PLMR Q2 FY26: Revenue +54.7%, first dividend declared, $314.4M term loan funds Gray Surety buy

Filed August 5, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 5, 2025 · ~2 min read

Key Changes

• high

  Total revenue grew 54.7% YoY to $314.4M, driven by 59.5% net earned premium growth as the company retained more risk (net retention 51.9% vs 44.0% prior year). Loss ratio rose to 34.5% from 25.7% as attritional-loss lines (Casualty, Crop) grew and Crop retention increased.

  MD&A: Premium Growth & Loss Ratio verify on EDGAR →
• high

  Board declared first-ever cash dividend of $0.45/share (payable Sept 2026, ~$12.2M total), marking a capital allocation shift. New $300M term loan ($295.8M drawn by June 30) replaced prior $100M revolver, likely funding Gray Surety acquisition and expanded buyback.

  MD&A: Dividend Policy & Financing verify on EDGAR →
• high

  Completed Gray Surety acquisition during the period, adding PCSC subsidiary (A- rated, $21.6M Q2 GWP) and elevating Surety & Credit to standalone product category (Q2 GWP +235.6% YoY). Preliminary purchase price allocation for intangibles/reserves remains subject to refinement.

  MD&A: Gray Surety Acquisition verify on EDGAR →