Palomar Holdings, Inc.

Palomar Holdings, Inc. (NASDAQ: PLMR) is a specialty insurance company that provides property and casualty insurance products to individuals and businesses across the United States. The company operates through multiple insurance subsidiaries including Palomar Specialty Insurance Company (PSIC), an admitted insurer licensed in all 50 states; Palomar Excess and Surplus Insurance Company (PESIC), a surplus lines carrier; and recently acquired entities First Indemnity of America Insurance Co. and The Gray Casualty & Surety Company. All three primary operating subsidiaries maintain an "A" financial strength rating from A.M. Best.

The company generates gross written premiums of $2.0 billion across five primary product lines: Earthquake, Casualty, Inland Marine and Other Property, Crop, and Fronting. Earthquake insurance represents 28.2% of premiums, with Casualty at 26.8%, Inland Marine and Other Property at 22.0%, Crop at 12.2%, and Fronting at 10.8%. California represents the largest geographic concentration at 30.9% of premiums, though the company maintains a diversified national footprint. Palomar has become the second-largest earthquake insurer in California and third-largest in the United States.

Founded in 2014, Palomar has achieved compound annual growth in gross written premiums of approximately 55% since inception, growing from $16.6 million in its first year to $2.0 billion in 2025. The company has been profitable since 2016 with net income growing at a compound annual growth rate of approximately 46%.

Palomar's competitive advantages center on analytically-driven underwriting using proprietary data analytics and geocode-level pricing models, differentiated products designed for underserved specialty markets, a multi-channel distribution model serving over 35 insurance company partnerships, and a sophisticated technology platform including its proprietary Palomar Automated Submission System. The company maintains a conservative reinsurance program with catastrophe coverage limiting pre-tax net losses to $20 million for earthquakes and $11 million for hurricanes. Recent acquisitions of FIA, Advanced AgProtection, and Gray Surety reflect the company's strategy to expand its specialty portfolio through both organic growth and strategic acquisitions in profitable, specialized markets.