Palomar Holdings Inc, the parent company of Palomar Specialty Reinsurance Company Bermuda Ltd, has reported third quarter net income of $18.4 million, which compares with net income of $4.3 million in the prior year quarter.

Adjusted net income was $23.3 million, which compares with $9.2 million for the third quarter of 2022.

Gross written premiums increased by 24 per cent to $314 million compared with $253.1 million in the third quarter of 2022. The combined ratio was 75.8 per cent, compared with 94.8 per cent in the prior year quarter.

Annualised return on equity was 17.7 per cent, compared with 4.6 per cent in the third quarter of 2022.

Mac Armstrong, chairman and chief executive officer, said: “We are very pleased with our strong third quarter. The results included record quarterly gross written premium, adjusted net income growth of 153 per cent, and an adjusted return on equity of 22.3 per cent.

“Our concerted effort over the last several years to reduce the volatility in our book of business and earnings base was also on full display in the third quarter as we incurred negligible loss from catastrophes despite elevated activity across the industry.

“The execution of our Palomar 2X strategic plan during the quarter instils a high level of confidence that Palomar will produce consistent profitable growth in the quarters and years ahead."