Below are the financial statements of Palomar Holdings, including the income statement and balance sheet for the company's latest fiscal year. All figures are accurate, verifiable, and fully traceable to the original annual filing where disclosed.
| All figures in thousands of USD | 2024 as of 2024-12-31 | 2023 as of 2023-12-31 |
|---|---|---|
| Assets | — | — |
| Investments | — | — |
| Fixed maturity securities available for sale, at fair value | 939,046a | 643,799a |
| Equity securities, at fair value | 40,529a | 43,160a |
| Equity method investment | 2,277a | 2,617a |
| Other investments | 5,863a | 0a |
| Total investments | 987,715a | 689,576a |
| Cash and cash equivalents | 80,438a | 51,546a |
| Restricted cash | 101a | 306a |
| Accrued investment income | 8,440a | 5,282a |
| Premium receivable | 305,724a | 261,972a |
| Deferred policy acquisition costs, net of ceding commissions and fronting fees | 94,881a | 60,990a |
| Reinsurance recoverable on paid losses and loss adjustment expenses | 47,076a | 32,172a |
| Reinsurance recoverable on unpaid losses and loss adjustment expenses | 348,083a | 244,622a |
| Ceded unearned premiums | 276,237a | 265,808a |
| Prepaid expenses and other assets | 91,086a | 72,941a |
| Deferred tax assets, net | 8,768a | 10,119a |
| Property and equipment, net | 429a | 373a |
| Goodwill and intangible assets, net | 13,242a | 12,315a |
| Total assets | 2,262,220a | 1,708,022a |
| Liabilities and stockholders' equity | — | — |
| Liabilities | — | — |
| Accounts payable and other accrued liabilities | 70,079a | 42,376a |
| Reserve for losses and loss adjustment expenses | 503,382a | 342,275a |
| Unearned premiums | 741,692a | 597,103a |
| Ceded premium payable | 190,168a | 181,742a |
| Funds held under reinsurance treaty | 27,869a | 13,419a |
| Income taxes payable | 0a | 7,255a |
| Borrowings from credit agreements | 0a | 52,600a |
| Total liabilities | 1,533,190a | 1,236,770a |
| Stockholders' equity | — | — |
| Preferred stock | 0a | 0a |
| Common stock | 3a | 3a |
| Additional paid-in capital | 493,656a | 350,597a |
| Accumulated other comprehensive loss | -26,845a | -23,991a |
| Retained earnings | 262,216a | 144,643a |
| Total stockholders' equity | 729,030a | 471,252a |
| Total liabilities and stockholders' equity | 2,262,220a | 1,708,022a |
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