M&A - Palomar Holdings, Inc.

Form Type: 10-Q

Filing Date: 2025-05-06

Corporate Action: Acquisition

Type: New

Accession Number: 000143774925014835

Filing Summary: Palomar Holdings, Inc. reports its financial performance for the first quarter of 2025, highlighting significant operational metrics during the period. The company has executed an acquisition of First Indemnity of America Insurance Company (FIA) on January 1, 2025, which is reflected in their financial statements. The Company's total assets have increased to $2.426 billion as of March 31, 2025, which is a notable growth from $2.262 billion compared to the end of 2024. Revenues for the quarter rose to $174.6 million from $118.5 million in the prior year, driven by an increase in gross written premiums. The net income for the quarter stood at $42.9 million, significantly higher than the $26.4 million reported for the same period last year. Other comprehensive income also improved, indicating a recovery in unrealized gains on securities. The document also outlines the changes in stockholders' equity and cash flows, reflecting robust capital management.