Palomar Holdings Inc, the parent company for subsidiaries including island-based Palomar Specialty Reinsurance Company Bermuda Ltd, has reported net income of $14.6 million for the second quarter.

That compares with net income of $12.3 million for the second quarter of 2021.

Gross written premiums increased by 69.1 per cent to $218.7 million compared with $129.4 million in the second quarter a year ago.

Total loss ratio was 17.9 per cent compared with 13.3 per cent in the second quarter of 2021.

The combined ratio was 75.1 per cent compared with 76 per cent in the second quarter last year.

Annualised return on equity was 15.4 per cent, compared with 13.1 per cent in the second quarter a year ago.

Mac Armstrong, chairman and chief executive officer, said: “Simply put, Palomar had a very strong second quarter. Our results clearly demonstrate further execution of our 2022 strategic objectives and ‘Palomar 2X’, our intermediate term strategic plan of doubling our adjusted underwriting income and delivering an adjusted return on equity of 20 per cent.

“Highlights of the quarter included 69 per cent year-over-year gross written premium growth, the successful placement of our excess of loss reinsurance programme, the conversion of our Texas Specialty Homeowner’s product to a fronting programme and incremental traction in our new products including professional liability and PLMR-FRONT.

“During the quarter, we achieved an adjusted combined ratio of approximately 69.1 per cent, an annualised adjusted ROE of 19.7 per cent, and year-over-year adjusted net income growth of 41.3 per cent, even with $4.6 million of unrealised losses in our equity portfolio."