UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 7.01.Regulation FD Disclosure.
On January 24, 2022, Palomar Holdings, Inc.’s (the “Company”) Board of Directors approved the adoption of a share repurchase plan that authorizes the purchase of up to $100 million of the outstanding shares of Company common stock over the period ending March 31, 2024. The approved plan replaces the Company’s previous $40 million share repurchase program (“the Prior Plan”). Through January 24, 2022, the Company had repurchased $15.8 million of its shares under the Prior Plan.
Attached hereto as Exhibit 99.1 is the press release issued by the Company which is incorporated herein by reference.
Item 8.01.Other Events.
The information set forth in the first paragraph of Item 7.01 regarding the Company’s adoption or a share repurchase plan above is incorporated herein.
Forward-Looking Statements
Statements made in this Current Report on Form 8-K, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this report was prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate,” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, changes in interest rate environment, management’s business strategy, national, regional, and local market conditions and legislative and regulatory conditions.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits
Exhibit No. | Description |
99.1 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
PALOMAR HOLDINGS, INC. | ||
Date: | January 26, 2022 | /s/ T. Christopher Uchida |
T. Christopher Uchida | ||
Chief Financial Officer | ||
(Principal Financial and Accounting Officer) | ||
Exhibit 99.1
Palomar Holdings, Inc. Announces New Two Year, $100 Million Share Repurchase Program
~ $100 Million Share Repurchase Program Replaces Previous $40 Million Program ~
~ Reinforces Commitment to Long-Term Growth and Shareholder Value Creation ~
LA JOLLA, Calif. (January 25, 2022) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or the “Company”) today announced that its Board of Directors has approved a share repurchase program effective January 24, 2022. The program replaces the previous share repurchase authorization that had $24.2 million of the original $40 million remaining and authorizes the repurchase by the Company of up to $100 million of its outstanding shares of common stock over the period ending on March 31, 2024
Mac Armstrong, Chairman and Chief Executive Officer of Palomar, commented, “Today’s announcement represents Palomar’s continued confidence in our long-term strategic plan and the value it will create in the short and long-term for our shareholders. We believe that an opportunistic capital allocation strategy can be used in concert with our ambitious growth plan to enhance our returns. Importantly, we believe that the new plan will in no way impede our ability to meaningfully grow Palomar and capitalize on the considerable investments made over the last year and a half.”
Under the share repurchase program, shares may be repurchased from time to time in the open market or negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws. There is no guarantee as to the exact number or value of shares that will be repurchased by the Company, and the Company may discontinue repurchases at any time that management determines additional repurchases are not warranted. The timing and amount of share repurchases under the share repurchase program will depend on several factors, including the Company's stock price performance, ongoing capital planning considerations, general market conditions and applicable legal requirements.
About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), 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 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 insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A-” (Excellent) from A.M. Best.
To learn more, visit PLMR.com.
Follow Palomar on Facebook, LinkedIn and Twitter: @PLMRInsurance
CONTACT:
Media Inquiries
Bill Bold
1-619-890-5972
bbold@plmr.com
Investor Relations
Jamie Lillis
1-203-428-3223
investors@plmr.com
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