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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 announced key executive leadership appointments: Tim Carter as Chief People Officer, effective June 24, 2024, and Rudy Herve as Chief Operating Officer, effective July 1, 2024.
Carter joins from LPL Financial, bringing over 20 years of experience in HR, operations, and sales, and will focus on talent acquisition, retention, and corporate culture. Herve, previously with SCOR, brings expertise in technology, operations, and strategic transformations in the insurance sector.
CEO Mac Armstrong highlights these appointments as critical to executing Palomar's growth strategy, 'Palomar 2X.'
Palomar Holdings (NASDAQ: PLMR) has announced its participation in the William Blair 44th Annual Growth Stock Conference. The event will take place at the Loews Chicago Hotel on June 4, 2024. CEO Mac Armstrong and CFO Chris Uchida will represent Palomar in one-on-one investor meetings and a presentation at 8:00 am Central Time. A live webcast of the presentation will be available on Palomar’s Investor Relations website, with a replay accessible afterward.
Palomar Holdings announced the successful completion of its June 1, 2024, reinsurance programs, raising the company's full-year 2024 adjusted net income guidance to $122-$128 million from $113-$118 million.
The company secured an additional $400 million in reinsurance to support its earthquake franchise, now totaling $3.06 billion in coverage for earthquake events, $735 million for Hawaii hurricanes, and $117.5 million for continental U.S. hurricanes.
Palomar's per occurrence event retention was reduced to $15.5 million for hurricanes and remains at $20 million for earthquakes. A new $420 million catastrophe bond, Torrey Pines Re Series 2024-1, was issued as part of this coverage expansion.
The reinsurance panel includes 90 reinsurers, all rated 'A-' or better, and provides $895 million in multi-year ILS capacity. This renewal reflects better-than-expected terms and pricing, along with broad-based market support for Palomar's risk profile.
Palomar Holdings, Inc. reported a strong first quarter in 2024 with a net income of $26.4 million, a 47.2% increase in gross written premiums, and adjusted net income growth of 36.0%. The company's underwriting results improved significantly, and it raised its full-year adjusted net income guidance to $113-118 million. Palomar continues to focus on profitable growth and aims to deliver industry-leading profitability and returns.
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