Key Highlights

  • Palomar Holdings (NASDAQ:PLMR) grew Gross Written Premiums 28.4% to USD 767.0 million in the third quarter, while its loss ratio rose to 41.5% from 32.3%.
  • HCI Group (NYSE:HCI) lifted diluted EPS to USD 6.45 from USD 4.90 as ceded Reinsurance premiums fell to USD 97 million from USD 106 million.
  • Root (NASDAQ:ROOT) swung to Net Income of USD 14.4 million, or USD 0.86 per share, even as total revenues slipped 1.7% to USD 381.3 million.
  • Safety Insurance Group (NASDAQ:SAFT) reported EPS of USD 2.05 while a USD 105 per share cash offer from Mapfre, valued at about USD 1.54 billion, awaits regulatory approval.

Palomar Holdings (NASDAQ:PLMR): Premium Growth Outruns a Higher Loss Ratio

Palomar Holdings (NASDAQ:PLMR) reported third-quarter 2026 results on November 4, 2026. Gross written premiums climbed 28.4% to USD 767.0 million, while net earned premiums rose 62.3%, and the company called it a record for premium and adjusted net income. Palomar is a specialty insurer serving residential and commercial clients. GAAP net income rose 27.0% to USD 65.3 million, or USD 2.42 per diluted share, and adjusted net income rose 47.4% to USD 81.3 million. The loss ratio rose to 41.5% from 32.3%, a calculated rise of about 9 points, and the quarter carried USD 4.5 million of catastrophe losses and USD 4.0 million of unfavorable prior-year development tied mainly to Crop. Full-year adjusted net income is now expected at USD 280 million to USD 285 million, though the release gives no prior range, so the size of the raise cannot be calculated here. Palomar Holdings (NASDAQ:PLMR) also declared a Dividend of USD 0.45 per share, payable December 2, 2026. Annualized Return on Equity was 26.6%, with stockholders' equity at USD 985.0 million. Catastrophe exposure is a key risk for an earthquake-focused underwriter, and the guidance assumes only USD 8 million to USD 12 million of such losses.

HCI Group (NYSE:HCI): Lower Reinsurance Costs Lift EPS to USD 6.45

HCI Group (NYSE:HCI) reported third-quarter 2026 results on November 4, 2026. Diluted EPS rose to USD 6.45 from USD 4.90, and net income after noncontrolling interests was USD 83 million against USD 66 million. The company is a diversified Holding Company engaged in homeowners insurance, reinsurance, real estate, claims services and insurance technology. Gross premiums earned rose 5% to USD 316 million, and the gross loss ratio improved to 20.7% from 22.0%. Total gross written premiums were USD 353.1 million versus USD 315.2 million, about 12.0% higher (calculated), with growth coming from the reciprocal exchanges. The nine-month gross loss ratio was 21.0% in both years, so the quarterly gain is not visible there. A USD 80 million buyback was completed on July 17, 2026, and Book Value per share was USD 90.15 against USD 63.41. Net Investment income rose to USD 22 million from USD 18 million. Cash fell to USD 743.5 million from USD 1,210.1 million at year-end 2025 as Assets moved into bonds. HCI Group (NYSE:HCI) warns that reserve estimates are imprecise and that Earnings may limit future buybacks.

Root (NASDAQ:ROOT): A Swing to Profit Built on Lower Costs

Root (NASDAQ:ROOT) filed its Quarterly Report on November 4, 2026. Net income of USD 14.4 million compares with a USD 5.4 million loss a year earlier. Root is a technology insurance company that prices car insurance on driving behavior using telematics. Revenue moved the other way: net premiums earned declined to USD 352.8 million as premiums per policy fell to USD 1,441 from USD 1,581, and gross premiums written dropped 7.7%. Operating expenses fell 6.3% to USD 363.0 million, which explains most of the improvement, and the net combined ratio improved to 97.2% from 102.1%. Part of that gap is a comparison effect, since the absence of a Carvana Warrant expense catch-up reduced one line by USD 15.3 million. Claims were less benign: the gross accident period loss ratio rose to 61.1% from 56.5%. The company holds a USD 200.0 million senior secured term Loan maturing May 4, 2029. Cash stood at USD 596.3 million, and the company repurchased 0.7 million shares for USD 36.4 million in nine months. Root (NASDAQ:ROOT) also cut ceded premiums to 0.9% of gross premiums earned from 3.5%, which retains more risk.

Safety Insurance Group (NASDAQ:SAFT): A Fixed USD 105 Price Sets the Value Question

Safety Insurance Group (NASDAQ:SAFT) reported third-quarter results on November 4, 2026. Net income of USD 30.0 million, or USD 2.05 per diluted share, compares with USD 28.3 million, or USD 1.91, and the combined ratio improved to 96.3% from 98.9%. Net investment income rose 15.0% to USD 17.9 million, a company record. Direct written premiums dropped 4.3% to USD 319.7 million in a softer, more competitive market. Favorable prior-year reserve development added USD 10.1 million to the quarter, and book value per share declined to USD 58.29 from USD 60.98 at year end. The nine-month picture is weaker, with net income of USD 50.2 million against USD 79.1 million after two severe winter weather events. Under the agreement announced July 23, 2026, an affiliate of Mapfre S.A. will pay USD 105 in cash per share, a premium of 44% to the price on that date. Shareholders voted in favor on November 3, 2026, and closing remains subject to regulatory approval. The release gives no expected closing date or share price reaction. Safety Insurance Group (NASDAQ:SAFT) also approved a USD 0.92 quarterly dividend payable December 15, 2026.

Where Things Stand

Yes, but only in a narrow sense: each company shows a different mechanism, not a shared surge. Palomar Holdings (NASDAQ:PLMR) grew premiums 28.4% while its loss ratio climbed. HCI Group (NYSE:HCI) benefited from cheaper reinsurance, and book value per share rose to USD 90.15. Root (NASDAQ:ROOT) profited on cost cuts as revenue fell 1.7%, while claims severity is rising. For Safety Insurance Group (NASDAQ:SAFT), the fixed USD 105 cash price matters more than the quarter, and the closing date is not given. Catastrophe experience, claims severity, reinsurance renewals and regulatory approval are the next markers, and none of these results guarantees how later quarters will look.