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a was solid in quarter and further generated on identified. or one second good premium, underway for position written execution a initiatives Palomar very key and profitability one strategic we The which record
to such, QX's I'm several of speak highlights. to eager As
new the of growth Strong of were the XXXX driven but gross grew premiums specialty actually maintained first products product we earthquake, premium XX% product launches, first increases, extension We performance not as existing our suite. partnerships and Hurricane XX%. this by by commercial rate our Inland was broadly sustained Marine. combination and distribution growth of existing residential limited to a First, quarter only in across included, and Premium the new growth levels, compared Hawaii quarter network. not but products, rate strengthened in homeowners, growth premium grew quarter to portfolio our written
Additionally, we traction E&S strong from launched Excess carrier, Surplus XXXX. which in of PESIC, saw newly the XX% and first very quarter Palomar our Insurance grew sequentially Company,
broaden slate. to look our build as partnership our to we and product we continue Second, success suite on
to harvest dislocations continue business, of During existing products earthquake notably on in residential overall and and new those existing market grow capitalize allow via to efforts conditions conducive the we diversify lines the These several partnerships, and launched partnerships and us products quarter, portfolio. our and new PESIC most sector. and
and casualty included New small and general like quarter offerings liability the in products layered liability. contractors shared excess
risk our commercial prime programs enter is builders in announced as partners to another builders risk allowed segment offering. example and June newest with us complements the pure product high-value Our into it
stability equity floor we income ensures when the and for the quarter growth returns. and level earthquake our the trajectory, to reinsurers manageable first to $XX puts may panel and X adjusted factoring assess We adjusted in continuous We were the Third, our on we as a risk-adjusted of of and retention return elimination and further support Fourth, our procured already in growth. demonstrated for renewal and the our million approximately incremental are limit, products our focus year. limit our limit improvement incremental kept net XXXX and our retention we believe of at June commitment enhance reinsurance robust successful profitable the in adequate ensure aggregate earnings on XX% results predictable to hurricane co-participations. below for markets constantly of earning secured that
deliver growth. every insights the steady optimizing are developing and we of we our complex business into predictable to aspect provide tools We and that returns as strive markets serve
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shares our date, and know back bought during We the business, foreseeable capital XXX,XXX ability to this our the the in underscores we the confidence value. results opportunistically for quarter. second that strategy have our execute our and create believe our action to $XX.X million we for strategy future Lastly, to
quarter. Turning delivered XX%, while XX%. growth increased the premium more results we Overall premium in earthquake to premium of our XX% non-earthquake strong detail, second during grew
from XX% growth, Hurricane XX% distributers up primary year-over-year primarily commercial healthy Other new in a by XXX% Marine of increase accessing XXX% Inland rate respectively. with business were Specialty Homeowners Our testing. partners and showed and products distribution year-over-year. driven earthquake a were Hawaii
lines grew runoff second despite which premium impacted XX XX% growth by we policies, our admitted and our percentage points. Our highlighting, the Risk this All worth quarter continued growth nearly during commercial delivering of premium it quarter is the are
our of All today, the business, contributed hurricane has in Risk been here XX% speak loss XXXX we mid which As runoff. XX%
continued year the that million distribution of mentioned, expanded can we admitted which E&S our believe previously I the first We written product of time. offerings is our over X% in carrier As business, and experience grew delivered as PESIC in very growth its and relationships. strong our sequentially of to $XX.X premium innings quarter the size approach the early and development from gross
existing strength such property lines layered excess lines further growth in new commercial like Marine. The due liability and national second business, our and property quarter's considerable Inland and footing shared and within earthquake to of was as
forward by excited prospects, I you progress are and long-term quarters. to on PESIC's We future updating look our continued in
year-over-year. existing footprint, on continue focus to distribution expand and partner sequentially and increased helped expansion relationships and geographic Our new product This our distribution, concentration diversification. X.X% XX% provide
aforementioned Our residential builders partnership enables that another enter market Programs high-value PESIC PURE insurance. focused with new of risk
within new segments. aggressively market to enabled We that partnerships PURE will grow and to continue Palomar like seek market develop share our profitable
top as delivered of earnings million strong adjusted $X.X Uri. grew we result net winter storm our nonrecurring to previously income of overall line of and reinsurance addition $XX.X of incurred a million momentum, disclosed charges In in spite
approximately conservative where to at of an we placement storms. procured incremental coverage incremental June earthquakes for reinsurance million adherence Our of limit is reinsurance exemplified limit levels our million for and X, the of of by completion $XXX wind successful $XXX
now Our billion providing ample million $X.XX and at exhausts growth. for our $XXX events earthquake capacity for sustained reinsurance coverage for hurricane events,
in by first placement increase in favorable the cost second specialty to of The and of event actually when million conditions. in all $XX The Successful quarter retention the positions pricing is relationships nature reinsurance We X/X of underlying emblematic was our our perils, collaborative take reduced the million from for policies dislocation insurance and retention subsidized factoring to average commercial renewals XX% during XXXX. quarter of strength continues be true market reinsurance also moreover, advantage the versus but co-participations. overall the increased of for us our on $XX.X and compelling marketplace. rate earthquake XX% to
business increasing much Our Builder's products XX%, a XX%. on Risk increase come approximately blended saw at of large as with new accounts as rate
between Specialty our increases on the increasing rate Separately, premium Insurance business, was total remain for at runoff portfolio, book. to will XX% of able second and the geography an business that the Risk, the just our All our are increase risk-adjusted where excluding In the on new it material of account. it's All highlighting average is are policies a XX% rates written business. expiring our higher and pertains retention throughout we XX% Carolina, North of year. depending quarter with in It that worth size Risk not than rates. of we commercial State business the be Coastal the our As rate, our being sustain XX% to We the Department admitted in Risk rate XX.X% remainder Homeowners improved confident All increasing
make and and to ESG and I'm we continuing sustainability Palomar's development execution We all serves ESG the to business that our strong partners, stakeholders. corporate initiatives. our progress are to our Turning employees, environment, our management on report happy better recognize that communities our responsibility. of
look I of initiatives updating forward our our continuing building to on are are formalize forward. ESG the We our and policies. strategize and you team ESG going progress to
the announced years continue of last Daina operational we use marketing in value delighted the as XX to Middleton addition experience to analytics emphasize see we results. of on important growth our strategic I and fully The opportunistic growth opportunity and repurchase to our is strategy have week the branding, will nearly our to strategy Palomar It and capital relationship of in shares execution mission. ahead. I'm that of grow and Overall, leadership, with our development, Daina our customer technology fashion. execute and businesses an add to we significant Additionally, has the Board. that
million bought of in result, $XX a back As XXX,XXX our quarter. million the $XX.X share shares second authorization or we repurchase approximately
We our to and our on value drive shareholders. growth we long-term will maximize as be invested for opportunity capitalize creation
and feel or This that returns talent, in range net and we For share income the years. will to XXXX, strong adjusted and loss next that reinsurance, of excessive year full between quota we ultimately make investments million. several both the million believe considers made $XX the to second our half be systems, will infrastructure expect generate additional over have $XX 'XX continue in we
income return establishes our cover more of approximately for put for net for on million results I'll turn and in Additionally, call discuss to detail. aggregate equity that, the $XX XX% year. Chris adjusted into the to adjusted a With place over the flow
