Palomar Holdings - PLMR STOCK NEWS

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.

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.