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.
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Palomar Holdings, Inc. (NASDAQ: PLMR) will disclose its fourth quarter and full year 2021 results on February 16, 2022, post-market close. A conference call is scheduled for February 17, 2022, at 12:00 p.m. ET, accessible via phone or webcast. The replay will start at 3:00 p.m. ET on the same day and will be available until February 24, 2022. Palomar specializes in providing niche insurance solutions, particularly for earthquake, hurricane, and flood coverage. Its subsidiaries have a financial strength rating of “A-” from A.M. Best.
Palomar Holdings, Inc. (NASDAQ: PLMR) has announced a new $100 million share repurchase program, replacing its previous $40 million initiative which had $24.2 million remaining. The new program, effective January 24, 2022, aims to enhance shareholder value and reflects the Company's confidence in its long-term growth strategy. Share repurchases will be conducted in compliance with federal laws, considering stock performance and market conditions.
Palomar Holdings, Inc. (NASDAQ:PLMR) announces leadership changes: Jon Christianson will become President, succeeding Heath Fisher on April 1, 2022, while Robert Beyerle will take over as Chief Underwriting Officer. Christianson has been with Palomar since 2014, serving as Chief Underwriting Officer since August 2020, and has played a crucial role in the company’s success. Beyerle, the Senior Vice President of Inland Marine, brings 16 years of experience from Great American Insurance. Both are expected to drive growth and innovation within the company.
Palomar Holdings reported a significant turnaround in its third quarter 2021 results, achieving a net income of $0.2 million, rebounding from a net loss of $15.7 million the previous year. Adjusted net income also improved to $1.7 million from a loss of $15.2 million. Gross written premiums surged by 47.9% to $152.3 million, driven largely by growth in surplus lines and the earthquake market. The total loss ratio decreased to 44.0% from 97.7%, reflecting improved underwriting performance despite catastrophe losses from recent hurricanes. The company's annualized adjusted return on equity reached 1.8%, a notable improvement from negative results in the prior year.
Palomar Holdings, Inc. (NASDAQ: PLMR) will announce its Q3 2021 results on November 3, 2021, after market close. A conference call will follow on November 4, 2021, at 12:00 p.m. ET. Investors can join the call by dialing 1-877-423-9813 (or 1-201-689-8573 for international callers). A replay will be available shortly after the call. Palomar is a provider of specialty insurance focusing on underserved markets like earthquake, hurricane, and flood insurance, and holds an A- (Excellent) rating from A.M. Best.
Palomar Holdings (NASDAQ:PLMR) announced estimated pretax catastrophe losses of $14.5 million to $15.5 million for Q3 2021, attributed mainly to Hurricanes Ida and Nicholas. Approximately 70-75% of these losses stem from discontinued product lines, specifically Admitted All Risk and Louisiana Specialty Homeowners, which were exited in Q4 2020. The estimates are preliminary and may change as claims are processed. The company emphasizes that the financial reviews for the quarter are ongoing and updated loss figures will be disclosed in their Q3 results.
Cowbell Cyber, a leader in AI-powered cyber insurance, has achieved remarkable growth, expanding its policyholder base by 34 times this year while keeping claims under 1%. The company has partnered with Palomar Excess & Surplus Insurance Company to enhance its offerings, including coverage limits of up to $5 million for businesses with revenues up to $250 million. Cowbell has seen a 27-fold increase in premium growth and is positioned to meet the rising demand for cyber insurance, projected to exceed $20 billion by 2025.
Palomar Holdings has launched PLMR-FRONT, its new fronting business, targeting opportunities in the challenging insurance market. The initiative allows Palomar to partner with reinsurers and carriers to create customized insurance programs across various sectors such as cyber, non-standard auto, and workers’ compensation. This strategic move aims to generate new income streams and improve risk-adjusted returns for shareholders, leveraging Palomar's existing infrastructure. CEO Mac Armstrong emphasized the potential for profitable growth through sound underwriting practices.
Palomar Holdings, Inc. (NASDAQ: PLMR) announced the addition of three key executives to enhance its underwriting and reinsurance capabilities. Ty Robben joins as Senior Vice President, Casualty Underwriting, bringing 14 years of market experience from Great American. Gerrit VandeKemp becomes Vice President, Casualty Underwriting to strengthen the Professional Lines practice, previously serving at CRC Group. Chris Cebula is appointed Senior Vice President, Reinsurance, focusing on the firm’s risk transfer strategy, after a successful tenure at Elementum Advisors. These hires aim to bolster Palomar's growth and market diversification.