everyone. morning, Thank good and you, Chris,
our healthy. that are my quarter on I'd I to of of Before Palomar, all call safe behalf performance, hope and like on second those discuss express this
the navigate the civil as find uncharted ongoing country. to in ourselves COVID-XX We unrest pandemic in waters we continue our and
and Regarding our our the pandemic, team. continuing number health priority remains safety of the X
the impact team, and continues state the virtual thank believe the who impact safely. to employee remains I maintain mandates ability environment our material our profitability from want remote support or our To year. as return on resilient Our our and work workforce the base predominantly entire remainder we of team, to growth. standards COVID-XX to office Operationally, and comply during maintain we'll with will and to continue and for circumstances pandemic local extraordinary the diligently our our a to this pandemic have these partners. business-as-usual fairly continues to remain not pandemic insurers insulated COVID-XX through
Our us compensation, from specialty workers' property cancellation precludes credit. like loss trade in and event a focus areas
our physical exposure view, feature exclusions. policies from for commercial loss to as our interruption the strong require The our the in ended negligible Palomar. damage months to is, of performance another XX, peril quarter XXXX, property and virus June represented three from Additionally, business property named
several Our second notable are achievements. quarter results by highlighted
established newly Excess we Insurance Company, company First, and launched our PESIC, lines surplus and Surplus Palomar formed insurance or subsidiary.
and our renewal. continue we X June risk risk to thoughtfully successful as reinsurance exposure manage our in strategy Second, evident transfer
three as based third-largest fifth-largest the published earthquake the channels we by earthquake the XXXX SNL, year-end, earthquake on and our two data admission geographic launch Fourth, of XX enhanced industry and admitted of country. insurer insurer partnerships expanding the with California Specialty, distribution in further we became carrier of total Palomar into the in Third, our residential states, footprint new states. recently to
the our organization. to added growth, new XX across Lastly, we support teammates
Separately, Board. as personally a him. experience, to I four look forward working to and Director we Daryl thank new nearly our to well, I industry with As brings decades would Bradley Daryl like added of the been of service expertise and of commitment Chairman and success and former track Palomar greatly Genstar have insurance inception. Board, record our to investment Genstar's invaluable proven Clark, Capital's for guidance, appreciated. since his Ryan
across evolution. Looking current The enables that currently certain Arizona-domiciled our to lines, in all is of specialty classes transact scale us further disciplined and at formation is leverage more cannot exciting of admitted underwriting company a national in and business on ensure property products insurance, PESIC analytically continued framework, licensed including our to write and satisfy. detail, PESIC progression natural risks the and our driven a our
throughout year. just investments areas the will we continue recently analytics the generating, make like launched, in the talent to was PESIC necessary of As remainder revenue underwriting technology, and
We proceeds with of A.M. our June. utilizing million from an PESIC FSR Best A- Category and common in shares offering Financial over group X. have received $XXX the of the surplus, Size a FSC capitalized of company from an recently
to capacity our With less X of exhausts reinsurance placement renewed loss Palomar's the begin excess surplus. and major to have marks we remains our events exposure of The a we earnings program very managing loss program, maintaining and market billion expanded successfully X, June expect rating event $XX and since hand, our recorded million for quarter inception, reinsurance and firmest support The to business quarter. incremental growth beyond the our of from writing exceed X-in-XXX sustain the historical and one protection including the losses all the the adequate business. core maximum to retention growth peak retention profile. to for third to faced initiatives, any our events. X% catastrophe This reinsurance significantly million simulated June pleased $X On year are inside margin in PESIC. continues increased risk and million of maintenance our we which events. zone in for limit Strategically We than hurricane probable of now from $XXX also permit pillar earned our requisite earthquake at headroom perils, $X.X provides to
should believe our on entered of reinsurance to the when portfolio. we rate the risk-adjusted business, manageable seeing for From with several XX%, While a a within property the into costs on quarter, others. increases in We earthquake two differentiated are we compared cost the create several opportunities channel the residential the higher are partnerships broadly new approximately partnerships increase rising standpoint, basis. carrier primary in of are rate market they and continue progress be our distribution making while to second a
active As retail mentioned sequentially to traditional are to With I increased have before, in wholesale respect valuable take insurance provide to the footprint, relationships develop. we second solutions And companies. X.X% time these to our proud total quarter. producers and other
to would of execute earthquake our as continue country. California the states and to carrier on footprint to by the admitted growing our state position like fifth-largest third-largest we in our Additionally, the touch across XX expansion geographic insurer the nation. I the briefly initiatives of in the
and increase risk report earthquake And Earthquake been our growth, pleased its were the insurance and are specialty entirety, growth underserved the by the strong as the increase ability demonstrates only we ample alternatives to and XX.X% has prior department. across offerings motivate one products Major our the further results, that Shifting of the quarter position growth our market, earthquake markets written increased growth in year share further penetration PESIC newer premium Marine in Risk but from second dedicated drive of While respectively, We are financial most from products Commercial expanded in all like second this Earthquake within geographic quarter believe our that importantly, our leader year-over-year. which remain identified lines validates gross and have period. which product builders' footprint, pricing a market. needs. product the insurance property was purchase growth We of also Commercial to enhance saw Commercial who segment. their differentiated earthquake All in it rates for incremental property in sustained that by markets the previously fit in of our lines, of our most lines written remain in room XX.X%, Inland our gross distribution will drivers a particular market, commitment consumers sources, to historically growth in function new also We premiums business XXX.X% increases. providing U.S. earthquake to product lines meaningful we not in insurance traction, to our Commercial as not market
commercial renewal quarter, versus sequential XX.X% was in XX.X% the second XX.X% average quarter a first on policy rate increase increase. Our
As program. I our mentioned earlier, these rate in increases more reinsurance than the absorbed increase
in experienced book our Premium excess retention risk were quarter, XX%, all consistent XX%. XX% of achieved earthquake, retention products the rates and the with all first the premium residential Hawaii hurricane During of for quarter. during our
which the products a believe these results distribution that value adjustment testament We partners. generating loss and shortly, our totaled offer Chris insurers ratio. continue $X are unique XX.X% loss will detail quarter, to during the Loss to and expense, million a
an was premium the and adjusted growth earned June ratio in ratio and $XX.X on conservative we XX.X% ROE adjusted combined ratio during to of dilution a capital million achieved XX.X% despite received Our of the premium infusion modest strong premium of ROE This from resulted X.XXx equity written ending written stockholders' and net and the an loss quarter. XX.
have our XX.X%. those proceeds, Excluding would adjusted been ROE
our we broaden stay our to continue We footprint. our business focused on as growing scale and capabilities
reflect for the opportunity delivering our strategy. for focused believe remains Palomar. of remains Moreover, the results our all team to team committed continued and stakeholders Palomar execution at Our long-term on our
country social recognized it to acknowledge the has increasingly a must be over as hand call that and moment our issues that Chris, become want and has racial addressed. long-standing systemic with economic to I I apparent Before to current take today's environment inequality
built thoughts stand fight us cities the just and injustice. compel the nation. all historically. company society Black and a been have those insurance We believe fair with of and on those help with Palomar community, and build today brokers throughout injustice that partners staunchly teammates, Lives that towns is and Matter. a our all values, to solidarity our across Our more racial values are We African-American racism and to in by impacted
impacted with hope civil racism As group's the We from to focus most the our by and events, rebuild recent and help such, $XXX,XXX donated helping we pandemic. of communities on those companies that fighting injustice, will With including over turn detail. in a the that, together nation, more call across the of I'll we and our support justice. Chris move results work to to towards the and future discuss equality recently
