Palomar Holdings Inc. (PLMR) Announces Proposed 1.2M Share Offering

Palomar Holdings, Inc. (NASDAQ: PLMR) today announced the underwritten public offering of 1,200,000 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), subject to market and other conditions. All of the shares in the offering are to be sold by Palomar. Palomar intends to grant the underwriters a 30-day option to purchase up to 180,000 additional shares of common stock at the public offering price, less the underwriting discounts and commissions.

The Company intends to use the net proceeds that it will receive from the offering for general corporate purposes, including using approximately $25.0 million to finance the contemplated acquisition of First Indemnity of America Insurance Company, a New Jersey domiciled insurance carrier specializing in surety bonds for small to medium sized contractors primarily in the Northeast United States, and to fund future growth.

J.P. Morgan, Evercore ISI, and Keefe, Bruyette & Woods, Inc., A Stifel Company, will act as joint lead book-running managers for the offering.

The shares of common stock described above are being offered by Palomar pursuant to its shelf registration statement on Form S-3 that became automatically effective upon filing with the Securities and Exchange Commission (the “SEC”) on August 8, 2024. The offering may be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by email at [email protected] and [email protected]; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at 1-888-474-0200, or by email at [email protected]; or Keefe, Bruyette & Woods, Inc., 787 Seventh Ave., 4th Floor, New York, NY, 10019, Attention: Equity Capital Markets, or by calling 800-966-1559, or by emailing [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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