Palomar Holdings CEO Armstrong sells $441,436 in inventory

LA JOLLA, CA—Armstrong Mac, CEO and Chairman of Palomar Holdings, Inc. (NASDAQ:PLMR), has just lately offered a portion of his holdings within the firm. In response to a submitting with the Securities and Change Fee, Armstrong offered 4,170 shares of frequent inventory at a value of $105.86 per share, totaling roughly $441,436. The transaction comes as Palomar Holdings, with a market capitalization of $2.78 billion, has demonstrated sturdy efficiency with a 79% return over the previous yr.

The transaction passed off on January 1, 2025, and was a part of a compulsory sell-to-cover provision associated to a beforehand granted efficiency inventory unit (PSU) award. This provision required the sale of shares to cowl the minimal statutory tax withholding obligations that arose upon the vesting of the PSU. In response to InvestingPro information, the corporate maintains a GREAT monetary well being rating and has achieved spectacular income development of 40% within the final twelve months.

Following this transaction, Armstrong holds 56,936 shares immediately, with extra shares held not directly by way of the Armstrong Household Belief. The transaction is a part of routine monetary administration and doesn’t essentially mirror any change in Armstrong’s confidence in Palomar Holdings, an organization specializing in fireplace, marine, and casualty insurance coverage. InvestingPro evaluation reveals 8 extra key insights about PLMR’s valuation and development prospects, obtainable completely to subscribers by way of the great Professional Analysis Report.

In different latest information, Palomar Holdings has entered a brand new employment settlement with CEO and Chair of the Board, Mac Armstrong, extending his tenure by way of 2029. This settlement features a base wage of $1,250,000 and potential bonuses tied to efficiency targets. In different developments, funding corporations Piper Sandler and Keefe, Bruyette & Woods have elevated their value targets for Palomar based mostly on earnings estimates, reflecting optimism in regards to the firm’s development prospects.

Moreover, Palomar has appointed Benson Latham as Govt Vice President, Head of Crop, as a part of its enlargement efforts within the specialty insurance coverage sector. The corporate reported important development in its third-quarter efficiency in 2024, with adjusted internet revenue and complete premium development rising by 39% and 32% respectively. This development was pushed by features within the Earthquake, Casualty, and Crop insurance coverage segments.

Palomar additionally raised $160 million in fairness, planning to capitalize on market dislocations and increase its crop enterprise. The corporate anticipates a full-year adjusted internet revenue steering of $124 million to $128 million, a 35% enhance from 2023. It’s on observe to fulfill its Palomar 2X aim, aiming to double its adjusted underwriting revenue in three years. These developments underline Palomar’s strategic concentrate on development and enlargement.

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