This sale was part of a mandatory sell-to-cover provision to fulfill tax obligations related to a performance stock unit (PSU) vesting event. The transaction followed the vesting of 3,936 shares from a previously granted PSU award, which was contingent upon meeting specific company financial performance criteria and completing the required service period. Following these transactions, Grant holds 2,534 shares of Palomar Holdings (NASDAQ:PLMR)' common stock directly. For deeper insights into PLMR's valuation metrics and additional financial analysis, investors can access the comprehensive Pro Research Report available on InvestingPro. For deeper insights into PLMR's valuation metrics and additional financial analysis, investors can access the comprehensive Pro Research Report available on InvestingPro. This sale was part of a mandatory sell-to-cover provision to fulfill tax obligations related to a performance stock unit (PSU) vesting event.
The transaction followed the vesting of 3,936 shares from a previously granted PSU award, which was contingent upon meeting specific company financial performance criteria and completing the required service period. Following these transactions, Grant holds 2,534 shares of Palomar Holdings' common stock directly.
In other recent news, Palomar Holdings, Inc. has secured a new executive employment agreement with its CEO, Mac Armstrong, extending his tenure through January 2029. This agreement includes a base salary of $1,250,000, potential bonuses, and severance benefits. Investment firms Piper Sandler and Keefe, Bruyette & Woods have also increased their price targets for Palomar based on expected earnings, reflecting an optimistic view of the company's growth prospects.
In addition, Palomar Holdings recently appointed Benson Latham as Executive Vice President, Head of Crop. This appointment is part of Palomar's strategic efforts to expand its position in the specialty insurance sector. Palomar's third-quarter performance in 2024 showed significant growth, with adjusted net income and total premium growth increasing by 39% and 32% respectively. The company also raised $160 million in equity with the intention to capitalize on market dislocations and expand its crop business.
Finally, 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. These developments reflect recent analyst optimism and underline Palomar's strategic focus on growth and expansion.
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