LA JOLLA, Calif. - Palomar Holdings, Inc. (NASDAQ:PLMR), a specialty insurance company, has announced the appointment of Thomas Bradley to its Board of Directors effective February 28, 2024. Bradley, a seasoned executive with over three decades of experience in the insurance and reinsurance industry, joins the board bringing a wealth of knowledge from his previous leadership roles.
Bradley's career includes key positions such as Executive Chairman and CEO of Argo Group International Holdings (NYSE:ARGO), where he played a pivotal role in the company's strategic review and subsequent sale to Brookfield in 2023. His tenure at Argo also saw him serve as a board member and chairman. Prior to Argo, Bradley was the Chief Financial Officer and Executive Vice President at Allied World Assurance Company Holdings from 2012 to 2018.
His extensive background also encompasses executive roles at Fair Isaac (NYSE:FICO) Corporation and the St. Paul Companies, as well as senior positions at Zurich Insurance Group (OTC:ZFSVF), where he was the CFO of North America and CEO of the Universal Underwriters Group. Bradley holds a B.A. in Accounting from the University of Maryland and an MBA with a focus on Finance from Loyola University.
Palomar's Chairman and CEO, Mac Armstrong, expressed enthusiasm for Bradley's addition to the board, citing his significant expertise in capital management, corporate development, strategic planning, and mergers and acquisitions. Armstrong anticipates Bradley's contribution to the company's ongoing growth strategy, known as Palomar 2X.
Bradley also shared his eagerness to join Palomar's board and assist in capitalizing on the company's opportunities to establish itself as a leading specialty insurer and create value for stakeholders.
Palomar Holdings operates through its subsidiaries, offering products in specialty insurance markets, including earthquake insurance. The company's insurance subsidiaries hold an A- (Excellent) financial strength rating from A.M. Best.
This board appointment is based on a press release statement from Palomar Holdings, Inc.
InvestingPro Insights
As Palomar Holdings (NASDAQ:PLMR) welcomes Thomas Bradley to its Board of Directors, the company's financial metrics and market performance provide a backdrop to this strategic move. With a market capitalization of approximately $1.89 billion and a trailing twelve-month revenue growth of nearly 15%, Palomar demonstrates a robust financial position. The company's commitment to growth is further reflected in its revenue for the last quarter of 2023, which grew by an impressive 18.92%.
InvestingPro Tips for Palomar indicate a positive outlook from analysts, with three of them revising their earnings upwards for the upcoming period. This could signal confidence in the company's potential for near-term earnings growth, especially given that Palomar is trading at a low P/E ratio of 23.75 relative to this expected growth. Moreover, the company's strong return over the last three months, with a 29.4% price total return, attests to its recent market performance.
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