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Palomar Holdings, Inc. (NASDAQ: PLMR) is a U.S.-based specialty property insurance company, focused primarily on providing solutions for catastrophe risks. Headquartered in La Jolla, California, Palomar offers a wide range of insurance products designed to safeguard against natural disasters such as earthquakes, hurricanes, and floods. These products are tailored to both residential and commercial markets and distributed through multiple channels, including retail agents, program administrators, wholesale brokers, and partnerships with other insurance companies.
Established with a mission to deliver stable and reliable insurance options, Palomar leverages its expertise, experience, and financial strength to focus on the specialized needs of regions prone to significant natural hazards. Key markets include earthquake-exposed states like California, Oregon, and Washington, as well as areas susceptible to wind and flood damage.
Palomar's product portfolio encompasses Residential Earthquake, Commercial Earthquake, Specialty Homeowners, Inland Marine, Commercial All Risk, Hawaii Hurricane, Residential Flood, and other niche insurance products. Through its strategic plan, Palomar 2X, the company focuses on achieving consistent profitable growth and diversifying its offerings to reduce volatility.
Recent achievements include record quarterly gross written premiums and an adjusted net income growth of 153%, with an adjusted return on equity of 22.3%. This remarkable performance underscores Palomar's commitment to integrating disciplined growth strategies and minimizing catastrophe-related losses. Furthermore, Palomar has expanded its portfolio by introducing new lines of business such as Crop, Environmental Liability, and Assumed Reinsurance, significantly broadening its market reach and risk-adjusted returns.
Palomar's financial resilience is evident in its robust capital management and strategic investments aimed at enhancing operational capabilities and market presence. The company's dedication to innovation and excellence positions it as a leader in the specialty property insurance sector, catering to the evolving needs of its clients with reliability and precision.
For the latest updates and detailed information on Palomar Holdings, Inc., please refer to their official communications or visit their website.
Palomar Holdings (NASDAQ: PLMR) has appointed Benson Latham as Executive Vice President, Head of Crop. Latham brings 30 years of crop insurance industry experience, having previously worked at Great American Insurance Company. His career highlights include building ProAg into a $500M revenue operation, founding and selling Longhorn Re, and growing Validus's Crop division to over $1B in revenue. Palomar has already written more than $100M of Crop premium in its first full year and aims to become a leader in the $19B Crop insurance market.
Palomar Holdings (NASDAQ:PLMR) reported strong Q3 2024 results with net income of $30.5 million ($1.15 per diluted share), up from $18.4 million in Q3 2023. Gross written premiums increased 32.2% to $415.0 million, while adjusted net income grew 39.3% to $32.4 million. The company achieved a combined ratio of 80.5% and an annualized return on equity of 19.7%. Despite heightened catastrophe activity, Palomar maintained strong performance with a 77.1% adjusted combined ratio. The company successfully raised $116 million in August to fund expansion into the surety market and support organic growth initiatives.
Palomar Holdings (NASDAQ: PLMR) has announced its schedule for third quarter 2024 financial results release and conference call. The company will release results after market close on November 4, 2024, followed by a conference call on November 5, 2024 at 12:00 p.m. Eastern Time. Investors can access the call by dialing 1-877-423-9813 (US) or 1-201-689-8573 (international). A replay will be available until November 12, 2024, accessible via 1-844-512-2921 (US) or 1-412-317-6671 (international) with passcode 13748953. A simultaneous webcast will be available on the company's investor relations website.
The Mechanic Group, a division of Specialty Program Group (SPG), has announced a partnership with Palomar Excess and Surplus Insurance Company (PESIC), a subsidiary of Palomar Holdings, Inc., to enhance its "Best In Class" Security Alarm & Investigator Program. PESIC, rated "A" (Excellent) by AM Best, will strengthen The Mechanic Group's ability to provide tailored General Liability and Umbrella Coverage for the Security & Alarm industry.
Key benefits of the partnership include:
- Advanced underwriting authority for swift policy issuance
- Expert claims management
- Comprehensive coverage highlights tailored for the Security and Alarm industry
Palomar Holdings, Inc. (NASDAQ: PLMR) has appointed David Sapia as Executive Vice President, Head of E&S Casualty, effective September 9, 2024. With over 30 years of experience in casualty underwriting and field management, Sapia will lead the development of an E&S casualty division and support existing casualty operations. His expertise is expected to drive the expansion of Palomar's casualty franchise and identify opportunities for profitable growth.
Prior to joining Palomar, Sapia held key positions at HDI Global USA, Axis US Insurance, and Guy Carpenter. He brings a strong background in liability underwriting, portfolio management, and reinsurance. Palomar's CEO, Mac Armstrong, expressed enthusiasm about Sapia's addition to the team, highlighting his strategic vision and industry knowledge as assets for the company's growth initiatives.
Palomar Holdings, Inc. (NASDAQ: PLMR) announced its participation in the 2024 KBW Insurance Conference. Mac Armstrong, Chairman and CEO, and Chris Uchida, CFO, will engage in a fireside chat on September 5, 2024, at 10:35 am ET. The event will be accessible via live webcast on Palomar's Investor Relations website, with a replay available afterward. Management will also be available for one-on-one and small group investor meetings.
Palomar Holdings is the parent company of several insurance subsidiaries, including Palomar Specialty Insurance Company and Palomar Excess and Surplus Insurance Company. The company specializes in innovative insurance products across five categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Notably, Palomar's insurance subsidiaries hold an 'A' (Excellent) financial strength rating from A.M. Best.
Palomar Holdings announced the pricing of its public offering of 1,200,000 shares of common stock at $88.00 per share. Underwriters have a 30-day option to purchase up to 180,000 additional shares. The company plans to use the net proceeds for general corporate purposes, including $25.0 million to finance the acquisition of First Indemnity of America Insurance Company and to fund future growth. J.P. Morgan, Evercore ISI, and Keefe, Bruyette & Woods acted as joint lead book-running managers for the offering. The shares are being offered pursuant to Palomar's shelf registration statement on Form S-3 that became automatically effective on August 8, 2024.
Palomar Holdings (NASDAQ:PLMR) announced a proposed underwritten public offering of 1,200,000 shares of its common stock, subject to market and other conditions. The company may also grant underwriters a 30-day option to purchase up to 180,000 additional shares.
Proceeds from the offering will fund general corporate purposes, including $25 million for acquiring First Indemnity of America Insurance Company, a New Jersey-based insurer specializing in surety bonds for small to medium-sized contractors. J.P. Morgan, Evercore ISI, and Keefe, Bruyette & Woods will act as joint lead book-running managers for the offering. Shares are offered under Palomar's shelf registration statement filed with the SEC.
Palomar Holdings (NASDAQ: PLMR) reported a significant financial performance in the second quarter of 2024. Net income surged to $25.7 million ($1.00 per diluted share), up from $17.6 million ($0.69 per diluted share) in Q2 2023. Adjusted net income also increased to $32.0 million ($1.25 per diluted share) from $21.8 million ($0.86 per diluted share).
Key highlights include a 40.4% rise in gross written premiums to $385.2 million, and an annualized return on equity of 19.9%. The loss ratio increased to 24.9% from 21.5%, and the combined ratio was 79.1% versus 79.0% in the previous year. Investment income jumped 43.7% to $8.0 million.
For the full year 2024, Palomar has raised its adjusted net income guidance to $124-$130 million. The company also achieved favorable reinsurance terms, added new leadership, and had its financial strength rating upgraded to A by AM Best.
Palomar Holdings, Inc. (NASDAQ: PLMR) has announced the release date for its second quarter 2024 financial results. The company will disclose its Q2 2024 results after the market close on August 5, 2024, followed by a conference call on August 6, 2024 at 12:00 p.m. Eastern Time. Investors can access the call by dialing 1-877-423-9813 (US) or 1-201-689-8573 (international).
A replay will be available from 4:00 p.m. Eastern Time on August 6 until August 13, 2024. Additionally, a simultaneous webcast will be accessible on the company's investor relations website. Palomar Holdings is an innovative specialty insurer offering products in Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop categories.
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