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. reports recurring developments as a specialty property and casualty insurance holding company serving residential and commercial clients. Company updates focus on five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop, along with the performance of insurance, reinsurance, agency, exchange and related underwriting subsidiaries.
Palomar news commonly covers quarterly and annual operating results, gross written premiums, net and adjusted income, loss ratios, catastrophe loss ratios, combined ratios and return on equity measures. Other recurring topics include capital-structure actions such as share repurchase programs, completed subsidiary acquisitions, investor presentations and conference participation.
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.