LA JOLLA, CA—Christopher Uchida, Chief Financial Officer of Palomar Holdings, Inc. (NASDAQ:PLMR), recently sold 1,111 shares of the company's common stock. The shares were sold at a price of $104.00 each, amounting to a total transaction value of $115,544. Following this sale, Uchida retains ownership of 16,432 shares, which includes 1,666 shares acquired through the company's 2019 Employee Stock Purchase Plan.
This transaction, reported on November 11, 2024, reflects Uchida's ongoing management of his investment in the company, which specializes in fire, marine, and casualty insurance.
In other recent news, Palomar Holdings Inc (NASDAQ:PLMR). has been making significant strides in their operations. The company recently appointed Benson Latham as Executive Vice President, Head of Crop. With three decades of experience in the Crop insurance industry, Latham is expected to lead Palomar's Crop insurance operations effectively.
In terms of financial performance, Palomar reported a robust third-quarter performance in 2024. The company's adjusted net income and total premium growth increased by 39% and 32% respectively. This growth was driven by substantial gains in the Earthquake, Casualty, and Crop insurance segments. Furthermore, Palomar raised $160 million in equity with the intention to capitalize on market dislocations and expand its crop business.
The company's Earthquake segment saw a 19% rise in gross written premium, while Casualty premiums surged by 91%. However, the Fronting business experienced an 11% decline in premiums due to separation from Omaha National. Despite this, the Crop insurance segment generated $60 million in premiums, a significant increase from the previous year's $12.1 million.
Palomar anticipates a full-year adjusted net income guidance of $124 million to $128 million, a 35% increase from 2023. The company is also on track to meet its Palomar 2X goal, which aims to double its adjusted underwriting income in three years. Starting January 1, 2025, management plans to take on more risk in the Crop sector, indicating a strategic focus on this particular segment. These are the recent developments at Palomar Holdings Inc.
InvestingPro Insights
As Christopher Uchida adjusts his stake in Palomar Holdings, Inc. (NASDAQ:PLMR), recent financial data from InvestingPro sheds light on the company's performance and market position. Palomar has demonstrated impressive growth, with revenue increasing by 40.19% over the last twelve months as of Q3 2024, reaching $503.5 million. This robust top-line expansion is complemented by a strong quarterly revenue growth of 63.31% in Q3 2024, indicating accelerating momentum in the company's insurance business.
The market has taken notice of Palomar's performance, with the stock delivering a significant 70.44% return over the past year. This appreciation aligns with an InvestingPro Tip highlighting Palomar's "high return over the last year." Additionally, the company's short-term performance has been noteworthy, with a 12.49% return in just the past week, reinforcing another InvestingPro Tip that points to a "significant return over the last week."
Despite the recent insider sale, Palomar's financial health appears solid. The company boasts an adjusted operating income of $141.57 million for the last twelve months, with an operating income margin of 28.12%. This profitability is consistent with an InvestingPro Tip indicating that analysts predict the company will remain profitable this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips on Palomar Holdings, providing deeper insights into the company's financial position and market outlook.
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