Every material Form 8-K Palomar Holdings filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Palomar Holdings entered into a new executive employment agreement with CEO and Board Chair Mac Armstrong, effective January 1, 2025, extending his employment term through January 1, 2029. The filing sets his base salary, bonus targets, long-term incentive award and severance terms, including enhanced benefits tied to a change in control.
Base salary of $1,250,000 per year, with an annual target bonus of 175% of base salary and a maximum of 350% of base salary.
Annual long-term incentive award with a target value of 300% of base salary, subject to Compensation Committee approval.
Severance equal to 200% of base salary plus target bonus, paid over 24 months, if terminated without Cause or for Good Reason; certain equity accelerates on a change in control.
Palomar Holdings reported third quarter 2024 net income of $30.5 million, or $1.15 per diluted share, up from $18.4 million, or $0.73, a year earlier. Gross written premiums rose 32.2% to $415.0 million, and the company expects full-year 2024 adjusted net income of $124 million to $128 million, which includes about $8 million of Hurricane Milton losses expected in the fourth quarter.
Q3 2024 net income $30.5 million ($1.15 per diluted share) vs. $18.4 million ($0.73) in Q3 2023
Q3 2024 adjusted net income $32.4 million ($1.23 per diluted share), up 39.3% from $23.3 million
Q3 2024 catastrophe losses of $12.9 million from Hurricanes Beryl, Debby, and Helene; combined ratio 80.5% vs. 75.8%
Full-year 2024 adjusted net income outlook of $124 million to $128 million
Palomar Holdings reported second quarter 2024 net income of $25.7 million, or $1.00 per diluted share, up from $17.6 million, or $0.69, a year earlier, with gross written premiums up 40.4% to $385.2 million. The company raised its full-year 2024 adjusted net income guidance to $124 million to $130 million, which includes catastrophe losses from Hurricanes Beryl and Debby. For shareholders, the filing shows higher profit and a higher outlook for the year.
Q2 2024 net income was $25.7 million, or $1.00 per diluted share, versus $17.6 million, or $0.69, in Q2 2023.
Adjusted net income was $32.0 million, or $1.25 per diluted share, versus $21.8 million, or $0.86, in Q2 2023.
Full-year 2024 adjusted net income guidance is now $124 million to $130 million.
Gross written premiums rose 40.4% to $385.2 million; the combined ratio was 79.1%, compared with 79.0% a year earlier.
Palomar Holdings, Inc. appointed Rodolphe Herve as Chief Operating Officer, effective July 1, 2024, subject to a formal employment agreement. The company also named Tim Carter as Chief People Officer, effective June 24, 2024, as disclosed in a June 20, 2024 press release. The filing lists Herve's base salary, incentive opportunity and equity grant, which are the compensation terms shareholders can review.
Rodolphe Herve appointed Chief Operating Officer, effective July 1, 2024; previously global head of property and casualty operations at SCOR SE
Herve to receive an annual base salary of $425,000 and eligibility for the Annual Incentive Plan of up to 70% of salary
One-time grant of $550,000 in restricted stock units to Herve, vesting in three equal annual installments
Tim Carter appointed Chief People Officer, effective June 24, 2024, formerly Senior Vice President, Human Resources at LPL Financial
Palomar Holdings reported first quarter 2024 net income of $26.4 million, or $1.04 per diluted share, up from $17.3 million, or $0.68 per diluted share, a year earlier. Gross written premiums rose 47.2% to $368.1 million, and the company raised its full-year 2024 adjusted net income guidance to $113 million to $118 million, which shareholders would see as a higher outlook for profit.
Net income of $26.4 million ($1.04 diluted EPS) for Q1 2024, versus $17.3 million ($0.68) in Q1 2023
Adjusted net income of $27.8 million ($1.09 diluted adjusted EPS), versus $20.4 million ($0.80) a year earlier
Full-year 2024 adjusted net income guidance raised to $113 million to $118 million
Combined ratio of 76.9% versus 77.9% in Q1 2023; no share repurchases in Q1 2024
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Palomar Holdings filing is on SEC EDGAR ↗. 8-K briefs of other companies →