Palomar Holdings Inc, the parent company of Palomar Specialty Reinsurance Company Bermuda Ltd, has reported net income of $17.3 million for the first quarter of 2023.

That compares to net income of $14.5 million in the prior year quarter.

Gross written premiums increased by 46.3 per cent to $250.1 million compared to $170.9 million in the first quarter of 2022.

The total loss ratio of 24.8 per cent compared to 19.7 per cent in the prior year quarter.

The combined ratio of 77.9 per cent compared to 76.5 per cent in 2022.

The annualised return on equity was 17.5 per cent, compared to 15 per cent in the prior year quarter.

Mac Armstrong, chairman and chief executive officer, said: “Following a record year in 2022, I am pleased with the strong start to 2023.

“Our first quarter results demonstrate continued momentum in our business and further execution of our Palomar 2X strategy.

“Highlights for the quarter include gross written premium growth of 46 per cent, an adjusted combined ratio of 73.3 per cent, and an adjusted return on equity of 20.7 per cent.

“Importantly, these results were achieved even with elevated catastrophe activity during the quarter.”