Palomar Holdings Inc, the parent company of Palomar Specialty Reinsurance Company Bermuda Ltd, has reported a jump in net income of nearly 50 per cent in the 2024 fiscal year.

Palomar recorded net income of $117.6 million, a 48.4 per cent rise compared with net income of $79.2 million in 2023.

Gross written premiums increased by 35.1 per cent to $1.5 billion, which compares with $1.1 billion in 2023.

The combined ratio for the year was 78.1 per cent, up from the 2023 figure of 76.6 per cent.

Return on equity was 19.6 per cent, which compares with 18.5 per cent in 2023.

The company reported fourth quarter net income of $35 million, up 35 per cent compared with net income of $25.9 million in the prior year quarter.

Gross written premiums increased by 23.3 per cent to $373.7 million, which compares with $303.2 million in the fourth quarter of 2023.

The combined ratio was 75.9 per cent, which compares with 74.2 per cent in the fourth quarter of 2023.

Mac Armstrong, chairman and chief executive, said: “Palomar’s stellar 2024 was capped off by an exceptional fourth quarter.

“During the quarter, we generated gross written premiums growth of 23 per cent, 39 per cent when excluding run-off business from our results, adjusted net income growth of 48 per cent, inclusive of $8.1 million of catastrophe losses, and, importantly, an adjusted return on equity of 23 per cent.

“When looking at the full year we not only generated record gross written premiums and adjusted net income, but we grew our top and bottom-line 35 per cent and 43 per cent, respectively.

“Additionally, throughout 2024 we made significant investments across the organisation that we believe will sustain our earnings base and profitable growth trajectory.”