growth. drive results detail. that expand Chris, a discuss business that strong to first more to us of back financial and to efforts emphasize you, will the turn level to like QX, ongoing to there, financial had the Today, our morning, I'll quarter and in From high I call a everyone. Highlights good profitable quarter quarter Chris position speak at in are our a reap initiatives. as and results would Thank then discuss key a of quarter, benefits first long-term a puts to follows. I several We solid results generated and our
First, Residential Hawaii across grew XX% only strong by We continue as Hurricane actually Earthquake, gross quarter. during and not growth trajectory, Inland and but both Commercial accelerated Marine. and broadly our premium written the including offerings new our existing increased
PESIC lines existing Second, full in annualized continued business. important quarter operation. driver Our in E&S carrier gross of in to of the diversification and its new approaching rapidly $XXX for grew of be premiums, PESIC an second million written products growth
continue is The aggregate Moreover, we balance return cover and cover was base on of floor protect an first earnings are it excess our actions our into committed of our quarter like the of will our for transfer remain that, in previous on how our we Fourth, selected insurance we quarter and results capability. Third, from business. spoken of across while benefiting and on and environment example, actionable but to the our results. aggregate reinsurance length the that to aggregate growth. equity. very establishes markets. sustained strategy, Palomar risk underwriting improvement that we business attractive dislocation proactively a pricing and safeguarding all to sheet. in specialty loss And and providing in refine dimensions visibility commitment our $XX are great refer this to emphasize that I'd calls, of this our this the We've and to earnings reflect believe secured focused ongoing which million am pleased as we I limit,
Finally, that and addressing, confident long-term in by new three we this is several our strategy market of dynamic. opportunity. tailwinds the remain still attractive business of the to and and associated launch and growth this our executing architected prime Palomar plan upon profitable two The quarter are continued carrier early products support examples model partnerships stages of are
first more to XX%. grew in premium earthquake previously Turning premium increased of while our strong in growth results premium mentioned, detail, we XX% XX%, delivered as gross non-earthquake written Overall, the quarter.
rate Our XX% and products quarter, PESIC. Earthquake distribution Commercial accessing up the in partners by were driven
respectively. products Other Earthquake strong Hawaii contributors Residential Hurricane year-over-year Inland grew with and XX%. Marine XXX%, were growth Our and XXX%
we book on of We the that very late conversion seen XXXX. Hawaii business in in good acquired have rates
Newer continue products program and like, traction gain our real omissions to estate scale. errors and
premium quarter of commercial market. seeing runoff of with our during growth to during admitted expanded function dislocation. XX% PESIC's year-over-year sources, factoring and the first policies our on for accounts launch, incremental sustained showing an rate an increase in product We're increases. the is when XX% increases in This of deceleration hard rate geographic the Our lines new was ongoing strongest mid-sized more quarter after larger Earthquake XX% The to some demonstrating policy, average growth renewals the offset our accounts distribution premium XXXX, earlier the versus fourth Commercial footprint, small a the pricing rate. a impressive X% quarter, nearly traction, grew all-risk
north account rate also other commercial well cases, business Our steady risk TIV are builder's seeing increases like small increases. of or large certain of frame single-shot XX%. In accounts are lines wood
points and our as to also all-risk This continue in terms been returns. optimize to conditions risk-adjusted We attachment risk well has program. successful as E&S most use our
rates retention value Earthquake during book the Hurricane XX% Most excluding retention partners. experienced rates The XX%. admitted our continued business. Commercial exceeded retention the above insured and premium quarter, and Our high Residential testament offer a notably, our Hawaii our runoff to all-risk Earthquake, distribution products the are first across unique
E&S company, Turning our to PESIC.
constitutes us launch. are property conviction as in XX% share regional prospects. with by new driven quota commercial existing business. buttressed This quarter large the a our which and extension added growth meaningful million business business. sequential strong risk it well-respected combination launching successful PESIC first to dimension a E&S commercial launched program ever, builder's excess we two to programs In a lines then quarter, new fourth initial segments enter in the follows shared lines premiums with risk XXXX. expedient of business The provide contribution and the considerable products were from of flexibility strong playbook meaningful excess that have as Commercial the as line logical expanding focus quarter is fashion the national casualty the layered into PESIC's products growth remains was product Earthquake, of accounts Our such with national $XX.X account provides line liability will The in of and builder's business in reinsurance about on not of national our while property small the an such and new of by an premium enable market quarter as and as, partner. our written gross property. and Both conservative of franchise. serves liability, tested
is market for the its be our Over to E&S as continue the our well superior company. long-term, as driver of business conditions. passing of admitted key a we ability address size can given carrier majority our changing the to growth see carrier the carrier, eventually Insurance commercial partnerships approaching
quarter This involving marketing distribution partners involved agency During and products further Utah. Earthquake the the one-time assumption that long-term of another of to partnerships in partnership on in earthquake the business. business earthquake Palomar's growth transaction. existing of our the the Travelers' and Indiana sustainable as of Residential inception we provided important first premium, diversify expands the in Separately will partners. Palomar these million quarter, with partnership as and our believe we Missouri, these via states help We footprint Travelers serve a partnership launched a we consummated risk. retail an of a reinsurance book unearned transfer to value partnership and new can stepped add an collaborate deliver how point into $X.X This our
$XX a Xst storms in event, As traditional that matters the million floor earthquake two and in reached existing reinsurance aforementioned we initiatives is highlighting; of It are Torrey events specifically. enhances limited reinsurance quarter covering The reinsurance issued severe aggregate bond. reinsurance on worth after April the be the of through million indemnity losses limit provided this or fits providing events. catastrophe Pines earnings aggregate with agreement, triggers Torrey number pre-tax coverage it whereby, will multiple cover is year our not Pines catastrophe reinsurance end Palomar from threshold aggregate convective that smaller The of cover could full Re but catastrophe a our a is aggregate multiyear of events. XXXA program. pertains our this We equity. loss retention by effective earthquake Re to the into of supplemental bond performance successfully into seamlessly from At $XXX on excess to successful return qualifying visibility our losses based of quarter, floods. coverage million a losses against and $XX a further hurricanes provide there including believe cat
Residential $XXX to our $XXX to million We are confidence the and our reinsurance distribution Earthquake of pleased panel strengthens million believe compelling risk by providing and The and pricing in the our investor underwrite partners upsize of policyholders the to business effectively. protocol. program, and investors our broadens into offering robust ability benefits transparency reflects multiyear from protection extensive issuance reinsurance at already Commercial transfer further success
we complete As speak today, are essentially with our renewal. reinsurance we here six-month
release once touch opportunity their worth and revised in take I X/X intend and of are support the to Winter allocations is reinsurance our our detail reinsurance XXXX greatly moreover is briefly on the actions conditions all an We Storm the reflected cost are terms acceptance the to renewal with and pleased with to want finalized. X-K more guidance. It XXXX. appreciate taken that We the Uri. underwriting outcome noting of in
by with and impacted reiterate remain thoughts our supporting affected all those to our we'd policyholders. our to First, like commitment storm the
and event million, for net provide of $X line with signaled that reinsurance our call. his conservative While the this XXXX in due on Chris reiterate is will approximately detail I QX to was this our earnings structure regarding in what designed event from remarks, nature, more events loss thoughtfully our will
out are losses risk point any be the not that We our rare to will sheet catastrophe already losses of also hyper-focused simultaneously. shock Uri used consume balance where cover. from proved our on I did were and attritional both transfer strategies event protecting aggregate both
March accretive in growth and provides our We diminish March, serve our said and year. That unique to fashion of The shares Board of growing program as for our repurchase to when are outstanding the energized share opportunity and repurchase company this about the come. products creation with two-year value long-term Finally to This in as shareholders. $XX not period. of or million ever of for ultimately late to to team market underpriced of program capital our our the long-term up our a customers, authorizes the deliver bring an is program believe partners strategy attractive flexibility to deploy ambitions. years investors approved opportunistically this results our the effective footprint over and we plan XX shares to to our members opportunistic does ahead a us drive remain
pleased year, increase With adjusted net are we the strong start income guidance. to the our to
full XXXX, $XX income million. we between $XX adjusted million will believe that the For net year be our and
call that, cover that million With floor results a return and for approximately Additionally, equity to I'll on income turn place $XX in established adjusted detail. discuss of aggregate our have net adjusted more in we the the Chris believe to XX.X% our with year. over for we
