8 January 2020Insurance

Palomar Holdings launches primary and secondary public offering

California-based specialty property insurer Palomar Holdings (Palomar) has launched the underwritten public offering of 5,000,000 shares of the company’s common stock, par value $0.0001 per share, which consists of 750,000 shares of common stock offered by the company and 4,250,000 shares of common stock offered by certain selling stockholders, including affiliates of Genstar Capital.

In addition, the Genstar affiliates intend to grant the underwriters of the offering an option, exercisable within 30 days from the date of the final prospectus relating to the offering, to purchase up to an additional 750,000 shares of common stock at the public offering price, less underwriting discounts and commissions.

The company intends to use the net proceeds that it will receive from the offering for general corporate purposes, including to fund future growth. The company will not receive any proceeds from the sale of the shares by the selling stockholders.

Barclays Capital Inc., JP Morgan and Keefe, Bruyette & Woods will act as joint lead book-running managers for the offering. Evercore Group, William Blair & Company, Piper Sandler & Co. and SunTrust Robinson Humphrey, Inc. will also act as joint book-running managers for the offering. JMP Securities is acting as co-manager for the offering.

Palomar focuses on the provision of specialty property insurance for residential and commercial clients. It concentrates on markets that it believes are underserved by other insurance companies, such as the markets for earthquake, wind and flood insurance.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

​​​ Escalating US / Iran tensions bring further premium hikes across multiple lines  ​ Tropical cyclones causing billions in losses dominate 2019 nat cat pictureConcirrus enters new multi-year deal with Hiscox Australian bushfire insurance losses reach A$700m ($480m) Puerto Rico earthquake insured losses will be lower than for hurricane Maria Hamilton renames ILS platform, appoints lead executive
Sompo International hires EVP
Talanx buys another solar farm in Spain
Kuvare completes acquisition of Lincoln Benefit Life Company

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
11 November 2020   Palomar expands in Hawaii with the acquisition of GeoVera's residential Hurricane business.
Insurance
25 June 2020   The company intends to commence writing E&S business in the second half of 2020.
Insurance
16 June 2020   Palomar refreshes board as Ryan Clark steps down as chairman and will no longer serve as a director.