Short answer
Palomar Holdings, Inc. (PLMR) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $876M (+58.2% year over year) and net income of $197M.
- Top risk flagged: Regulatory risk: Potential changes in California insurance regulations limiting pricing and underwriting, impacting Palomar’s capital and underwriting ability
FY2025 key financial metrics · XBRL
- Revenue
- $876M
- +58.2% YoY
- Net income
- $197M
- +67.6% YoY
- EPS (diluted)
- $7.17
- +60.0% YoY
- ROE
- 20.9%
- +4.8 pp YoY
- Operating cash flow
- $409M
- +56.7% YoY
Source: XBRL data from the Palomar Holdings, Inc. (PLMR) FY2025 10-K on SEC EDGAR. USD.
Palomar Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Property and casualty insurance holding company with subsidiaries underwriting admitted and surplus lines policies across 50 states
- New segment: Added Laulima Exchange, a Hawaii domiciled reciprocal exchange formed in 2023, managed as a variable interest entity
- Strategic shift: Expanded equity securities investment with fair value rising to $99.3 million from $40.5 million in 2024, indicating portfolio diversification
- Quantitative metric: Gross written premiums increased 31% to $2.03 billion in 2025 vs $1.54 billion in 2024, driving net income growth to $197 million
- Notable fact: Significant goodwill and intangible assets acquisition growing to $61.1 million from $13.2 million reflecting recent acquisitions or investments
Management Discussion & Analysis
- Revenue $2.03B gross written premiums, up 31.5% YoY from $1.54B in 2024, driven by increases in Casualty (+130.5%, +$307M) and Crop (+113.0%, +$131M)
- Net income $197.1M, up 67.6% YoY; operating margin (underwriting combined ratio) improved to 76.9% vs 78.1%
- Best performing segment Casualty with $543M premiums, +130.5% YoY; worst Fronting segment declined 33.9% to $220M
- Management highlights growth from new products and partnerships; key risks include catastrophe and premium retention variability
Risk Factors
- Regulatory risk: Potential changes in California insurance regulations limiting pricing and underwriting, impacting Palomar’s capital and underwriting ability
- Macroeconomic threat: Economic downturn, inflation, or unemployment adversely affecting insurance demand, crop prices, and investment returns
- Operational risk: Dependency on timely and full claim payments from reinsurers, with $468.7 million in reinsurance recoverables at risk
- Competitive risk: Intense industry competition causing pricing pressure, reduced underwriting margins, and market share shifts
- Financial risk: Downgrade risk from A.M. Best rating “A” could increase reinsurance costs, limit new policies, and affect debt covenant compliance
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.