Palomar Holdings Inc, the California-based holding company of subsidiaries including Palomar Specialty Reinsurance Company Bermuda Ltd, has reported net income of $14.5 million for the first quarter of 2022 compared to $16.6 million for the first quarter of 2021.

Gross written premiums increased by 65 per cent to $170.9 million compared to $103.6 million in the prior year quarter.

A total loss ratio of 19.7 per cent compared to negative 9.4 per cent in the first quarter last year.

The combined ratio of 76.5 per cent compared to 60.4 per cent in the first quarter of 2021.

Mac Armstrong, chairman and chief executive officer, said: “When we began the year, we identified four strategic priorities for calendar 2022: produce strong premium growth, continue to deliver consistent and predictable earnings, monetise investments made over the course of 2021, and scale our organisation. I am very happy to report that we made strong progress across all four initiatives during the first quarter.

“Selected highlights of Q1 2022 include: delivering a 65 per cent gross written premium increase compared to the prior year period and record residential earthquake new business, the successful renewal of our aggregate reinsurance programme that effectively places a floor on our adjusted return on equity of 14 per cent for 2022, writing $30 million of managed written premium for PLMR-FRONT in its second quarter of operation, and achieving an expense ratio of 56.8 per cent, which constituted a meaningful sequential and year-over-year improvement.

“The momentum of our first quarter results well positions Palomar to deliver sustained growth and profitability in the year ahead.”