Palomar Holdings Completes Strategic Acquisition
Palomar Holdings, Inc. (NASDAQ: PLMR) is thrilled to announce a significant milestone in its growth journey. The company has successfully completed the acquisition of First Indemnity of America Insurance Company, effective from the beginning of the new year. This strategic move marks an important expansion for Palomar, allowing them to venture into the lucrative Surety market.
Welcoming FIA to the Palomar Family
Mac Armstrong, the Chairman and CEO of Palomar, expressed his excitement regarding the acquisition. He emphasized the strength of FIA's management team and their impressive track record in underwriting and claims handling. Palomar sees this acquisition as a pathway into a highly profitable segment of the insurance industry, with considerable growth potential.
Targeting Growth in the Surety Market
The Surety market is renowned for its profitability and resilience, making it an optimal choice for diversification. With FIA’s extensive experience and favorable loss ratios over the last five years, Palomar is confident in leveraging this acquisition to enhance its own specialty insurance portfolio.
Strengthening Competitive Edge and Innovation
Mr. Armstrong highlighted that the integration of FIA will not only diversify their offerings but also bolster their capability to sustain consistent and profitable growth. This acquisition is expected to elevate Palomar's position as a leader in the specialty insurance sector, paving the way for innovative solutions aimed at fulfilling client needs.
About Palomar Holdings, Inc.
Palomar Holdings, Inc. operates as a comprehensive entity encompassing several subsidiaries, including Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and others. These subsidiaries cater to various sectors, providing coverage in Earthquake, Inland Marine, Casualty, Fronting, and Crop insurance. Their commitment to innovative insurance solutions aligns with their strong financial foundation, as evidenced by an excellent rating from A.M. Best.
Contact Information for Palomar Holdings
For media inquiries, Lindsay Conner can be reached at 1-551-206-6217 or through email at lconner@plmr.com. Meanwhile, for investor relations, Jamie Lillis is available at 1-203-428-3223 and investors@plmr.com.
Frequently Asked Questions
What is the significance of the acquisition?
The acquisition allows Palomar to enter the Surety market, which offers high profitability and growth opportunities.
Who is the CEO of Palomar Holdings?
Mac Armstrong serves as the Chairman and Chief Executive Officer of Palomar Holdings, Inc.
What type of insurance does Palomar provide?
Palomar provides a range of insurance products including Earthquake, Inland Marine, Casualty, and Crop insurance.
What is A.M. Best's rating for Palomar's insurance subsidiaries?
Palomar's subsidiaries hold a financial strength rating of “A” (Excellent) from A.M. Best.
How can I contact Palomar for investor relations?
You can reach Jamie Lillis for investor relations at 1-203-428-3223 or email at investors@plmr.com.
