Palomar Holdings Stock Price, News & Analysis

Palomar Holdings, Inc. (NASDAQ: PLMR) announced its upcoming participation in virtual investor conferences. Key events include the 2021 Truist Financial Services Conference on May 25-26, and the William Blair Annual Growth Stock Conference from June 1-3. CEO Mac Armstrong and CFO Chris Uchida will hold a fireside chat on June 1 at 1:40 pm ET, accessible via the company’s website. Palomar specializes in niche insurance markets such as earthquake, hurricane, and flood coverage, with a strong financial rating of 'A-' from A.M. Best.

Palomar Holdings, Inc. (NASDAQ: PLMR) announced the completion of its reinsurance programs effective June 1, 2021, securing approximately $180 million for earthquakes and $100 million for windstorms. Total reinsurance coverage now reaches $1.65 billion for earthquakes and $700 million for hurricanes. The company raised its catastrophe retention from $10 million to $12.5 million. Key highlights include a $400 million ILS issuance through Torrey Pines Re and the addition of six new reinsurers, bringing its panel to 82. The initiative aims to ensure consistent earnings and support the company's growth strategies.

Palomar Holdings (PLMR) reported a strong first quarter of 2021, with net income increasing by 41.2% to $16.6 million, or $0.63 per diluted share, compared to $11.8 million in Q1 2020. Adjusted net income rose 56.5% to $19.3 million, reflecting a 44.9% growth in gross written premiums, totaling $103.6 million. The combined ratio improved to 60.4% from 63.6% year-over-year, while the total loss ratio was negative 9.4%. Palomar's annualized return on equity was 18.0%. The company anticipates adjusted net income for 2021 between $64 million and $69 million.

Palomar Holdings, Inc. (NASDAQ: PLMR) will release its first quarter 2021 results on May 5, 2021, after market close. A conference call will follow on May 6, 2021, at 12:00 p.m. (Eastern Time). Investors can join by calling 1-877-423-9813 or via webcast on the Company’s investor relations website. A replay will be available starting at 3:00 p.m. the same day until May 13, 2021. Palomar provides specialty insurance for residential and commercial clients, focusing on underserved markets like earthquake and flood insurance.

Palomar Holdings has successfully closed a $400 million catastrophe bond through its subsidiaries, enhancing its reinsurance capacity against earthquake events. The bond, issued by Torrey Pines Re Pte. Ltd., consists of two tranches of $200 million each, covering a three-year risk period. This upsized offering reflects strong investor confidence in Palomar's underwriting capabilities and its commitment to providing innovative earthquake insurance solutions. The transaction solidifies Palomar's leadership in the earthquake insurance market and supports its robust reinsurance strategy.

Palomar Holdings (NASDAQ:PLMR) announced a share repurchase program, allowing for up to $40 million in stock buybacks by March 31, 2023. This program aims to enhance shareholder value by opportunistically purchasing shares believed to be undervalued. CEO Mac Armstrong affirmed that the initiative will not hinder the company's growth trajectory, with a premium growth rate for 2021 expected to match that of 2020. The timing of stock repurchases will depend on market conditions and other factors.

Palomar Holdings, Inc. (NASDAQ: PLMR) reported a net loss of $1.8 million for Q4 2020, compared to a net income of $10.9 million in Q4 2019. Gross written premiums rose 31.0% to $96.1 million. The total loss ratio surged to 44.2% from 7.1%, and the combined ratio increased to 112.8% from 63.1%. Full-year gross written premiums increased 40.6% to $354.4 million, with net income at $6.3 million. The company anticipates adjusted net income of $62 million to $67 million for 2021, despite challenges from Winter Storm Uri.

Palomar Holdings, Inc. (NASDAQ: PLMR) announced it will release its fourth quarter and full year 2020 results after market close on February 24, 2021. Following the results, a conference call will be held at 12:00 p.m. ET on February 25, 2021. Investors can join the call by dialing 1-877-423-9813 or via a webcast on the company's investor relations page. A replay will be available after the call until March 4, 2021. Palomar specializes in providing specialty insurance for underserved markets, including earthquake, hurricane, and flood insurance.

Palomar Holdings, Inc. (NASDAQ: PLMR) announced a new trading agreement with Technical Risk Underwriters (TRU), enhancing its position in the Builder’s Risk insurance market. This partnership grants Palomar access to TRU’s national wholesale distribution channels and established industry relationships, enabling participation in larger limit Builder’s Risk projects. The collaboration aims to improve shareholder returns by leveraging TRU's expertise in complex construction projects. Palomar’s commitment to specialty property insurance and its strong financial rating signal potential for growth in underserved markets.