A wave of insurers has reported first-quarter 2026 results, with most posting double-digit premium growth and continued underwriting profitability, even as loss ratios in some cases moved higher year over year.
Palomar Holdings reported Q1 2026 net income of $42.9 million, or $1.57 per diluted share, flat against the prior-year period. Adjusted net income, however, rose 23.1% to $63.1 million, or $2.31 per diluted share.
Gross written premiums jumped 42.4% to $629.8 million from $442.2 million, while the combined ratio rose to 84.5% from 73.1% and the adjusted combined ratio moved to 76.0% from 68.5%.
Meanwhile, the total loss ratio increased to 33.3% from 23.6%, with the catastrophe loss ratio at 0.1%. Annualized return on equity stood at 18.1%, with adjusted ROE of 26.6%, broadly in line with the 27.0% recorded a year earlier.
Skyward Specialty Group posted Q1 2026 net income of $49.7 million, or $1.09 per diluted share, against $42.1 million, or $1.01 per share, a year earlier. Operating income rose to $56.8 million, or $1.25 per share, from $37.6 million, or $0.90 per share.
Gross written premiums grew 9.9% to $667.7 million, while managed premiums advanced 19.6% to $967.7 million, reflecting contributions from the Apollo platform alongside the core book.
The combined ratio came in at 89.5%, with an ex-cat combined ratio of 87.7%. Book value per share rose 10% from year-end to $27.50, and annualized ROE and operating ROE reached 17.8% and 20.3%, respectively.
Octave Specialty Group returned to profit in Q1 2026, posting net income to shareholders of $13 million, compared with a $3 million loss a year earlier. Adjusted EBITDA to shareholders climbed to $25 million from $7 million, while total P&C premium production increased 66% to $531 million.
In the Insurance Distribution segment, revenue grew 92% to $79 million, supported by the October 2025 ArmadaCare acquisition, with organic revenue growth of 42% and pre-tax income and adjusted EBITDA margins of 16% and 32%.
Meanwhile, Everspan, the specialty P&C unit, swung to an $8 million net loss from $1 million of net income, driven by losses and LAE tied to the settlement of a potential litigation matter. Gross and net written premiums rose 19% and 80% to $104 million and $32 million, respectively.
HCI Group reported Q1 2026 pre-tax income of $115 million and net income of $85 million, against $100 million and $74 million a year earlier. Net income after noncontrolling interests was $73 million, with diluted EPS of $5.45 versus $5.35.
Gross premiums earned rose to $326 million from $300 million on higher policy counts, while ceded premiums increased to $104 million. Net investment income grew to $17 million from $14 million on a larger invested asset base.
Losses and LAE rose to $66 million from $59 million, reflecting policy growth and Northeast weather activity, producing a gross loss and LAE ratio of 20.1%.
Kemper Corporation reported a Q1 2026 net loss of $1.7 million, or $(0.03) per share, against net income of $99.7 million, or $1.54 per diluted share, a year earlier. Adjusted consolidated net operating income was $12.5 million, or $0.21 per share, compared with $106.4 million, or $1.65 per share.
Specialty personal automobile results were affected by losses in California, with the company implementing rate and non-rate actions to improve profitability. Specialty commercial automobile grew policies in force by 10% year over year and produced an underlying combined ratio of 92.4%.
Meanwhile, the life business delivered results driven by underwriting performance and management actions, while restructuring initiatives identified $60 million of run-rate savings, of which $50 million has already been actioned.
