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Palomar Holdings books higher revenues, gross written premiums in Q2

Palomar Holdings Inc. logged second-quarter adjusted net income of $8.0 million, or 36 cents per share, compared with $6.9 million, or 41 cents per share, in the past-year quarter.

Adjusted net income for the second quarter excludes IPO and tax restructuring expenses, stock-based compensation and $1.3 million of expenses related to the retirement of debt.

The company recorded a second-quarter net income of $6.7 million, or 30 cents per share, versus $6.9 million, or 41 cents per share, in the year-ago period.

Revenues for the quarter came in at $25.9 million, up from $19.9 million a year earlier. Gross written premiums increased 56.2% year over year to $58.3 million from $37.3 million.