Palomar Holdings, Inc. has priced the previously announced underwritten public offering of 1,000,000 shares of its common stock at the rate of $0.0001 per share at a public offering rate of $82.00 per share. The underwriters have a 30-day option to purchase additional shares of common stock numbering up to 150,000 at the public offering price after underwriting discounts and commissions. Underwriter will buy the shares from the Company.
The Company will use the net proceeds provided from offering for general corporate purposes, which also include to contributions to the gaining capital for Palomar Excess and Surplus Insurance Company and to use as support fund for future growth.
Seven financial firms Barclays Capital Inc., J.P. Morgan and Keefe, Bruyette & Woods, Inc., Evercore Group L.L.C., William Blair & Company, L.L.C., Piper Sandler & Co., and SunTrust Robinson Humphrey, Inc. performed the duty of managing the book-running of the Offering. While JMP Securities LLC was the co-manager for the Offering.
Palomar Holdings, Inc. is the parent company and also works as insurance holding company for its of its operating subsidiaries. Operating subsidiaries include Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc. and Palomar Excess and Surplus Insurance Company.