morning, Thank everyone. and you, good Chris,
has moment Before I Palomar quarter pandemic, our and take discuss how strong I address team a results, at first responded. global to the to COVID-XX want our
disease. thoughts those First impacted all the off, continue our by to with be
the of and that participants the working to all are those We also pandemic. tirelessly with We us stem impact healthy. thank safe importantly, today hope most
and and the and point is architected is within priority was employees important health risk. #X the of our Palomar catastrophe safety manage that constituents and Our founded out remains to Palomar network. to It all
and competence executing been our plan organization. As continuity has such, always comprehensive a a business of maintaining key
As group that leveraging mobilized employees that U.S. COVID-XX existing throughout employee began to the have for office performing early and are tasks in for previously time, from in we spread safe of plans all practices continuity remote nearly for small our home, catastrophes. essential March, been a developed Since work, environment. business natural quickly base our working an
not seamlessly infrastructure, Our of the remote due our not but been Palomar to technology compromised workforce is also operating the only has productivity professionalism and team. cloud-based
service comes general. our For environment standards these and insureds when business transactability. is to partners, would smoothly as our extraordinary customers our it in thank and as But to like for our it business usual usual is to employees during this reality, not circumstances. who society and in I it adapted
on assisting the address with individual pandemic, our policyholders posed the evolving is focused As we COVID-XX their by challenges needs. company
accommodate grace operate. we have an states all late period premium insurance in all where to We business of across implemented lines payments
communities in of to our help specialty exposure insurance While not products live. which our additional property a seen to hazard, portfolio policyholders in in methods have the risks reduction assess continue the they we or and
offered the I briefly our a the quarter take first lines book moment in of touch results, and interruption to coverage exposure detail want policies. these our commercial on I business Before to
to loss in the by business and covered coverage Risk physical All a for Commercial Earthquake in from interruption caused conditions damage difference insureds structure for peril. policies, Our offer business income a
addition policies written policies these have requiring to our damage Risk all physical and property. exclusion All admitted in basis, are of the to virus an on of an All ISO
Our flood. exclude property. covered the that policy earthquake physical damage believe perils, policies to it whether virus a language damage our to the be damage or require from require an and by expressly DIC We they clear and caused structure and the physical coverages are
adjudicating for we we lines We every said, Regardless, currently are potential that our lines the where on That through one of policyholder of trade the credit process of business and loss do programs. government all in policymaking monitor like is extremely BI we interruption insurance. casualty public investigating, our acknowledging, have to per the cancellation, developments fluid an claims We policies assessing our requisite each portfolio one, and and or write excess risk providing these materially COVID-XX consideration. as changing. of we levels at business loss of workers' event recognize matter is and exposure compensation, from any not coverage areas not reinsurance do other and see of surety, continue
Utah. Separately, highlighting I XX in want specific spend to a March event, earthquake a the moment
was partner foremost, Salt within since also to claims following the team exposure the in contact example diminished way policies to X.X during of our XXXX. swiftly quickly City are of radius the offer and to The and the property earthquake And the and and responding disaster. review specialty just area market XXX another exposure, of insurance had needs no a and natural support the diligently a outside policyholders of how in magnitude safety, the the was XX-mile our a earthquake Lake Immediately the their largest worked total which and included First assessing and to pandemic. in earthquake our state ensure epicenter. policyholders substantiates Palomar the of event,
losses earnings beyond. impact and our in have Fortunately, on minimal quarter will first a the the from event
results. to Turning our
build provided executing a strategic Palomar on first The successful leader of a quarter to market. plan another the in property specialty demonstration
taking products existing share driving Our and continue adoption. to grow,
new like Inland segments We continue invest Marine. to in
during we Our reach this these and accomplished quarter. reflected and growth strong generating We the believe best geographic efforts while all our returns. expanding, is are by profitability
carrier from of XXXX assumption Residential compared the conjunction to onetime partnership worth that the XX.X% prior that Earthquake grew the year the is quarter premiums that It of unearned $X.X written gross commenced in premium during first period. with quarter. included million in Overall, results the noting
that Excluding Residential the grew premiums products our Earthquake XX.X% new impact by increased XX.X%. written last partnership gross year, year-over-year, of and
growth Commercial drivers compared which prior sustained the first function new growth All Risk the most Major our premiums pricing Earthquake to respectively, were product and distribution Commercial traction period. increases. gross lines, lines XX% Commercial in geographies, of XX%, importantly, sources and written further grew was a quarter by and and year
rate the quarter composite first in increase Our on quarter. commercial was fourth versus XX.X% policy XX.X% renewals
to for our Residential quarter, believe premium quarter. a our fourth results retention Hawaiian XX% Commercial Palomar During experienced rates unique entire of largest were retention We we these and Premium to the network. testament book products XX% the in in value offer the XX%. of Earthquake, Hurricane excess are the business, our line across of compared Earthquake
loss during will $X.X loss totaled million detail quarter, expense, ratio. adjusting and Chris a shortly, generating which the X.X% Loss
an of stockholders' quarter. of ROE we feel a during ending to As achieved worth I it of result, conservative that the XX.X% highlighting we is an adjusted written premium adjusted X.XXx. spite equity in ratio of net ROE that ratio a XX.X% and combined achieved
our strong, January Our infusion $XX.X by capital bolstered balance remains the very from following sheet offering. million
our portfolio equity exposure markets, We mainly and the are and of debt-free. consists do We to investment not income liquid high-quality highly hold securities. fixed
footprint as seek the in team our to in and invest our capabilities to we scale market. continue We
operations, technology in via made During virtual rather the person. than are still quarter, hires we we underwriting, strategic and recruiting a hiring process and in
he I Christianson, our Jon instrumental Andy Officer our out launch in of Chief success going leading Palomar to a the built since Underwriting dearly he and of and family Operating XXXX. and the be to the been would Bill I and wish also Officer moment with other our time missing Chief well We if Officer, current group the with will Chief Andy senior Officer, Chief didn't in thank him promotion August has to personal our Strategy transitions who remiss Robinson, more in leadership X. pursue hiring Bold be spend effective endeavors. Andy We're as company take August. as helped Underwriting
in no impact to COVID-XX our our in regarding is it's business way economic That insurance impervious matters insurance. consumers interruption that and are the fortunate businesses business means of are important an of industry, independent enduring conditions. products on we particular, said, that the are in by need to a We generally
is evolving dynamic. BI this focused to contributor our the modest In policyholders. very a overall While our we appropriately on are very insurance respond will we needs interim, limit, of the to
opportunity our stakeholders. During these front extraordinary us to times, committed team all of serving to remains and our long-term in
over that, in will call discuss more detail. the results our turn to Chris With I to
