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PLMR Palomar

Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc. and Palomar Excess and Surplus Insurance Company. Palomar is an innovative insurer that focuses on the provision of specialty property insurance for residential and commercial clients. Palomar's underwriting and analytical expertise allow it to concentrate on certain markets that it believes are underserved by other insurance companies, such as the markets for earthquake, hurricane and flood insurance. Palomar's principal insurance subsidiary, Palomar Specialty Insurance Company, is an admitted carrier in 32 states and has an A.M. Best financial strength rating of 'A-' (Excellent).

Company profile

Ticker
PLMR
Exchange
CEO
Mac Armstrong
Employees
Incorporated
Location
Fiscal year end
Former names
GC Palomar Holdings
SEC CIK
Subsidiaries
Palomar Insurance Holdings, Inc • Palomar Specialty Insurance Company • Palomar Excess and Surplus Insurance Company • Palomar Specialty Reinsurance Company ...

PLMR stock data

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Calendar

5 Aug 21
16 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Palomar earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 25.62M 25.62M 25.62M 25.62M 25.62M 25.62M
Cash burn (monthly) (positive/no burn) 7.03M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) n/a 25.07M n/a n/a n/a n/a
Cash remaining n/a 548.23K n/a n/a n/a n/a
Runway (months of cash) n/a 0.1 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
6 Oct 21 Christianson Jon Common Stock Sell Dispose S No Yes 78.81 1,500 118.22K 98,481
1 Oct 21 Dowdell Robert E Common Stock Sell Dispose S Yes Yes 81.4235 1,194 97.22K 52,855
1 Oct 21 Dowdell Robert E Common Stock Sell Dispose S Yes Yes 80.7551 6,306 509.24K 54,049
22 Sep 21 Fisher Heath A Common Stock Sell Dispose S Yes Yes 85.3041 1,756 149.79K 193,198
22 Sep 21 Fisher Heath A Common Stock Sell Dispose S Yes Yes 84.7037 4,744 401.83K 194,954
16 Sep 21 Armstrong Mac Common Stock Sell Dispose S Yes Yes 86.76 400 34.7K 723,388
16 Sep 21 Armstrong Mac Common Stock Sell Dispose S Yes Yes 86.1723 4,652 400.87K 723,788
16 Sep 21 Armstrong Mac Common Stock Sell Dispose S Yes Yes 85.128 3,830 326.04K 728,440
16 Sep 21 Armstrong Mac Common Stock Sell Dispose S Yes Yes 84.2143 3,118 262.58K 732,270
15 Sep 21 Uchida T Christopher Common Stock Sell Dispose S No Yes 86.11 400 34.44K 31,491

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

89.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 151 174 -13.2%
Opened positions 10 22 -54.5%
Closed positions 33 38 -13.2%
Increased positions 65 52 +25.0%
Reduced positions 56 80 -30.0%
13F shares
Current Prev Q Change
Total value 5.59B 1.92B +191.8%
Total shares 22.79M 23.91M -4.7%
Total puts 16.7K 112.8K -85.2%
Total calls 56.9K 80.4K -29.2%
Total put/call ratio 0.3 1.4 -79.1%
Largest owners
Shares Value Change
BLK Blackrock 3.37M $254.25M +2.7%
Vanguard 1.98M $149.09M +6.2%
Amundi 1.67M $126.14M +31.1%
Nordea Investment Management Ab 1.18M $89.23M +15.1%
TROW T. Rowe Price 1.09M $82.24M +7.6%
Villere ST Denis J & Co 993.86K $75M +7.3%
CMTDF Sumitomo Mitsui Trust 877.45K $66.21M +14.7%
Champlain Investment Partners 824.72K $62.23M +15.6%
Stephens Investment Management 771.36K $58.21M +27.7%
STT State Street 681.37K $51.42M +11.5%
Largest transactions
Shares Bought/sold Change
Amundi Pioneer Asset Management 0 -1.52M EXIT
Amundi 1.67M +396.43K +31.1%
GS Goldman Sachs 17.87K -391.94K -95.6%
FMR 425.53K +382.7K +893.6%
Artemis Investment Management 0 -197.03K EXIT
Stephens Investment Management 771.36K +167.43K +27.7%
Nordea Investment Management Ab 1.18M +155.54K +15.1%
Schroder Investment Management 59.29K -152.17K -72.0%
Natixis 47K -140K -74.9%
Alliancebernstein 32.11K -132.72K -80.5%

Financial report summary

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Risks
  • Claims arising from unpredictable and severe catastrophe events, including those caused by global climate change, could reduce our earnings and stockholders’ equity and limit our ability to underwrite new insurance policies.
  • We and our customers could be negatively and adversely impacted by the Pandemic, which may result in a decline in demand for our products, a decrease in underwriting income and a decrease in the value of our investment portfolio.
  • We may be unable to purchase third-party reinsurance or otherwise expand our catastrophe coverage in amounts we desire on commercially acceptable terms or on terms that adequately protect us, and this inability may materially adversely affect our business, financial condition and results of operations.
  • We utilize several risk management and loss limitation methods, including relying on estimates and models. If these methods fail to adequately manage our exposure to losses from catastrophe events, our losses could be materially higher than our expectations, and our business, financial condition, and results of operations could be materially adversely affected.
  • Our business is concentrated in California and Texas and, as a result, we are exposed more significantly to California and Texas loss activity and regulatory environments.
  • We could be adversely affected by the loss of one or more key executives or by an inability to attract and retain qualified personnel.
  • We rely on a select group of brokers and program administrators, and such relationships may not continue.
  • Competition for business in our industry is intense.
  • Because we provide our program administrators with specific quoting and binding authority, if any of them fail to comply with pre-established guidelines, our results of operations could be adversely affected.
  • Because our business depends on insurance brokers and program administrators, we are exposed to certain risks arising out of our reliance on these distribution channels that could adversely affect our results.
  • We may act based on inaccurate or incomplete information regarding the accounts we underwrite.
  • Our employees could take excessive risks, which could negatively affect our financial condition and business.
  • We may require additional capital in the future, which may not be available or may only be available on unfavorable terms.
  • We may not be able to manage our growth effectively.
  • If actual renewals of our existing contracts do not meet expectations, our written premium in future years and our future results of operations could be materially adversely affected.
  • We may change our underwriting guidelines or our strategy without stockholder approval.
  • Our operating results have in the past varied from quarter to quarter and may not be indicative of our long-term prospects.
  • Adverse economic factors, including recession, inflation, periods of high unemployment or lower economic activity could result in the sale of fewer policies than expected or an increase in the frequency of claims and premium defaults, and even the falsification of claims, or a combination of these effects, which, in turn, could affect our growth and profitability.
  • Performance of our investment portfolio is subject to a variety of investment risks that may adversely affect our financial results.
  • We could be forced to sell investments to meet our liquidity requirements.
  • We employ third-party licensed software for use in our business, and the inability to maintain these licenses or problems with the software we license could result in increased costs and reduced operational efficiency and service levels, which would adversely affect our business.
  • The failure of our information technology and telecommunications systems could adversely affect our business.
  • We are subject to extensive regulation, which may adversely affect our ability to achieve our business objectives. In addition, if we fail to comply with these regulations, we may be subject to penalties, including fines and suspensions, which may adversely affect our financial condition and results of operations.
  • Unexpected changes in the interpretation of our coverage or provisions, including loss limitations and exclusions, in our policies could have a material adverse effect on our financial condition and results of operations.
  • We may become subject to additional government or market regulation, which may have a material adverse impact on our business.
  • Changes in tax laws as a result of the enactment of tax legislation could impact our operations and profitability.
  • If states increase the assessments that we are required to pay, our business, financial condition and results of operations would suffer.
  • Because we are a holding company and substantially all of our operations are conducted by our insurance subsidiaries, our ability to pay dividends depends on our ability to obtain cash dividends or other permitted payments from our insurance subsidiaries.
  • The effects of litigation on our business are uncertain and could have an adverse effect on our business.
  • We rely on the use of credit scoring in pricing and underwriting certain of our insurance policies and any legal or regulatory requirements that restrict our ability to access credit score information could decrease the accuracy of our pricing and underwriting process and thus decrease our ability to be profitable.
  • Any failure to protect our intellectual property rights could impair our ability to protect our intellectual property, proprietary technology platform and brand, or we may be sued by third parties for alleged infringement of their proprietary rights.
  • Changes in accounting practices and future pronouncements may materially affect our reported financial results.
  • We incur significant costs as a public company, and our management is required to devote substantial time to complying with public company regulations.
  • We are required by Section 404 of the Sarbanes-Oxley Act to evaluate the effectiveness of our internal control over financial reporting. If we are unable to achieve and maintain effective internal controls, our operating results and financial condition could be harmed and the market price of our common stock may be negatively affected.
  • Applicable insurance laws may make it difficult to effect a change of control.
  • Our operating results and stock price may be volatile, or may decline regardless of our operating performance, and holders of our common stock could lose all or part of their investment.
  • Anti-takeover provisions in our organizational documents could delay a change in management and limit our share price.
  • Our certificate of incorporation and bylaws provide that the Court of Chancery of the State of Delaware is the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
Management Discussion
  • During the third quarter of 2020, we made significant underwriting changes to our Commercial All Risk program including ceasing to write policies on an admitted basis. All prior year period Commercial All Risk polices were written on an admitted basis and these changes significantly impacted the growth rate shown above.
  • Ceded written premiums increased $21.4 million, or 70.8%, to $51.6 million for the three months ended June 30, 2021 from $30.2 million for the three months ended June 30, 2020. The increase was primarily due to excess of loss (“XOL”) reinsurance expense due to growth in exposure and additional charges resulting from Winter Storm Uri (“Uri”), which impacted our Specialty Homeowners and Commercial All Risk products during the first quarter of 2021.
  • Catastrophe losses from Uri caused us to utilize certain layers of our XOL program in the prior quarter which resulted in us incurring an additional $3.9 million of expense associated with the reinstatement of our reinsurance program during the quarter ended June 30, 2021.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Good
New words: October, threat, unissued, unusual
Removed: compelling, prepaid, recently, secondary, selected, vertical