Palomar Holdings, Inc. (NASDAQ:PLMR) has recently announced a public offering of 1,200,000 shares of its common stock, with an option for underwriters to purchase an additional 180,000 shares. The net proceeds from this offering are expected to be used for general corporate purposes, including financing the potential acquisition of First Indemnity of America Insurance Company and future growth initiatives.
The company is backed by joint lead book-running managers, J.P. Morgan, Evercore ISI, and Keefe, Bruyette & Woods, Inc., a Stifel company. The offering is being conducted in accordance with a shelf registration statement on Form S-3 that became effective upon filing with the Securities and Exchange Commission on August 8, 2024.
Palomar Holdings, Inc. is a holding company with several subsidiaries, including Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company, and Palomar Underwriters Exchange Organization, Inc. The company also consolidates the results of Laulima Reciprocal Exchange. Palomar specializes in serving residential and commercial clients in five product categories: earthquake, inland marine and other property, casualty, fronting, and crop insurance. Its insurance subsidiaries hold a financial strength rating of "A" (Excellent) from A.M. Best.
As a forward-looking statement, this press release emphasizes the company's intention to proceed with the public offering and the potential use of the net proceeds.
Please note that all figures and metrics are based on the information provided in the press release without additional context or comparison to previous periods. Today the company's shares have moved -3.7% to a price of $89.91. For the full picture, make sure to review Palomar's 8-K report.
