Welcome to our dedicated page for Palomar Holdings news (Ticker: PLMR), a resource for investors and traders seeking the latest updates and insights on Palomar Holdings stock.
Palomar Holdings, Inc. (NASDAQ: PLMR) is a specialty property and casualty insurance holding company focused on five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. This news page aggregates company announcements, earnings updates, transaction disclosures, and other material developments related to PLMR.
Investors and analysts following Palomar can use this feed to review quarterly financial results, including net income, adjusted net income, loss ratios, combined ratios, and other key performance indicators that the company highlights in its earnings releases. Palomar regularly reports non-GAAP measures such as underwriting income, adjusted combined ratio, and annualized adjusted return on equity, and these are often discussed in detail in its quarterly press releases and accompanying conference calls.
The news stream also covers strategic initiatives, such as Palomar’s agreement to acquire The Gray Casualty & Surety Company, a Treasury-listed surety carrier specializing in contract bonds for midsized and emerging contractors across the United States. Updates on this transaction, including regulatory milestones or closing conditions, are typically communicated through press releases and Form 8-K filings. In addition, readers will find information on partnerships like Palomar’s arrangement with Neptune Flood, under which Neptune becomes Palomar’s exclusive managing general agent for flood insurance.
Other recurring items in Palomar’s news include reinsurance program placements, such as the company’s June 1 excess of loss renewals, catastrophe bond issuances under the Torrey Pines Re program, and changes to earthquake and hurricane reinsurance limits and retentions. The company also issues notices about participation in investor conferences, share repurchase authorizations, and updates to full-year adjusted net income guidance.
For anyone tracking PLMR stock, this page offers a centralized view of Palomar’s operational, financial, and strategic communications. Reviewing these items together can help contextualize movements in underwriting performance, capital management decisions, and the evolution of Palomar’s specialty insurance portfolio over time.
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.
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).
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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.