UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02. Results of Operations and Financial Condition.
On October 20, 2022, Palomar Holdings, Inc. (“Palomar”) announced estimated pretax catastrophe losses of $12.5 million, net of reinsurance, for the third quarter of 2022. This anticipates a full retention loss of $12.5 million from Hurricane Ian. The losses from Hurricane Ian also result in additional ceded reinsurance premium of $3.1 million, with $1.3 million recognized in the third quarter of 2022 and the remaining $1.8 million recognized ratably from October 1, 2022 to May 31, 2023.
Palomar’s financial closing and review procedures for the fiscal quarter are not yet complete. Palomar’s loss estimates are subject to change due to the complexity of the claims and preliminary nature of the information available to prepare the estimates. Updated catastrophe loss estimates will be reflected in Palomar’s third quarter 2022 results.
The information contained in this Item 2.02 and in the accompanying exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
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: | October 21, 2022 | /s/ T. Christopher Uchida |
T. Christopher Uchida | ||
Chief Financial Officer | ||
(Principal Financial and Accounting Officer) | ||
Exhibit 99.1
Palomar Holdings, Inc. Announces Third Quarter 2022 Estimated Catastrophe Losses and Financial Results Date and Earnings Call
LA JOLLA, CA., October 20, 2022 – Palomar Holdings, Inc. (NASDAQ: PLMR) (“Palomar”) today announced estimated pretax catastrophe losses of $12.5 million, net of reinsurance, for the third quarter of 2022. This anticipates a full retention loss of $12.5 million from Hurricane Ian. The losses from Hurricane Ian also result in additional ceded reinsurance premium of $3.1 million, with $1.3 million recognized in the third quarter of 2022 and the remaining $1.8 million recognized ratably from October 1, 2022 to May 31, 2023.
Palomar’s financial closing and review procedures for the fiscal quarter are not yet complete. Palomar’s loss estimates are subject to change due to the complexity of the claims and preliminary nature of the information available to prepare the estimates. Updated catastrophe loss estimates will be reflected in Palomar’s third quarter 2022 results.
In addition, Palomar will release its third quarter 2022 results after the market close on Wednesday, November 2, 2022, and will host a conference call at 12:00 p.m. (Eastern Time) the following day, Thursday, November 3, 2022.
The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar Third Quarter 2022 Earnings Conference Call. A replay will be available starting at 3:00 p.m. (Eastern Time) on November 3, 2022, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13732950. The replay will be available until 11:59 p.m. (Eastern Time) on November 10, 2022.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Palomar's website at https://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.
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 (“PESIC”). Palomar is an innovative insurer serving residential and commercial clients in specialty markets including the market for earthquake 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
Lindsay Conner
1-551-206-6217
lconner@plmr.com
Investor Relations
Jamie Lillis
1-203-428-3223
investors@plmr.com
Source: Palomar Holdings, Inc.
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