LA JOLLA, Calif., Jan. 02, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ: PLMR) today announced the completion of the Company’s acquisition of First Indemnity of America Insurance Company, effective January 1, 2025.
“I am very excited to announce the completion of our acquisition of FIA and to welcome FIA’s management team, employees and insureds to Palomar,” commented Mac Armstrong, Palomar’s Chairman and Chief Executive Officer. “This transaction provides us entry into the Surety market, a highly profitable line of business with a healthy growth profile. FIA’s leaders are industry veterans with decades of underwriting and claims experience who have delivered loss ratios that have outperformed the broader surety market over the past five years.”
Mr. Armstrong added, “Expanding into the Surety market represents a significant opportunity to diversify our specialty insurance portfolio with a growing, high-margin product. This acquisition strengthens our ability to generate consistent, profitable growth and enhance our long-term value for shareholders. We look forward to leveraging FIA’s industry expertise as we continue to drive innovation and strengthen our position in the specialty insurance sector.”
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., Palomar Excess and Surplus Insurance Company (“PESIC”), and Palomar Underwriters Exchange Organization, Inc. Palomar’s consolidated results also include Laulima Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. 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.
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