Palomar announces pricing of public offering of common stock

Palomar announced the pricing of its previously announced underwritten public offering of 1,200,000 shares of Palomar’s common stock, par value $0.0001 per share, at a public offering price of $88.00 per share. In addition, the underwriters have been granted a 30-day option to purchase up to 180,000 additional shares of common stock from the company at the public offering price, less underwriting discounts and commissions.

Founded in 2014, Palomar offers customized specialty insurance solutions for homes and businesses in the face of earthquakes, hurricanes and floods. Palomar intends to use the net proceeds that it will receive from the offering for general corporate purposes, including using approximately $25.0 million to finance the contemplated acquisition of First Indemnity of America Insurance Company, a New Jersey domiciled insurance carrier specializing in surety bonds for small to medium sized contractors primarily in the Northeast United States, and to fund future growth.