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.
Palomar Holdings reported strong second quarter results for 2022, with net income of $14.6 million ($0.57 per diluted share), up from $12.3 million ($0.47 per share) in Q2 2021. Adjusted net income rose to $18.7 million ($0.73 per share) from $13.2 million ($0.51 per share). Gross written premiums surged by 69.1% to $218.7 million. Key metrics include a total loss ratio of 17.9% and an annualized return on equity of 15.4%. The company maintains a full-year outlook for adjusted net income between $80 million and $85 million, despite recording $4.6 million in unrealized equity losses.
Palomar Holdings (NASDAQ:PLMR) announced a new two-year partnership with Omaha National Group, enhancing its PLMR-FRONT initiative. This collaboration enables Palomar to act as the insurer through its subsidiary, Palomar Specialty Insurance Company, for Omaha National's workers’ compensation products in California. By expanding its program partners, Palomar positions itself to meet its target for gross written premiums in 2022. The partnership emphasizes strategic growth and operational excellence in the competitive insurance landscape.
Palomar Holdings, Inc. (NASDAQ: PLMR) will release its Q2 2022 results on August 3, 2022, after market close. A conference call to discuss these results will take place on August 4, 2022, at 12:00 p.m. ET. Investors can access the call by dialing 1-877-423-9813 (or 1-201-689-8573 for international callers). A replay will be available starting at 3:00 p.m. ET on August 4, 2022. The company's insurance subsidiaries hold a financial strength rating of “A-” (Excellent) from A.M. Best, focusing on specialty insurance for underserved markets.
Palomar Holdings, Inc. (NASDAQ: PLMR) will participate in the William Blair Growth Stock Conference on June 8, 2022, featuring CEO Mac Armstrong and CFO Chris Uchida. They will hold one-on-one investor meetings and a presentation at 2:00 PM Central Time. Investors can access the live webcast through Palomar's Investor Relations website, where a replay will also be available. Palomar specializes in providing innovative specialty insurance products, focusing on underserved markets like earthquake and flood insurance, with a strong financial rating of 'A-' from A.M. Best.
Palomar Holdings (NASDAQ: PLMR) announced the successful completion of several reinsurance programs effective June 1, 2022. The company secured $430 million in earthquake coverage and $200 million for windstorms, raising total limits to $2.08 billion for earthquakes and $900 million for hurricanes. With a retention of $12.5 million per event, the program included a $275 million collateralized capacity through a catastrophe bond, increasing its capacity to $675 million. This consolidates Palomar's growth efforts while ensuring robust risk management.
Palomar Holdings, Inc. (NASDAQ:PLMR) announced an Investor Day scheduled for June 15, 2022, in New York City. The event will run from 8:00 a.m. to 12:00 p.m. ET, featuring CEO Mac Armstrong and senior management discussing the company's strategic growth plan. Interested parties can access the presentation via webcast on Palomar's Investor Relations website, with a replay available afterward. Palomar specializes in providing innovative insurance solutions, focusing on underserved markets such as earthquake and flood insurance. Its subsidiaries hold an 'A-' rating from A.M. Best.
Palomar Holdings, Inc. (NASDAQ:PLMR) announced its Q1 2022 results, reporting net income of $14.5 million, down from $16.6 million in Q1 2021. Adjusted net income also decreased to $17.6 million, compared to $19.3 million in the previous year. The company experienced a significant 65% increase in gross written premiums, totaling $170.9 million. However, the total loss ratio rose to 19.7% from a negative 9.4% year-over-year. Despite challenges, the company remains optimistic about its strategic priorities for 2022, including strong premium growth and consistent earnings.
Palomar Holdings, Inc. (NASDAQ: PLMR) will report its first quarter 2022 results on May 4, 2022, after market close. A conference call is scheduled for May 5 at 12:00 p.m. Eastern Time, accessible via phone or webcast. The replay will be available after the call until May 12. Palomar specializes in specialty insurance for risks like earthquakes and floods, and its subsidiaries hold an 'A-' rating from A.M. Best.
Palomar Holdings (NASDAQ:PLMR) has renewed its $25 million Aggregate Cover for excess of loss reinsurance, starting April 1, 2022. The coverage has a $30 million attachment point and protects against various catastrophic events, including earthquakes and hurricanes, with a qualifying loss threshold of $2 million. CEO Mac Armstrong stated this reinsurance placement enhances the company's financial stability and establishes a 14% floor on the adjusted return on equity for 2022, based on an anticipated adjusted net income of $80-$85 million.
Palomar reported a strong financial performance for Q4 2021, with net income of $16.6 million or $0.64 per diluted share, a significant recovery from a net loss of $1.8 million in Q4 2020. Gross written premiums surged by 56.0% to $149.9 million, while the total loss ratio dropped to 15.0% from 44.2% year-over-year. For the full year 2021, net income reached $45.8 million, up from $6.3 million in 2020. The company's initiatives to enhance underwriting and exit unprofitable segments yielded positive results.