Palomar Holdings, Inc. - PLMR STOCK NEWS

Palomar Holdings (NASDAQ:PLMR) announced estimated pre-tax catastrophe losses of $34 million to $38 million for Q3 2020, attributed to Hurricanes Hanna, Isaias, Laura, and Sally. These estimates remain preliminary and may change as financial reviews are ongoing. The company focuses on specialty property insurance markets, including earthquake, wind, and flood insurance. Palomar's subsidiaries hold an A- (Excellent) financial strength rating from A.M. Best.

Palomar Holdings (NASDAQ: PLMR) will participate in a fireside chat at the KBW Insurance Conference on September 10, 2020, at 3:30 p.m. Eastern Time. CEO Mac Armstrong and CFO Chris Uchida will represent the company. Investors can access the live webcast through the Investors section of Palomar's website, with a replay available afterward. Palomar specializes in providing innovative property insurance solutions, particularly in underserved markets like earthquake and flood insurance, and holds an 'A-' (Excellent) financial strength rating from A.M. Best.

Palomar Holdings has promoted Britt Morries to Chief Operating Officer, effective immediately. Morries, who has been with the company since 2017 as Chief Technology Officer, will retain this role while a replacement is sought. His leadership is seen as pivotal for operational improvement and technology advancement, aligning with the company’s growth strategy. Mac Armstrong, CEO, emphasized Morries' contributions to building Palomar's technological capabilities, which enhance service delivery and operational efficiency as the firm aims to expand its specialty property insurance offerings.

Palomar Holdings, Inc. (NASDAQ:PLMR) reported a strong second quarter for 2020, achieving a net income of $12.0 million ($0.48 per diluted share), up 79.3% from the previous year. Adjusted net income rose by 63.0% to $13.0 million. Gross written premiums increased by 43.6% to $83.8 million. The total loss ratio increased to 10.1%, while the combined ratio improved to 68.4%. Annualized return on equity was 15.1%, down from 17.8%. The company also established Palomar Excess and Surplus Insurance Company, with approximately $100 million in surplus. Full-year adjusted net income guidance remains at $50.5 to $53 million.

Palomar Holdings, Inc. (NASDAQ: PLMR) has announced that A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to its subsidiary, Palomar Excess and Surplus Insurance Company (PESIC), with a stable outlook. This rating enhances PESIC’s market position, enabling the company to offer innovative specialty property insurance products nationally. Chairman and CEO Mac Armstrong noted that this rating reflects the strong financial backing and strategic integration of PESIC into Palomar's operations, which will help serve American businesses and families more effectively.

Palomar Holdings, Inc. (NASDAQ: PLMR) will announce its second quarter 2020 results on August 4, 2020, after market close. A conference call is scheduled for August 5, 2020, at 12:00 p.m. ET, accessible via phone or on the company's investor relations website. The replay will be available post-call until August 12, 2020. Palomar is a specialty property insurer, particularly in markets underrepresented by competitors, such as earthquake, wind, and flood insurance. The firm has an A.M. Best financial strength rating of 'A-' (Excellent).

Palomar Holdings announced the pricing of its underwritten public offering of 1,000,000 shares of common stock at $82.00 per share. The underwriters can purchase an additional 150,000 shares within 30 days. Proceeds will support general corporate purposes, including contributions to Palomar Excess and Surplus Insurance Company and funding for future growth. The offering is made under a shelf registration statement effective with the SEC on June 23, 2020. Barclays Capital, J.P. Morgan, and others are managing the offering.

Palomar Holdings, Inc. (NASDAQ:PLMR) announced a public offering of 1,000,000 shares of common stock, with an option for underwriters to purchase an additional 150,000 shares. The offering is subject to market conditions, and all shares will be sold by Palomar. Proceeds will support general corporate purposes, including contributions to its insurance subsidiary and funding future growth. The offering is facilitated by Barclays Capital, J.P. Morgan, and Keefe, Bruyette & Woods, and is registered with the SEC as of June 23, 2020.

Palomar Holdings, Inc. (NASDAQ:PLMR) has announced the formation of a new subsidiary, Palomar Excess and Surplus Insurance Company (PESIC), which has received regulatory approvals to operate as an excess and surplus lines insurer. Domiciled in Arizona, PESIC will write business across existing specialty property lines and plans to expand to other classes, including casualty and surety. The company aims to commence national E&S business in the second half of 2020, leveraging its expertise to meet the demand for specialty insurance. Chairman Mac Armstrong emphasized the strategic importance of this expansion.