Item 2.02. Results of Operations and Financial Condition.
On January 7, 2020, Palomar Holdings, Inc. (the "Company") announced the
preliminary unaudited financial information below, which consists of estimates
derived from the Company's internal books and records and which is subject to
the completion of financial closing procedures, final adjustments and other
developments which may arise between now and the time the financial results for
the quarter ended December 31, 2019 are finalized. Therefore, actual results may
differ materially from these estimates, and all of the preliminary estimates are
subject to change. In addition, preliminary unaudited financial information for
the Company's three month period ended December 31, 2019 is not necessarily
indicative of operating results for any future period.
Gross Written Premiums
For the three month period ended December 31, 2019, the Company had gross
written premiums of approximately $71.0-72.5 million, an increase of
approximately 63-67% compared to the same period in the year prior. Commercial
business written premiums increased approximately 126-130% and residential
business written premiums increased approximately 42-45% over the same period in
the prior year.
Losses and Loss Adjustment Expenses
For the three month period ended December 31, 2019, the Company did not
experience material losses from any catastrophe event.
The information contained under this Item 2.02 shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), or otherwise subject to the liability of that section, nor
shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or under the Exchange Act, regardless of any general
incorporation language in any such filing, unless the Company expressly sets
forth in such filing that such information is to be considered "filed" or
incorporated by reference therein.
This Current Report on Form 8-K contains forward-looking statements as
contemplated by the safe harbor provisions of Section 21E of the Private
Securities Litigation Reform Act of 1995. Words such as "believes,"
"anticipates," "plans," "expects," "indicates," "will," "intends," "potential,"
"suggests," "assuming" and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are based on the
Company's current expectations, estimates and projections. The inclusion of
forward-looking statements should not be regarded as a representation by the
Company that any of its plans will be achieved. These statements are subject to
risks and uncertainties, including those risks described in the Company's
filings with the Securities and Exchange Commission, that may cause actual
results for completed periods and periods in the future to differ materially
from the results projected or implied in any forward-looking statements
contained in this Current Report on Form 8-K. The Company does not undertake to
update forward-looking statements except as required by law. You are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of the date hereof. All forward-looking statements are qualified in
their entirety by this cautionary statement.
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