Palomar Holdings Stock Price, News & Analysis

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.

Palomar Holdings, Inc. (NASDAQ:PLMR) announced a $25 million aggregate excess of loss reinsurance limit effective April 1, 2021, with an attachment point of $30 million. This coverage includes various perils such as earthquakes and hurricanes. The company estimates pretax catastrophe losses of $15-$16.5 million for Q4 2020, primarily from Hurricanes Delta and Zeta, with total net losses expected between $14-$15 million. A $4.1 million expense related to prior reinsurance coverage was also reported. Final loss estimates will be updated in their Q4 and full-year 2020 results.

Palomar Holdings, Inc. (NASDAQ:PLMR) has appointed Mark Brose as Chief Technology Officer. Reporting to COO Britt Morries, Brose brings over 25 years of experience in software engineering and technical operations. CEO Mac Armstrong emphasized the importance of strengthening the leadership team amid the company's growth. Brose's prior role was Vice President of Engineering at Agosto Inc., and he previously served as CTO at Gravie. Palomar specializes in providing specialty property insurance, including earthquake and flood coverage, with an A.M. Best rating of 'A-' (Excellent).

Palomar Holdings, Inc. (NASDAQ:PLMR) has appointed Angela Grant as its new Chief Legal Officer. With over 30 years in the insurance industry, Grant will oversee legal, regulatory, and compliance matters. Her previous roles include Chief Legal & Innovation Officer at CSE Insurance Group and Head of Compliance & Legal at Hippo Insurance. Grant's extensive background in mergers, acquisitions, and corporate governance is expected to enhance Palomar's strategic mission and drive profitable growth.

Palomar Holdings, Inc. (NASDAQ:PLMR) announced an agreement to acquire renewal rights for GeoVera's Hawaii residential hurricane policies. This strategic move enhances Palomar's footprint in Hawaii, where it has operated since 2015. The acquisition targets policyholders from GeoVera Insurance Company and Coastal Select Insurance Company, both exiting the Hawaii market. Palomar aims to offer flexible and affordable hurricane coverage, reinforcing its commitment to Hawaii homeowners. Mac Armstrong, Palomar's CEO, emphasized the company's dedication to the local community.

Palomar Holdings reported a net loss of $15.7 million for Q3 2020, down from a net income of $7.5 million in Q3 2019. Gross written premiums rose 55.4% to $103 million. The total loss ratio soared to 97.7% compared to 8.8% for the same quarter last year, with a catastrophe loss ratio of 86.9%. The combined ratio also increased to 157.1% from 73.4%. However, adjusted net income excluding catastrophe losses improved to $13.7 million. The company launched a new surplus lines subsidiary and aims to expand in a hardening rate environment.

Palomar Holdings, Inc. (NASDAQ: PLMR) will announce its Q3 2020 earnings on November 10, 2020, after market close. A conference call is scheduled for November 11, 2020, at 12:00 p.m. ET, accessible via phone or through a webcast. Palomar specializes in providing innovative specialty property insurance, focusing on markets like earthquake, wind, and flood insurance. The company is known for its strong analytical capabilities and operates in 31 states with an A.M. Best rating of 'A-' (Excellent).