La Jolla, California-based Palomar Holdings, Inc. stories it’s shopping for First Indemnity of America Insurance coverage Co. (FIA), a Morris Plains, New Jersey domiciled insurance coverage service specializing in surety bonds for small to medium sized contractors primarily within the Northeast states.
On August 8, Palomar introduced the pricing of a public providing of 1,200,000 shares of frequent inventory at a value of $88.00 per share. The corporate mentioned it intends to make use of about $25 million of the online proceeds from the providing to finance the contemplated acquisition of First Indemnity, with the remainder io proceeds for use to fund future development.
Based in 1979, FIA Initially supplied surety for small and medium dimension contractors however the firm has expanded to cowl further surety wants corresponding to elevated bond limits and all surety bond classes. FIA started writing surety in New Jersey however now additionally writes in Alabama, Delaware, Florida, Georgia, Maryland, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia.
Patrick J. Lynch Sr. is president of FIA.
Palomar is a specialty insurer serving residential and business shoppers in 5 product classes: earthquake, inland marine and different property, casualty, fronting, and crop. Palomar Holdings, Inc. is the holding firm of subsidiaries together with Palomar Specialty Insurance coverage Co., Palomar Specialty Reinsurance Co. Bermuda Ltd., Palomar Insurance coverage Company, Inc., Palomar Extra and Surplus Insurance coverage Co. and Palomar Underwriters Alternate Group, Inc.
In asserting Palomar’s second quarter outcomes earlier this week, Mac Armstrong, chairman and chief government officer, reminded buyers that in 2022 the corporate set a aim of doubling its underwriting earnings over a three-to-five-year time-frame. This week the corporate introduced that gross written premiums elevated 40.4% to $385.2 million in comparison with $274.3 million within the second quarter of 2023, whereas web earned premiums elevated 47.1% in comparison with the prior 12 months’s second quarter.
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