Palomar Holdings Stock Price, News & Analysis

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.

Palomar Holdings reported a net loss of $15.7 million for Q3 2020, down from a net income of $7.5 million in Q3 2019. Gross written premiums rose 55.4% to $103 million. The total loss ratio soared to 97.7% compared to 8.8% for the same quarter last year, with a catastrophe loss ratio of 86.9%. The combined ratio also increased to 157.1% from 73.4%. However, adjusted net income excluding catastrophe losses improved to $13.7 million. The company launched a new surplus lines subsidiary and aims to expand in a hardening rate environment.

Palomar Holdings, Inc. (NASDAQ: PLMR) will announce its Q3 2020 earnings on November 10, 2020, after market close. A conference call is scheduled for November 11, 2020, at 12:00 p.m. ET, accessible via phone or through a webcast. Palomar specializes in providing innovative specialty property insurance, focusing on markets like earthquake, wind, and flood insurance. The company is known for its strong analytical capabilities and operates in 31 states with an A.M. Best rating of 'A-' (Excellent).

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).