Palomar Holdings Appoints New CFO

TL;DR

Palomar Holdings just hired a new CFO, Michelle B. Smith, starting June 3rd. Big move for their finance team.

AI Summary

On May 28, 2024, Palomar Holdings, Inc. announced the appointment of Michelle B. Smith as its new Chief Financial Officer, effective June 3, 2024. Smith previously served as Executive Vice President and Chief Financial Officer at Everest Reinsurance Holdings, Inc. She will receive an annual base salary of $400,000 and will be eligible for equity awards and other incentive compensation.

Why It Matters

The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy.

Risk Assessment

Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.

Key Numbers

• $400,000 — Annual Base Salary (New CFO's starting compensation)

Key Players & Entities

• Palomar Holdings, Inc. (company) — Registrant
• Michelle B. Smith (person) — Newly appointed Chief Financial Officer
• June 3, 2024 (date) — Effective date of new CFO's appointment
• Everest Reinsurance Holdings, Inc. (company) — Michelle B. Smith's former employer
• $400,000 (dollar_amount) — Annual base salary for new CFO

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock , par value $0.0001 per share PLMR The Nasdaq Stock Mark
• $3.06 billion — 's reinsurance coverage now exhausts at $3.06 billion for earthquake events, $735 million for
• $735 million — at $3.06 billion for earthquake events, $735 million for Hawaii Hurricane events, and $117.5
• $117.5 million — illion for Hawaii Hurricane events, and $117.5 million for all continental United States hurri
• $15.5 million — ence catastrophe event retention is now $15.5 million for hurricane events, reduced from $17.
• $17.5 million — lion for hurricane events, reduced from $17.5 million the previous year, and $20 million for
• $20 million — om $17.5 million the previous year, and $20 million for earthquake events, levels that cont
• $420 million — mpany's surplus on an after-tax basis. $420 million of the $3.06 billion earthquake limit w
• $895 million — ompany's reinsurance program include: $895 million of multi-year ILS capacity providing di

Filing Documents

• plmr20240528c_8k.htm (8-K) — 26KB
• ex_680244.htm (EX-99.1) — 14KB
• ex_680244img001.jpg (GRAPHIC) — 5KB
• 0001437749-24-018461.txt ( ) — 180KB
• plmr-20240528.xsd (EX-101.SCH) — 3KB
• plmr-20240528_def.xml (EX-101.DEF) — 11KB
• plmr-20240528_lab.xml (EX-101.LAB) — 15KB
• plmr-20240528_pre.xml (EX-101.PRE) — 11KB
• plmr20240528c_8k_htm.xml (XML) — 3KB

01. Other Events

Item 8.01. Other Events. On May 28, 2024, the Company issued a press release announcing the successful completion of certain reinsurance programs incepting June 1, 2024, and increased the Company's full year 2024 adjusted net income guidance. A copy of the press release is attached hereto as Exhibit 99.1. The Company's reinsurance coverage now exhausts at $3.06 billion for earthquake events, $735 million for Hawaii Hurricane events, and $117.5 million for all continental United States hurricane events. The reinsurance program provides ample capacity for the Company's growth in the subject business lines as well as coverage to a level exceeding Palomar's 1:250-year peak zone Probable Maximum Loss ("PML"). The Company's per occurrence catastrophe event retention is now $15.5 million for hurricane events, reduced from $17.5 million the previous year, and $20 million for earthquake events, levels that continue to be meaningfully within management's previously stated guideposts of less than one quarter's adjusted net income and less than 5% of the Company's surplus on an after-tax basis. $420 million of the $3.06 billion earthquake limit was sourced through a new catastrophe bond, Torrey Pines Re Series 2024-1. The new catastrophe bond issuance is the fifth Insurance Linked Securities ("ILS") transaction Palomar has sponsored. Other highlights of the Company's reinsurance program include: $895 million of multi-year ILS capacity providing diversifying collateralized reinsurance capital; A reinsurance panel of 90 reinsurers and ILS investors, including multiple new reinsurers, all of which have an "A-" (Excellent) or better financial strength rating from A.M. Best and/or S&P (Standard & Poor's) or are fully collateralized; Prepaid reinstatements for substantially all layers that include a reinstatement provision, thereby limiting the pre-tax net loss to $15.5 million for hurricane events and $20 million for earthquake events, with modest additional reinsurance

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release, dated May 28, 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: May 28, 2024 /s/ T. Christopher Uchida T. Christopher Uchida Chief Financial Officer (Principal Financial and Accounting Officer)

View Full Filing

View this 8-K filing on SEC EDGAR