Palomar Holdings president Jon Christianson sells $86,699 in inventory

LA JOLLA, Calif.—Jon Christianson, the President of Palomar Holdings, Inc. (NASDAQ:PLMR), not too long ago bought a portion of his holdings within the firm. The insurance coverage supplier, at the moment valued at $2.78 billion, has delivered spectacular returns with its fill up 79% over the previous yr in line with InvestingPro information. In line with a latest SEC submitting, Christianson bought 819 shares of Palomar widespread inventory on January 1, 2025, at a value of $105.86 per share. The full worth of the transaction amounted to $86,699.

The sale was performed as a part of a compulsory sell-to-cover provision associated to a efficiency inventory unit (PSU) award. This provision required the sale of shares to cowl the minimal statutory tax withholding obligations that arose when the PSU award vested. Following the transaction, Christianson retains possession of 55,126 shares of Palomar Holdings.

Along with the sale, Christianson acquired 2,032 shares of widespread inventory for gratis, as a part of a beforehand granted PSU award that vested on the identical date. This acquisition was based mostly on the achievement of particular firm monetary efficiency standards and the completion of a required service interval by January 1, 2025.

Palomar Holdings, an organization specializing in fireplace, marine, and casualty insurance coverage, is headquartered in La Jolla, California.

In different latest information, Palomar Holdings has reported vital developments. The corporate has entered a brand new govt employment settlement with its CEO, Mac Armstrong, extending his tenure by 2029. Below this settlement, Armstrong’s annual base wage is ready at $1,250,000, with potential bonuses and long-term incentive awards tied to efficiency aims.

Funding companies Piper Sandler and Keefe, Bruyette & Woods have each upgraded their value targets for Palomar, reflecting a optimistic outlook on the corporate’s progress prospects. Piper Sandler elevated its value goal to $119, whereas Keefe, Bruyette & Woods raised its goal to $136.

Palomar Holdings additionally appointed Benson Latham as Government Vice President, Head of Crop, as a part of its strategic efforts to broaden its place within the specialty insurance coverage sector. This transfer comes in step with the corporate’s robust third-quarter efficiency in 2024, the place adjusted web revenue and whole premium progress elevated by 39% and 32% respectively. The corporate additionally raised $160 million in fairness, aiming to capitalize on market dislocations and broaden its crop enterprise.

Lastly, Palomar anticipates a full-year adjusted web revenue steerage of $124 million to $128 million, marking a 35% enhance from 2023. The corporate can be on observe to satisfy its Palomar 2X objective, which goals to double its adjusted underwriting revenue in three years. These developments underline Palomar’s strategic give attention to progress and enlargement.

This text was generated with the assist of AI and reviewed by an editor. For extra info see our T&C.