Form 8-K

8-K — Palomar Holdings, Inc.

Accession: 0001193125-26-209013

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001761312

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Other Events

Documents

8-K — plmr-20260506.htm (Primary)

EX-99.1 (plmr-ex99_1.htm)

GRAPHIC (img251763236_0.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: plmr-20260506.htm · Sequence: 1

8-K

false000176131200017613122026-05-062026-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 06, 2026

Palomar Holdings, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-38873

83-3972551

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

7979 Ivanhoe Avenue, Suite 500

La Jolla, California

92037

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 619 567-5290

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

PLMR

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 6, 2026, Palomar Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

The information contained under this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, regardless of any general incorporation language in any such filing, unless the Company expressly sets forth in such filing that such information is to be considered “filed” or incorporated by reference therein.

Item 8.01 Other Events.

On April 30, 2026, the Company’s Board of Directors approved the adoption of a share repurchase plan (the “Plan”), effective May 6, 2026, that authorizes the purchase of up to $200 million of the outstanding shares of Company common stock, as conditions warrant, with a term of two years from the effective date. Upon the effectiveness of the Plan, the Company’s existing share repurchase plan was terminated.

Attached hereto as Exhibit 99.1 is the press release issued by the Company which is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.

Description

99.1

Press Release, dated May 6, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PALOMAR HOLDINGS, INC.

Date:

May 6, 2026

By:

/s/ T. Christopher Uchida

T. Christopher Uchida

Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-99.1

Filename: plmr-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Palomar Holdings, Inc. Reports First Quarter 2026 Results

LA JOLLA, Calif. (May 6, 2026) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $42.9 million, or $1.57 per diluted share, for the first quarter of 2026 compared to net income of $42.9 million, or $1.57 per diluted share, for the first quarter of 2025. Adjusted net income(1) was $63.1 million, or $2.31 per diluted share, for the first quarter of 2026 as compared to $51.3 million, or $1.87 per diluted share, for the first quarter of 2025.

First Quarter 2026 Highlights

•

Gross written premiums increased by 42.4% to $629.8 million compared to $442.2 million in the first quarter of 2025

•

Net income increased 0.1% and was $42.9 million in both quarters

•

Adjusted net income(1) increased 23.1% to $63.1 million compared to $51.3 million in the first quarter of 2025

•

Total loss ratio of 33.3% compared to 23.6% in the first quarter of 2025

•

Catastrophe loss ratio(1) of 0.1% compared to (0.3)% in the first quarter of 2025

•

Combined ratio of 84.5% compared to 73.1% in the first quarter of 2025

•

Adjusted combined ratio(1) of 76.0% compared to 68.5%, in the first quarter of 2025

•

Annualized return on equity of 18.1% compared to 22.6% in the first quarter of 2025

•

Annualized adjusted return on equity(1) of 26.6% compared to 27.0% in the first quarter of 2025

(1) See discussion of “Non-GAAP and Key Performance Indicators” below.

Mac Armstrong, Chairman and Chief Executive Officer, commented, “The first quarter was another demonstration of our sustained profitable growth. Our unique, ‘one of one’ specialty products portfolio is purposely built to generate consistent earnings and compelling margins in any market cycle. The combination of Palomar’s mix of personal and commercial lines products written on both an admitted and excess and surplus basis, and strong growth from our Crop and Surety franchises made for a great start to the year.”

Mr. Armstrong continued, “Importantly, our growth wasn’t limited to one product set. In fact, we grew across all five categories, including Earthquake, this quarter. I’m happy to share that our profits and capital efficiency stayed strong in the first quarter, with an adjusted combined ratio of 76% and an adjusted return on equity of 27%.”

Underwriting Results

Gross written premiums increased 42.4% to $629.8 million compared to $442.2 million in the first quarter of 2025, while net earned premiums increased 59.3% compared to the prior year’s first quarter.

Losses and loss adjustment expenses for the first quarter were $87.1 million, comprised of $86.8 million of attritional losses and $0.3 million of catastrophe losses. The loss ratio for the quarter was 33.3%, comprised of an attritional loss ratio of 33.2% and a catastrophe loss ratio(1) of 0.1% compared to a loss ratio of 23.6% during the same period last year comprised of an attritional loss ratio of 23.9% and a catastrophe loss ratio(1) of (0.3)%. Additionally, our first quarter results include $7.6 million of attritional and $2.7 million of catastrophe loss favorable prior year development, 2.9 points and 1.0 point of loss ratio favorability respectively, primarily from our short tail Inland Marine and Property business.

Underwriting income(1) for the first quarter was $40.5 million resulting in a combined ratio of 84.5% compared to underwriting income of $44.1 million resulting in a combined ratio of 73.1% during the same period last year. The Company’s adjusted underwriting income(1) was $62.8 million, an increase of 21.6%, resulting in an adjusted combined ratio(1) of 76.0% in the first quarter compared to adjusted underwriting income(1) of $51.6 million and an adjusted combined ratio(1) of 68.5% during the same period last year. The Company’s adjusted combined ratio excluding catastrophe losses(1) was 75.9% compared to 68.9% during the same period last year.

Investment Results

Net investment income increased by 49.0% to $18.0 million compared to $12.1 million in the prior year’s first quarter. The increase was primarily due to higher yields on invested assets and a higher average balance of investments held during the three months ended March 31, 2026 due to cash generated from operations. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.21 years at March 31, 2026. Cash and invested assets totaled $1.6 billion at March 31, 2026. During the first quarter, the Company recorded $1.9 million net realized and unrealized losses related to its investment portfolio as compared to net realized and unrealized losses of $2.3 million during the same period last year.

Tax Rate

The effective tax rate for the three months ended March 31, 2026 was 19.7% compared to 20.1% for the three months ended March 31, 2025. For the current quarter, the Company’s income tax rate differed from the statutory rate due primarily to the tax impact of the permanent component of employee stock options offset by non-deductible executive compensation expense.

Stockholders’ Equity and Returns

Stockholders’ equity was $959.0 million at March 31, 2026, compared to $942.7 million at March 31, 2025. For the three months ended March 31, 2026, the Company’s annualized return on equity was 18.1% compared to 22.6% for the same period in the prior year while adjusted return on equity(1) was 26.6% compared to 27.0% for the same period in the prior year. During the current quarter, the Company repurchased 190,255 shares of its common stock for $23.1 million.

Gray Acquisition and Impact on Results

On January 31, 2026, the Company completed the acquisition of The Gray Casualty & Surety Company (subsequently renamed to Palomar Casualty & Surety Company (“PCSC”). The Company’s first quarter 2026 results of operations include two months of PCSC activity.

New Share Repurchase Program

On April 30, 2026, the Company’s Board of Directors approved a share repurchase program, effective May 6, 2026, which replaces the previous program, and authorizes the repurchase of up to $200 million of the Company’s outstanding common stock through May 6, 2028. Under this new share repurchase program, shares may be repurchased from time to time in the open market or negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws.

Full Year 2026 Outlook

For the full year 2026, the Company expects to achieve adjusted net income of $262 million to $278 million. This includes an estimate of $8 million to $12 million of catastrophe losses for the year.

Conference Call

As previously announced, Palomar will host a conference call Thursday, May 7, 2026, to discuss its first quarter 2026 results at 12:00 p.m. (Eastern Time). The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar First Quarter 2026 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on May 7, 2026, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13759747. The replay will be available until 11:59 p.m. (Eastern Time) on May 14, 2026.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at http://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.

About Palomar Holdings, Inc.

Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), Palomar Crop Insurance Services, Inc. (“PCIS”), and Palomar Casualty and Surety Company (“PCSC”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Property, Casualty, Surety & Credit, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, PESIC, and FIA have a financial strength rating of “A” (Excellent) from A.M. Best and PCSC has a financial strength rating of “A-” (Excellent) from A.M. Best.

To learn more, visit PLMR.com.

Non-GAAP and Key Performance Indicators

Palomar discusses certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance.

Underwriting revenue is a non-GAAP financial measure defined as total revenue, excluding net investment income and net realized and unrealized gains and losses on investments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of total revenue calculated in accordance with GAAP to underwriting revenue.

Underwriting income is a non-GAAP financial measure defined as income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, and interest expense. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to underwriting income.

Adjusted net income is a non-GAAP financial measure defined as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. Palomar calculates the tax impact only on adjustments which would be included in calculating the Company’s income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of net income calculated in accordance with GAAP to adjusted net income.

Annualized Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

Annualized adjusted return on equity is a non-GAAP financial measure defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of return on equity calculated using unadjusted GAAP numbers to adjusted return on equity.

Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses, to net earned premiums.

Expense ratio, expressed as a percentage, is the ratio of acquisition and other underwriting expenses, net of commission and other income to net earned premiums.

Combined ratio is defined as the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

Adjusted combined ratio is a non-GAAP financial measure defined as the sum of the loss ratio and the expense ratio calculated excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio.

Diluted adjusted earnings per share is a non-GAAP financial measure defined as adjusted net income divided by the weighted-average common shares outstanding for the period, reflecting the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of diluted earnings per share calculated in accordance with GAAP to diluted adjusted earnings per share.

Catastrophe loss ratio is a non-GAAP financial measure defined as the ratio of catastrophe losses to net earned premiums. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of loss ratio calculated using unadjusted GAAP numbers to catastrophe loss ratio.

Adjusted combined ratio excluding catastrophe losses is a non-GAAP financial measure defined as adjusted combined ratio excluding the impact of catastrophe losses. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio excluding catastrophe losses.

Adjusted underwriting income is a non-GAAP financial measure defined as underwriting income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to adjusted underwriting income.

Tangible stockholders’ equity is a non-GAAP financial measure defined as stockholders’ equity less goodwill and intangible assets. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of stockholders’ equity calculated in accordance with GAAP to tangible stockholders’ equity.

Safe Harbor Statement

Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking

statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact

Media Inquiries

Lindsay Conner

1-551-206-6217

lconner@plmr.com

Investor Relations

Jamie Lillis

1-203-428-3223

investors@plmr.com

Source: Palomar Holdings, Inc.

Summary of Operating Results:

The following tables summarize the Company’s results for the three months ended March 31, 2026 and 2025:

Three Months Ended

March 31,

2026

2025

Change

% Change

(in thousands, except per share data)

Gross written premiums

629,828

442,163

187,665

42.4

Ceded written premiums

(291,913

)

(230,745

)

(61,168

)

26.5

Net written premiums

337,915

211,418

126,497

59.8

Net earned premiums

261,438

164,070

97,368

59.3

Commission and other income

1,410

830

580

69.9

Total underwriting revenue (1)

262,848

164,900

97,948

59.4

Losses and loss adjustment expenses

87,097

38,743

48,354

124.8

Acquisition expenses, net of ceding commissions and fronting fees

70,315

46,359

23,956

51.7

Other underwriting expenses

64,907

35,733

29,174

81.6

Underwriting income (1)

40,529

44,065

(3,536

)

(8.0

Interest expense

(3,158

)

(85

)

(3,073

)

Net investment income

17,984

12,071

5,913

49.0

Net realized and unrealized losses on investments

(1,894

)

(2,338

)

444

(19.0

Income before income taxes

53,461

53,713

(252

)

(0.5

Income tax expense

10,514

10,791

(277

)

(2.6

Net income

42,947

42,922

0.1

Adjustments:

Net realized and unrealized losses on investments

1,894

2,338

(444

)

(19.0

Expenses associated with transactions

7,406

2,088

5,318

254.7

Stock-based compensation expense

8,786

4,745

4,041

85.2

Amortization of intangibles

6,055

707

5,348

Tax impact

(3,951

)

(1,494

)

(2,457

)

164.5

Adjusted net income (1)

63,137

51,306

11,831

23.1

Key Financial and Operating Metrics

Annualized return on equity

18.1

22.6

Annualized adjusted return on equity (1)

26.6

27.0

Loss ratio

33.3

23.6

Expense ratio

51.2

49.5

Combined ratio

84.5

73.1

Adjusted combined ratio (1)

76.0

68.5

Diluted earnings per share

1.57

Diluted adjusted earnings per share (1)

2.31

1.87

Catastrophe losses

268

(542

)

Catastrophe loss ratio (1)

0.1

(0.3

Adjusted combined ratio excluding catastrophe losses (1)

75.9

68.9

Adjusted underwriting income (1)

62,776

51,605

11,171

21.6

NM - not meaningful

(1) - Indicates Non-GAAP financial measure - see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP.

Condensed Consolidated Balance sheets

Palomar Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)

(in thousands, except shares and par value data)

March 31,

December 31,

2026

2025

(Unaudited)

Assets

Investments:

Fixed maturity securities available for sale, at fair value (amortized cost: $1,431,434 in 2026; $1,227,605 in 2025)

1,409,717

1,224,187

Equity securities, at fair value (cost: $98,838 in 2026; $81,772 in 2025)

112,339

99,333

Other investments

40,410

28,503

Total investments

1,562,466

1,352,023

Cash and cash equivalents

56,538

106,875

Restricted cash

Accrued investment income

12,828

11,545

Premiums receivable

577,742

452,908

Deferred policy acquisition costs, net of ceding commissions and fronting fees

141,602

127,718

Reinsurance recoverable on paid losses and loss adjustment expenses

57,443

56,428

Reinsurance recoverable on unpaid losses and loss adjustment expenses

430,782

412,273

Ceded unearned premiums

406,077

355,918

Prepaid expenses and other assets

118,368

110,896

Deferred tax assets, net

—

761

Property and equipment, net

2,297

2,551

Goodwill and intangible assets, net

246,172

61,054

Total assets

3,612,331

3,050,967

Liabilities and stockholders’ equity

Liabilities:

Accounts payable and other accrued liabilities

114,458

115,663

Reserve for losses and loss adjustment expenses

771,798

688,231

Unearned premiums

1,148,508

988,143

Ceded premium payable

264,217

271,413

Funds held under reinsurance treaty

40,189

44,850

Income taxes payable

5,852

—

Term loan

297,434

—

Deferred tax liabilities, net

10,836

—

Total liabilities

2,653,292

2,108,300

Stockholders’ equity:

Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025

—

Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,514,295 and 26,520,417 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

533,628

523,168

Accumulated other comprehensive loss

(16,453

)

(2,506

)

Retained earnings

441,861

422,002

Total stockholders’ equity

959,039

942,667

Total liabilities and stockholders’ equity

3,612,331

3,050,967

Condensed Consolidated Income Statement

Palomar Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)

(in thousands, except shares and per share data)

Three Months Ended

March 31,

2026

2025

Revenues:

Gross written premiums

629,828

442,163

Ceded written premiums

(291,913

)

(230,745

)

Net written premiums

337,915

211,418

Change in unearned premiums

(76,477

)

(47,348

)

Net earned premiums

261,438

164,070

Net investment income

17,984

12,071

Net realized and unrealized losses on investments

(1,894

)

(2,338

)

Commission and other income

1,410

830

Total revenues

278,938

174,633

Expenses:

Losses and loss adjustment expenses

87,097

38,743

Acquisition expenses, net of ceding commissions and fronting fees

70,315

46,359

Other underwriting expenses

64,907

35,733

Interest expense

3,158

Total expenses

225,477

120,920

Income before income taxes

53,461

53,713

Income tax expense

10,514

10,791

Net income

42,947

42,922

Other comprehensive income, net:

Net unrealized (losses) gains on securities available for sale

(13,947

)

10,203

Net comprehensive income

29,000

53,125

Per Share Data:

Basic earnings per share

1.62

1.61

Diluted earnings per share

1.57

Weighted-average common shares outstanding:

Basic

26,572,165

26,658,106

Diluted

27,340,840

27,399,997

Underwriting Segment Data

The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (“GWP”) by product, location and company are presented below:

Three Months Ended March 31,

2026

2025

($ in thousands)

% of

Amount

GWP

Amount

GWP

Change

Product (1)

Casualty

206,299

32.8

133,102

30.1

73,197

55.0

Inland Marine and Property

166,564

26.4

113,326

25.6

53,238

47.0

Earthquake

137,315

21.8

133,695

30.3

3,620

2.7

Crop

87,773

13.9

48,220

10.9

39,553

82.0

Surety & Credit

31,877

5.1

13,820

3.1

18,057

130.7

Total gross written premiums

629,828

100.0

442,163

100.0

187,665

42.4

(1)

Beginning in 2026, the Company has updated the categorization of its products to align with management’s current strategy and view of the business. Prior year amounts have been reclassified for comparability purposes. The recategorization is for presentation purposes only and does not impact overall gross written premiums.

Three Months Ended March 31,

2026

2025

($ in thousands)

% of

Amount

GWP

Amount

GWP

State

California

157,619

25.0

139,723

31.6

Texas

63,584

10.1

44,991

10.2

Florida

29,888

4.7

18,641

4.2

New York

24,483

3.9

14,597

3.3

Hawaii

22,845

3.6

20,358

4.6

Washington

19,199

3.1

15,669

3.5

Colorado

15,329

2.4

12,168

2.8

Oklahoma

14,683

2.3

4,192

0.9

Other

282,198

44.9

171,824

38.9

Total Gross Written Premiums

629,828

100.0

442,163

100.0

Three Months Ended March 31,

2026

2025

($ in thousands)

% of

Amount

GWP

Amount

GWP

Subsidiary

PSIC

323,753

51.4

230,917

52.2

PESIC

270,070

42.9

190,786

43.1

Laulima

18,671

2.9

16,037

3.7

PCSC

12,421

2.0

—

FIA

4,913

0.8

4,423

1.0

Total Gross Written Premiums

629,828

100.0

442,163

100.0

Gross and net earned premiums

The table below shows the amount of premiums the Company earned on a gross and net basis and the Company’s net earned premiums as a percentage of gross earned premiums for each period presented:

Three Months Ended

March 31,

2026

2025

Change

($ in thousands)

Gross earned premiums

503,873

375,776

128,097

34.1

Ceded earned premiums

(242,435

)

(211,706

)

(30,729

)

14.5

Net earned premiums

261,438

164,070

97,368

59.3

Net earned premium ratio

51.9

43.7

Loss detail

Three Months Ended

March 31,

2026

2025

Change

% Change

($ in thousands)

Catastrophe losses

268

(542

)

810

149.4

Non-catastrophe losses

86,829

39,285

47,544

121.0

Total losses and loss adjustment expenses

87,097

38,743

48,354

124.8

Catastrophe loss ratio

0.1

(0.3

Non-catastrophe loss ratio

33.2

23.9

Total loss ratio

33.3

23.6

The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses:

Three Months Ended March 31,

2026

2025

($ in thousands)

Reserve for losses and LAE net of reinsurance recoverables at beginning of period

275,959

155,299

Add: Balances acquired(1)

22,178

6,788

Add: Incurred losses and LAE, net of reinsurance, related to:(2)

Current year

97,430

43,059

Prior years

(10,333

)

(4,316

)

Total incurred

87,097

38,743

Deduct: Loss and LAE payments, net of reinsurance, related to:

Current year

20,718

4,998

Prior years

23,500

13,170

Total payments

44,218

18,168

Reserve for losses and LAE net of reinsurance recoverables at end of period

341,016

182,662

Add: Reinsurance recoverables on unpaid losses and LAE at end of period

430,782

361,227

Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period

771,798

543,889

(1)

Represents amounts recognized in Reserve for losses and LAE net of reinsurance recoverables upon acquisition of The Gray Casualty and Surety Company (“Gray Surety”) and FIA on 1/31/2026 and 1/1/2025, respectively, in accordance with ASC 805, Business Combinations. See Note 23 of the Notes to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K and Note 13 of our March 31, 2026 Quarterly Report on Form 10-Q for additional information regarding the acquisitions.

(2)

Losses for the three months ended March 31, 2026 and 2025 include $12.3 million and an insignificant amount, respectively, of gains on derivative instruments.

Reconciliation of Non-GAAP Financial Measures

For the three months ended March 31, 2026 and 2025, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:

Underwriting revenue

Three Months Ended

March 31,

2026

2025

($ in thousands)

Total revenue

278,938

174,633

Net investment income

(17,984

)

(12,071

)

Net realized and unrealized losses on investments

1,894

2,338

Underwriting revenue

262,848

164,900

Underwriting income and adjusted underwriting income

Three Months Ended

March 31,

2026

2025

($ in thousands)

Income before income taxes

53,461

53,713

Net investment income

(17,984

)

(12,071

)

Net realized and unrealized losses on investments

1,894

2,338

Interest expense

3,158

Underwriting income

40,529

44,065

Expenses associated with transactions

7,406

2,088

Stock-based compensation expense

8,786

4,745

Amortization of intangibles

6,055

707

Adjusted underwriting income

62,776

51,605

Adjusted net income

Three Months Ended

March 31,

2026

2025

($ in thousands)

Net income

42,947

42,922

Adjustments:

Net realized and unrealized losses on investments

1,894

2,338

Expenses associated with transactions

7,406

2,088

Stock-based compensation expense

8,786

4,745

Amortization of intangibles

6,055

707

Tax impact

(3,951

)

(1,494

)

Adjusted net income

63,137

51,306

Annualized adjusted return on equity

Three Months Ended

March 31,

2026

2025

($ in thousands)

Annualized adjusted net income

252,548

205,224

Average stockholders’ equity

950,853

759,739

Annualized adjusted return on equity

26.6

27.0

Adjusted combined ratio

Three Months Ended

March 31,

2026

2025

($ in thousands)

Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income

220,909

120,005

Denominator: Net earned premiums

261,438

164,070

Combined ratio

84.5

73.1

Adjustments to numerator:

Expenses associated with transactions

(7,406

)

(2,088

)

Stock-based compensation expense

(8,786

)

(4,745

)

Amortization of intangibles

(6,055

)

(707

)

Adjusted combined ratio

76.0

68.5

Diluted adjusted earnings per share

Three Months Ended

March 31,

2026

2025

(in thousands, except per share data)

Adjusted net income

63,137

51,306

Weighted-average common shares outstanding, diluted

27,340,840

27,399,997

Diluted adjusted earnings per share

2.31

1.87

Catastrophe loss ratio

Three Months Ended

March 31,

2026

2025

($ in thousands)

Numerator: Losses and loss adjustment expenses

87,097

38,743

Denominator: Net earned premiums

261,438

164,070

Loss ratio

33.3

23.6

Numerator: Catastrophe losses

268

(542

)

Denominator: Net earned premiums

261,438

164,070

Catastrophe loss ratio

0.1

(0.3

Adjusted combined ratio excluding catastrophe losses

Three Months Ended

March 31,

2026

2025

($ in thousands)

Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income

220,909

120,005

Denominator: Net earned premiums

261,438

164,070

Combined ratio

84.5

73.1

Adjustments to numerator:

Expenses associated with transactions

(7,406

)

(2,088

)

Stock-based compensation expense

(8,786

)

(4,745

)

Amortization of intangibles

(6,055

)

(707

)

Catastrophe losses

(268

)

542

Adjusted combined ratio excluding catastrophe losses

75.9

68.9

Tangible Stockholders’ equity

March 31,

December 31,

2026

2025

($ in thousands)

Stockholders’ equity

959,039

942,667

Goodwill and intangible assets

(246,172

)

(61,054

)

Tangible stockholders’ equity

712,867

881,613

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