Palomar

What Palomar does

Palomar Holdings, Inc. (NASDAQ: PLMR) is a specialty property and casualty insurance company founded in 2014 by Mac Armstrong and headquartered in La Jolla, California. The company underwrites and distributes five categories of specialty coverage — Earthquake, Casualty, Inland Marine and Property, Crop, and Surety & Credit — to both residential and commercial customers across all 50 states through its wholly-owned subsidiaries Palomar Specialty Insurance Company (OR), Palomar Excess and Surplus Insurance Company (AZ), First Indemnity of America Insurance Company (NJ), and (upon close) Palomar Casualty and Surety Company (LA). Product capability spans stand-alone residential and commercial earthquake DIC coverage, E&S casualty with up to $10MM capacity, healthcare, environmental and miscellaneous E&O liability, inland marine including $100M-capacity engineered builders risk, Hawaii residential hurricane, crop insurance via the Palomar Crop division, and a full contract, commercial, and site/subdivision surety bond platform.

Underlying technology includes proprietary digital infrastructure — most notably a custom surety bond lifecycle platform (file management, underwriting, bond issuance, claims) developed internally and a no-waiting-period flood quoting and binding system exposed through the Producer Pass portal — together with proprietary risk assessment models and catastrophe modeling supported by an in-house actuarial team led by a Fellow of the Casualty Actuarial Society. The company carries an AM Best 'A (Excellent)' group financial strength rating (upgraded July 30, 2024), is SOC 2 Type II audited, and operates with multi-channel distribution: an exclusive appointed agent/broker network, wholesale broker distribution for General Casualty, the self-serve Insured Portal for policyholders, and programs/fronting partnerships (PLMR-FRONT) with reinsurers and MGAs.

The business model is recurring premium-based: Palomar earns revenue from insurance premiums written across its specialty lines and from fronting fees on PLMR-FRONT paper. Pricing is quote-based on individual risk characteristics (property, location, deductible, coverage limits), billed monthly or per policy term. Q3 2025 gross written premiums grew 43.9% year-over-year and adjusted net income grew 70%, supported by a $300 million pending acquisition of The Gray Casualty & Surety Company (announced October 2025, expected close H1 2026) that will consolidate national surety capacity and 13 regional offices into a newly-formed Palomar Surety division launched February 2026.

Name

Palomar

Legal name

Palomar Holdings, Inc.

Website

https://plmr.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

251–500 employees

Short description

Palomar Holdings (NASDAQ: PLMR) is a specialty property and casualty insurer underwriting earthquake, casualty, inland marine, crop and surety coverage for residential and commercial customers across all 50 states through wholly-owned subsidiaries and an agent/broker distribution network.

Ownership category

akta.pro rank

Product category

Specialty Property and Casualty Insurance

NAICS

Finance and Insurance (52)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Marine Specialty (Hull/P&I/Cargo) (FSAJAGAJ)

akta.pro secondary industry

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

Keywords

• Specialty insurance
• Earthquake insurance
• Casualty insurance
• Surety bonds
• Crop insurance

Headquarters

HQ city

La Jolla

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Insurance Premiums: Palomar earns revenue through insurance premiums written across its specialty lines including Earthquake, Casualty, Inland Marine & Property, Crop, and Surety & Credit. The company reported 43.9% growth in gross written premiums in Q3 2025.
2. Crop Insurance: Revenue from crop insurance products targeting agricultural operations, offered through the Palomar Crop division at palomarcrop.com.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Palomar is a specialty property and casualty insurer underwriting commercial and residential coverage across five product categories: Earthquake, Casualty, Inland Marine and Property, Crop, and Surety & Credit. The company distributes policies through appointed agents, brokers, wholesale partners, MGAs, and a direct insured portal, with operations licensed across all 50 U.S. states. It also offers fronting (PLMR-FRONT) and customized program business for reinsurers, carriers, and MGAs using its AM Best "A (Excellent)" paper.

Product overview

Palomar is a specialty property and casualty insurance company offering a comprehensive portfolio of products across five main categories: Earthquake, Casualty, Inland Marine and Property, Crop, and Surety and Credit. The company operates through multiple subsidiaries including Palomar Specialty Insurance Company, Palomar Excess and Surplus Insurance Company, First Indemnity of America Insurance Company, and Palomar Casualty and Surety Company (formerly The Gray Casualty & Surety Company). The product lineup includes commercial and residential earthquake coverage, E&S and general casualty lines, inland marine products (builders risk, contractors equipment, motor truck cargo), environmental and healthcare liability, real estate and miscellaneous E&O, surety bonds (contract, commercial, site/subdivision), fronting services, and crop insurance. Palomar recently expanded its surety business through the February 2026 launch of Palomar Surety following its acquisition of The Gray Casualty & Surety Company for $300 million.

Differentiator

Problem solved

Functional benefit

Brands

• PLMR-FRONT: Fronting services partner for reinsurers, insurance carriers and MGAs providing AM Best rated paper solutions.
• Palomar Crop
• Palomar Protects
• Programs
• Contract Surety
• Commercial Surety
• Site & Subdivision Bonds

Products and services

• Commercial Earthquake (DIC) Admitted commercial Differences In Conditions (DIC) product providing earthquake, EQSL, and flood coverages for commercial property owners in select states, with capacity up to $30mm.
• Residential Earthquake Insurance Stand-alone earthquake insurance for homeowners and condo-unit owners in multiple states, with customizable coverage limits and deductible options ranging from 2.5% to 25%.
• E&S Casualty Excess and Surplus casualty insurance focused on working-layer capacity deployment for construction, OCIP/CCIP, and non-construction target classes, with up to $10MM capacity.
• General Casualty General liability coverage for small to mid-sized commercial and residential contractors and artisan trade contractors, with $1M/$2M/$2M limits, admitted in CA, NV, AZ and non-admitted elsewhere.
• Healthcare Liability Excess liability protection for hospitals, managed care organizations, and healthcare facilities and professionals, covering complex healthcare risks.
• Environmental Liability General liability and pollution liability coverage for manufacturing, distribution, environmental contractors, site pollution, and contractors' pollution with up to $5,000,000 capacity.
• Real Estate E&O Professional liability coverage for real estate agents, brokers, and firms protecting against claims of mistakes, oversights, or negligence, with $5,000,000 capacity.
• Miscellaneous E&O Errors & omissions coverage for over 300 classes of business professionals, with up to $5M limits and 100% allocation of defense costs.
• Inland Marine Insurance Commercial property coverage addressing movable property exposures including Builders Risk, Contractor's Equipment, Motor Truck Cargo, and Specialty Property Floaters for construction and transportation businesses.
• Engineered Builders Risk Protection for heavily engineered and complex risks in civil infrastructure, oil & gas, power generation, renewables, and heavy industries with $100M capacity.
• Hawaii Hurricane Stand-alone residential hurricane insurance for homeowners, rental dwellings, and condo unit-owners in Hawaii, with limits up to $10 million total insured value.
• Crop Insurance Specialty crop insurance offerings provided through the Palomar Crop division at palomarcrop.com, supporting agricultural risk management across the U.S.
• Contract Surety Contract surety bonds including bid, performance, payment, and warranty/maintenance bonds for contractors, with single bonds up to $30 million and work programs up to $90 million.
• Commercial Surety Commercial surety bonds including license/permit, probate, court, and public official bonds, with single bonds up to $15 million and work programs up to $30 million.
• Site & Subdivision Bonds Site and subdivision surety bonds ensuring required public improvements are completed, including residential and commercial site improvement bonds.
• PLMR-FRONT Fronting Fronting partnership offering AM Best 'A (Excellent)' rated paper on admitted and non-admitted bases through Palomar Specialty Insurance Company and Palomar Excess and Surplus Insurance Company for reinsurers, carriers, and MGAs.
• Programs Strategic solutions and customized insurance programs developed with Managing General Agents (MGAs) and reinsurers to expand market access across multiple lines of business.

Quantifiable outcome

• Gross written premiums grew by 43.9% in Q3 2025
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eleven partnerships are on record, tiered flagship, core and minor.

• San Diego Football Club (SDFC)flagshipGTM or Marketing Partner · 1 January 2025Palomar became a founding partner of San Diego Football Club in early 2025. Partnership built on common values like teamwork and commitment to giving back. Palomar presented SDFC's inaugural 'Woven into One Planet Month' sustainability campaign and hosted community service projects including Chollas Creek cleanup with over 150 volunteers.
• Surfrider FoundationcoreStrategic or Co-development Partner · 29 July 2024Partnership with Surfrider Foundation, a non-profit dedicated to protecting oceans, waves, and beaches. Palomar team members participate in beach cleanup initiatives including Mission Beach cleanup events where over 50 pounds of trash was collected. Partnership supports Surfrider's coastal conservation and plastic reduction efforts.
• Big "I" Diversity CouncilminorStrategic or Co-development Partner · 1 January 2023Joined the Big 'I' Diversity Council in January 2023 as part of supplier diversity initiative. Council engages and develops a sustainable, diverse independent agency network through various industry programs including the National Young Agents Program.
• Team RubiconcoreStrategic or Co-development Partner · 13 January 2022Palomar partners with Team Rubicon, a military veteran-led humanitarian organization that provides disaster response and recovery support. Through Palomar Protects program, Palomar contributes a percentage of premiums from flood and earthquake products to support Team Rubicon's recovery operations. Palomar team members volunteer as 'Greyshirts' to help clear debris, repair properties, and assist communities after disasters.
• California Insurance Emergency Response Association (CIERA)coreStrategic or Co-development PartnerActive member of CIERA, whose mission is to equip California's property and casualty insurance industry with resources to effectively support policyholders after catastrophic disasters. CIERA helps individuals and businesses recover more quickly through coordinated, transparent catastrophe response services.
• Surety & Fidelity Association of America (SFAA)minorOthersMembership trade association representing the surety and fidelity bonding industry. Promotes the use of surety and fidelity bonding and its vital protections through advocacy, outreach, promotion, and education.
• National Association of Surety Bond Producers (NASBP)minorOthersAssociation and resource for surety bond producers and allied surety professionals. Produces professional development seminars for construction bond producers and other businesses needing surety bonds.
• Associated General Contractors of America (AGC)minorOthersOrganization of qualified construction contractors and related industry professionals dedicated to skill, integrity, and responsibility. Provides services improving quality of construction and protecting public interest.
• Associated Builders and Contractors (ABC)minorOthersNational construction industry trade association representing more than 22,000 members. Helps members develop people, win work, and deliver work safely, ethically, and profitably for community betterment.
• Laulima ExchangeminorChannel Partner/ Reseller/ DistributorDistribution partner for Palomar's Hawaii Hurricane product through Laulima Exchange platform, providing standalone residential hurricane coverage for homeowners, rental dwellings, and condo unit-owners in Hawaii.
• Arrowhead General Insurance AgencyminorStrategic or Co-development PartnerPartnership with Arrowhead for Palomar's Value Select Earthquake Insurance product offered in California, Oregon, and Washington. Arrowhead markets residential earthquake coverage alongside their other products.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Kinsale Capital Group: Kinsale Capital Group is a publicly traded specialty P&C insurer focused on the excess and surplus (E&S) lines market, with a similar underwriting-led, data-analytics-driven model and broad agent distribution—directly comparable to Palomar's specialty P&C positioning.
• RLI Corp: RLI Corp is a specialty P&C insurer offering casualty, property, and surety coverage through independent agents, comparable to Palomar's multi-line specialty book and agent/broker distribution model.
• James River Group Holdings: James River Group is a Bermuda-based specialty P&C insurer with excess and surplus, specialty admitted, and reinsurance operations—comparable to Palomar's specialty P&C and E&S Casualty focus.
• Skyward Specialty Insurance Group: Skyward Specialty is a growing specialty P&C insurer serving commercial markets through wholesale and retail distribution with a comparable focus on underserved specialty lines—directly comparable to Palomar's specialty commercial insurance model.
• Global Indemnity Group: Global Indemnity is a specialty P&C insurer focused on E&S and admitted specialty lines distributed through wholesale and retail brokers—comparable to Palomar's E&S Casualty and specialty admitted offerings.
• HCI Group: HCI Group is a specialty P&C insurer with significant catastrophe exposure in Florida residential property—comparable to Palomar's specialty catastrophe positioning in earthquake, hurricane and inland marine lines.

Broad incumbents

• WR Berkley Corporation: WR Berkley is a large specialty P&C insurer with diversified specialty commercial lines and global reach—broader scale and product breadth than Palomar but overlapping in E&S, inland marine, and surety.
• Markel Corporation: Markel Corporation is a large specialty insurer with insurance, reinsurance, and investment operations—overlaps with Palomar in specialty P&C and surety but at materially greater scale and diversification.
• Arch Capital Group: Arch Capital Group is a global specialty P&C and mortgage insurance underwriter—comparable to Palomar's specialty insurance profile but at much larger scale and with broader geographic and product diversification.
• Hanover Insurance Group: The Hanover Insurance Group is a specialty P&C and personal lines insurer with a Specialty Industrial Practice and strong agency distribution—overlaps with Palomar in specialty commercial insurance and independent agency distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/plmrinsurance

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Palomar