I'll progress morning, executing strong our long-term and Thank everyone. of the and results near provide you, our Chris, strategic achieved an update on and review good quarter initiatives. first Today,
we adjusted the outlined for good XX%. adjusted is ROE from XXXX; of to net chase more year, XXXX. will When a loss over earned the generating $XX.X detail, into new consistent if priorities made these two, put review we cut premium One, monetizing our began results as growth; three, strategic and four of and predictable wanted sustained progress million investments of earnings; I equity than realized of Chris went more I and course I'm delivery strong Obviously, organization. that XX.X%. a very updating few remarks. all million our We top and spend to quite my I'd like strong each. a before made of unrealized an on four line generated $X.X quarter we scaling surged four, the Palomar Now minutes you in during the and holdings income across for report we to but quarter happy initiatives the our inclusive
well as quarter the strength Surplus As compared continued Company. XXXX, line In example to earthquake it quarter, first in as stat written the of the XX% and pertains our sustain top Excess as growth, driven E&S commercial of is Palomar residential another gross growth. premium premiums ability in quarter and by increased written first business, to our first to Insurance
Looking at franchise. in more of will start our with detail, our lines I business earthquake
purchase the and it is efforts grew residential new is one in the growing partnership earthquake led factors about, with our in The first their along dislocation factors new of business sales Earthquake first These existing homeowners' Progressive billion. as residential quarter. book residential with drove growing on marketing line for with Commercial record line XX% Several of homeowners to to limited I'm with assumed they with $X Authority, for the Earthquake partnership comprehensive earthquake the the the XX%. with arrangement. and outside solution earthquake by to total continued California solution earthquake Our optimistic our quarter in reducing XX% and relationship. market California provide reinsurance not officially but partner potential business a are equivalent We're the earthquake, a Progressive policyholders to thrilled in an Progressive progressive reinsurance including, largest the stating California growth a be this the of excited
to believe important As considerable the and strong it business. pertains line their the for CEA, in capacity regarding continued uncertainty paying profitable this continued room of provide we claims growth
opposed which year-over-year programs product the Risk majority to largest as coming line. well exposure. starts is conditions. lines in rating growth rate now performing and and our grew in all a grew National earthquake, increases market first premiums year-over-year to Marine X.X Commercial with Flood risk other XXX% of include the quarter XX% Beyond XX% year-over-year the from fourth large premiums Insurance Flood grew influence
discussed, Palomar will which the a previously capture rating likely the renewal, believe As opportunity for to price material NFIP share creates in generate action we as we through increase year. work market
PESIC's and is gross Palomar representing strong nascent XX% errors by its program to it written namely Surplus Insurance of standout our the our growth quarter to products was growth Commercial and Layered and written business, risk. emissions premium premium business, rapidly builders Access had real fronting of year-over-year estate our franchise, National growth written Property was gross As Commercial of continues premium our casualty million main primarily Company Shared Shifting to $XX year-over-year. and E&S a with as $XX grow it Inclusive Earthquake, generating XXX%. million. pertains another driven
be PESIC and liability products liability, we recently growth professional continues can become important over time. believe the contributors we including of are significant them Our expect to E&S contractors excess business beginning to for XX% our to be premium and our ramp Palomar and an liability launched driver to growth.
in the premiums investments the written Front. achieved over Our initial September, new Along success pleased made of in very strategic with year last and is in first almost I'm Palomar in monetizing XXXX so lines, priority these second or Palomar the million Launched businesses. quarter. products the $XX gross Front
market cyber is gained an remarkably of panel cyber have One pricing program that advantage world-class in the a hard success MGA taking of story its environment and market the initial traction a in in of innovative strong reinsurers for fronting market. the are
programs the our believe a business our On adding and are fortify revenue base. perspective collateral to to underwriting will and fee-based performing further that well our earnings whole, an we stream from continue fronting
Given of start to confident year, year. our building $XX goal the the premiums strong we to to remain million business this fronting in $XXX our million managed
that build casualty, newly and are with franchises non-catastrophe they underwriters also are as exposed general, pleased making progress professional, We our property. segments their in like excess the hired liability
enable That the stages businesses XXXX will underwriters first businesses and of our While necessary these scale still for year growth over important our of the said, to focus while the thoughtfully early ahead. be support their build to formation, is drivers half in infrastructure Palomar the franchises. in talent, to these
while quarter, systems the were the filed, forms made business and with network in and quarter quality considerable premium in build-out encouraged the reinsurance, distribution development the During the we're first was of bound. efforts generated of procurement quota the of share modest,
The is predictability volatility and focusing earnings on our priority third reducing strategic in results.
our this these during took we growing the While growth risk the priority, in we important goal. Along also properly and first to profitably is steps certainly lines, a achieve laser-focused quarter on managing portfolio. three are
real our move First, we the XX% essentially We in value process our the downside XX%. results. on of renewed floor program coloring program by our ROE for the believe to financial adjusted our from reinsurance creates shareholders and aggregate this
lines. a the account new new And shares from successfully our demonstration a us for shares quota if to before ceding fee business and earnings we and allow run XX we conservatively write Second, proceed ratio, They of half predictability. from cautiously. new only our for focus the generate fee of limit products. to us nascent The products casualty book, and us to books walk architecture of placed an important as permit these our underwriting, These commissions loss reduce income the lines shares further a net but impact on the we of professional half exposed to on combined generate shock quota enable and we also income of the build quota not income. to
we XX% see program XX%. professional of liability risk taking example, the an where As now assume and
We a XX-point underwrite a risk on will we combined XX% of earn ratio. that margin assuming XX%
costs a premium. in our earn XX% then the of X% override ceded will excess of We on
majority commission. profits our of ceding the come from So
to continental continue exposure. our we wind reduce Third,
now and shared in layered Our our runoff non-Texas commercial we business and is homeowners are exposure property national of officially business. not the growing
talent of industry. new Competitive build the advantage the way selling to point the fourth a the experience delivering them wealth most is to strong new a our and our opportunity expertise strategic can with is to talent of organization. and so Our scaling priority What our attractive and we affords makes that hires our platform combined possible. efficient industry-leading infrastructure, technology in underwriters that in platform services fastest offer capable is products
build with of Our Palomar an insurance business. market success we led in platform being records by the experts to track their saw casualties as strong attractive
We continue Markowski fellow Hennen, operating to analytics another included helped this of team a actuarial Key VP quarter who analytical Eric of franchise. the reinsurance [ph] technology hires casualty global expertise and to Analytics lead support to the property our bolster budding and formally broker Ben growth. augment actuarial our
increases sustained seeing are increases the ticked X% stride all first point, significant like earnings, business of pockets are initiatives average to spend updating where in in and rate earthquake, growth, are strategic increase fourth few see this the rate we lines sustainable we of the as position As in on X% we the minutes quarter rate accelerating. standpoint, Palomar reduced for have across I'd you pricing we quarter from market. a from our the volatility. to executing seeing as commercial to rate quarter. In At can approximately From a and made predictable you increases XXXX up moved up what strive
the for this expect We hardening of quarters business. further few in next line
our not mentioned, layered believe property commercial we the we are as in can exposures sufficient looking from rate. and we previously business growth national wind-exposed grow to shared As generate
dislocated experienced and increases rate year-over-year risk-adjusted we terms are market this XX% of is reinsurance hardens increases market of with risk-adjusted line with and improved generally the strengthening XX% business, increasingly QX rate For conditions. seeing combined in This becoming alone. rate over as continued we
basis pertains to materials on the our inflation to the can third-party a cost perspective leverage we our program of monthly it risk use license builders addition inform to labor. of audits in projects As and that on construction data,
and increases factors rate them higher are underwriting marrying inflation into incorporating these with We guards. and our
For level increased like residential earthquake, historical this year. we of the inflation from guards X% X% personal to lines our
infancy, the remain expiring rate way increase of professional price While in and our on offer and X% therefore, casualty getting of seeing increase. X% of with are terms renewal approximately certain segments commentary, we don't general liability lines to greater much lines in our increases
our reinsurance Turning to X/X renewal.
the We believe continental rate placing successful our hurricane and are and increases, to combination currently program market our pretend in in of reduction renewal. exposure the
hard includes reinsurance a undoubtedly market, our is and investors. that ILS While support reinsurers remained unique market appealing it to program ILS
We placed are more expect than to placement XX% point, and finalize at shortly. the this
to placement provide the the will update is complete. We when an market
to allocation. Turning capital
operating leverage will to as in We our and continue business see scale. financial we model metrics,
generating room to Additionally, growth from capital cash to fund execute are repurchase million on which initiatives ample we share provide program. our providing $XXX operations, while sufficient our
we and result, the to continue our we our business, of conclude, To to a our year. believe in as remainder shares see our the very the repurchase are of results and as our out with of business momentum adjusted XX%. in the pleased active we saw were ROE growth As light and we we flow the vectors with are look program in undervalued levels, numerous especially, at
guidance talent to factors million of reiterating that $XX of our full-year more XX%. quarter. in This the growth adjusted XX% over projected on make in the ROE reinsurance to and to adjusted current detail. $XX and million in in range discuss infrastructure, Chris, expect cost With the that, are turn year-over-year and income where unrealized investments to securities the additional between need the the representing we We net I'll for systems an losses XXXX of generate equity we call results
