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.
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Palomar Holdings, Inc. (NASDAQ: PLMR) is set to release its first quarter 2023 results after market close on May 3, 2023. A live conference call will follow at 12:00 p.m. Eastern Time on May 4, 2023. Investors can join the call by dialing 1-877-423-9813, while international participants can call 1-201-689-8573. A replay of the call will be available post-event until May 11, 2023, with the passcode 13737957. Palomar Holdings operates various subsidiaries, including Palomar Specialty Insurance Company, which provides innovative insurance solutions, such as earthquake insurance. The company holds an “A-” (Excellent) financial strength rating from A.M. Best.
Palomar Holdings (NASDAQ: PLMR) announced the successful placement of approximately $187.5 million in excess of loss (XOL) reinsurance treaties, supporting its earthquake line of business. The coverage runs from April 1, 2023 to June 1, 2024, enhancing the company’s capacity for growth in this segment. CEO Mac Armstrong noted the orderly market conditions and favorable pricing during the placement. Palomar is also pursuing alternative risk transfer methods and will not renew its current aggregate XOL treaty, aiming to improve its risk profile by reducing exposure to U.S. hurricane risks.
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Palomar Holdings, Inc. (NASDAQ:PLMR) reported a successful fourth quarter for 2022, achieving net income of $18.8 million ($0.73 per share), up from $16.6 million ($0.64 per share) in Q4 2021. Adjusted net income surged to $21.1 million ($0.82 per share), compared to $17.6 million ($0.68 per share) last year. Gross written premiums rose by 59.5% to $239.1 million. For the full year, net income increased to $52.2 million from $45.8 million in 2021, with gross written premiums growing 64.8% to $881.9 million. The company anticipates adjusted net income of $86 million to $90 million in 2023, showcasing strong growth potential.
Palomar Holdings, Inc. (NASDAQ: PLMR) will release its fourth quarter and full year 2022 results on February 15, 2023, after market close. A conference call is scheduled for February 16, 2023, at 12:00 p.m. Eastern Time. Interested parties can access the call via phone or online, with a replay available until February 23, 2023. Palomar is recognized for its innovative insurance offerings, particularly in specialty markets like earthquake insurance, and its subsidiaries have received an 'A-' financial strength rating from A.M. Best.
Palomar Holdings has become the fourteenth approved insurance provider in the U.S. for the crop insurance market, confirming a new fronting arrangement with Advanced AgProtection. This partnership targets the $20 billion U.S. crop insurance sector, enhancing Palomar's product mix and fee income growth. The innovative technology and expertise of Advanced AgProtection will aid in managing underwriting and claims. Palomar’s strategic move aims to adapt to increasing demand for crop insurance, aiming for consistent fee income and predictable results.
Palomar Holdings, Inc. (NASDAQ: PLMR) has successfully completed reinsurance programs for California earthquake risk as of January 3, 2023. The company renewed its Commercial Earthquake quota share program and increased the cession percentage, securing an additional $50 million in reinsurance limit. This strategic move aims to enhance participation in the earthquake insurance markets while capitalizing on dislocations. CEO Mac Armstrong expressed confidence in the attractiveness of Palomar's single peril business lines to reinsurers, despite challenging market conditions.
Palomar Holdings (NASDAQ:PLMR) reported a strong third quarter for 2022, with net income rising to $4.3 million or $0.17 per diluted share, up from $0.2 million or $0.01 in Q3 2021. Gross written premiums surged by 66.2% to $253.1 million. Adjusted net income also grew significantly to $7.4 million or $0.29 per share. The total loss ratio improved to 39.6%, and the combined ratio decreased to 94.8%. The company expects full-year adjusted net income between $82 million to $85 million.
Palomar Holdings (NASDAQ: PLMR) estimates catastrophe losses of $12.5 million pretax for Q3 2022, primarily due to Hurricane Ian. This includes a ceded reinsurance premium of $3.1 million, with part recognized in Q3 and the remainder spread from October 2022 to May 2023. The financial review for Q3 is in progress, and updated estimates will be disclosed in the upcoming earnings report on November 2, 2022. A conference call will follow on November 3, 2022 to discuss these results.