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 (NASDAQ: PLMR) reported a significant financial performance in the second quarter of 2024. Net income surged to $25.7 million ($1.00 per diluted share), up from $17.6 million ($0.69 per diluted share) in Q2 2023. Adjusted net income also increased to $32.0 million ($1.25 per diluted share) from $21.8 million ($0.86 per diluted share).
Key highlights include a 40.4% rise in gross written premiums to $385.2 million, and an annualized return on equity of 19.9%. The loss ratio increased to 24.9% from 21.5%, and the combined ratio was 79.1% versus 79.0% in the previous year. Investment income jumped 43.7% to $8.0 million.
For the full year 2024, Palomar has raised its adjusted net income guidance to $124-$130 million. The company also achieved favorable reinsurance terms, added new leadership, and had its financial strength rating upgraded to A by AM Best.
Palomar Holdings, Inc. (NASDAQ: PLMR) has announced the release date for its second quarter 2024 financial results. The company will disclose its Q2 2024 results after the market close on August 5, 2024, followed by a conference call on August 6, 2024 at 12:00 p.m. Eastern Time. Investors can access the call by dialing 1-877-423-9813 (US) or 1-201-689-8573 (international).
A replay will be available from 4:00 p.m. Eastern Time on August 6 until August 13, 2024. Additionally, a simultaneous webcast will be accessible on the company's investor relations website. Palomar Holdings is an innovative specialty insurer offering products in Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop categories.
Palomar Holdings announced key executive leadership appointments: Tim Carter as Chief People Officer, effective June 24, 2024, and Rudy Herve as Chief Operating Officer, effective July 1, 2024.
Carter joins from LPL Financial, bringing over 20 years of experience in HR, operations, and sales, and will focus on talent acquisition, retention, and corporate culture. Herve, previously with SCOR, brings expertise in technology, operations, and strategic transformations in the insurance sector.
CEO Mac Armstrong highlights these appointments as critical to executing Palomar's growth strategy, 'Palomar 2X.'
Palomar Holdings (NASDAQ: PLMR) has announced its participation in the William Blair 44th Annual Growth Stock Conference. The event will take place at the Loews Chicago Hotel on June 4, 2024. CEO Mac Armstrong and CFO Chris Uchida will represent Palomar in one-on-one investor meetings and a presentation at 8:00 am Central Time. A live webcast of the presentation will be available on Palomar’s Investor Relations website, with a replay accessible afterward.
Palomar Holdings announced the successful completion of its June 1, 2024, reinsurance programs, raising the company's full-year 2024 adjusted net income guidance to $122-$128 million from $113-$118 million.
The company secured an additional $400 million in reinsurance to support its earthquake franchise, now totaling $3.06 billion in coverage for earthquake events, $735 million for Hawaii hurricanes, and $117.5 million for continental U.S. hurricanes.
Palomar's per occurrence event retention was reduced to $15.5 million for hurricanes and remains at $20 million for earthquakes. A new $420 million catastrophe bond, Torrey Pines Re Series 2024-1, was issued as part of this coverage expansion.
The reinsurance panel includes 90 reinsurers, all rated 'A-' or better, and provides $895 million in multi-year ILS capacity. This renewal reflects better-than-expected terms and pricing, along with broad-based market support for Palomar's risk profile.
Palomar Holdings, Inc. reported a strong first quarter in 2024 with a net income of $26.4 million, a 47.2% increase in gross written premiums, and adjusted net income growth of 36.0%. The company's underwriting results improved significantly, and it raised its full-year adjusted net income guidance to $113-118 million. Palomar continues to focus on profitable growth and aims to deliver industry-leading profitability and returns.
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