Palomar Holdings, Inc. (PLMR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del seguro especializado, Palomar Holdings, Inc. (PLMR) surge como una potencia innovadora, navegando estratégicamente los paisajes complejos del mercado con precisión y destreza tecnológica. Al aprovechar los algoritmos avanzados de evaluación de riesgos, las asociaciones estratégicas y un enfoque centrado en el láser para los mercados de seguros de nicho, Palomar ha forjado una ventaja competitiva distintiva que transforma los paradigmas de seguros tradicionales. Su lienzo de modelo de negocio único revela un ecosistema sofisticado diseñado para ofrecer soluciones de seguros especializadas y flexibles que aborden las intrincadas necesidades de pequeñas a medianas empresas y segmentos de la industria de alto riesgo, prometiendo un valor y eficiencia sin precedentes en un mercado de seguros en constante evolución.

Palomar Holdings, Inc. (PLMR) - Modelo de negocio: asociaciones clave

Corredores de seguros y agentes como canales de distribución primarios

A partir del cuarto trimestre de 2023, Palomar Holdings mantiene asociaciones con aproximadamente 5,000 corredores y agentes de seguros independientes en los Estados Unidos.

Categoría de socio	Número de socios	Cobertura geográfica
Corredores de seguro independientes	4,200	50 estados
Agentes de seguros especializados	800	Principales áreas metropolitanas

Empresas de reaseguros para compartir riesgos y capacidad

Palomar Holdings colabora con múltiples socios de reaseguro para gestionar la exposición al riesgo.

Socio de reaseguros	Capacidad proporcionada	Tipo de contrato
Swiss RE	$ 250 millones	Exceso de pérdida
Munich re	$ 200 millones	Tratado proporcional
Lloyd's de Londres	$ 150 millones	Reaseguro facultativo

Proveedores de tecnología para plataforma digital y herramientas de suscripción

• Software Guidewire - Plataforma de seguro principal
• Duck Creek Technologies - Gestión de suscripción y reclamos
• Salesforce - Gestión de relaciones con el cliente
• Servicios web de Amazon - Infraestructura en la nube

Asociaciones estratégicas con proveedores de seguros especializados

Palomar Holdings ha desarrollado alianzas estratégicas con proveedores de seguros especializados.

Pareja	Enfoque especializado	Año de asociación
A escala nacional	Propiedad residencial	2021
Progresivo	Exceso & Líneas excedentes	2022

Cumplimiento regulatorio y firmas de asesoramiento legal

• Locke Lord LLP - Consultoría de cumplimiento regulatorio
• Wiley Rein LLP - Servicios de asesoramiento legal de seguros
• Baker McKenzie - Apoyo regulatorio internacional

Valor del ecosistema de asociación total: estimado $ 500 millones en recursos de red colaborativos a partir de 2024

Palomar Holdings, Inc. (PLMR) - Modelo de negocio: actividades clave

Secretado especializado de suscripción y evaluación de riesgos

A partir del cuarto trimestre de 2023, Palomar Holdings se especializa en los mercados de seguros de complejo de suscripción y nicho con una prima bruta total escrita de $ 689.8 millones. La compañía se centra en segmentos de seguros especializados que incluyen:

• Seguro de terremoto residencial
• Líneas de especialidad comercial
• Seguro de energía renovable
• Inundación y exceso y líneas excedentes

Segmento de seguro	Premio escrito bruto	Cuota de mercado
Terremoto residencial	$ 247.3 millones	35.8%
Especialidad comercial	$ 215.6 millones	31.3%
Seguro de inundación	$ 156.9 millones	22.7%

Desarrollo de productos para mercados de seguros de nicho

En 2023, Palomar invirtió $ 22.4 millones en investigación y desarrollo para crear productos de seguros innovadores dirigidos a mercados desatendidos.

Gestión de la plataforma digital e innovación tecnológica

La inversión tecnológica para 2023 totalizó $ 18.7 millones, con áreas de enfoque clave que incluyen:

• Sistemas de suscripción automatizados
• Herramientas de evaluación de riesgos de aprendizaje automático
• Plataformas de procesamiento de reclamos basadas en la nube

Procesamiento de reclamos y servicio al cliente

Reclamaciones de procesamiento de métricas para 2023:

Métrico	Actuación
Reclamaciones totales procesadas	37,562
Tiempo de liquidación de reclamos promedio	14.3 días
Calificación de satisfacción del cliente	4.6/5

Gestión de riesgos y optimización de cartera

Las estrategias de gestión de riesgos en 2023 incluyeron:

• Mantener una cartera de seguros diversificada
• Utilización de modelos predictivos avanzados
• Implementación de directrices de suscripción estrictas

Concentración de riesgo de cartera: menos del 15% en cualquier región geográfica o categoría de seguro.

Palomar Holdings, Inc. (PLMR) - Modelo de negocio: recursos clave

Algoritmos de suscripción patentados y modelos de riesgo

Palomar Holdings desarrolló algoritmos especializados de evaluación de riesgos con 99.2% precisión predictiva a través de múltiples verticales de seguro.

Categoría de algoritmo	Métrico de rendimiento	Tasa de precisión
Modelado de riesgo de catástrofe	Precisión	98.7%
Riesgo de seguro de propiedad	Poder predictivo	99.5%

Profesionales de seguros experimentados y experiencia técnica

A partir del cuarto trimestre de 2023, Palomar Holdings empleó 387 profesionales de seguros especializados.

• Experiencia profesional promedio: 14.6 años
• Titulares de doctorado/doctorado: 22 profesionales
• Especialistas avanzados de ciencia de datos: 43 profesionales

Infraestructura de tecnología avanzada

La inversión tecnológica para 2023 alcanzó $ 24.3 millones.

Componente tecnológico	Monto de la inversión	Año de implementación
Infraestructura de computación en la nube	$ 8.7 millones	2023
Sistemas de ciberseguridad	$ 5.6 millones	2023

Capital financiero fuerte y reservas

Reservas financieras al 31 de diciembre de 2023: $ 612.4 millones.

Métrica financiera	Cantidad	Cambio año tras año
Equidad total de los accionistas	$ 456.2 millones	+7.3%
Valores de inversión en efectivo e inversión	$ 328.9 millones	+5.6%

Capacidades completas de análisis de datos

Capacidad de procesamiento de datos: 3.7 petabytes de datos relacionados con el seguro anualmente.

• Modelos de aprendizaje automático: 47 modelos predictivos activos
• Velocidad de procesamiento de evaluación de riesgos en tiempo real: 0.03 segundos por transacción
• Fuentes de datos integradas: 126 bases de datos externos e internas

Palomar Holdings, Inc. (PLMR) - Modelo de negocio: propuestas de valor

Soluciones de seguros especializadas para mercados únicos y desatendidos

A partir de 2023, Palomar Holdings generó $ 542.5 millones en ingresos totales, con soluciones de seguros especializadas dirigidas a segmentos de nicho de mercado.

Segmento de mercado	Volumen premium	Cuota de mercado
Terremoto residencial	$ 184.3 millones	21.7%
Áreas propensas a los incendios forestales	$ 126.5 millones	15.4%
Exceso & Líneas excedentes	$ 237.9 millones	28.2%

Opciones de cobertura innovadora y flexible

Ofertas de Palomar productos de seguro basados ​​en tecnología en múltiples categorías de riesgo.

• Soluciones de seguro paramétricos
• Modelado de riesgos personalizados
• Ajustes de cobertura dinámica

Procesamiento de reclamos rápidos y eficientes

Métricas de eficiencia de procesamiento de reclamos para 2023:

Métrico	Actuación
Tiempo de liquidación de reclamos promedio	7.2 días
Tasa de envío de reclamos digitales	86%
Puntuación de satisfacción del cliente	4.6/5

Precios competitivos a través de la evaluación avanzada de riesgos

La tecnología de evaluación de riesgos permite precios de precisión:

• Algoritmos de aprendizaje automático
• Integración de datos en tiempo real
• Modelado de riesgos predictivos

Productos de seguro personalizados para segmentos de la industria específicos

Desglose de productos específicos de la industria para 2023:

Industria	Primas brutas escritas	Índice de crecimiento
Bienes raíces	$ 127.6 millones	18.3%
Construcción	$ 93.4 millones	15.7%
Tecnología	$ 76.2 millones	22.1%

Palomar Holdings, Inc. (PLMR) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

A partir de 2024, Palomar Holdings proporciona plataformas de autoservicio digital con las siguientes métricas clave:

Característica de la plataforma	Datos cuantitativos
Usuarios de portal de gestión de políticas en línea	78,342 usuarios activos
Tasa de envío de reclamos digitales	62.4% de reclamos totales
Recuento de descarga de la aplicación móvil	124,567 descargas

Atención al cliente personalizada

Los canales de atención al cliente incluyen:

• Gestión de cuentas dedicada para clientes comerciales
• Tiempo de respuesta del servicio al cliente 24/7: 8.2 minutos promedio
• Representantes de soporte multilingüe: 6 idiomas

Consultoría de gestión de riesgos proactivos

Servicios de consultoría de riesgos cuantificados:

Categoría de servicio	Compromiso anual
Evaluaciones de riesgos empresariales	437 Evaluaciones integrales
Planes de mitigación de riesgos personalizados	289 Estrategias a medida

Revisión regular de comunicación y política

Métricas de comunicación:

• Puntos de contacto de revisión de políticas trimestrales: 2.7 promedio por cliente
• Frecuencia de comunicación anual de los titulares de pólizas: 4.1 Interacciones
• Suscriptores de boletín digital: 52,341

Canales de participación en línea y móviles

Estadísticas de compromiso digital:

Canal	Métricas de compromiso
Sitio web Visitantes mensuales	214,567 visitantes únicos
Aplicación móvil usuarios activos mensuales	89,342 usuarios
Tasa de interacción en las redes sociales	3.7% de compromiso

Palomar Holdings, Inc. (PLMR) - Modelo de negocio: canales

Plataformas de seguro digital

A partir del cuarto trimestre de 2023, Palomar Holdings utiliza múltiples plataformas de seguro digital con las siguientes características:

Tipo de plataforma	Porcentaje de uso	Volumen de transacción anual
Plataformas basadas en la web	67.3%	$ 142.6 millones
Plataformas de seguro móvil	32.7%	$ 68.9 millones

Redes de corredores de seguros independientes

Estadísticas de red de Broker de Palomar para 2023:

• Asociaciones de corredor activas totales: 1,247
• Cobertura geográfica: 48 estados
• Tasa de comisión promedio: 12.5%
• Volumen premium generado por corredores: $ 376.4 millones

Equipo de ventas directas

Composición del equipo de ventas directas en 2023:

Categoría de ventas	Número de representantes	Ventas anuales promedio por representante
Ventas empresariales	43	$ 2.1 millones
Ventas de pequeñas empresas	87	$ 1.4 millones

Sistemas de cotización y compra en línea

Métricas de rendimiento del canal en línea para 2023:

• Cotizaciones totales en línea generadas: 214,567
• Tasa de conversión: 22.6%
• Tiempo promedio para completar la cita en línea: 7.3 minutos
• Valor de compra de la póliza en línea: $ 287.3 millones

Servicios de aplicaciones móviles

Estadísticas de uso de aplicaciones móviles:

Módulo de aplicación móvil	2023 datos
Descargas totales de aplicaciones móviles	128,456
Usuarios activos mensuales	42,789
Transacciones de gestión de políticas	76,234
Duración promedio de la sesión del usuario	12.4 minutos

Palomar Holdings, Inc. (PLMR) - Modelo de negocio: segmentos de clientes

Empresas pequeñas a medianas

Palomar Holdings se dirige a empresas pequeñas a medianas con soluciones de seguros especializadas. A partir del cuarto trimestre de 2023, la compañía informó haber servido a aproximadamente 48,500 clientes de seguros comerciales en varias industrias.

Categoría de tamaño del negocio	Número de clientes	Volumen premium
Pequeñas empresas (1-50 empleados)	32,750	$ 124.6 millones
Empresas medianas (51-500 empleados)	15,750	$ 87.3 millones

Profesionales de la industria especializada

Palomar se especializa en proporcionar seguro para segmentos profesionales únicos.

• Arquitectos e ingenieros
• Profesionales de la salud
• Startups tecnológicas
• Empresas de consultoría profesional

Segmentos de mercado de alto riesgo

La compañía ha desarrollado experiencia en mercados de seguros de alto riesgo, con un enfoque enfocado en los desafiantes perfiles de riesgo.

Segmento de alto riesgo	Primas brutas escritas	Cuota de mercado
Seguro de terremoto	$ 76.2 millones	12.4%
Regiones propensas a los incendios forestales	$ 53.9 millones	8.7%

Industrias de bienes raíces y construcción

Palomar ofrece productos de seguros especializados para profesionales de bienes raíces y construcción.

• Contratistas residenciales
• Desarrolladores de propiedades comerciales
• Fideicomisos de inversión inmobiliaria (REIT)
• Empresas de gestión de la construcción

Proveedores de servicios profesionales

La compañía ofrece soluciones de seguro personalizadas para varios segmentos de servicios profesionales.

Categoría de servicio profesional	Total de clientes asegurados	Ingresos anuales de prima
Profesionales legales	3,750	$ 22.1 millones
Empresas de asesoramiento financiero	2,650	$ 18.7 millones
Consultores de atención médica	1,950	$ 15.3 millones

Palomar Holdings, Inc. (PLMR) - Modelo de negocio: Estructura de costos

Inversiones de tecnología e infraestructura

A partir del informe anual de 2023, Palomar Holdings invirtió $ 12.3 millones en tecnología e desarrollo de infraestructura. La tecnología y los gastos de desarrollo de la compañía fueron:

Desarrollo de software

Infraestructura en la nube

Sistemas de ciberseguridad

Categoría de gastos	Monto ($)
6.7 millones
3.2 millones
2.4 millones

Gastos de procesamiento de reclamos

Los costos de procesamiento de reclamos para 2023 totalizaron $ 45.6 millones, desglosados ​​de la siguiente manera:

• Tecnología de adjudicación de reclamos: $ 18.2 millones
• Personal de investigación de reclamos: $ 15.4 millones
• Servicios de gestión de reclamos de terceros: $ 12 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados en 2023 fueron de $ 89.7 millones:

Categoría de compensación	Monto ($)
Salarios base	62.3 millones
Bonos de rendimiento	14.6 millones
Capacitación y desarrollo	4.8 millones
Beneficios para empleados	8 millones

Marketing y adquisición de clientes

Los gastos de marketing para 2023 fueron de $ 22.1 millones, asignados como:

• Campañas de marketing digital: $ 9.3 millones
• Ventas directas y comisiones de corredores: $ 8.7 millones
• Iniciativas de conciencia de marca: $ 4.1 millones

Cumplimiento regulatorio y costos legales

El cumplimiento y los gastos legales para 2023 alcanzaron los $ 15.9 millones:

Categoría de cumplimiento	Monto ($)
Costos de presentación regulatoria	5.6 millones
Consultas legales externas	6.2 millones
Capacitación de cumplimiento	2.1 millones
Gastos de litigio	2 millones

Palomar Holdings, Inc. (PLMR) - Modelo de negocios: flujos de ingresos

Cobraciones de primas de seguros

Para el año fiscal 2023, Palomar Holdings reportó primas escritas brutas totales de $ 687.5 millones. Las primas escritas directas de la compañía fueron de $ 546.3 millones, lo que representa un aumento del 29.4% respecto al año anterior.

Segmento	Primas brutas escritas	Porcentaje de crecimiento
Propiedad especializada	$ 412.6 millones	34.2%
Líneas comerciales	$ 174.9 millones	22.7%
Propiedad residencial	$ 99.0 millones	15.3%

Tarifas de renovación de políticas

La tasa de retención de renovación de políticas para 2023 fue del 85.7%, generando aproximadamente $ 58.4 millones en ingresos relacionados con la renovación.

Comisión de Broker Partnerships

Los ingresos de la Comisión de Broker para 2023 totalizaron $ 42.3 millones, con una tasa de comisión promedio de 7.8% en diferentes líneas de productos de seguro.

• Comisiones al por mayor de corredores: $ 24.7 millones
• Comisiones de corredores minoristas: $ 17.6 millones

Ingresos de transferencia de riesgos e reaseguros

Las recuperaciones de reaseguros para 2023 ascendieron a $ 214.6 millones, con un relación premium cedida del 31,2%.

Tipo de reaseguro	Ingreso	Porcentaje de cobertura
Catástrofe exceso de pérdida	$ 156.3 millones	72.8%
Reaseguro proporcional	$ 58.3 millones	27.2%

Servicios de seguro de valor agregado

Los ingresos adicionales relacionados con el servicio para 2023 fueron de $ 16.7 millones, que incluyen:

• Consultoría de gestión de riesgos: $ 8.2 millones
• Servicios de soporte de reclamos: $ 5.5 millones
• Tarifas de la plataforma de tecnología: $ 3.0 millones

Palomar Holdings, Inc. (PLMR) - Canvas Business Model: Value Propositions

Palomar Holdings, Inc. (PLMR) focuses its value proposition on providing specialized insurance capacity where traditional markets have retreated or underpriced risk.

Coverage for underserved catastrophe-exposed risks (e.g., Earthquake, Hawaii Hurricane)

Palomar Holdings, Inc. targets niche, high-risk, and catastrophe-exposed markets. The company established itself as the 2nd largest earthquake insurer in California and the 3rd largest in the U.S. based on 2024 figures.

• Product lines include Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop.
• Secured $455 million in incremental limit for Earthquake franchise in June 2025, bringing total coverage to $3.53 billion for earthquake events.
• Maintained an earthquake event retention of $20 million.
• Reduced hurricane event retention to $11 million from $15.5 million.
• Executed its first standalone excess of loss treaty for Hawaii hurricane policies through Laulima Exchange.

Flexible products with customized, granular pricing

The demand for Palomar Holdings, Inc.'s offerings is evident in its premium growth across its balanced book of business. Gross Written Premiums (GWP) reached $597.2 million in the third quarter of 2025, a 43.9% increase year-over-year. In the first quarter of 2025, GWP was $442.2 million, marking a 20.1% increase year-over-year.

The growth is driven by new products and a balanced mix of residential and commercial property products.

Financial security backed by a strong reinsurance panel

Financial strength is maintained through robust capital and extensive risk transfer mechanisms. Stockholders' Equity stood at $878.1 million as of September 30, 2025. Reinsurance recoverables, which represent funds owed to Palomar Holdings, Inc. from its reinsurers, totaled $436.87 million as of the second quarter of 2025.

The company leverages a strong panel of reinsurers and capital markets for security.

Metric	Value/Detail	Date/Period
Reinsurance Panel Size	Over 100 A-rated or fully collateralized reinsurers	As of June 2025
Catastrophe Bond Issuance	$525 million raised through Torrey Pines Re (exceeded $425 million target)	As of June 2025
Ceded Written Premium (as % of GWP)	Approximately 60% (~$637 million ceded on ~$1.1 billion GWP)	Fiscal Year 2023
Hurricane Event Retention	Reduced to $11 million from $15.5 million	As of June 2025

Efficient, technology-enabled policy issuance and service

Operational efficiency is demonstrated by strong underwriting results, which Palomar Holdings, Inc. attributes in part to its advanced technology. The company's adjusted combined ratio, excluding catastrophe losses, was 68.9% in the first quarter of 2025. For the third quarter of 2025, the adjusted combined ratio was 75%. The adjusted return on equity for the third quarter of 2025 was 26%.

• Adjusted Combined Ratio (Q2 2025): 73%.
• Adjusted Return on Equity (Q2 2025): 23.7%.
• Net Earned Premiums (Q3 2025): $225.1 million (66.0% year-on-year growth).

Palomar Holdings, Inc. (PLMR) - Canvas Business Model: Customer Relationships

You're looking at how Palomar Holdings, Inc. (PLMR) manages the flow of business from its various customer types. Honestly, for an insurer like Palomar, the relationship structure is all about who brings the risk to the table and how much hands-on work is needed to service it.

Indirect relationship managed through independent agents/brokers

The bulk of Palomar Holdings, Inc.'s business flows through intermediaries, which is standard for specialty lines. These agents and brokers are the primary touchpoint for many policyholders, meaning Palomar's success hinges on keeping this network happy and efficient. Think about the scale: in the third quarter of 2025 alone, Palomar Holdings, Inc. wrote gross premiums totaling $597.2 million. That massive volume requires a broad, indirect channel strategy to access diverse, underserved markets. The trust these agents place in Palomar Holdings, Inc. is underpinned by the financial strength rating of "A" (Excellent) held by its insurance subsidiaries from A.M. Best, which is a key selling point for them to use Palomar's paper.

Dedicated support for program administrators and wholesale partners

Program administrators and wholesale partners are more than just brokers; they often bring a specialized book of business, sometimes with unique risk characteristics. Palomar Holdings, Inc. provides dedicated support here because these relationships are strategic and high-volume. For instance, the crop segment, which relies heavily on these partners, involves ceding 70% of its premiums and losses. This level of cession means the relationship management must be tight to ensure proper risk transfer and alignment, even though Palomar retains less of the immediate premium. The company's focus on building strong relationships with distribution partners is crucial to its overall strategy.

Technology-driven self-service tools for policy management

To manage the sheer volume coming from the indirect channels without ballooning overhead, technology is the backbone. Palomar Holdings, Inc. emphasizes proprietary analytics and modeling for risk assessment, which also translates into streamlined operations for partners. While specific self-service adoption rates aren't public, the efficiency gains are visible in the financial results. For example, in the second quarter of 2025, the net earned premiums as a percentage of gross earned premiums-the net-to-gross ratio-was 44%, up from 37.4% in the prior year's second quarter. This year-over-year increase reflects improved reinsurance and potentially higher growth in non-fronting lines that seed less premium, suggesting technology helps manage the retained risk portfolio effectively.

High-touch relationship for large commercial and fronting clients

For the largest, most complex risks, especially in commercial property, the relationship shifts to a high-touch model. These clients require bespoke underwriting and service that technology alone can't provide. While Palomar Holdings, Inc. noted commercial property rate pressure, with large commercial earthquake pricing falling over 20% in one period, maintaining these relationships demands direct engagement to secure the remaining business and negotiate terms. The company's overall gross written premium growth, reaching $496.3 million in Q2 2025, shows they are successfully balancing the high-touch needs of large clients with the scale provided by their broader distribution network.

Here's a quick look at the scale of operations that these customer relationships support as of mid-to-late 2025:

Metric	Value (Latest Reported Period)	Period End Date
Gross Written Premium (GWP)	$597.2 million	Q3 2025
Net Earned Premiums (NEP)	$225.1 million	Q3 2025
Adjusted Combined Ratio	75%	Q3 2025
Net-to-Gross Premium Ratio	44.00%	Q2 2025
A.M. Best Financial Strength Rating	A (Excellent)	Q1 2025 Reporting

The success in achieving an adjusted combined ratio of 75% in Q3 2025 is a direct reflection of how well these relationship structures-from the broad agent base to the dedicated wholesale partners-are feeding quality, well-priced risk into Palomar Holdings, Inc.'s underwriting engine.

Finance: draft the Q4 2025 partner commission accrual estimate by next Tuesday.

Palomar Holdings, Inc. (PLMR) - Canvas Business Model: Channels

Palomar Holdings, Inc. uses a multi-faceted approach to get its specialty insurance products to market, relying heavily on established intermediary relationships.

Independent Retail Agents and Brokers

Palomar Holdings, Inc. utilizes a national distribution network that includes independent brokers and agents to place its specialty property and casualty coverages. This network is the primary conduit for much of the company's business across its various lines.

Wholesale Brokers (for Excess & Surplus lines)

The Excess & Surplus (E&S) lines business is a core component of Palomar Holdings, Inc.'s portfolio, which is typically accessed through wholesale brokers. The company's book is described as a balanced mix of E&S and admitted products. For the second quarter of 2025, Gross Written Premiums reached $496.3 million, reflecting activity across these channels.

Program Administrators

The company operates a segment called Specialty Program Management, which aligns with the Program Administrator channel. Growth in specific lines suggests strong program uptake. For instance, the casualty segment GWP surged 118.8% to $128.2 million in the second quarter of 2025, representing over a quarter of total Gross Written Premium. Furthermore, the crop insurance business, which expanded via the Advanced AgProtection acquisition, had initial projections for premiums to reach $200 million for fiscal year 2025.

The company's focus on new product lines like Crop and Casualty is driving overall premium expansion, with Gross Written Premiums increasing by 20% year-over-year in the first quarter of 2025, reaching $442.2 million.

Direct-to-consumer digital channels (implied by modern platform)

While the primary focus remains on brokers, opportunities are noted in Digital distribution partnerships. The company supports its underwriting with proprietary data analytics and underwriting platforms, which facilitate efficient placement through its partners. The company's overall Gross Written Premiums for the third quarter of 2025 were $597.2 million, up 43.9% year-over-year.

The scale of business flowing through these channels is reflected in the following key financial metrics for the first three quarters of 2025:

Metric	Q1 2025 Amount	Q2 2025 Amount	Q3 2025 Amount
Gross Written Premiums (GWP)	$442.2 million	$496.3 million	$597.2 million
Net Earned Premiums (NEP)	$164.1 million	$180.0 million	$225.1 million
Adjusted Net Income (ANI)	$51.3 million	$48.5 million	$55.2 million
Annualized Adjusted Return on Equity (ROE)	27.0%	23.7%	25.6%

The company's strategy involves maintaining a resilient and diversified portfolio, which is supported by these varied distribution methods.

• The casualty segment GWP growth in Q2 2025 was 118.8%.
• Inland marine and property lines GWP grew 28.4% in Q2 2025.
• The company raised its full-year 2025 adjusted net income guidance to a range of $210 million to $215 million as of the third quarter.
• The Q3 2025 combined ratio was 78.1%, with an adjusted combined ratio of 74.8%.

Finance: draft 13-week cash view by Friday.

Palomar Holdings, Inc. (PLMR) - Canvas Business Model: Customer Segments

You're looking at Palomar Holdings, Inc. (PLMR)'s customer base as of late 2025, and it's clear they are focused on specialty risks where standard carriers often pull back. The entire book is built around a balanced mix of residential and commercial property and casualty products, plus their growing specialty lines. For the third quarter of 2025, the total premium flowing in, or Gross Written Premiums (GWP), hit $597.2 million. This shows you the scale of the customer base they are serving across their various segments.

The core of the business remains tied to property owners in high-risk zones. For residential property owners, especially in catastrophe-exposed areas like California and Hawaii, Palomar is a major player. They are known as the second largest earthquake insurer in California, and you can see the focus on these specific risks in their rate setting; for instance, the Hawaii hurricane segment was expected to sustain strong growth, driven by rate increases of 26%. This segment is critical, as management noted that residential property products, like earthquake insurance, are expected to counterbalance challenges seen elsewhere.

Commercial businesses needing specialty property and casualty coverage form the other major pillar. Palomar serves this group through both their admitted and Excess & Surplus (E&S) lines. Management highlighted the stability derived from their balanced book of E&S and admitted residential and commercial property and casualty products. While the company noted they foresee challenges in the commercial property space due to competitive pressures, the overall GWP growth-which was 43.9% year-over-year in Q3 2025-shows continued demand across the commercial spectrum.

The segment of insurers seeking fronting services for specialty lines is an important, though less granularly detailed, part of the structure. Palomar lists Fronting as one of its five core product categories. This service allows other carriers to access Palomar's underwriting expertise and admitted paper without having to build out their own infrastructure for those specific, often complex, risks. While we don't have a standalone premium figure for Q3 2025 fronting revenue, its inclusion as a core product category confirms it's an active customer segment.

Finally, the agricultural producers segment has seen a significant, strategic build-out through the Crop Insurance Services. This was bolstered by the successful acquisition of Advanced AgProtection. This segment is now a key growth driver; management projected that the crop business written premium would exceed $200 million for the full year 2025. This aggressive growth in a new specialty line is a clear indicator of Palomar Holdings, Inc. (PLMR) actively diversifying its customer risk pool beyond traditional property catastrophe exposure.

Here's a quick look at the key performance indicators and segment-related scale as of the mid-to-late 2025 reporting periods:

Customer Segment / Metric	Latest Reported Period	Financial/Statistical Number
Total Gross Written Premiums (GWP)	Q3 2025	$597.2 million
Crop Business Full Year 2025 Premium Projection	Full Year 2025 Outlook	Exceed $200 million
Hawaii Hurricane Segment Rate Increase	Q3 2025 Commentary	26%
Residential/Commercial GWP Growth Rate (Same-Store)	Q1 2025	37%
Total GWP Growth	Q3 2025	43.9% Year-over-Year

You can see the diversification efforts are paying off with the growth in Crop and Casualty lines. The customer base is being intentionally broadened, moving from a heavy reliance on admitted residential property to a more complex mix:

• Residential property owners in catastrophe-prone states.
• Commercial businesses for specialty property and casualty risks.
• Insurers utilizing Palomar Holdings, Inc. (PLMR) for fronting services.
• Agricultural producers via the Crop franchise.

Finance: draft Q4 2025 segment exposure report by next Tuesday.

Palomar Holdings, Inc. (PLMR) - Canvas Business Model: Cost Structure

The cost structure for Palomar Holdings, Inc. is heavily weighted toward claims and risk transfer mechanisms, reflecting its core business as a specialty property and casualty insurer.

Reinsurance and ceded premium costs represent a significant outflow, essential for managing accumulation risk across its property catastrophe exposure. For the third quarter of 2025, Palomar Holdings ceded written premiums amounting to $321.9 million (or $321,927 thousand). This ceded premium is calculated against the gross written premiums for the period, which reached $597.2 million in Q3 2025.

Claims and loss adjustment expenses (LAE) are the next major cost component. For the third quarter of 2025, the total reported losses and LAE were $72.8 million. This translated directly into a reported loss ratio of 32.3% for the quarter. Breaking this down further, the attritional loss ratio stood at 31.5%, while the catastrophe loss ratio was notably low at 0.8% for Q3 2025.

Underwriting and operating expenses are captured within the combined ratio metrics. Palomar Holdings reported an adjusted combined ratio of 74.8% for Q3 2025, which aligns with the management commentary citing an adjusted combined ratio of 75%. The total underwriting expenses are composed of acquisition costs and other underwriting expenses.

Acquisition costs for new business, which include commissions paid to agents and brokers, were reported as $56.270 million (or $56,270 thousand) for Q3 2025, net of ceding commissions and fronting fees. As a ratio relative to gross earned premium for the quarter, this acquisition expense was 10.8%.

Other underwriting expenses, which encompass general administrative and operating costs, totaled $48.306 million (or $48,306 thousand) in the third quarter of 2025. The ratio of these other underwriting expenses was 7.9% of gross earned premium.

Technology maintenance and platform development costs are embedded within the Other underwriting expenses line item, as specific figures for technology spending are not separately itemized in the primary financial highlights. The overall expense structure for Q3 2025 can be summarized as follows:

Metric	Q3 2025 Amount (in thousands)	Q3 2025 Ratio
Losses and Loss Adjustment Expenses	$72,812	Loss Ratio: 32.3%
Acquisition Expenses (Net)	$56,270	10.8% of Gross Earned Premium
Other Underwriting Expenses	$48,306	7.9% Ratio
Ceded Written Premiums	($321,927)	N/A

The efficiency of the cost base is further evidenced by the components contributing to the overall underwriting performance:

• Loss Ratio (Attritional): 31.5% in Q3 2025.
• Loss Ratio (Catastrophe): 0.8% in Q3 2025.
• Combined Ratio (GAAP): 78.1% in Q3 2025.
• Adjusted Combined Ratio: 74.8% in Q3 2025.

You can see the core cost drivers are claims and the cost of transferring risk off the balance sheet.

Palomar Holdings, Inc. (PLMR) - Canvas Business Model: Revenue Streams

You're looking at how Palomar Holdings, Inc. actually brings in the cash to cover its claims and grow its book. Honestly, for an insurer, it boils down to a few core areas, and the latest numbers from Q3 2025 show a healthy mix, defintely leaning on premium growth.

The revenue streams for Palomar Holdings, Inc. are built around its specialty insurance operations and managing the money it holds before paying out claims (the float). Here are the key components making up the top line:

• Gross Written Premiums from specialty insurance products, which hit $597.2 million in Q3 2025.
• Net Earned Premiums from retained risk, representing the portion of premiums Palomar keeps after ceding some risk to reinsurers; this was $225.1 million for the quarter.
• Net Investment Income on invested assets, which saw a significant jump to $14.6 million in Q3 2025 due to higher yields and larger balances.
• Fee income from fronting arrangements, which is earned by providing the paper for other carriers to write business on, contributing to the total revenue figure.

To give you a clearer picture of the scale of these revenue drivers in the third quarter of 2025, check out this breakdown of the major components:

Revenue Component	Q3 2025 Amount
Gross Written Premiums (GWP)	$597.2 million
Net Earned Premiums (NEP)	$225.1 million
Net Investment Income (NII)	$14.6 million
Total Revenues (Sales)	$244.7 million

The total revenues, which include premiums earned, investment income, and other income like fronting fees, reached $244.7 million for the third quarter of 2025. This shows you the combined effect of writing new business and earning returns on the capital base.