0001193125-26-212569
SEC filingPalomar Q1 2026 净利持平但承保利润率下滑，Gross Written Premiums 大增 42.4% 至 $629.8M，主因 Casualty 与 Inland Marine and Property 增长及 Gray Surety 收购。
Palomar Q1 2026 营收大幅增长，但盈利能力承压。Gross Written Premiums 同比 +42.4% 至 $629.8M，Net Earned Premiums 同比 +59.3% 至 $261.4M，但 Net Income 仅微增 0.1% 至 $42.9M，Diluted EPS 持平 $1.57。Combined Ratio 恶化 1140 bps 至 84.5%，主要因 Loss ratio 和 Expense ratio 双双上升。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Gross Written Premiums | $629.8M | $442.2M | +42.4% |
| Net Earned Premiums | $261.4M | $164.1M | +59.3% |
| Total Revenues | $278.9M | $174.6M | +59.7% |
| Losses and LAE | $87.1M | $38.7M | +124.8% |
| Underwriting Income (Non-GAAP) | $40.5M | $44.1M | -8.0% |
| Net Investment Income | $18.0M | $12.1M | +49.0% |
| Income before Income Taxes | $53.5M | $53.7M | -0.5% |
| Net Income | $42.9M | $42.9M | +0.1% |
| Diluted EPS | $1.57 | $1.57 | 持平 |
| Loss Ratio | 33.3% | 23.6% | +970 bps |
| Expense Ratio | 51.2% | 49.5% | +170 bps |
| Combined Ratio | 84.5% | 73.1% | +1140 bps |
| Adjusted Combined Ratio (Non-GAAP) | 76.0% | 68.5% | +750 bps |
| Adjusted Net Income (Non-GAAP) | $63.1M | $51.3M | +23.1% |
| Diluted Adjusted EPS (Non-GAAP) | $2.31 | $1.87 | +23.5% |
| Operating Cash Flow | $47.0M | $87.2M | -46.1% |
| Free Cash Flow (OCF - Capex) | $45.0M | $85.8M | -47.6% |
增长桥：Gross Written Premiums 增长 $187.7M (+42.4%)，主要由 Casualty (+$73.2M, +55.0%) 和 Inland Marine and Property (+$53.2M, +47.0%) 驱动，得益于新业务、高续保率和分销扩张。Crop (+82.0%) 和 Surety & Credit (+130.7%) 也贡献显著，后者受 Gray Surety 收购推动。Net Earned Premiums 增长 $97.4M (+59.3%)，但 Net Earned Premium Ratio 从 43.7% 升至 51.9%，反映公司自留更多业务。
Margin 归因：Combined Ratio 恶化 1140 bps 至 84.5%。Loss ratio 上升 970 bps 至 33.3%，主要因 attritional losses 增加（受 Casualty、Crop 和 Inland Marine and Property 业务增长驱动）以及 Crop 业务自留比例提高。Expense ratio 上升 170 bps 至 51.2%，受交易费用、SBC 和无形资产摊销影响。剔除这些一次性/非现金项目后，Adjusted Combined Ratio 为 76.0%，仍恶化 750 bps。
盈利质量：Net Income 持平，但 Adjusted Net Income 增长 23.1% 至 $63.1M，显示核心盈利能力增强。经营现金流下降 46.1% 至 $47.0M，主要因保费增长带来的应收和递延成本增加。FCF 转化率（FCF/Net Income）为 105%，仍健康。
公司为单一经营分部（property and casualty insurance），但按产品线披露 GWP：
| 分部 | 营收 (GWP) | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Casualty | $206.3M | +55.0% | — | — | 新业务与合作伙伴扩张 |
| Inland Marine and Property | $166.6M | +47.0% | — | — | 分销网络扩张 |
| Earthquake | $137.3M | +2.7% | — | — | 温和增长 |
| Crop | $87.8M | +82.0% | — | — | 业务增长，自留比例提高 |
| Surety & Credit | $31.9M | +130.7% | — | — | Gray Surety 收购推动 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & Cash Equivalents | $56.5M | $106.9M (Dec 31, 2025) |
| Total Investments | $1,562.5M | $1,352.0M |
| Total Debt (Term Loan) | $297.4M | $0 |
| Reserve for Losses and LAE | $771.8M | $688.2M |
| Unearned Premiums | $1,148.5M | $988.1M |
| Total Stockholders' Equity | $959.0M | $942.7M |
| Tangible Stockholders' Equity (Non-GAAP) | $712.9M | $881.6M |
| Operating Cash Flow | $47.0M | $87.2M |
| Capex (incl. capitalized software) | $2.0M | $1.4M |
| Free Cash Flow | $45.0M | $85.8M |
Net Debt 为 $240.9M（Term Loan $297.4M - Cash $56.5M），新增债务主要用于 Gray Surety 收购。Tangible Stockholders' Equity 下降，因 Goodwill 和 Intangible Assets 增加 $185.1M。
资本配置：
指引：公司未提供正式财务指引。
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