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Palomar Holdings, Inc., a specialty insurance company, provides property and casualty insurance to individuals and businesses in the United States. The company offers personal and commercial specialty insurance products, including residential and commercial earthquake; fronting; and inland marine and other property products, such as inland marine, Hawaii hurricane, excess national property, residential flood, and other property products, as well as assumed reinsurance and crop insurance products. It markets and distributes its products through retail agents, program administrators, wholesale brokers, and strategic partnerships. The company was formerly known as GC Palomar Holdings and changed its name to Palomar Holdings, Inc. The company was incorporated in 2013 and is headquartered in La Jolla, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $876M | - | $197M | $402M | 20.9% | 58.2% | 67.6% |
| 2024 | $554M | - | $118M | $253M | 16.1% | 47.3% | 48.4% |
| 2023 | $376M | - | $79M | $109M | 16.8% | 14.9% | 51.8% |
| 2022 | $327M | - | $52M | $164M | 13.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 327.09 | 375.93 | 553.86 | 875.97 |
| Operating Revenue | - | 327.09 | 375.93 | 553.86 | 875.97 |
| Total Expenses | - | 259.54 | 272.28 | 402.67 | 622.58 |
| EBIT | - | 68.42 | 107.42 | 152.33 | 253.78 |
| Interest Income | - | 14.37 | 24.22 | 36.51 | 57.03 |
| Interest Expense | - | 0.87 | 3.78 | 1.14 | 0.39 |
| Net Interest Income | - | -0.87 | -3.78 | -1.14 | -0.39 |
| Interest Expense Non Operating | - | 0.87 | 3.78 | 1.14 | 0.39 |
| Net Non Operating Interest Income Expense | - | -0.87 | -3.78 | -1.14 | -0.39 |
| Pretax Income | - | 67.55 | 103.64 | 151.20 | 253.39 |
| Tax Provision | - | 15.38 | 24.44 | 33.62 | 56.32 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 52.17 | 79.20 | 117.57 | 197.07 |
| Net Income From Continuing And Discontinued Operation | - | 52.17 | 79.20 | 117.57 | 197.07 |
| Net Income From Continuing Operation Net Minority Interest | - | 52.17 | 79.20 | 117.57 | 197.07 |
| Net Income | - | 52.17 | 79.20 | 117.57 | 197.07 |
| Net Income Common Stockholders | - | 52.17 | 79.20 | 117.57 | 197.07 |
| Net Income Including Noncontrolling Interests | - | 52.17 | 79.20 | 117.57 | 197.07 |
| Normalized Income | - | 52.17 | 79.20 | 117.57 | 197.07 |
| Diluted NI Availto Com Stockholders | - | 52.17 | 79.20 | 117.57 | 197.07 |
| Basic Average Shares | - | 25.24 | 24.82 | 25.52 | 26.64 |
| Diluted Average Shares | - | 25.80 | 25.33 | 26.22 | 27.49 |
| Reconciled Depreciation | - | 4.12 | 4.50 | 5.11 | 8.93 |
| Loss Adjustment Expense | - | 78.67 | 72.59 | 134.76 | 228.59 |
| Net Policyholder Benefits And Claims | - | 78.67 | 72.59 | 134.76 | 228.59 |
| Policyholder Benefits Gross | - | 201.09 | 310.86 | 494.37 | 601.24 |
| Policyholder Benefits Ceded | - | 122.42 | 238.27 | 359.61 | 372.64 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Palomar Holdings, Inc.this co. | PLMR | $2.7B | 13.89↑ premium | 2.90 | 20.9% | - |
| Provident Financial Services, Inc. | PFS | $2.9B | 10.00 | 1.03 | 10.3% | - |
| WisdomTree, Inc. | WT | $2.9B | 26.77 | 7.01 | 26.2% | 19.33 |
| NMI Holdings, Inc. | NMIH | $2.7B | 7.05 | 1.06 | 15.0% | - |
| FB Financial Corporation | FBK | $2.7B |
| - |
| - |
| - |
| - |
| - |
| 22.32 |
| 1.40 |
| 6.3% |
| - |
| Acadian Asset Management Inc. | AAMI | $2.7B | 33.77 | 44.58 | 132.0% | 15.77 |
| Artisan Partners Asset Management Inc. | APAM | $2.7B | 9.16 | 6.06 | 66.2% | 5.35 |
| WaFd, Inc. | WAFD | $2.6B | 11.63 | 0.96 | 8.3% | - |
| Trustmark Corporation | TRMK | $2.6B | 11.51 | 1.22 | 10.6% | - |
| Peer Median | - | 11.57 | 1.31 | 12.8% | 15.77 | |