Palomar Holdings Acquires Everest Insurance's Property Business
Ticker: PLMR · Form: 8-K · Filed: Mar 1, 2024 · CIK: 1761312
| Field | Detail |
|---|---|
| Company | Palomar Holdings, Inc. (PLMR) |
| Form Type | 8-K |
| Filed Date | Mar 1, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, insurance, growth
Related Tickers: RE
TL;DR
Palomar buying Everest's US property book for ~$100M GWP, closing Q2 2024.
AI Summary
Palomar Holdings, Inc. announced on February 28, 2024, that it has entered into a definitive agreement to acquire the renewal rights for the U.S. admitted property business of the U.S. specialty insurance platform of Everest Insurance, a division of Everest Re Group, Ltd. This acquisition is expected to close in the second quarter of 2024 and will add approximately $100 million in gross written premiums to Palomar's portfolio.
Why It Matters
This acquisition significantly expands Palomar's property insurance portfolio, potentially increasing its market share and premium volume in a key segment.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent integration risks and the actual financial performance may differ from projections.
Key Numbers
- $100 million — Gross Written Premiums (Acquisition is expected to add this amount to Palomar's portfolio.)
- Q2 2024 — Expected Closing Date (The acquisition is anticipated to be completed in the second quarter of 2024.)
Key Players & Entities
- Palomar Holdings, Inc. (company) — Registrant
- Everest Insurance (company) — Seller of business segment
- Everest Re Group, Ltd. (company) — Parent company of seller
- February 28, 2024 (date) — Date of agreement
- second quarter of 2024 (date) — Expected closing period
- $100 million (dollar_amount) — Estimated gross written premiums to be added
FAQ
What specific business segment is Palomar Holdings acquiring from Everest Insurance?
Palomar Holdings is acquiring the renewal rights for the U.S. admitted property business of Everest Insurance's U.S. specialty insurance platform.
What is the expected financial impact of this acquisition on Palomar Holdings?
The acquisition is expected to add approximately $100 million in gross written premiums to Palomar's portfolio.
When is the acquisition expected to be completed?
The acquisition is expected to close in the second quarter of 2024.
Who is the parent company of Everest Insurance?
The parent company of Everest Insurance is Everest Re Group, Ltd.
What is the filing date of this 8-K report?
This 8-K report was filed on March 1, 2024, reporting events as of February 28, 2024.
Filing Stats: 688 words · 3 min read · ~2 pages · Grade level 10.3 · Accepted 2024-03-01 08:30:40
Key Financial Figures
- $0.0001 — ch registered Common Stock , par value $0.0001 per share PLMR The Nasdaq Stock Mark
Filing Documents
- plmr20240228_8k.htm (8-K) — 29KB
- ex_633270.htm (EX-99.1) — 8KB
- 0001437749-24-006222.txt ( ) — 169KB
- plmr-20240228.xsd (EX-101.SCH) — 3KB
- plmr-20240228_def.xml (EX-101.DEF) — 11KB
- plmr-20240228_lab.xml (EX-101.LAB) — 15KB
- plmr-20240228_pre.xml (EX-101.PRE) — 11KB
- plmr20240228_8k_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. A copy of the Press Release announcing the appointment of Mr. Bradley is furnished herewith as Exhibit 99.1.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release, dated March 1, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. PALOMAR HOLDINGS, INC. Date: March 1, 2024 /s/ T. Christopher Uchida T. Christopher Uchida Chief Financial Officer (Principal Financial and Accounting Officer)