Palomar Holdings - PLMR STOCK NEWS

Palomar Holdings, Inc. (NASDAQ: PLMR) has announced that A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to its subsidiary, Palomar Excess and Surplus Insurance Company (PESIC), with a stable outlook. This rating enhances PESIC’s market position, enabling the company to offer innovative specialty property insurance products nationally. Chairman and CEO Mac Armstrong noted that this rating reflects the strong financial backing and strategic integration of PESIC into Palomar's operations, which will help serve American businesses and families more effectively.

Palomar Holdings, Inc. (NASDAQ: PLMR) will announce its second quarter 2020 results on August 4, 2020, after market close. A conference call is scheduled for August 5, 2020, at 12:00 p.m. ET, accessible via phone or on the company's investor relations website. The replay will be available post-call until August 12, 2020. Palomar is a specialty property insurer, particularly in markets underrepresented by competitors, such as earthquake, wind, and flood insurance. The firm has an A.M. Best financial strength rating of 'A-' (Excellent).

Palomar Holdings announced the pricing of its underwritten public offering of 1,000,000 shares of common stock at $82.00 per share. The underwriters can purchase an additional 150,000 shares within 30 days. Proceeds will support general corporate purposes, including contributions to Palomar Excess and Surplus Insurance Company and funding for future growth. The offering is made under a shelf registration statement effective with the SEC on June 23, 2020. Barclays Capital, J.P. Morgan, and others are managing the offering.

Palomar Holdings, Inc. (NASDAQ:PLMR) announced a public offering of 1,000,000 shares of common stock, with an option for underwriters to purchase an additional 150,000 shares. The offering is subject to market conditions, and all shares will be sold by Palomar. Proceeds will support general corporate purposes, including contributions to its insurance subsidiary and funding future growth. The offering is facilitated by Barclays Capital, J.P. Morgan, and Keefe, Bruyette & Woods, and is registered with the SEC as of June 23, 2020.

Palomar Holdings, Inc. (NASDAQ:PLMR) has announced the formation of a new subsidiary, Palomar Excess and Surplus Insurance Company (PESIC), which has received regulatory approvals to operate as an excess and surplus lines insurer. Domiciled in Arizona, PESIC will write business across existing specialty property lines and plans to expand to other classes, including casualty and surety. The company aims to commence national E&S business in the second half of 2020, leveraging its expertise to meet the demand for specialty insurance. Chairman Mac Armstrong emphasized the strategic importance of this expansion.

On June 15, 2020, Genstar Capital announced its exit from its remaining stake in specialty property insurer Palomar Holdings (NASDAQ:PLMR). Partnering since 2014, Genstar helped Palomar grow its market capitalization to over $2 billion by June 2020, enhancing its geographic reach and product offerings. The exit involved multiple transactions, including follow-ons and a block trade. Following the sale, CEO Mac Armstrong takes over as Chairman of the Board. Palomar specializes in property insurance for underserved markets, with an A.M. Best rating of 'A-' (Excellent).

Palomar Holdings, Inc. (NASDAQ: PLMR) has elected Daryl Bradley to its Board of Directors, as announced during the 2020 Annual Meeting of Stockholders held on May 28. Bradley, with nearly four decades of experience in the insurance industry, previously held executive roles at Everest Re Group. His expertise is expected to enhance Palomar's strategic direction, particularly in specialty property insurance for underserved markets. CEO Mac Armstrong expressed excitement about Bradley's addition, noting the valuable insights he will bring to the team.

Palomar Holdings, Inc. (NASDAQ: PLMR) will present at the William Blair Annual Growth Stock Conference on June 10, 2020, at 4 p.m. (Central Time). CEO Mac Armstrong and CFO Chris Uchida will participate in the virtual event. Interested parties can access the live webcast through Palomar's Investor section on their website, with a replay available afterward. Palomar specializes in providing property insurance in underserved markets, focusing on earthquake, wind, and flood insurance. The company is based in La Jolla, California, and holds an A.M. Best rating of “A-” (Excellent).

Palomar Holdings (NASDAQ:PLMR) reported net income of $11.8 million, or $0.48 per diluted share, for Q1 2020, recovering from a net loss of $14.4 million in Q1 2019. Adjusted net income rose 39.5% to $12.3 million compared to $8.8 million last year. Gross written premiums increased by 32.3% to $71.5 million. The combined ratio improved to 63.6% from 193.8% year-over-year. Despite challenges from COVID-19, the company affirmed its 2020 guidance of adjusted net income between $50.5 million and $53 million, representing a 33% to 40% growth rate.