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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, Inc. (NASDAQ: PLMR) is set to release its first quarter 2023 results after market close on May 3, 2023. A live conference call will follow at 12:00 p.m. Eastern Time on May 4, 2023. Investors can join the call by dialing 1-877-423-9813, while international participants can call 1-201-689-8573. A replay of the call will be available post-event until May 11, 2023, with the passcode 13737957. Palomar Holdings operates various subsidiaries, including Palomar Specialty Insurance Company, which provides innovative insurance solutions, such as earthquake insurance. The company holds an “A-” (Excellent) financial strength rating from A.M. Best.
Palomar Holdings (NASDAQ: PLMR) announced the successful placement of approximately $187.5 million in excess of loss (XOL) reinsurance treaties, supporting its earthquake line of business. The coverage runs from April 1, 2023 to June 1, 2024, enhancing the company’s capacity for growth in this segment. CEO Mac Armstrong noted the orderly market conditions and favorable pricing during the placement. Palomar is also pursuing alternative risk transfer methods and will not renew its current aggregate XOL treaty, aiming to improve its risk profile by reducing exposure to U.S. hurricane risks.
Palomar Holdings, Inc. (NASDAQ:PLMR) reported a successful fourth quarter for 2022, achieving net income of $18.8 million ($0.73 per share), up from $16.6 million ($0.64 per share) in Q4 2021. Adjusted net income surged to $21.1 million ($0.82 per share), compared to $17.6 million ($0.68 per share) last year. Gross written premiums rose by 59.5% to $239.1 million. For the full year, net income increased to $52.2 million from $45.8 million in 2021, with gross written premiums growing 64.8% to $881.9 million. The company anticipates adjusted net income of $86 million to $90 million in 2023, showcasing strong growth potential.
Palomar Holdings, Inc. (NASDAQ: PLMR) will release its fourth quarter and full year 2022 results on February 15, 2023, after market close. A conference call is scheduled for February 16, 2023, at 12:00 p.m. Eastern Time. Interested parties can access the call via phone or online, with a replay available until February 23, 2023. Palomar is recognized for its innovative insurance offerings, particularly in specialty markets like earthquake insurance, and its subsidiaries have received an 'A-' financial strength rating from A.M. Best.
Palomar Holdings has become the fourteenth approved insurance provider in the U.S. for the crop insurance market, confirming a new fronting arrangement with Advanced AgProtection. This partnership targets the $20 billion U.S. crop insurance sector, enhancing Palomar's product mix and fee income growth. The innovative technology and expertise of Advanced AgProtection will aid in managing underwriting and claims. Palomar’s strategic move aims to adapt to increasing demand for crop insurance, aiming for consistent fee income and predictable results.
Palomar Holdings, Inc. (NASDAQ: PLMR) has successfully completed reinsurance programs for California earthquake risk as of January 3, 2023. The company renewed its Commercial Earthquake quota share program and increased the cession percentage, securing an additional $50 million in reinsurance limit. This strategic move aims to enhance participation in the earthquake insurance markets while capitalizing on dislocations. CEO Mac Armstrong expressed confidence in the attractiveness of Palomar's single peril business lines to reinsurers, despite challenging market conditions.
Palomar Holdings (NASDAQ:PLMR) reported a strong third quarter for 2022, with net income rising to $4.3 million or $0.17 per diluted share, up from $0.2 million or $0.01 in Q3 2021. Gross written premiums surged by 66.2% to $253.1 million. Adjusted net income also grew significantly to $7.4 million or $0.29 per share. The total loss ratio improved to 39.6%, and the combined ratio decreased to 94.8%. The company expects full-year adjusted net income between $82 million to $85 million.
Palomar Holdings (NASDAQ: PLMR) estimates catastrophe losses of $12.5 million pretax for Q3 2022, primarily due to Hurricane Ian. This includes a ceded reinsurance premium of $3.1 million, with part recognized in Q3 and the remainder spread from October 2022 to May 2023. The financial review for Q3 is in progress, and updated estimates will be disclosed in the upcoming earnings report on November 2, 2022. A conference call will follow on November 3, 2022 to discuss these results.
Palomar Holdings, Inc. (NASDAQ: PLMR) announced that Mac Armstrong, Chairman and CEO, and Chris Uchida, CFO, will participate in a fireside chat at the Barclays Global Financial Services Conference on September 13, 2022, at 11:15 a.m. ET. Investors can access the live webcast via the Investor Relations section of Palomar’s website, with an online replay available post-presentation. Palomar specializes in offering innovative insurance solutions targeting underserved markets, with subsidiaries rated 'A-' (Excellent) by A.M. Best.
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