Allspring Global Investments Holdings LLC Boosts Palomar Holdings, Share Position by 25.7%
July 18, 2023
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Palomar Holdings ($NASDAQ:PLMR), Inc. is a specialty finance company based in San Diego, California. The company provides insurance-linked securities and reinsurance solutions to clients in the U.S. and abroad. Palomar’s products are designed to help customers manage their insurance and reinsurance risk. Allspring Global Investments Holdings LLC recently demonstrated its faith in Palomar Holdings, Inc. by boosting its share position by 25.7% during the first quarter of 2020.
This influx of capital shows that Allspring Global Investments is confident in the future of Palomar Holdings and its ability to continue to provide value to customers and shareholders alike. With this new investment, Palomar Holdings will be able to continue its growth trajectory and remain a leader in the global insurance market.
Analysis
GoodWhale has conducted an analysis of PALOMAR HOLDINGS‘s wellbeing. According to Star Chart, PALOMAR HOLDINGS is rated highly in terms of health, scoring 8/10 considering its cashflows and debt. This indicates that the company is capable of paying off debts and funding future operations. PALOMAR HOLDINGS is strong in terms of growth, but medium in terms of asset and weak in terms of dividend and profitability. As such, we have classified the company as a ‘cheetah’, indicating that the company has achieved high revenue or earnings growth but is considered less stable due to lower profitability. Given the nature of PALOMAR HOLDINGS, it is likely that investors seeking high growth would be interested in such a company. This could include venture capitalists, angel investors, or other forms of equity investors. Additionally, debt investors may also be interested in the company if they believe that the potential high returns outweigh the risk of investing in a less stable company. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Palomar Holdings. More…
| Total Revenues | Net Income | Net Margin |
| 338.18 | 54.95 | 16.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Palomar Holdings. More…
| Operations | Investing | Financing |
| 169.58 | -156.81 | 5.02 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Palomar Holdings. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.44k | 1.04k | 16.22 |
Key Ratios Snapshot
Some of the financial key ratios for Palomar Holdings are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 37.9% | – | 21.6% |
| FCF Margin | ROE | ROA |
| 48.4% | 11.5% | 3.2% |
Peers
The Company’s segments include Insurance, Reinsurance and Corporate. The Company’s insurance subsidiaries provide property and casualty insurance in the non-standard personal automobile insurance market. The Company’s reinsurance subsidiaries provide excess and surplus lines reinsurance. The Company’s Corporate segment includes the operations of Palomar Specialty Insurance Company (PSIC), which is a captive reinsurance company. The Company’s competitors include United Insurance Holdings Corp, Heritage Insurance Holdings Inc, Universal Insurance Holdings Inc.
– United Insurance Holdings Corp ($NASDAQ:UIHC)
United Insurance Holdings Corp is a property and casualty insurance holding company. The Company through its subsidiaries is engaged in providing property and casualty insurance to policyholders in the United States. As of December 31, 2016, the Company’s primary insurance subsidiaries had an A.M. Best rating of A- (Excellent).
– Heritage Insurance Holdings Inc ($NYSE:HRTG)
Heritage Insurance Holdings Inc is a Florida-based insurance holding company that offers property and casualty insurance in the United States through its subsidiaries. The company has a market cap of $37.99 million and a return on equity of -49.54%. Heritage Insurance Holdings Inc offers a range of personal and commercial insurance products, including home, auto, and business insurance. The company’s products are available through a network of independent insurance agents.
– Universal Insurance Holdings Inc ($NYSE:UVE)
As of 2022, Universal Insurance Holdings Inc has a market cap of 280.44M. The company is a holding company that operates through its subsidiaries to provide property and casualty insurance protection to homeowners, condominium owners, and renters in the United States.
Summary
Palomar Holdings, Inc. has recently seen an increase in investment from Allspring Global Investments Holdings LLC, with the company increasing its position in the company by 25.7%. This suggests that the investment firm has a high opinion of Palomar’s potential and is confident in the company’s future prospects. Investors should take this news as a sign that Palomar is an attractive investment opportunity.
Analysts will likely be keeping a close eye on the company as they consider their own investments. Looking at the company’s performance to date, as well as its financials and any potential risks, could provide more insight into whether Palomar is a good choice for investors.
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