Palomar Holdings launches primary and secondary public offering
California-based specialty property insurer Palomar Holdings (Palomar) has launched the underwritten public offering of 5,000,000 shares of the company’s common stock, par value $0.0001 per share, which consists of 750,000 shares of common stock offered by the company and 4,250,000 shares of common stock offered by certain selling stockholders, including affiliates of Genstar Capital.
In addition, the Genstar affiliates intend to grant the underwriters of the offering an option, exercisable within 30 days from the date of the final prospectus relating to the offering, to purchase up to an additional 750,000 shares of common stock at the public offering price, less underwriting discounts and commissions.
The company intends to use the net proceeds that it will receive from the offering for general corporate purposes, including to fund future growth. The company will not receive any proceeds from the sale of the shares by the selling stockholders.
Barclays Capital Inc., JP Morgan and Keefe, Bruyette & Woods will act as joint lead book-running managers for the offering. Evercore Group, William Blair & Company, Piper Sandler & Co. and SunTrust Robinson Humphrey, Inc. will also act as joint book-running managers for the offering. JMP Securities is acting as co-manager for the offering.
Palomar focuses on the provision of specialty property insurance for residential and commercial clients. It concentrates on markets that it believes are underserved by other insurance companies, such as the markets for earthquake, wind and flood insurance.
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