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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) announced the addition of three key executives to enhance its underwriting and reinsurance capabilities. Ty Robben joins as Senior Vice President, Casualty Underwriting, bringing 14 years of market experience from Great American. Gerrit VandeKemp becomes Vice President, Casualty Underwriting to strengthen the Professional Lines practice, previously serving at CRC Group. Chris Cebula is appointed Senior Vice President, Reinsurance, focusing on the firm’s risk transfer strategy, after a successful tenure at Elementum Advisors. These hires aim to bolster Palomar's growth and market diversification.
Palomar Holdings (NASDAQ: PLMR) announced participation in the Barclays Global Financial Services Conference on September 13, 2021, featuring CEO Mac Armstrong and CFO Chris Uchida. The event will be accessible via a live webcast on Palomar's investor relations website. Following the presentation, a replay will be available online. Palomar specializes in providing niche insurance solutions, focusing on underinsured markets such as earthquake, hurricane, and flood insurance, boasting an 'A-' rating from A.M. Best for its main operating subsidiary.
Palomar Holdings reported a net income of $12.3 million ($0.47 per share) for Q2 2021, up from $12 million ($0.48 per share) in Q2 2020. Gross written premiums rose by 54.4% to $129.4 million. However, the total loss ratio increased to 13.3% from 10.1% year-over-year. For the first half of 2021, net income reached $29 million ($1.11 per share), up from $23.8 million ($0.95 per share) in 2020. Despite strong growth, the annualized return on equity decreased to 13.1% from 15.1% in the previous year. The company expects adjusted net income between $64 million and $69 million for the full year.
Palomar Holdings, Inc. (NASDAQ: PLMR) will release its second quarter 2021 results on August 4, 2021, post-market. A conference call is scheduled for August 5, 2021, at 12:00 p.m. ET, accessible by phone or via a webcast on their investor relations website. Palomar specializes in providing innovative specialty insurance for residential and commercial clients, focusing on markets like earthquake and flood insurance. The company is rated 'A-' (Excellent) by A.M. Best and operates in 32 states.
Palomar Holdings (NASDAQ: PLMR) appointed Daina Middleton to its Board of Directors on July 22, 2021. Middleton, CEO of Britelite Immersive, has extensive experience in operational leadership, marketing, and technology. She previously served as CEO of Ansira and held senior roles at Twitter and Hewlett-Packard, where she drove a 40% revenue growth. Palomar’s Chairman expressed confidence in Middleton’s ability to add value as the company aims to differentiate in the specialty insurance market, particularly for underserved risks like earthquakes and floods.
Palomar Holdings, Inc. (NASDAQ: PLMR) announced its upcoming participation in virtual investor conferences. Key events include the 2021 Truist Financial Services Conference on May 25-26, and the William Blair Annual Growth Stock Conference from June 1-3. CEO Mac Armstrong and CFO Chris Uchida will hold a fireside chat on June 1 at 1:40 pm ET, accessible via the company’s website. Palomar specializes in niche insurance markets such as earthquake, hurricane, and flood coverage, with a strong financial rating of 'A-' from A.M. Best.
Palomar Holdings, Inc. (NASDAQ: PLMR) announced the completion of its reinsurance programs effective June 1, 2021, securing approximately $180 million for earthquakes and $100 million for windstorms. Total reinsurance coverage now reaches $1.65 billion for earthquakes and $700 million for hurricanes. The company raised its catastrophe retention from $10 million to $12.5 million. Key highlights include a $400 million ILS issuance through Torrey Pines Re and the addition of six new reinsurers, bringing its panel to 82. The initiative aims to ensure consistent earnings and support the company's growth strategies.
Palomar Holdings (PLMR) reported a strong first quarter of 2021, with net income increasing by 41.2% to $16.6 million, or $0.63 per diluted share, compared to $11.8 million in Q1 2020. Adjusted net income rose 56.5% to $19.3 million, reflecting a 44.9% growth in gross written premiums, totaling $103.6 million. The combined ratio improved to 60.4% from 63.6% year-over-year, while the total loss ratio was negative 9.4%. Palomar's annualized return on equity was 18.0%. The company anticipates adjusted net income for 2021 between $64 million and $69 million.
Palomar Holdings, Inc. (NASDAQ: PLMR) will release its first quarter 2021 results on May 5, 2021, after market close. A conference call will follow on May 6, 2021, at 12:00 p.m. (Eastern Time). Investors can join by calling 1-877-423-9813 or via webcast on the Company’s investor relations website. A replay will be available starting at 3:00 p.m. the same day until May 13, 2021. Palomar provides specialty insurance for residential and commercial clients, focusing on underserved markets like earthquake and flood insurance.
Palomar Holdings has successfully closed a $400 million catastrophe bond through its subsidiaries, enhancing its reinsurance capacity against earthquake events. The bond, issued by Torrey Pines Re Pte. Ltd., consists of two tranches of $200 million each, covering a three-year risk period. This upsized offering reflects strong investor confidence in Palomar's underwriting capabilities and its commitment to providing innovative earthquake insurance solutions. The transaction solidifies Palomar's leadership in the earthquake insurance market and supports its robust reinsurance strategy.