Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
+Added: Market information for Common Stock
Our common shares began trading on the NASDAQ Global Select Market under the symbol “PLMR” on April 17, 2019.
Prior to that time, there was no public market for our common shares.
−Removed: As of March 3, 2021, there were approximately 11 holders of record of our common stock.
+Added: As of February 22, 2022, there were approximately 9 holders of record of our common stock.
Because most of our shares of common stock are held by brokers and other institutions on behalf of our stockholders, this number is not representative our total stockholders.
+Added: Payment of Dividends
The continued operation and growth of our business will require substantial capital.
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These restrictions, and any other future restrictions adopted by the BMA, could have the effect, under certain circumstances, of significantly reducing dividends or other amounts payable to us by our Bermuda reinsurance subsidiary without affirmative approval of the BMA.
−Removed: Any determination to pay dividends in the future will be at the discretion of our Board of Directors and will depend upon results of operations, financial condition, restrictions imposed by applicable law and other factors our Board of Directors deems relevant.
+Added: Any determination to pay dividends in the future will be at the discretion of our Board of Directors and will depend upon results of operations, financial condition, restrictions imposed by applicable law and other factors our
+Added: Board of Directors deems relevant.
Consequently, investors may need to sell all or part of their holdings of our common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investment.
Investors seeking immediate cash dividends should not purchase our common stock.
+Added: Issuer Purchases of Equity Securities
+Added: During the year ended December 31, 2021, the Company’s Board of Directors approved the adoption of a share repurchase program which became effective March 31, 2021.
+Added: The program authorized the repurchase by the Company of up to $40 million of its outstanding shares of common stock through the period ending on March 31, 2023.
+Added: The Company purchased 239,096 shares for $15.9 million under this program during the 12 months ended December 31, 2021.
Performance Graph
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December 31, 2020
+Added: December 31, 2021
Palomar Holdings, Inc
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Nasdaq Insurance Index
−Removed: Selected Consolidated Financial and Other Data
−Removed: The following tables present selected consolidated financial and other data as of and for the periods indicated below.
−Removed: This selected data has been derived from our audited consolidated financial statements.
−Removed: Our historical results are not necessarily indicative of the results that should be expected in any future period.
−Removed: You should read this data together with our audited consolidated financial statements and related notes which are included elsewhere in this Annual Report on Form 10-K, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” also included elsewhere this Annual Report on Form 10-K.
−Removed: Year Ended December 31,
−Removed: Selected Operating Data and Key Ratios
−Removed: (in thousands except shares and per share data)
−Removed: Results of Operations:
−Removed: Gross written premiums
−Removed: Ceded written premiums
−Removed: Net written premiums
−Removed: Net earned premiums
−Removed: Total underwriting revenue (1)
−Removed: Losses and loss adjustment expenses
−Removed: Underwriting income (loss) (1)
−Removed: Adjusted net income (1)
−Removed: Per Share Data:
−Removed: Diluted earnings per share
−Removed: Diluted adjusted earnings per share (1)
−Removed: Key Financial and Operating Metrics:
−Removed: Return on equity
−Removed: Adjusted return on equity(1)
−Removed: Expense ratio
−Removed: Combined ratio
−Removed: Adjusted combined ratio (1)
−Removed: Catastrophe losses
−Removed: Catastrophe loss ratio (1)
−Removed: Adjusted combined ratio excluding catastrophe losses (1)
−Removed: NM-Not Meaningful
−Removed: (1) Indicates non-GAAP financial measure;
−Removed: see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Reconciliation of Non-GAAP Financial Measures” for a reconciliation of the non-GAAP financial measures to their most directly comparable financial measures prepared in accordance with GAAP.
−Removed: Selected Balance Sheet Data
−Removed: (in thousands)
−Removed: Total investments
−Removed: Cash and cash equivalents
−Removed: Premium receivable
−Removed: Deferred policy acquisition costs
−Removed: Reinsurance recoverable
−Removed: Ceded unearned premiums
−Removed: Accounts payable and other accrued liabilities
−Removed: Reserve for losses and loss adjustment expenses
−Removed: Unearned premiums
−Removed: Ceded premium payable
−Removed: Other liabilities
−Removed: Long‑term notes payable
−Removed: Total liabilities
−Removed: Total stockholders’ equity
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.