Palomar Holdings Inc (NASDAQ: PLMR) is a specialty insurance company that provides property and casualty insurance products to individuals and businesses. It makes money by collecting premiums across five product categories: Earthquake, Casualty, Inland Marine and Other Property, Crop, and Fronting, writing coverage in both the admitted and excess and surplus lines markets. Palomar positions itself against large generalist insurance companies and state-managed entities by using proprietary data analytics and a technology-enabled platform to support customized underwriting and pricing. The company operates through insurance subsidiaries including Palomar Specialty Insurance Company and Palomar Excess and Surplus Insurance Company. Its management team founded the company to address what it identified as unmet needs in specialty insurance markets historically served by carriers applying uniform pricing across broad geographies. As of the 10-K filed 2026-02-24, Palomar entered a $450 million unsecured credit facility maturing January 27, 2031, partially to facilitate the Gray Surety acquisition, and plans to report Surety and Credit premium as a separate product line beginning in 2026.

Revenue model

Premium-based insurance revenue across five product lines: Earthquake, Casualty, Inland Marine and Other Property, Crop, and Fronting. Coverage is written in both admitted markets (rates and forms approved by state insurance departments) and excess and surplus lines markets. Fronting premium will be consolidated into existing lines beginning in 2026, and Surety and Credit will become a separately reported line following the Gray Surety acquisition.

Products and services

Specialty property and casualty insurance across five categories: Earthquake insurance, Casualty insurance, Inland Marine and Other Property insurance, Crop insurance, and Fronting. Both admitted products (backed by state guaranty funds) and surplus lines policies are offered. Beginning in 2026, Surety and Credit will be reported as a separate product line.

Customers and end markets

Individual policyholders and businesses seeking specialty property and casualty coverage. Distribution is conducted through insurance distribution partners as well as direct channels. End markets include personal lines and commercial lines across specialty risk categories such as earthquake exposure and crop risk.

Value-chain role

Specialty insurance carrier and underwriter. Uses proprietary data analytics and a technology-enabled platform to underwrite and price customized policies. Operates as both an admitted carrier and an excess and surplus lines carrier through separate insurance subsidiaries.

Geographic exposure

United States, operating in both admitted state-regulated markets and excess and surplus lines markets across multiple states. Specific state or regional revenue breakdown not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-02-24

Industry: Fire, Marine & Casualty Insurance Peers: Hanover Insurance Group Inc White Mountains Insurance Group Ltd Kemper Corp Lemonade Inc Mercury General Corp RLI Corp Progressive Corp Safety Insurance Group Inc Stewart Information Services Corp