Palomar Holdings (PLMR) stock soared 5.1% in pre-market trading on Thursday, outperforming the broader market.
The surge came after the insurance holding company reported better-than-expected fourth quarter earnings and strong growth in gross written premiums (GWP) on Wednesday.
For Q4, Palomar posted adjusted earnings of $1.52 per share, beating consensus estimates of $1.23. The company's GWP increased a robust 23.3% year-over-year to $373.7 million. However, the combined ratio worsened to 75.9% from 74.2% a year ago due to higher catastrophe losses from Hurricane Milton.
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