Palomar

What Palomar does

Palomar Holdings, Inc. (NASDAQ: PLMR) is a U.S. specialty property and casualty insurer founded in 2014 and headquartered in La Jolla, California, that underwrites coverage for catastrophe-exposed and other non-standard risks that standard-market carriers avoid. The company operates five product categories: Earthquake (commercial and residential), Casualty (E&S, General, Healthcare Liability, Environmental Liability, Real Estate E&O, Miscellaneous E&O), Inland Marine and Property (Builders Risk, Motor Truck Cargo, Contractor's Equipment, Hawaii Hurricane), Crop, and Surety and Credit, with products delivered through wholly owned subsidiaries including Palomar Specialty Insurance Company and Palomar Excess and Surplus Insurance Company.

Underwriting is technology-enabled, with data-driven risk selection and AI-enhanced underwriting processes; the Neptune Flood managing general agent partnership embeds a machine learning platform that automates quote generation and binding for flood insurance. Distribution runs through an independent agent and broker network supported by a dedicated Producer Pass portal, supplemented by the Neptune Flood MGA relationship and a self-service insured portal for policy management, billing, and claims reporting. Pricing is quote-based and varies by line, coverage limits, and individual risk profile, with premiums billed annually.

The company generates revenue primarily through underwriting specialty insurance policies and cedes approximately 70% of new business lines to reinsurers to manage catastrophic risk exposure. Recent inorganic moves have reshaped the franchise: the January 2025 acquisition of First Indemnity of America opened surety, the March 2025 acquisition of Advanced AgProtection accelerated the Palomar Crop build-out, and the $300 million January 2026 acquisition of The Gray Casualty & Surety Company added a Treasury-listed, all-50-states surety franchise rebranded as Palomar Casualty and Surety Company. Full-year 2025 gross written premiums reached $2.0 billion (up 31.5% year-over-year), Q1 2026 revenue was $278.9 million (up 59.7% year-over-year), and management is executing its Palomar 2X framework aimed at doubling adjusted net income within 3-5 years while sustaining a 20% return on equity.

Name

Palomar

Legal name

Palomar Holdings, Inc.

Website

https://palomarspecialty.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

251–500 employees

Short description

Palomar Holdings is a U.S. specialty property and casualty insurer that underwrites earthquake, casualty, inland marine, crop, and surety coverage for catastrophe-exposed residential, commercial, and contractor customers through independent agents, broker networks, and the Neptune Flood MGA partnership.

Ownership category

akta.pro rank

Product category

Specialty Property and Casualty Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers and Related Activities (524)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Space / Satellite Insurance (FSAJAHAJ)

akta.pro secondary industry

Inland Marine / Personal Articles & Valuable Items Insurance (FSAJACAJ)

Keywords

• Specialty property insurance
• Earthquake insurance coverage
• Excess surplus casualty
• Surety bond insurance
• Crop insurance products

Headquarters

HQ city

La Jolla

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premiums: Palomar generates revenue primarily through underwriting specialty insurance policies across five product lines: Earthquake, Casualty, Inland Marine and Property, Crop, and Surety and Credit. The company cedes approximately 70% of new business lines to reinsurers to manage risks, retaining the net premiums as core revenue.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Palomar is a specialty property and casualty insurer providing coverage across five product categories—Earthquake, Casualty, Inland Marine and Property, Crop, and Surety and Credit—for commercial and residential clients in catastrophe-exposed and underserved markets. The company underwrites specialty risks that standard insurers typically avoid, leveraging technology-enabled direct underwriting and AI-driven risk selection, and distributes products through independent agents, brokers, and managing general agents.

Product overview

Palomar Holdings is a specialty property and casualty insurance company operating as a multi-product platform serving commercial and residential clients. The company offers five core product categories: Earthquake (commercial and residential), Casualty (E&S, General, Healthcare Liability, Environmental Liability, Real Estate E&O, Miscellaneous E&O), Inland Marine and Property (Builders Risk, Motor Truck Cargo, Contractor's Equipment), Crop, and Surety and Credit. The portfolio includes both organically developed products and acquired brands, notably First Indemnity of America Insurance Company and The Gray Casualty & Surety Company (rebranded as Palomar Casualty and Surety Company). Products are underwritten through multiple subsidiaries including Palomar Specialty Insurance Company, Palomar Excess and Surplus Insurance Company, and Palomar General Insurance Agency. The company also offers Fronting and Programs services for other insurers.

Differentiator

Problem solved

Functional benefit

Brands

• Palomar Casualty and Surety Company: Rebranded from The Gray Casualty & Surety Company following Palomar's $300 million acquisition in January 2026; provides surety bonds for midsized and emerging contractors
• Palomar 2X
• Palomar Crop

Products and services

• Commercial Earthquake Insurance DIC (Difference in Conditions) earthquake insurance coverage for commercial properties in high-risk seismic areas.
• Residential Earthquake Insurance Earthquake insurance coverage for residential homeowners protecting against seismic damage.
• E&S Casualty Insurance Excess and Surplus casualty insurance products for risks that standard markets decline to cover.
• General Casualty Insurance General liability coverage for commercial businesses.
• Healthcare Liability Insurance Medical malpractice and healthcare professional liability insurance.
• Environmental Liability Insurance Environmental impairment liability coverage for businesses with environmental exposure.
• Real Estate E&O Insurance Errors and Omissions insurance for real estate professionals.
• Miscellaneous E&O Insurance Errors and Omissions coverage for various professional roles.
• Inland Marine Insurance Coverage including Builders Risk, Engineered Builders Risk, Motor Truck Cargo, and Contractor's Equipment and Floaters for contractors and businesses.
• Surety Bond Insurance Surety bond products including contract bonds for contractors, licensed in all 50 states through Palomar Casualty and Surety Company (formerly The Gray Casualty & Surety Company).
• Crop Insurance Crop insurance products for agricultural producers, operated through the Palomar Crop subsidiary.
• Hawaii Hurricane Insurance Specialized hurricane coverage for Hawaii properties, supporting Laulima Exchange policies.
• Fronting Services Fronting services provided by Palomar to other insurers, leveraging Palomar's licensed carrier capacity.
• Program Business Services Program business services offered through Palomar's platform for managing group or niche insurance programs.

Quantifiable outcome

• Q1 2026 gross written premiums of $629.8 million, up 42.4% year-over-year
• +5 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered minor and core.

• San Diego State AthleticsminorGTM or Marketing Partner · 19 February 2026Multi-year partnership naming Palomar the Official Specialty Insurance Partner and Official Volunteerism Partner. Palomar becomes the first Founding Partner under the One San Diego platform, gaining integrated visibility at SDSU Athletics marquee events. Partnership engages 500+ student-athletes in community service initiatives.
• Neptune FloodcoreChannel Partner/ Reseller/ Distributor · 7 July 2025Strategic partnership making Neptune the exclusive managing general agent for Palomar's flood insurance offerings. Neptune's data science and machine learning platform enables rapid quote generation and policy binding. The partnership aims to increase access to flood insurance nationwide as an alternative to the National Flood Insurance Program.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Arch Capital Group: Specialty insurer and reinsurer with significant exposure to catastrophe-exposed property business. Comparable specialty P&C underwriting philosophy and reinsurance-driven growth model, with similar exposure to California earthquake and Gulf hurricane markets.
• Markel Group: Specialty insurer with diverse product lines including E&S, reinsurance, and insurance-linked securities. Comparable specialty insurance operating model, though significantly larger and more diversified across other businesses.
• James River Group Holdings: Specialty insurer with E&S and fronting operations serving niche commercial markets. Closely comparable to Palomar's specialty excess and surplus casualty and fronting services in terms of customer profile and product offerings.
• Kinsale Capital Group: Specialty excess and surplus (E&S) insurer focused on hard-to-place commercial risks with strong underwriting margins. Most directly comparable to Palomar's E&S Casualty and specialty property offerings in terms of product mix, distribution through brokers, and underwriting philosophy.
• RLI Corp: Specialty P&C insurer with diversified product portfolio including casualty, property, and surety. Comparable in size, specialty focus, and underwriting discipline, with similar broker distribution model.
• W. R. Berkley Corporation: Specialty P&C insurer operating through multiple regional underwriting units focused on niche commercial risks. Comparable specialty insurance platform with strong underwriting margins and broker distribution.
• Global Indemnity Group: Specialty P&C insurer with E&S and specialty property offerings through independent agents and brokers. Comparable in size, specialty product focus, and broker distribution model, with similar target market of underserved commercial risks.

Broad incumbents

• Everest Group: Global specialty insurer and reinsurer with significant property catastrophe and specialty casualty exposure. Overlaps with Palomar's catastrophe and specialty underwriting but operates at much larger scale with broader international reach.
• Hannover Re / E&S Reciprocal Insurer: Major reinsurer with significant property catastrophe and specialty insurance offerings. Overlaps with Palomar's reinsurance relationships and broader specialty/catastrophe market dynamics, though operates as a global reinsurer rather than primary carrier.
• Chubb Limited: Global P&C insurer with significant specialty and high-net-worth personal lines exposure. Overlaps with Palomar's inland marine and specialty property offerings but operates as a much larger, more diversified incumbent.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/palomar-specialty-insurance-company
• Xx.com/PLMRinsurance
• Facebookfacebook.com/PLMRinsurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Palomar