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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 (NASDAQ:PLMR) announced a share repurchase program, allowing for up to $40 million in stock buybacks by March 31, 2023. This program aims to enhance shareholder value by opportunistically purchasing shares believed to be undervalued. CEO Mac Armstrong affirmed that the initiative will not hinder the company's growth trajectory, with a premium growth rate for 2021 expected to match that of 2020. The timing of stock repurchases will depend on market conditions and other factors.
Palomar Holdings, Inc. (NASDAQ: PLMR) reported a net loss of $1.8 million for Q4 2020, compared to a net income of $10.9 million in Q4 2019. Gross written premiums rose 31.0% to $96.1 million. The total loss ratio surged to 44.2% from 7.1%, and the combined ratio increased to 112.8% from 63.1%. Full-year gross written premiums increased 40.6% to $354.4 million, with net income at $6.3 million. The company anticipates adjusted net income of $62 million to $67 million for 2021, despite challenges from Winter Storm Uri.
Palomar Holdings, Inc. (NASDAQ: PLMR) announced it will release its fourth quarter and full year 2020 results after market close on February 24, 2021. Following the results, a conference call will be held at 12:00 p.m. ET on February 25, 2021. Investors can join the call by dialing 1-877-423-9813 or via a webcast on the company's investor relations page. A replay will be available after the call until March 4, 2021. Palomar specializes in providing specialty insurance for underserved markets, including earthquake, hurricane, and flood insurance.
Palomar Holdings, Inc. (NASDAQ: PLMR) announced a new trading agreement with Technical Risk Underwriters (TRU), enhancing its position in the Builder’s Risk insurance market. This partnership grants Palomar access to TRU’s national wholesale distribution channels and established industry relationships, enabling participation in larger limit Builder’s Risk projects. The collaboration aims to improve shareholder returns by leveraging TRU's expertise in complex construction projects. Palomar’s commitment to specialty property insurance and its strong financial rating signal potential for growth in underserved markets.
Palomar Holdings, Inc. (NASDAQ:PLMR) announced a $25 million aggregate excess of loss reinsurance limit effective April 1, 2021, with an attachment point of $30 million. This coverage includes various perils such as earthquakes and hurricanes. The company estimates pretax catastrophe losses of $15-$16.5 million for Q4 2020, primarily from Hurricanes Delta and Zeta, with total net losses expected between $14-$15 million. A $4.1 million expense related to prior reinsurance coverage was also reported. Final loss estimates will be updated in their Q4 and full-year 2020 results.
Palomar Holdings, Inc. (NASDAQ:PLMR) has appointed Mark Brose as Chief Technology Officer. Reporting to COO Britt Morries, Brose brings over 25 years of experience in software engineering and technical operations. CEO Mac Armstrong emphasized the importance of strengthening the leadership team amid the company's growth. Brose's prior role was Vice President of Engineering at Agosto Inc., and he previously served as CTO at Gravie. Palomar specializes in providing specialty property insurance, including earthquake and flood coverage, with an A.M. Best rating of 'A-' (Excellent).
Palomar Holdings, Inc. (NASDAQ:PLMR) has appointed Angela Grant as its new Chief Legal Officer. With over 30 years in the insurance industry, Grant will oversee legal, regulatory, and compliance matters. Her previous roles include Chief Legal & Innovation Officer at CSE Insurance Group and Head of Compliance & Legal at Hippo Insurance. Grant's extensive background in mergers, acquisitions, and corporate governance is expected to enhance Palomar's strategic mission and drive profitable growth.
Palomar Holdings, Inc. (NASDAQ:PLMR) announced an agreement to acquire renewal rights for GeoVera's Hawaii residential hurricane policies. This strategic move enhances Palomar's footprint in Hawaii, where it has operated since 2015. The acquisition targets policyholders from GeoVera Insurance Company and Coastal Select Insurance Company, both exiting the Hawaii market. Palomar aims to offer flexible and affordable hurricane coverage, reinforcing its commitment to Hawaii homeowners. Mac Armstrong, Palomar's CEO, emphasized the company's dedication to the local community.
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