PLMR on Nasdaq
Palomar Holdings, Inc.
We are a specialty insurance company that provides property and casualty insurance products to individuals and businesses.3 From its latest annual report
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Last updated Oct 19, 2026.
Overview
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- TickerPLMR on Nasdaq1
- IndustryFire, Marine & Casualty Insurance1
- HeadquartersLa Jolla, California1
- Incorporated inDE2
- Business address7979 Ivanhoe Avenue, Suite 500, La Jolla, Ca 920372
- Filer categoryLarge accelerated filer2
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We are a specialty insurance company that provides property and casualty insurance products to individuals and businesses. We leverage underwriting expertise and data-driven analytics to offer innovative solutions in five product categories: Earthquake, Casualty, Inland Marine and Other Property, Crop, and Fronting. We offer coverage in both the admitted and excess and surplus lines (“E&S”) markets, utilizing proprietary data analytics and a technology-enabled platform to support customized underwriting and pricing. Our insurance company subsidiaries, Palomar Specialty Insurance Company (“PSIC”), Palomar Excess and Surplus Insurance Company (“PESIC”), and First Indemnity of America Insurance Co. (“FIA”) carry an “A” financial strength rating from A.M. Best Company (“A.M. Best”), a leading rating agency for the insurance industry.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs71¢$622.2M
- Interest0¢$392.0K
- Income tax6¢$56.3M
- Profit22¢$197.1M
Out of $876.0M in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Capital spending0¢$137.0K
- Share buybacks9¢$37.3M
- Kept or used elsewhere91¢$371.7M
Out of $409.1M of cash from operations.4
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Gross written premiums | $2.0B | $1.5B | $1.1B |
| Ceded written premiums | -$1.1B | -$897.1M | -$731.5M |
| Net written premiums | $964.0M | $644.9M | $410.0M |
| Change in unearned premiums | -$161.4M | -$134.2M | -$64.1M |
| Net earned premiums | $802.6M | $510.7M | $345.9M |
| Net investment income | $56.0M | $35.8M | $23.7M |
| Net realized and unrealized gains on investments | $11.8M | $4.6M | $2.9M |
| Commission and other income | $5.5M | $2.8M | $3.4M |
| Total revenues | $876.0M | $553.9M | $375.9M |
| Losses and loss adjustment expenses | $228.6M | $134.8M | $72.6M |
| Acquisition expenses, net of ceding commissions and fronting fees | $217.1M | $149.7M | $107.7M |
| Other underwriting expenses | $176.5M | $117.1M | $88.2M |
| Interest expense | $392.0K | $1.1M | $3.8M |
| Total expenses | $622.6M | $402.7M | $272.3M |
| Income before income taxes | $253.4M | $151.2M | $103.6M |
| Income tax expense | $56.3M | $33.6M | $24.4M |
| Net income | $197.1M | $117.6M | $79.2M |
| Net unrealized gains (losses) on securities available for sale | $24.3M | -$2.9M | $12.5M |
| Total comprehensive income | $221.4M | $114.7M | $91.7M |
| Basic earnings per share (in dollars per share) | $7.40 | $4.61 | $3.19 |
| Diluted earnings per share (in dollars per share) | $7.17 | $4.48 | $3.13 |
| Basic (in shares) | 26.6M shares | 25.5M shares | 24.8M shares |
| Diluted (in shares) | 27.5M shares | 26.2M shares | 25.3M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024) | $1.2B | $939.0M | ||
| Equity securities, at fair value (cost: $81,772 in 2025; $32,987 in 2024) | $99.3M | $40.5M | ||
| Equity method investment | $0 | $2.3M | ||
| Other investments | $28.5M | $5.9M | ||
| Total investments | $1.4B | $987.7M | ||
| Cash and cash equivalents | $106.9M | $80.4M | ||
| Restricted cash | $17.0K | $101.0K | ||
| Accrued investment income | $11.5M | $8.4M | ||
| Premiums receivable | $452.9M | $305.7M | ||
| Deferred policy acquisition costs, net of ceding commissions and fronting fees | $127.7M | $94.9M | $61.0M | $56.7M |
| Reinsurance recoverable on paid losses and loss adjustment expenses | $56.4M | $47.1M | ||
| Reinsurance recoverable on unpaid losses and loss adjustment expenses | $412.3M | $348.1M | $244.6M | |
| Ceded unearned premiums | $355.9M | $276.2M | ||
| Prepaid expenses and other assets | $110.9M | $91.1M | ||
| Deferred tax assets, net | $761.0K | $8.8M | ||
| Property and equipment, net | $2.6M | $429.0K | ||
| Goodwill and intangible assets, net | $61.1M | $13.2M | ||
| Total assets | $3.1B | $2.3B | ||
| Accounts payable and other accrued liabilities | $115.7M | $70.1M | ||
| Reserve for losses and loss adjustment expenses | $688.2M | $503.4M | $342.3M | |
| Unearned premiums | $988.1M | $741.7M | ||
| Ceded premium payable | $271.4M | $190.2M | ||
| Funds held under reinsurance treaty | $44.9M | $27.9M | ||
| Total liabilities | $2.1B | $1.5B | ||
| Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | $0 | $0 | ||
| Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,520,417 and 26,529,402 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $3.0K | $3.0K | ||
| Additional paid-in capital | $523.2M | $493.7M | ||
| Accumulated other comprehensive loss | -$2.5M | -$26.8M | ||
| Retained earnings | $422.0M | $262.2M | ||
| Total stockholders' equity | $942.7M | $729.0M | $471.3M | $384.8M |
| Total liabilities and stockholders' equity | $3.1B | $2.3B | ||
| Available-for-Sale, Amortized Cost | $1.2B | $973.3M | ||
| Equity Securities, Cost | $81.8M | $33.0M | ||
| Preferred Stock, Par Value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred Stock, Shares Authorized (in shares) | 5.0M shares | 5.0M shares | ||
| Preferred Stock, Shares Issued (in shares) | 0 shares | 0 shares | ||
| Preferred Stock, Shares Outstanding (in shares) | 0 shares | 0 shares | ||
| Common Stock, Par Value (in dollars per share) | $0.00 | $0.00 | ||
| Common Stock, Shares Authorized (in shares) | 500.0M shares | 500.0M shares | ||
| Common Stock, Shares, Issued (in shares) | 26.5M shares | 26.5M shares | ||
| Common Stock, Shares, Outstanding (in shares) | 26.5M shares | 26.5M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Fixed maturity securities available for sale, at fair value (amortized cost: $1,227,605 in 2025; $973,330 in 2024) | $1.2B | $939.0M | ||
| Equity securities, at fair value (cost: $81,772 in 2025; $32,987 in 2024) | $99.3M | $40.5M | ||
| Equity method investment | $0 | $2.3M | ||
| Other investments | $28.5M | $5.9M | ||
| Total investments | $1.4B | $987.7M | ||
| Cash and cash equivalents | $106.9M | $80.4M | ||
| Restricted cash | $17.0K | $101.0K | ||
| Accrued investment income | $11.5M | $8.4M | ||
| Premiums receivable | $452.9M | $305.7M | ||
| Deferred policy acquisition costs, net of ceding commissions and fronting fees | $127.7M | $94.9M | $61.0M | $56.7M |
| Reinsurance recoverable on paid losses and loss adjustment expenses | $56.4M | $47.1M | ||
| Reinsurance recoverable on unpaid losses and loss adjustment expenses | $412.3M | $348.1M | $244.6M | |
| Ceded unearned premiums | $355.9M | $276.2M | ||
| Prepaid expenses and other assets | $110.9M | $91.1M | ||
| Deferred tax assets, net | $761.0K | $8.8M | ||
| Property and equipment, net | $2.6M | $429.0K | ||
| Goodwill and intangible assets, net | $61.1M | $13.2M | ||
| Total assets | $3.1B | $2.3B | ||
| Accounts payable and other accrued liabilities | $115.7M | $70.1M | ||
| Reserve for losses and loss adjustment expenses | $688.2M | $503.4M | $342.3M | |
| Unearned premiums | $988.1M | $741.7M | ||
| Ceded premium payable | $271.4M | $190.2M | ||
| Funds held under reinsurance treaty | $44.9M | $27.9M | ||
| Total liabilities | $2.1B | $1.5B | ||
| Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | $0 | $0 | ||
| Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,520,417 and 26,529,402 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $3.0K | $3.0K | ||
| Additional paid-in capital | $523.2M | $493.7M | ||
| Accumulated other comprehensive loss | -$2.5M | -$26.8M | ||
| Retained earnings | $422.0M | $262.2M | ||
| Total stockholders' equity | $942.7M | $729.0M | $471.3M | $384.8M |
| Total liabilities and stockholders' equity | $3.1B | $2.3B | ||
| Available-for-Sale, Amortized Cost | $1.2B | $973.3M | ||
| Equity Securities, Cost | $81.8M | $33.0M | ||
| Preferred Stock, Par Value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred Stock, Shares Authorized (in shares) | 5.0M shares | 5.0M shares | ||
| Preferred Stock, Shares Issued (in shares) | 0 shares | 0 shares | ||
| Preferred Stock, Shares Outstanding (in shares) | 0 shares | 0 shares | ||
| Common Stock, Par Value (in dollars per share) | $0.00 | $0.00 | ||
| Common Stock, Shares Authorized (in shares) | 500.0M shares | 500.0M shares | ||
| Common Stock, Shares, Issued (in shares) | 26.5M shares | 26.5M shares | ||
| Common Stock, Shares, Outstanding (in shares) | 26.5M shares | 26.5M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $197.1M | $117.6M | $79.2M |
| Stock-based compensation expense | $21.0M | $16.7M | $14.9M |
| Depreciation and amortization expense | $8.9M | $5.1M | $4.5M |
| Loss on asset disposal | $31.0K | $0 | $0 |
| Net realized and unrealized gains on investments | -$11.8M | -$4.6M | -$2.9M |
| Amortization of premium on fixed maturity securities | -$61.0K | -$945.0K | -$9.0K |
| Deferred income tax expense (benefit) | $1.9M | $2.1M | -$2.8M |
| Accrued investment income | -$3.0M | -$3.2M | -$1.5M |
| Premium receivable | -$147.1M | -$43.8M | -$99.1M |
| Deferred policy acquisition costs | -$31.2M | -$33.9M | -$4.2M |
| Reinsurance recoverables | -$73.5M | -$118.4M | -$83.2M |
| Ceded unearned premiums | -$79.7M | -$10.4M | -$61.7M |
| Prepaid expenses and other assets | $26.2M | -$15.7M | -$24.9M |
| Accounts payable and other accrued liabilities | -$6.9M | $29.2M | $15.7M |
| Reserve for losses and loss adjustment expenses | $178.1M | $161.1M | $110.9M |
| Unearned premiums | $240.9M | $144.6M | $125.8M |
| Ceded premiums payable | $81.2M | $8.4M | $35.6M |
| Funds held under reinsurance treaty | $17.0M | $14.4M | $2.7M |
| Income taxes payable | $0 | -$7.3M | $7.3M |
| Net proceeds from (purchases of) derivative contracts | -$9.9M | $0 | $0 |
| Net cash provided by operating activities | $409.1M | $261.2M | $116.1M |
| Purchases of property and equipment | -$137.0K | -$243.0K | -$15.0K |
| Proceeds from sale of property and equipment | $346.0K | ||
| Capitalized software costs | -$6.1M | -$5.8M | -$6.7M |
| Purchases of fixed maturity securities | -$848.4M | -$601.4M | -$233.8M |
| Purchases of equity securities | -$55.5M | -$202.0K | -$945.0K |
| Purchase of equity method investment | $0 | $0 | -$3.0M |
| Sales and maturities of fixed maturity securities | $614.6M | $301.8M | $120.3M |
| Sales of equity securities | $13.0M | $9.0M | $295.0K |
| Change in securities receivable or payable, net | -$1.0M | -$1.5M | $950.0K |
| Investments in limited partnerships | -$11.2M | -$5.5M | $0 |
| Acquisitions, net of cash acquired | -$58.6M | $0 | -$5.5M |
| Purchase of policy renewal rights | -$905.0K | -$2.5M | $0 |
| Net cash used in investing activities | -$354.0M | -$306.2M | -$128.5M |
| Payments on Line of Credit | -$15.0M | -$52.6M | $0 |
| Proceeds from Line of Credit | $15.0M | $0 | $16.2M |
| Proceeds from common stock issued via employee stock purchase plan | $1.2M | $902.0K | $799.0K |
| Proceeds from common stock issued via stock option exercises | $3.8M | $7.0M | $1.2M |
| Policy holder contribution to surplus | $3.7M | $2.8M | $90.0K |
| Repurchase of common stock | -$37.3M | $0 | -$22.3M |
| Proceeds from stock offering, net of offering costs | -$141.0K | $115.7M | $0 |
| Net cash provided by (used in) financing activities | -$28.8M | $73.8M | -$3.9M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $26.4M | $28.7M | -$16.3M |
| Cash paid for federal income taxes | $58.0M | $37.8M | $20.6M |
| Cash paid for state income taxes | $1.1M | $644.0K | $484.0K |
| Cash paid for interest | $287.0K | $1.0M | $3.7M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Palomar Holdings, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
20202025
- Chief executive officerMac Armstrong Apr 16, 2019 to now12
- ChairMac Armstrong Jul 23, 2020 to now13
- PresidentJon Christianson Aug 11, 2022 to now14
- PresidentHeath A. Fisher Apr 16, 2019 to Jan 31, 202215
- Chief financial officerT. Christopher Uchida Apr 16, 2019 to now16
- Chief operating officerRodolphe Herve Jul 10, 2024 to now17
- Chief operating officerBritt Morries Sep 3, 2020 to May 17, 202118
- Chief operating officerJon Christianson Apr 16, 2019 to Aug 6, 202019
Board members and other officers (15)
- Chief Risk OfficerJonathan Knutzen Apr 8, 2020 to now20
- Chief Strategy OfficerWilliam Bold May 6, 2020 to Sep 12, 202221
- Chief Underwriting OfficerJon Christianson Sep 10, 2020 to Jan 31, 202222
- Chief Underwriting OfficerAndrew T. Robinson Apr 16, 2019 to Jul 23, 202023
- Board memberScott L. Beiser May 26, 2026 to now24
- Board memberThomas A. Bradley Mar 1, 2024 to now25
- Board memberDaina Middleton Jul 26, 2021 to now26
- Board memberMartha Notaras Feb 14, 2020 to now27
- Board memberDaryl Bradley Jun 5, 2020 to now28
- Board memberGeorge L. Estes Iii. Apr 16, 2019 to Jan 15, 202029
- Board memberMac Armstrong Apr 16, 2019 to Jun 23, 202012
- Board memberRichard H. Taketa Apr 16, 2019 to now30
- Board memberRobert E. Dowdell Apr 16, 2019 to May 26, 202331
- Board memberCatriona M. Fallon May 23, 2019 to now32
- General counselAngela L. Grant Dec 4, 2020 to now33
Former names
- GC Palomar HoldingsDec 14, 2018 to Feb 13, 20192
Timeline
- Apr 16, 2019New chief executive Mac Armstrong becomes CEO12
Filings
548 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 49 major events, 318 insider forms, 14 large holders, 147 other. The latest 20:
- Sep 22, 20264 PRIMARY DOCUMENT EDGAR
- Sep 21, 2026144 EDGAR
- Sep 11, 20264 PRIMARY DOCUMENT EDGAR
- Aug 24, 20264 PRIMARY DOCUMENT EDGAR
- Aug 21, 2026144 EDGAR
- Aug 20, 20264 PRIMARY DOCUMENT EDGAR
- Aug 20, 20264 PRIMARY DOCUMENT EDGAR
- Aug 20, 20264 PRIMARY DOCUMENT EDGAR
- Aug 14, 2026144 EDGAR
- Aug 14, 2026144 EDGAR
- Aug 11, 20268-K EDGAR
- Aug 5, 202610-Q EDGAR
- Aug 4, 20264 PRIMARY DOCUMENT EDGAR
- Aug 4, 20268-K EDGAR
- Jul 28, 2026144 EDGAR
- Jul 22, 20264 PRIMARY DOCUMENT EDGAR
- Jul 21, 2026144 EDGAR
- Jul 21, 20264 PRIMARY DOCUMENT EDGAR
- Jul 17, 20264 PRIMARY DOCUMENT EDGAR
- Jul 9, 2026144 EDGAR
The 548 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
256 open-market trades by officers, directors and large owners since October 2021: 9 buys and 247 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 21, 2026 | Armstrong MacCEO and Chairman | Sale | 3,500 | $134.99 | $472.5K | Form 4 |
| Sep 2, 2026 | Bradley DarylDirector | Buy | 1 | $131.96 | $135 | Form 4 |
| Aug 21, 2026 | Armstrong MacCEO and Chairman | Sale | 3,500 | $130.60 | $457.1K | Form 4 |
| Aug 18, 2026 | Knutzen JonathanChief Risk Officer | Sale | 296 | $127.75 | $37.8K | Form 4 |
| Aug 18, 2026 | Uchida T ChristopherChief Financial Officer | Sale | 791 | $127.74 | $101.0K | Form 4 |
| Aug 18, 2026 | Christianson JonPresident | Sale | 528 | $127.75 | $67.5K | Form 4 |
| Jul 31, 2026 | Herve RodolpheChief Operating Officer | Sale | 1,207 | $135.35 | $163.4K | Form 4 |
| Jul 21, 2026 | Armstrong MacCEO and Chairman | Sale | 3,500 | $137.27 | $480.4K | Form 4 |
| Jul 20, 2026 | Christianson JonPresident | Sale | 3,000 | $139.50 | $418.5K | Form 4 |
| Jul 15, 2026 | Armstrong MacCEO and Chairman | Sale | 60,741 | $131.66 | $8.0M | Form 4 |
| Jul 2, 2026 | Christianson JonPresident | Sale | 6,863 | $139.50 | $957.4K | Form 4 |
| Jun 28, 2026 | Carter TimothyChief People Officer | Sale | 480 | $124.29 | $59.7K | Form 4 |
| Jun 22, 2026 | Armstrong MacCEO and Chairman | Sale | 3,500 | $112.96 | $395.4K | Form 4 |
| May 21, 2026 | Armstrong MacCEO and Chairman | Sale | 3,500 | $114.39 | $400.4K | Form 4 |
| May 18, 2026 | Knutzen JonathanChief Risk Officer | Sale | 281 | $115.26 | $32.4K | Form 4 |
| May 18, 2026 | Uchida T ChristopherChief Financial Officer | Sale | 783 | $115.26 | $90.2K | Form 4 |
| May 18, 2026 | Christianson JonPresident | Sale | 522 | $115.26 | $60.2K | Form 4 |
| Apr 21, 2026 | Armstrong MacCEO and Chairman | Sale | 3,500 | $130.77 | $457.7K | Form 4 |
| Apr 15, 2026 | Armstrong MacCEO and Chairman | Sale | 3,197 | $129.46 | $413.9K | Form 4 |
| Apr 15, 2026 | Christianson JonPresident | Sale | 1,937 | $128.62 | $249.1K | Form 4 |
All 256 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 202634
- VANGUARD GROUP INCSCHEDULE 13G/A, 5 filings Feb 10, 2022 to Mar 27, 202635
- Champlain Investment Partners, LLCSCHEDULE 13G, 2 filings Feb 13, 2024 to Nov 12, 202436
- AmundiSC 13G/A, 2 filings Feb 14, 2022 to Feb 10, 202337
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13SEC EDGARMac Armstrong, Chair
- 14SEC EDGARJon Christianson, President
- 15SEC EDGARHeath A. Fisher, President
- 16
- 17
- 18
- 19
- 20SEC EDGARJonathan Knutzen, Chief Risk Officer
- 21SEC EDGARWilliam Bold, Chief Strategy Officer
- 22
- 23
- 24SEC EDGARScott L. Beiser, Board member
- 25SEC EDGARThomas A. Bradley, Board member
- 26SEC EDGARDaina Middleton, Board member
- 27SEC EDGARMartha Notaras, Board member
- 28SEC EDGARDaryl Bradley, Board member
- 29SEC EDGARGeorge L. Estes Iii., Board member
- 30SEC EDGARRichard H. Taketa, Board member
- 31SEC EDGARRobert E. Dowdell, Board member
- 32SEC EDGARCatriona M. Fallon, Board member
- 33SEC EDGARAngela L. Grant, General counsel
- 34
- 35
- 36
- 37