05:07 PM EDT, 05/28/2024 (MT Newswires) -- Palomar Holdings ( PLMR ) late Tuesday said it was increasing its forecast for 2024 adjusted net income after completing several of its reinsurance programs beginning June 1 at terms that were more favorable to the company than expected.

The company obtained a $400 million incremental increase for its earthquake insurance franchise, growing to much as $3.06 billion for earthquake events along with $117.5 million for hurricanes in the continental US and $735 million for hurricanes in Hawaii.

Based on the favorable pricing and the reduction in the company's retention for hurricane events, Palomar ( PLMR ) said it now expects non-GAAP net income this year in a range of a range of $122 million to $128 million, up from $113 million to $118 million previously.

Analysts, on average, have expecting Palomar ( PLMR ) to earn $114.5 million this year, excluding one-time items and translating to an adjusted net income of around $4.43 per share during the 12 months ending Dec. 31.

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