate shock losses • Generate fee income Catastrophe Bond • Provides fixed economics and capacity via multi-year treaties • Diversify beyond traditional reinsurance • Fully collateralized model Earthquake Other Property Earthquake Crop Inland Marine

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31.6% 33.9% 35.6% 37.4% 34.3% 39.0% 43.7% 44.0% 43.4% $272 $277 $303 $327 $396 $372 $376 $409 $519 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550 28.0% 33.0% 38.0% 43.0% 48.0% 53.0% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 NEP Ratio Gross Earned Premium Increase in GEP and decrease in NEP Ratio are due to Crop Business Q3 seasonality 16 Palomar 2X – Modeling Update Q3 2023 – Q3 2025 GROSS EARNED PREMIUM AND NET EARNED PREMIUM RATIO 1. Gross Earned Premium in $M (1) Seasonal low in NEP ratio is due to 6/1 Core Property XOL reinsurance placement

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17 Palomar 2X – Modeling Update THIRD QUARTER CROP SEASONALITY AND ITS IMPACT ON NET EARNED PREMIUM RATIO 1. Gross and net earned premium in $M 25% 30% 35% 40% 45% 50% 55% $- $100 $200 $300 $400 $500 $600 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Earned Premium Gross Earned Premium Net Earned Premium Ratio Based on our performance through the first nine months of the year, we expect the net earned premium ratio to be in the low to mid-40s for the full year. Moving forward, our Q3 results will experience seasonality due to our Crop business gross earned premium: • Our 2025 third quarter and full year results should provide a good framework to model our business in future years. • Q3 will remain the seasonal high point for gross written, gross earned, and net earned premiums, losses and acquisition expense. • Net earned premium ratio will be at a seasonal low point tied to our Crop earnings pattern and timing of our 6/1 core reinsurance renewal. • In any given year Q4 results are expected to normalize as the major impact will be in Q3. Crop and Seasonality at Palomar

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18 Palomar 2X – Modeling Update THIRD QUARTER CROP SEASONALITY AND ITS IMPACT ON ACQUISITION AND ADJUSTED UNDERWRITING EXPENSE RATIOS 1. Gross and net earned premium in $M (1) 5% 6% 7% 8% 9% 10% 11% 12% 13% $- $100 $200 $300 $400 $500 $600 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Earned Premium Gross Earned Premium Adjusted UW Expense Ratio Acquisition Expense Ratio (1) (1) Continued: • Acquisition expense increased in Q3 2025 o Acquisition expense ratio was 10.8% in Q3 2025. o Sequential decrease in the ratio reflects the higher gross earned premium in Q3. o For the year, we expect this ratio to be around 11–12%, consistent with prior expectations and with the low point in Q3. • Adjusted UW expense will continue to increase with growth in investments across the organization o Adjusted underwriting expense ratio was 7.9% in Q3 2025. o There’s a seasonal dip in Q3 due to Crop earned premium. o For the year, we expect the adjusted UW expense ratio to be around 8%, reflecting ongoing investments under Palomar 2X. • While not shown, loss ratio outlook remains favorable despite seasonality o Loss ratio for Q3 2025 was 32.3%, including 31.5% attritional and 0.8% catastrophe losses. o For the year, we expect the loss ratio to be around 30%, slightly better than Q2 expectations, with a seasonal spike in Q3 due to Crop timing. Crop and Seasonality at Palomar

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19 (1) Indicates non-GAAP financial measure; see “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable financial measures prepared in accordance with GAAP. (2) NM – Not Meaningful Third Quarter 2025 Financial Highlights ($ in thousands) Three Months Ended September 30 Nine Months Ended September 30 2025 2024 Change % Change 2025 2024 Change % Change Gross written premiums $ 597,171 $ 414,977 $ 182,194 43.9% $1,535,623 $1,168,239 $ 367,384 31.4% Ceded written premiums (321,927) (255,267) (66,660) 26.1% (819,171) (692,620) (126,551) 18.3% Net written premiums 275,244 159,710 115,534 72.3% 716,452 475,619 240,833 50.6% Net earned premiums 225,147 135,646 89,501 66.0% 569,175 365,796 203,379 55.6% Commission and other income 1,448 715 733 102.5% 3,954 2,035 1,919 94.3% Total underwriting revenue (1) 226,595 136,361 90,234 66.2% 573,129 367,831 205,298 55.8% Losses and loss adjustment expenses 72,812 40,315 32,497 80.6% 157,739 97,583 60,156 61.6% Acquisition expenses, net of ceding commissions and fronting fees 56,270 41,469 14,801 35.7% 154,266 109,072 45,194 41.4% Other underwriting expenses 48,306 28,129 20,177 71.7% 129,563 84,165 45,398 53.9% Underwriting income (1) 49,207 26,448 22,759 86.1% 131,561 77,011 54,550 70.8% Interest expense (133) (87) (46) 52.9% (304) (1,052) 748 (71.1)% Net investment income 14,572 9,408 5,164 54.9% 40,014 24,506 15,508 63.3% Net realized and unrealized (losses) gains on investments 3,493 2,734 759 27.8% 9,461 5,768 3,693 64.0% Income before income taxes 67,139 38,503 28,636 74.4% 180,732 106,233 74,499 70.1% Income tax expense 15,684 8,006 7,678 95.9% 39,827 23,625 16,202 68.6% Net income $ 51,455 $ 30,497 $ 20,958 68.7% $ 140,905 $ 82,608 $ 58,297 70.6% Adjustments: Net realized and unrealized gains on investments (3,493) (2,734) (759) 27.8% (9,461) (5,768) (3,693) 64.0% Expenses associated with transactions 728 84 644 NM 3,570 557 3,013 NM Stock-based compensation expense 5,379 4,117 1,262 30.7% 15,471 11,905 3,566 30.0% Amortization of intangibles 1,346 389 957 246.0% 3,400 1,168 2,232 191.1% Expenses associated with catastrophe bond -- -- --- NM 2,661 2,483 178 7.1% Tax impact (251 91 (342) NM (1,543) (734) (809) 110.2% Adjusted net income (1) $ 55,164 $ 32,444 $ 22,720 70.0% $ 155,003 $ 92,219 $ 62,784 68.1% Key Financial and Operating Metrics Annualized return on equity 23.9% 19.7% 23.4% 18.8% Annualized adjusted return on equity (1) 25.6% 21.0% 25.7% 20.9% Loss ratio 32.3% 29.7% 27.7% 26.7% Expense ratio 45.8% 50.8% 49.2% 52.3% Combined ratio 78.1% 80.5% 76.9% 78.9% Adjusted combined ratio (1) 74.8% 77.1% 72.5% 74.5% Diluted earnings per share $ 1.87 $ 1.15 $ 5.12 $ 3.19 Diluted adjusted earnings per share (1) $ 2.01 $ 1.23 $ 5.63 $ 3.56 Catastrophe losses $ 1,900 $ 12,924 $ 1,335 $ 19,724 Catastrophe loss ratio (1) 0.8% 9.5% 0.2% 5.4% Adjusted combined ratio excluding catastrophe losses (1) 74.0% 67.6% 72.2% 69.2% Adjusted underwriting income (1) $ 56,660 $ 31,038 $ 25,622 82.6% $ 156,663 $ 93,124 $ 63,539 68.2%

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Reconciliation Of Non-GAAP Metrics Used In This Presentation ($ in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $175,940 109,198 $437,614 $288,785 Denominator: Net earned premiums 225,147 135,646 $569,175 $365,796 Combined ratio 78.1% 80.5% 76.9% 78.9% Adjustments to numerator: Expenses associated with transactions (728) (84) (3,570) (557) Stock-based compensation expense (5,379) (4,117) (15,471) (11,905) Amortization of intangibles (1,346) (389) (3,400) (1,168) Expenses associated with catastrophe bond - - (2,661) (2,483) Adjusted combined ratio 74.8% 77.1% 72.5% 74.5% Adjusted net income $55,164 $32,444 $155,003 $92,219 Weighted-average common shares outstanding, diluted 27,446,519 26,479,566 27,533,533 25,877,257 Diluted adjusted earnings per share $2.01 $1.23 $5.63 $3.56 Numerator: Losses and Loss adjustment expenses $72,812 $40,315 $157,739 $97,583 Denominator: Net earned premiums 225,147 135,646 569,175 365,796 Loss ratio 32.30% 29.70% 27.70% 26.70% Numerator: Catastrophe losses $1,900 $12,924 $1,335 $19,724 Denominator: Net earned premiums 225,147 135,646 569,175 365,796 Catastrophe loss ratio 0.8% 9.5% 0.2% 5.4% Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income $175,940 $109,198 437,614 288,785 Denominator: Net earned premiums 225,147 135,646 569,175 365,796 Combined ratio 78.1% 80.5% 72.2% 78.9% Adjustments to numerator: - - - - Expenses associated with transactions (728) (84) (3,570) (557) Stock-based compensation expense (5,379) (4,117) (15,471) (11,905) Amortization of intangibles (1,346) (389) (3,400) (1,168) Expenses associated with catastrophe bond - - (2,661) (2,483) Catastrophe losses (1,900) (12,924) (1,335) (19,724) Adjusted combined ratio excluding catastrophe losses 74.0% 67.6% 72.2% 69.2%

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21 Reconciliation Of Non-GAAP Metrics Used In This Presentation ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Gross earned premiums $518,783 $395,881 $1,303,323 $1,025,716 Ceded earned premiums (293,636) (260,235) (734,148) (659,920) Net earned premiums $225,147 $135,646 $569,175 $365,796 Total revenue $244,660 $148,503 $622,604 $398,105 Net investment income (14,572) (9,408) (40,014) (24,506) Net realized and unrealized gains on investments (3,493) (2,734) (9,461) (5,768) Underwriting revenue $226,595 $136,361 $573,129 $367,831 Income before income taxes $67,139 $38,503 $180,732 $106,233 Net investment income (14,572) (9,408) (40,014) (24,506) Net realized and unrealized gains on investments (3,493) (2,734) (9,461) (5,768) Interest expense 133 87 304 1,052 Underwriting income $49,207 $26,448 $131,561 $77,011 Expenses associated with transactions 728 84 3,570 557 Stock-based compensation expense 5,379 4,117 15,471 11,905 Amortization of intangibles 1,346 389 3,400 1,168 Expenses associated with catastrophe bond - - 2,661 2,483 Adjusted underwriting income $56,660 $31,038 $156,663 $93,124 Net income $51,455 $30,497 $140,905 $82,608 Adjustments: Net realized and unrealized gains on investments (3,493) (2,734) (9,461) (5,768) Expenses associated with transactions 728 84 3,570 557 Stock-based compensation expense 5,379 4,117 15,471 11,905 Amortization of intangibles 1,346 389 3,400 1168 Expenses associated with catastrophe bond - - 2,661 2,483 Tax impact (251) 91 (1,543) -734 Adjusted net income $55,164 $31,980 $99,837 $59,775 Annualized adjusted net income $220,656 $129,776 $206,671 $122,959 Average stockholders' equity $862,654 $617,959 $803,570 $587,282 Annualized adjusted return on equity 25.6% 21.0% 25.7% 20.9%

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