Palomar Holdings Completes Acquisition of First Indemnity of America

Deal News | Jan 02, 2025 | Globenewswire

Palomar Holdings, Inc., a specialty insurance provider, has completed its acquisition of First Indemnity of America Insurance Company (FIA) as of January 1, 2025. This strategic acquisition grants Palomar access to the surety market, known for its profitability and potential for growth. The move is aimed at diversifying Palomar's specialty insurance offerings, which include sectors such as earthquake, inland marine, and crop insurance. Palomar’s CEO, Mac Armstrong, expressed enthusiasm for the acquisition, highlighting the benefits of FIA’s experienced management team and its track record of outperforming the surety market. FIA's expertise will be leveraged to bolster Palomar's innovation and industry position. The press release includes a forward-looking statement caution, with Palomar emphasizing that future outcomes may differ due to inherent risks and uncertainties in the business.

Sectors

Insurance
Financial Services

Geography

United States – The acquiring company, Palomar Holdings, Inc., is based in La Jolla, California, indicating the U.S. as the primary geography of focus.

Industry

Insurance – The article focuses on the acquisition of a company that provides insurance products, specifically in the specialty and surety markets.
Financial Services – Involves the financial transaction of acquiring another company, impacting investment strategies and shareholder value.

Financials

Undisclosed – The financial terms of the acquisition of First Indemnity of America Insurance Company by Palomar Holdings, Inc. were not disclosed.

Participants

Name	Role	Type	Description
Palomar Holdings, Inc.	Acquirer	Company	A specialty insurance company based in La Jolla, California, known for its involvement in various insurance markets.
First Indemnity of America Insurance Company	Target	Company	An insurance company specializing in the surety market, targeted in the acquisition by Palomar Holdings, Inc.
Mac Armstrong	Chairman and Chief Executive Officer	Person	CEO of Palomar Holdings, Inc., communicating strategic insights on the acquisition.
Securities and Exchange Commission	Regulatory Body	Government	Regulatory authority overseeing public companies, mentioned in the context of risks and filings.