Palomar price target raised to $95 from $69 at Keefe Bruyette » 16:2806/2906/29/20
Keefe Bruyette analyst…
Keefe Bruyette analyst Meyer Shields raised the firm's price target on Palomar Holdings to $95 from $69 and keeps an Outperform rating on the shares. The analyst assumes faster gross written premium and investment income growth following the company's 1M share offering to capitalize a new entity.
Palomar price target raised to $90 from $64 at Piper Sandler » 06:0606/2906/29/20
Piper Sandler analyst…
Piper Sandler analyst Paul Newsome raised the firm's price target on Palomar to $90 from $64 and keeps an Overweight rating on the shares following the company's stock offering. Palomar is one of the fastest growing and most profitable insurers as it continues to "profitably exploit its niche in specialized earthquake, wind and flood insurance businesses," Newsome tells investors in a research note. The analyst has higher growth expectations given the company's announcement to begin writing excess and surplus lines.
|Over a week ago|
Palomar 1M share Spot Secondary priced at $82.00 » 20:3606/2306/23/20
The deal priced inside…
The deal priced inside the $80.00-$83.50 range and below the last closing price of $83.61. Barclays, JPMorgan and Keefe Bruyette are acting as joint book running managers for the offering.
Palomar 1M share Spot Secondary; price range $80.00-$83.50 » 16:2006/2306/23/20
Barclays, JPMorgan and…
Barclays, JPMorgan and Keefe Bruyette are acting as joint book running managers for the offering.
Palomar announces offering of 1M shares of common stock » 16:0906/2306/23/20
Palomar Holdings announced the underwritten public offering of 1M shares of the company's common stock. The company intends to use the net proceeds that it will receive from the offering for general corporate purposes, including to make contributions to the capital of Palomar Excess and Surplus Insurance Company and to fund future growth. Barclays Capital, J.P. Morgan, and Keefe, Bruyette & Woods will act as joint lead book-running managers for the offering.
Palomar files $500M mixed securities shelf 16:0606/2306/23/20
Palomar forms PESIC insurance subsidiary » 16:0406/2306/23/20
Palomar announced the…
Palomar announced the formation of Palomar Excess and Surplus Insurance Company, or PESIC, a newly established surplus lines insurance company subsidiary. PESIC has received all necessary regulatory approvals to operate as an excess and surplus lines insurer. PESIC is domiciled in the state of Arizona and licensed to transact across all of the company's existing lines of specialty property business as well as other classes of insurance including but not limited to casualty and surety lines. PESIC is currently in the process of becoming an eligible surplus lines insurer in all U.S. jurisdictions and intends to commence writing E&S business, on a national basis beginning in the second half of 2020. Mac Armstrong, Palomar's chairman and CEO commented, "The creation of Palomar Excess and Surplus Insurance Company represents a natural and exciting progression in our Company's evolution. We believe that the data-driven underwriting acumen and market expertise we have established and demonstrated across Palomar's existing lines of specialty property business can also be logically applied to the E&S market. Candidly, several of our commercial products are perhaps better suited for the E&S market. As we continue to grow Palomar and expand the Company's product offerings, PESIC will enable us to write and insure certain risks that our admitted products and geographic footprint cannot currently satisfy. PESIC allows Palomar to extend both the breadth and reach of our specialty product offerings and continue to meet the demand for specialty property insurance protection. We are very excited to launch this new vehicle and bring a new solution to the market in the second half of 2020."
Palomar chairman Ryan Clark to step down, CEO Mac Armstrong to succeed » 16:1506/1506/15/20
Palomar announced changes…
Palomar announced changes to its board. Ryan Clark, president and managing director of Genstar Capital, has stepped down as chairman of the board of Palomar effective June 17 and will no longer serve as a director, following Genstar's disposition of its remaining ownership interests in May. With the announcement of Clark's departure, the board appointed Mac Armstrong, a current director and the company's CEO and founder, as chairman of the board. Additionally, Richard Taketa, a current member of Palomar's board, will serve as lead independent director. The company now has six directors. These changes are consistent with Nasdaq governance requirements that now apply to Palomar as it is no longer deemed to be a controlled company.
Genstar Capital exits remaining stake in Palomar » 16:1306/1506/15/20
Genstar Capital announced…
Genstar Capital announced that it has exited its remaining stake in specialty property insurer Palomar Holdings. As part of the sale, Ryan Clark will step down as Chairman of the Board of Palomar's Board of Directors and will be succeeded by CEO Mac Armstrong. Richard Taketa, a current member of Palomar's Board of Directors and a member of Genstar's Strategic Advisory Board, will serve as lead independent director.
|Over a month ago|
Palomar to replace LSB Industries in S&P 600 at open on 6/1 04:5506/0106/01/20