Palomar Holdings Inc. 2025年季度报告

FORM10-Q (Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ___________ to ___________ Commission File Number:001-38873 Palomar Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware (619)567-5290Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Number of shares of the registrant’s common shares outstanding at May 1, 2025:26,742,141 PALOMAR HOLDINGS,INC. TABLE OF CONTENTS PARTI. FINANCIAL INFORMATION Item1.Financial StatementsCondensed Consolidated Balance Sheets at March 31, 2025(Unaudited) and December31, 20243Condensed Consolidated Statements of Incomeand Comprehensive Income (Loss) (Unaudited) for the ThreeMonths Ended March 31, 2025and 20244Condensed Consolidated Statements of Changes in Stockholders’Equity (Unaudited) for the Three MonthsEnded March 31, 2025and 20245Condensed Consolidated Statements of Cash Flows (Unaudited) for the ThreeMonths Ended March 31, 2025and20247Notesto Condensed Consolidated Financial Statements (Unaudited)8Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations21Item3.Quantitative and Qualitative Disclosures About Market Risk41Item4.Controls and Procedures42 PARTII. OTHER INFORMATION Palomar Holdings,Inc. and Subsidiaries 1.Summary of Operations and Basis of Presentation Summary of Operations Palomar Holdings,Inc. (the “Company”) is a Delaware incorporated insurance holding company that was founded in2014.The Company has several wholly owned subsidiaries including an Oregon domiciled insurance company, Palomar SpecialtyInsurance Company (“PSIC”), a Bermuda based reinsurance company, Palomar Specialty Reinsurance Company Bermuda Ltd.(“PSRE”), an Arizona domiciled surplus lines insurance company, Palomar Excess and Surplus Insurance Company (“PESIC”), aCalifornia domiciled property and casualty insurance agency, Palomar Insurance Agency, Inc., DBA Palomar General InsuranceAgency (“PGIA”), a Delaware incorporated management company, Palomar Underwriters Exchange Organization, Inc. ("PUEO"),that provides services to a Hawaii domiciled reciprocal exchange,Laulima Exchange (“Laulima”),as its attorney-in-fact, a New Segment Reporting The Company has a single operating segment, the property and casualty insurance business. The Company's chiefoperating decision maker ("CODM") is the Chief Executive Officer.The significant segment expenses provided to the CODM areconsistent with the categories shown in the Company's Condensed Consolidated Statements of Income and Comprehensive Incomeand there arenoother segment items used by the CODM.The CODM reviews the Company's revenue, expenses and net income asreported under U.S. generally accepted accounting principles (“GAAP”), which is the primary measure of segment profit or loss. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with GAAPfor interimfinancial information and include the accounts of the Company and its wholly‑owned subsidiaries. The condensed consolidated These condensed consolidated financial statements donotcontain all information and footnotes required by GAAP forcomplete consolidated financial statements. For a more complete description of the Company’s business and accounting policies,these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statementsincluded in the Company’s Annual Report on Form10-K for the year endedDecember 31, 2024, filed with the SEC onFebruary25, 2025(the“2024Annual Report on Form10-K”). In the opinion of management, all adjustments necessary for a fair Use of Estimates The pr