LA JOLLA, Calif.—Jon Christianson, the President of Palomar Holdings, Inc. (NASDAQ:PLMR), recently sold a portion of his holdings in the company. The insurance provider, currently valued at $2.78 billion, has delivered impressive returns with its stock up 79% over the past year according to InvestingPro data. According to a recent SEC filing, Christianson sold 819 shares of Palomar common stock on January 1, 2025, at a price of $105.86 per share. The total value of the transaction amounted to $86,699.
The sale was conducted as part of a mandatory sell-to-cover provision related to a performance stock unit (PSU) award. This provision required the sale of shares to cover the minimum statutory tax withholding obligations that arose when the PSU award vested. Following the transaction, Christianson retains ownership of 55,126 shares of Palomar Holdings.
In addition to the sale, Christianson acquired 2,032 shares of common stock at no cost, as part of a previously granted PSU award that vested on the same date. This acquisition was based on the achievement of specific company financial performance criteria and the completion of a required service period through January 1, 2025.
Palomar Holdings, a company specializing in fire, marine, and casualty insurance, is headquartered in La Jolla, California.
In other recent news, Palomar Holdings has reported significant developments. The company has entered a new executive employment agreement with its CEO, Mac Armstrong, extending his tenure through 2029. Under this agreement, Armstrong's annual base salary is set at $1,250,000, with potential bonuses and long-term incentive awards tied to performance objectives.
Investment firms Piper Sandler and Keefe, Bruyette & Woods have both upgraded their price targets for Palomar, reflecting a positive outlook on the company's growth prospects. Piper Sandler increased its price target to $119, while Keefe, Bruyette & Woods raised its target to $136.
Palomar Holdings also appointed Benson Latham as Executive Vice President, Head of Crop, as part of its strategic efforts to expand its position in the specialty insurance sector. This move comes in line with the company's strong third-quarter performance in 2024, where adjusted net income and total premium growth increased by 39% and 32% respectively. The company also raised $160 million in equity, aiming to capitalize on market dislocations and expand its crop business.
Finally, Palomar anticipates a full-year adjusted net income guidance of $124 million to $128 million, marking a 35% increase from 2023. The company is also on track to meet its Palomar 2X goal, which aims to double its adjusted underwriting income in three years. These developments underline Palomar's strategic focus on growth and expansion.
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