LA JOLLA, Calif., Feb. 11, 2026 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $56.2 million, or $2.06 per diluted share, for the fourth quarter of 2025 compared to net income of $35.0 million, or $1.29 per diluted share, for the fourth quarter of 2024. Adjusted net income⁽¹⁾ was $61.1 million, or $2.24 per diluted share, for the fourth quarter of 2025 as compared to $41.3 million, or $1.52 per diluted share, for the fourth quarter of 2024.

Fourth Quarter 2025 Highlights

Gross written premiums increased by 31.8% to $492.6 million compared to $373.7 million in the fourth quarter of 2024
Net income increased 60.6% to $56.2 million compared to $35.0 million in the fourth quarter of 2024
Adjusted net income⁽¹⁾ increased 48.0% to $61.1 million compared to $41.3 million in the fourth quarter of 2024
Total loss ratio of 30.4% compared to 25.7% in the fourth quarter of 2024
Catastrophe loss ratio⁽¹⁾ of -0.9% compared to 5.6% in the fourth quarter of 2024
Combined ratio of 76.8% compared to 75.9% in the fourth quarter of 2024
Adjusted combined ratio⁽¹⁾ of 73.4% compared to 71.7%, in the fourth quarter of 2024
Annualized return on equity of 24.7% compared to 19.5% in the fourth quarter of 2024
Annualized adjusted return on equity⁽¹⁾ of 26.9% compared to 23.1% in the fourth quarter of 2024

Full Year 2025 Highlights

Gross written premiums increased by 31.5% to $2.0 billion compared to $1.5 billion in 2024
Net income increased 67.6% to $197.1 million compared to $117.6 million in 2024
Adjusted net income⁽¹⁾increased 61.9% to $216.1 million compared to $133.5 million in 2024
Total loss ratio of 28.5% compared to 26.4% in 2024
Catastrophe loss ratio⁽¹⁾ of -0.1% compared to 5.5% in 2024
Combined ratio of 76.9% compared to 78.1% in 2024
Adjusted combined ratio⁽¹⁾ of 72.7% compared to 73.7% in 2024
Return on equity of 23.6% compared to 19.6% in 2024
Adjusted return on equity⁽¹⁾ of 25.9% compared to 22.2% in 2024

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

Mac Armstrong, Chairman and Chief Executive Officer, commented, “Our strong fourth quarter results provided a superb culmination to what was an exceptional 2025. The quarter was highlighted by record adjusted net income, strong top and bottom-line growth as gross written premium grew 32% and adjusted net income increased 48% across our unique and diverse portfolio. Our specialty product suite is purpose-built to navigate any market cycle and generate strong, consistent returns. The fourth quarter further demonstrated this capability as we generated an adjusted combined ratio of 73% and a 27% adjusted return on equity.”

Mr. Armstrong continued, “The accomplishments of the 2025 were myriad and not limited to strong financial performance. Noteworthy accomplishments include the successful acquisitions of Advanced Ag Protection and The Gray Casualty and Surety Company and the addition of numerous exceptional leaders across the organization. These investments should sustain our long-term profitable growth trajectory and our Palomar 2X strategic imperative.”

Underwriting Results
Gross written premiums increased 31.8% to $492.6 million compared to $373.7 million in the fourth quarter of 2024, while net earned premiums increased 61.1% compared to the prior year’s fourth quarter.

Losses and loss adjustment expenses for the fourth quarter were $70.9 million, comprised of $72.9 million of attritional losses and $2.1 million of favorable development on catastrophe losses. The loss ratio for the quarter was 30.4%, comprised of an attritional loss ratio of 31.3% and a catastrophe loss ratio⁽¹⁾ of -0.9% compared to a loss ratio of 25.7% during the same period last year comprised of an attritional loss ratio of 20.1% and a catastrophe loss ratio⁽¹⁾ of 5.6%. Additionally, our fourth quarter results include $2.8 million of favorable prior year development primarily from our short tail Inland Marine and Other Property business.

Underwriting income⁽¹⁾ for the fourth quarter was $54.4 million resulting in a combined ratio of 76.8% compared to underwriting income of $34.9 million resulting in a combined ratio of 75.9% during the same period last year. The Company’s adjusted underwriting income⁽¹⁾ was $62.3 million, an increase of 51.8%, resulting in an adjusted combined ratio⁽¹⁾ of 73.4% in the fourth quarter compared to adjusted underwriting income⁽¹⁾of $41.0 million and an adjusted combined ratio⁽¹⁾ of 71.7% during the same period last year. The Company’s adjusted combined ratio excluding catastrophe losses⁽¹⁾ was 74.2% compared to 66.1% during the same period last year.

Investment Results
Net investment income increased by 41.3% to $16.0 million compared to $11.3 million in the prior year’s fourth 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 December 31, 2025 due to cash generated from operations. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 3.81 years at December 31, 2025. Cash and invested assets totaled $1.5 billion at December 31, 2025. During the fourth quarter, the Company recorded $2.4 million net realized and unrealized gains related to its investment portfolio as compared to net realized and unrealized losses of $1.2 million during the same period last year.

Tax Rate
The effective tax rate for the three months ended December 31, 2025 was 22.7% compared to 22.2% for the three months ended December 31, 2024. For the current quarter, the Company’s income tax rate differed from the statutory rate due primarily to non-deductible executive compensation expense offset by the tax impact of the permanent component of employee stock options.

Stockholders’ Equity and Returns
Stockholders’ equity was $942.7 million at December 31, 2025, compared to $729.0 million at December 31, 2024. For the three months ended December 31, 2025, the Company’s annualized return on equity was 24.7% compared to 19.5% for the same period in the prior year while adjusted return on equity⁽¹⁾ was 26.9% compared to 23.1% for the same period in the prior year. During the current quarter, the Company did not repurchase any shares of its common stock. As of December 31, 2025, approximately $112.7 million remains available for future repurchases under the previously announced $150 million share repurchase authorization.

Full Year 2026 Outlook
For the full year 2026, the Company expects to achieve adjusted net income of $260 million to $275 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, February 12, 2026, to discuss its fourth quarter 2025 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 Fourth Quarter 2025 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on February 12, 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 13758018. The replay will be available until 11:59 p.m. (Eastern Time) on February 19, 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”), formerly known as The Gray Casualty & Surety Company. 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 Other Property, Casualty, Fronting, 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 and year ended December 31, 2025 and 2024:

	Three Months Ended
	December 31,
	2025			2024			Change			% Change
	(in thousands, except per share data)
Gross written premiums	$	492,629		$	373,723		$	118,906			31.8	%
Ceded written premiums		(245,059	)		(204,492	)		(40,567	)		19.8	%
Net written premiums		247,570			169,231			78,339			46.3	%
Net earned premiums		233,460			144,890			88,570			61.1	%
Commission and other income		1,541			750			791			105.5	%
Total underwriting revenue⁽¹⁾		235,001			145,640			89,361			61.4	%
Losses and loss adjustment expenses		70,856			37,176			33,680			90.6	%
Acquisition expenses, net of ceding commissions and fronting fees		62,867			40,585			22,282			54.9	%
Other underwriting expenses		46,894			32,947			13,947			42.3	%
Underwriting income⁽¹⁾		54,384			34,932			19,452			55.7	%
Interest expense		(87	)		(87	)		—		NM
Net investment income		15,991			11,318			4,673			41.3	%
Net realized and unrealized gains (losses) on investments		2,370			(1,201	)		3,571			(297.3	)%
Income before income taxes		72,658			44,962			27,696			61.6	%
Income tax expense		16,493			9,997			6,496			65.0	%
Net income	$	56,165		$	34,965		$	21,200			60.6	%
Adjustments:
Net realized and unrealized (gains) losses on investments		(2,370	)		1,201			(3,571	)		(297.3	)%
Expenses associated with transactions		1,075			922			153			16.6	%
Stock-based compensation expense		5,543			4,779			764			16.0	%
Amortization of intangibles		1,284			389			895			230.1	%
Tax impact		(581	)		(964	)		383			(39.7	)%
Adjusted net income⁽¹⁾	$	61,116		$	41,292		$	19,824			48.0	%
Key Financial and Operating Metrics
Annualized return on equity		24.7	%		19.5	%
Annualized adjusted return on equity⁽¹⁾		26.9	%		23.1	%
Loss ratio		30.4	%		25.7	%
Expense ratio		46.4	%		50.2	%
Combined ratio		76.8	%		75.9	%
Adjusted combined ratio⁽¹⁾		73.4	%		71.7	%
Diluted earnings per share	$	2.06		$	1.29
Diluted adjusted earnings per share⁽¹⁾	$	2.24		$	1.52
Catastrophe losses	$	(2,063	)	$	8,122
Catastrophe loss ratio⁽¹⁾		-0.9	%		5.6	%
Adjusted combined ratio excluding catastrophe losses⁽¹⁾		74.2	%		66.1	%
Adjusted underwriting income⁽¹⁾	$	62,286		$	41,022		$	21,264			51.8	%
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.

	Year Ended
	December 31,
	2025			2024			Change			% Change
	(in thousands, except per share data)
Gross written premiums	$	2,028,252		$	1,541,962		$	486,290			31.5	%
Ceded written premiums		(1,064,230	)		(897,111	)		(167,119	)		18.6	%
Net written premiums		964,022			644,851			319,171			49.5	%
Net earned premiums		802,635			510,687			291,948			57.2	%
Commission and other income		5,496			2,784			2,712			97.4	%
Total underwriting revenue⁽¹⁾		808,131			513,471			294,660			57.4	%
Losses and loss adjustment expenses		228,594			134,759			93,835			69.6	%
Acquisition expenses, net of ceding commissions and fronting fees		217,133			149,657			67,476			45.1	%
Other underwriting expenses		176,458			117,113			59,345			50.7	%
Underwriting income⁽¹⁾		185,946			111,942			74,004			66.1	%
Interest expense		(392	)		(1,138	)		746			(65.6	)%
Net investment income		56,005			35,824			20,181			56.3	%
Net realized and unrealized gains on investments		11,831			4,568			7,263			159.0	%
Income before income taxes		253,390			151,196			102,194			67.6	%
Income tax expense		56,320			33,623			22,697			67.5	%
Net income	$	197,070		$	117,573		$	79,497			67.6	%
Adjustments:
Net realized and unrealized gains on investments		(11,831	)		(4,568	)		(7,263	)		159.0	%
Expenses associated with transactions		4,644			1,479			3,165			214.0	%
Stock-based compensation expense		21,014			16,685			4,329			25.9	%
Amortization of intangibles		4,683			1,558			3,125			200.6	%
Expenses associated with catastrophe bond		2,660			2,483			177			7.1	%
Tax impact		(2,124	)		(1,699	)		(425	)		25.0	%
Adjusted net income⁽¹⁾	$	216,116		$	133,511		$	82,605			61.9	%
Key Financial and Operating Metrics
Annualized return on equity		23.6	%		19.6	%
Annualized adjusted return on equity⁽¹⁾		25.9	%		22.2	%
Loss ratio		28.5	%		26.4	%
Expense ratio		48.4	%		51.7	%
Combined ratio		76.9	%		78.1	%
Adjusted combined ratio⁽¹⁾		72.7	%		73.7	%
Diluted earnings per share	$	7.17		$	4.48
Diluted adjusted earnings per share⁽¹⁾	$	7.86		$	5.09
Catastrophe losses	$	(728	)	$	27,846
Catastrophe loss ratio⁽¹⁾		-0.1	%		5.5	%
Adjusted combined ratio excluding catastrophe losses⁽¹⁾		72.8	%		68.3	%
Adjusted underwriting income⁽¹⁾	$	218,947		$	134,147		$	84,800			63.2	%
NM - not meaningful

Condensed Consolidated Balance sheets

Palomar Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
(in thousands, except shares and par value data)

	December 31,			December 31,
	2025			2024
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024)	$	1,224,187		$	939,046
Equity securities, at fair value (cost: $81,772 in 2025; $32,987 in 2024)		99,333			40,529
Equity method investment		—			2,277
Other investments		28,503			5,863
Total investments		1,352,023			987,715
Cash and cash equivalents		106,875			80,438
Restricted cash		17			101
Accrued investment income		11,545			8,440
Premiums receivable		452,908			305,724
Deferred policy acquisition costs, net of ceding commissions and fronting fees		127,718			94,881
Reinsurance recoverable on paid losses and loss adjustment expenses		56,428			47,076
Reinsurance recoverable on unpaid losses and loss adjustment expenses		412,273			348,083
Ceded unearned premiums		355,918			276,237
Prepaid expenses and other assets		110,896			91,086
Deferred tax assets, net		761			8,768
Property and equipment, net		2,551			429
Goodwill and intangible assets, net		61,054			13,242
Total assets	$	3,050,967		$	2,262,220
Liabilities and stockholders’ equity
Liabilities:
Accounts payable and other accrued liabilities	$	115,663		$	70,079
Reserve for losses and loss adjustment expenses		688,231			503,382
Unearned premiums		988,143			741,692
Ceded premium payable		271,413			190,168
Funds held under reinsurance treaty		44,850			27,869
Total liabilities		2,108,300			1,533,190
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024		—			—
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,520,417 and 26,529,402 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively		3			3
Additional paid-in capital		523,168			493,656
Accumulated other comprehensive loss		(2,506	)		(26,845	)
Retained earnings		422,002			262,216
Total stockholders’ equity		942,667			729,030
Total liabilities and stockholders’ equity	$	3,050,967		$	2,262,220

Condensed Consolidated Income Statement

Palomar Holdings,Inc. and Subsidiaries
Condensed Consolidated Statements ofIncome and Comprehensive Income (Unaudited)
(in thousands, except shares and per share data)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
Revenues:
Gross written premiums	$	492,629		$	373,723		$	2,028,252		$	1,541,962
Ceded written premiums		(245,059	)		(204,492	)		(1,064,230	)		(897,111	)
Net written premiums		247,570			169,231			964,022			644,851
Change in unearned premiums		(14,110	)		(24,341	)		(161,387	)		(134,164	)
Net earned premiums		233,460			144,890			802,635			510,687
Net investment income		15,991			11,318			56,005			35,824
Net realized and unrealized gains (losses) on investments		2,370			(1,201	)		11,831			4,568
Commission and other income		1,541			750			5,496			2,784
Total revenues		253,362			155,757			875,967			553,863
Expenses:
Losses and loss adjustment expenses		70,856			37,176			228,594			134,759
Acquisition expenses, net of ceding commissions and fronting fees		62,867			40,585			217,133			149,657
Other underwriting expenses		46,894			32,947			176,458			117,113
Interest expense		87			87			392			1,138
Total expenses		180,704			110,795			622,577			402,667
Income before income taxes		72,658			44,962			253,390			151,196
Income tax expense		16,493			9,997			56,320			33,623
Net income	$	56,165		$	34,965		$	197,070		$	117,573
Other comprehensive income, net:
Net unrealized gains (losses) on securities available for sale		1,586			(16,707	)		24,339			(2,854	)
Net comprehensive income	$	57,751		$	18,258		$	221,409		$	114,719
Per Share Data:
Basic earnings per share	$	2.12		$	1.32		$	7.40		$	4.61
Diluted earnings per share	$	2.06		$	1.29		$	7.17		$	4.48

Weighted-average common shares outstanding:
Basic		26,508,803			26,491,939			26,639,733			25,520,343
Diluted		27,321,828			27,206,225			27,485,250			26,223,842

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 December 31,
	2025					2024
	($ in thousands)
			% of					% of						%
	Amount		GWP			Amount		GWP			Change			Change
Product
Casualty	$	150,477		30.6	%	$	68,484		18.3	%	$	81,993			119.7	%
Earthquake		143,516		29.1	%		146,757		39.3	%		(3,241	)		(2.2	)%
Inland Marine and Other Property		110,722		22.5	%		85,396		22.9	%		25,326			29.7	%
Fronting		47,808		9.7	%		57,418		15.4	%		(9,610	)		(16.7	)%
Crop		40,106		8.1	%		15,668		4.2	%		24,438			156.0	%
Total gross written premiums	$	492,629		100.0	%	$	373,723		100.0	%	$	118,906			31.8	%

	Year Ended December 31,
	2025					2024
	($ in thousands)
			% of					% of						%
	Amount		GWP			Amount		GWP			Change			Change
Product
Earthquake	$	571,392		28.2	%	$	522,864		33.9	%	$	48,528			9.3	%
Casualty		542,949		26.8	%		235,592		15.3	%		307,357			130.5	%
Inland Marine and Other Property		446,184		22.0	%		334,079		21.7	%		112,105			33.6	%
Crop		247,547		12.2	%		116,239		7.5	%		131,308			113.0	%
Fronting		220,180		10.8	%		333,188		21.6	%		(113,008	)		(33.9	)%
Total gross written premiums	$	2,028,252		100.0	%	$	1,541,962		100.0	%	$	486,290			31.5	%

	Three Months Ended December 31,										Year Ended December 31,
	2025					2024					2025					2024
	($ in thousands)										($ in thousands)
			% of					% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP			Amount		GWP
State
California	$	154,123		31.3	%	$	157,786		42.2	%	$	626,399		30.9	%	$	668,635		43.4	%
Texas		41,331		8.4	%		28,002		7.5	%		160,639		7.9	%		124,416		8.1	%
Florida		30,373		6.2	%		8,855		2.4	%		96,764		4.8	%		67,008		4.3	%
Hawaii		21,278		4.3	%		18,636		5.0	%		92,585		4.6	%		72,558		4.7	%
Washington		19,772		4.0	%		16,007		4.3	%		70,188		3.5	%		57,900		3.8	%
New York		16,879		3.4	%		14,756		3.9	%		68,119		3.3	%		38,919		2.5	%
Illinois		14,858		3.0	%		7,176		1.9	%		54,406		2.7	%		20,901		1.4	%
Oklahoma		12,962		2.6	%		4,605		1.2	%		29,497		1.4	%		15,655		1.0	%
Other		181,053		36.8	%		117,900		31.6	%		829,655		40.9	%		475,970		30.8	%
Total Gross Written Premiums	$	492,629		100.0	%	$	373,723		100.0	%	$	2,028,252		100.0	%	$	1,541,962		100.0	%

	Three Months Ended December 31,										Year Ended December 31,
	2025					2024					2025					2024
	($ in thousands)										($ in thousands)
			% of					% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP			Amount		GWP
Subsidiary
PESIC	$	255,923		52.0	%	$	188,496		50.4	%	$	936,971		46.2	%	$	661,404		42.9	%
PSIC		214,823		43.6	%		170,275		45.6	%		995,901		49.1	%		823,263		53.4	%
Laulima		17,753		3.6	%		14,952		4.0	%		76,727		3.8	%		57,295		3.7	%
FIA		4,130		0.8	%		—		—	%		18,653		0.9	%		—		—	%
Total Gross Written Premiums	$	492,629		100.0	%	$	373,723		100.0	%	$	2,028,252		100.0	%	$	1,541,962		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												Year Ended
	December 31,									%			December 31,									%
	2025			2024			Change			Change			2025			2024			Change			Change
	($ in thousands)												($ in thousands)
Gross earned premiums	$	483,861		$	371,654		$	112,207			30.2	%	$	1,787,184		$	1,397,369		$	389,815			27.9	%
Ceded earned premiums		(250,401	)		(226,764	)		(23,637	)		10.4	%		(984,549	)		(886,682	)		(97,867	)		11.0	%
Net earned premiums	$	233,460		$	144,890		$	88,570			61.1	%	$	802,635		$	510,687		$	291,948			57.2	%

Net earned premium ratio		48.2	%		39.0	%								44.9	%		36.5	%

Loss detail

	Three Months Ended												Year Ended
	December 31,												December 31,
	2025			2024			Change			% Change			2025			2024			Change			% Change
	($ in thousands)												($ in thousands)
Catastrophe losses	$	(2,063	)	$	8,122		$	(10,185	)		(125.4	)%	$	(728	)	$	27,846		$	(28,574	)		(102.6	)%
Non-catastrophe losses		72,919			29,054			43,865			151.0	%		229,322			106,913			122,409			114.5	%
Total losses and loss adjustment expenses	$	70,856		$	37,176		$	33,680			90.6	%	$	228,594		$	134,759		$	93,835			69.6	%

Catastrophe loss ratio		-0.9	%		5.6	%								-0.1	%		5.5	%
Non-catastrophe loss ratio		31.3	%		20.1	%								28.6	%		20.9	%
Total loss ratio		30.4	%		25.7	%								28.5	%		26.4	%

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

	Three Months Ended December 31,						Year Ended December 31,
	2025			2024			2025			2024
	($ in thousands)						($ in thousands)
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$	243,713		$	137,274		$	155,299		$	97,653
Add: Balance acquired from FIA⁽¹⁾		—			—			6,788			—
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year		73,646			37,575			248,365			137,798
Prior years		(2,790	)		(399	)		(19,771	)		(3,039	)
Total incurred		70,856			37,176			228,594			134,759
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year		37,586			15,675			75,913			43,582
Prior years		1,025			3,476			38,810			33,531
Total payments		38,611			19,151			114,723			77,113
Reserve for losses and LAE net of reinsurance recoverables at end of period		275,958			155,299			275,958			155,299
Add: Reinsurance recoverables on unpaid losses and LAE at end of period		412,273			348,083			412,273			348,083
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$	688,231		$	503,382		$	688,231		$	503,382

(1) - Represents amounts recognized in Reserve for losses and LAE net of reinsurance recoverables upon acquisition of FIA on 1/1/2025, in accordance with ASC 805, Business Combinations.

Reconciliation of Non-GAAP Financial Measures

For the three months and year ended December 31, 2025 and 2024, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:

Underwriting revenue

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
	($ in thousands)						($ in thousands)
Total revenue	$	253,362		$	155,757		$	875,967		$	553,863
Net investment income		(15,991	)		(11,318	)		(56,005	)		(35,824	)
Net realized and unrealized (gains) losses on investments		(2,370	)		1,201			(11,831	)		(4,568	)
Underwriting revenue	$	235,001		$	145,640		$	808,131		$	513,471

Underwriting income and adjusted underwriting income

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
	($ in thousands)						($ in thousands)
Income before income taxes	$	72,658		$	44,962		$	253,390		$	151,196
Net investment income		(15,991	)		(11,318	)		(56,005	)		(35,824	)
Net realized and unrealized (gains) losses on investments		(2,370	)		1,201			(11,831	)		(4,568	)
Interest expense		87			87			392			1,138
Underwriting income	$	54,384		$	34,932		$	185,946		$	111,942
Expenses associated with transactions		1,075			922			4,644			1,479
Stock-based compensation expense		5,543			4,779			21,014			16,685
Amortization of intangibles		1,284			389			4,683			1,558
Expenses associated with catastrophe bond		—			—			2,660			2,483
Adjusted underwriting income	$	62,286		$	41,022		$	218,947		$	134,147

Adjusted net income

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
	($ in thousands)						($ in thousands)
Net income	$	56,165		$	34,965		$	197,070		$	117,573
Adjustments:
Net realized and unrealized (gains) losses on investments		(2,370	)		1,201			(11,831	)		(4,568	)
Expenses associated with transactions		1,075			922			4,644			1,479
Stock-based compensation expense		5,543			4,779			21,014			16,685
Amortization of intangibles		1,284			389			4,683			1,558
Expenses associated with catastrophe bond		—			—			2,660			2,483
Tax impact		(581	)		(964	)		(2,124	)		(1,699	)
Adjusted net income	$	61,116		$	41,292		$	216,116		$	133,511

Annualized adjusted return on equity

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
	($ in thousands)						($ in thousands)
Annualized adjusted net income	$	244,464		$	165,168		$	216,116		$	133,511
Average stockholders’ equity	$	910,389		$	716,171		$	835,849		$	600,140
Annualized adjusted return on equity		26.9	%		23.1	%		25.9	%		22.2	%

Adjusted combined ratio

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
	($ in thousands)						($ in thousands)
Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income	$	179,076		$	109,958		$	616,689		$	398,745
Denominator: Net earned premiums	$	233,460		$	144,890		$	802,635		$	510,687
Combined ratio		76.8	%		75.9	%		76.9	%		78.1	%
Adjustments to numerator:
Expenses associated with transactions	$	(1,075	)	$	(922	)	$	(4,644	)	$	(1,479	)
Stock-based compensation expense		(5,543	)		(4,779	)		(21,014	)		(16,685	)
Amortization of intangibles		(1,284	)		(389	)		(4,683	)		(1,558	)
Expenses associated with catastrophe bond		—			—			(2,660	)		(2,483	)
Adjusted combined ratio		73.4	%		71.7	%		72.7	%		73.7	%

Diluted adjusted earnings per share

	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
	(in thousands, except per share data)				(in thousands, except per share data)
Adjusted net income	$	61,116	$	41,292	$	216,116	$	133,511
Weighted-average common shares outstanding, diluted		27,321,828		27,206,225		27,485,250		26,223,842
Diluted adjusted earnings per share	$	2.24	$	1.52	$	7.86	$	5.09

Catastrophe loss ratio

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
	($ in thousands)						($ in thousands)
Numerator: Losses and loss adjustment expenses	$	70,856		$	37,176		$	228,594		$	134,759
Denominator: Net earned premiums	$	233,460		$	144,890		$	802,635		$	510,687
Loss ratio		30.4	%		25.7	%		28.5	%		26.4	%

Numerator: Catastrophe losses	$	(2,063	)	$	8,122		$	(728	)	$	27,846
Denominator: Net earned premiums	$	233,460		$	144,890		$	802,635		$	510,687
Catastrophe loss ratio		-0.9	%		5.6	%		-0.1	%		5.5	%

Adjusted combined ratio excluding catastrophe losses

	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
	($ in thousands)						($ in thousands)
Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income	$	179,076		$	109,958		$	616,689		$	398,745
Denominator: Net earned premiums	$	233,460		$	144,890		$	802,635		$	510,687
Combined ratio		76.8	%		75.9	%		76.9	%		78.1	%
Adjustments to numerator:
Expenses associated with transactions	$	(1,075	)	$	(922	)	$	(4,644	)	$	(1,479	)
Stock-based compensation expense		(5,543	)		(4,779	)		(21,014	)		(16,685	)
Amortization of intangibles		(1,284	)		(389	)		(4,683	)		(1,558	)
Expenses associated with catastrophe bond		—			—			(2,660	)		(2,483	)
Catastrophe losses		2,063			(8,122	)		728			(27,846	)
Adjusted combined ratio excluding catastrophe losses		74.2	%		66.1	%		72.8	%		68.3	%

Tangible Stockholders’ equity

	December 31,			December 31,
	2025			2024
	($ in thousands)
Stockholders’ equity	$	942,667		$	729,030
Goodwill and intangible assets		(61,054	)		(13,242	)
Tangible stockholders’ equity	$	881,613		$	715,788