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, 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.
On June 15, 2020, Genstar Capital announced its exit from its remaining stake in specialty property insurer Palomar Holdings (NASDAQ:PLMR). Partnering since 2014, Genstar helped Palomar grow its market capitalization to over $2 billion by June 2020, enhancing its geographic reach and product offerings. The exit involved multiple transactions, including follow-ons and a block trade. Following the sale, CEO Mac Armstrong takes over as Chairman of the Board. Palomar specializes in property insurance for underserved markets, with an A.M. Best rating of 'A-' (Excellent).
Palomar Holdings, Inc. (NASDAQ: PLMR) has elected Daryl Bradley to its Board of Directors, as announced during the 2020 Annual Meeting of Stockholders held on May 28. Bradley, with nearly four decades of experience in the insurance industry, previously held executive roles at Everest Re Group. His expertise is expected to enhance Palomar's strategic direction, particularly in specialty property insurance for underserved markets. CEO Mac Armstrong expressed excitement about Bradley's addition, noting the valuable insights he will bring to the team.
Palomar Holdings, Inc. (NASDAQ: PLMR) will present at the William Blair Annual Growth Stock Conference on June 10, 2020, at 4 p.m. (Central Time). CEO Mac Armstrong and CFO Chris Uchida will participate in the virtual event. Interested parties can access the live webcast through Palomar's Investor section on their website, with a replay available afterward. Palomar specializes in providing property insurance in underserved markets, focusing on earthquake, wind, and flood insurance. The company is based in La Jolla, California, and holds an A.M. Best rating of “A-” (Excellent).
Palomar Holdings (NASDAQ:PLMR) reported net income of $11.8 million, or $0.48 per diluted share, for Q1 2020, recovering from a net loss of $14.4 million in Q1 2019. Adjusted net income rose 39.5% to $12.3 million compared to $8.8 million last year. Gross written premiums increased by 32.3% to $71.5 million. The combined ratio improved to 63.6% from 193.8% year-over-year. Despite challenges from COVID-19, the company affirmed its 2020 guidance of adjusted net income between $50.5 million and $53 million, representing a 33% to 40% growth rate.
Palomar Holdings, Inc. (NASDAQ:PLMR) announced key leadership changes on May 4, 2020. Jon Christianson will become Chief Underwriting Officer, maintaining his role as Chief Operating Officer, succeeding retiring Andy Robinson effective August 1, 2020. Bill Bold joins the company as Chief Strategy Officer, bringing extensive experience in policy and government affairs. CEO Mac Armstrong praised both executives for their contributions, highlighting Christianson's pivotal role in the company’s strategic plans as it seeks growth in specialty property insurance markets.