Palomar Holdings, Inc. Announces Two Year, $40 Million Share Repurchase Program

~ Company intends to repurchase shares opportunistically ~

~ Previous communicated growth outlook remains unchanged~

LA JOLLA, Calif., March 29, 2021 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or the “Company”) today announced that its Board of Directors has approved a share repurchase program effective March 31, 2021. The program authorizes the repurchase by the Company of up to $40 million of its outstanding shares of common stock over the period ending on March 31, 2023. Under the share repurchase program, shares may be repurchased from time to time in the open market or negotiated transactions at prevailing market rates, or by other means in accordance with federal securities laws.

Mac Armstrong, Chairman and Chief Executive Officer of Palomar, commented, “The Board’s authorization of the share repurchase program allows Palomar to opportunistically deploy our capital in an accretive fashion and ultimately drive long-term value creation for our shareholders. The selective repurchase of shares at values we believe are depressed will not impact our ability to maintain our strong long-term growth trajectory. We remain very confident that our 2021 premium growth rate will be at a level similar to that of 2020 as well as in our ability to achieve the previously announced adjusted net income⁽¹⁾ guidance of $62 to $67 million for the calendar year 2021.”

The share repurchase program does not obligate Palomar to repurchase any particular amount of common stock and there is no guarantee as to the exact number or value of shares that will be repurchased by the Company. The Company may discontinue or suspend repurchases at any time that the Company determines additional repurchases are not warranted. The timing and amount of share repurchases under the share repurchase program will depend on several factors, including the Company's stock price performance, ongoing capital planning considerations, general market conditions and applicable legal requirements. Repurchases under the share repurchase program will be made using Palomar’s own cash resources and any shares repurchased are expected to be held as treasury shares.