Palomar Specialty Insurance Company
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Palomar Specialty Insurance Company - overview
Established
2014
Location
-, CA, US
Primary Industry
Insurance
About
Palomar Specialty Insurance Company is a US-based innovative insurer specializing in property and casualty solutions, focusing on specific risks for residential and commercial clients across various geographical markets. Palomar Specialty Insurance Company, founded in 2014, operates as a specialty insurer providing tailored insurance products. The company has undergone strategic growth, including a public offering and private placements, securing a total of USD 245. 00 mn raised by January 2020.
The founder is Mac Armstrong, who has a history in the insurance sector. Palomar is headquartered in the United States and has been involved in five deals as of June 2020. Palomar offers a comprehensive suite of property and casualty insurance solutions, including Earthquake Insurance, Inland Marine, Casualty Insurance, and Crop Insurance. These products cater to various clients, including homeowners and agricultural businesses, with specific coverage options to address unique risks such as earthquakes and crop failure.
For the year 2024, Palomar reported a revenue of USD 1,541. 96 mn and an EBITDA of USD 157. 44 mn. Revenue is generated through tailored insurance premiums, reflecting the company's commitment to meeting client needs across direct-to-consumer and B2B models.
Palomar Specialty Insurance Company plans to expand its product offerings and geographical reach. Upcoming product launches will focus on enhancing coverage for disaster-prone areas and agricultural markets. The recent funding of USD 245 mn from a Private Placement in January 2020 will support these initiatives, including anticipated expansions into new regions and markets by late 2023, as well as the development of innovative insurance solutions.
Primary Industry
Insurance
Sub Industries
Life Insurance
Website
www.palomarspecialty.com
Verticals
FinTech
Company Stage
Mature
Total Amount Raised
Subscriber access only
Palomar Specialty Insurance Company - timeline of key events
Palomar Specialty Insurance Company - financials
| Fiscal Year Ended | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2018 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (USD) | 40,582,000 | 56,733,000 | 72,302,000 | 102,878,000 | 158,363,000 | 237,434,000 | 320,738,000 | - | - | - |
| % Revenue Growth (YoY) | - | 39.8% | 27.4% | 42.3% | 53.9% | 49.9% | 35.1% | - | - | - |
| EBITDA (USD) | 9,061,000 | 7,913,000 | 21,652,000 | 20,713,000 | 8,773,000 | 63,039,000 | 74,146,000 | - | - | - |
| Operating Income (USD) | 7,911,000 | 6,673,000 | 20,516,000 | 19,145,000 | 6,223,000 | 57,178,000 | 68,424,000 | - | - | - |
| Operating Margin | 19.5% | 11.8% | 28.4% | 18.6% | 3.9% | 24.1% | 21.3% | - | - | - |
| % EBITDA Margin | 22.3% | 13.9% | 29.9% | 20.1% | 5.5% | 26.6% | 23.1% | - | - | - |
| NET Income (USD) | 6,614,000 | 3,783,000 | 18,219,000 | 10,621,000 | 6,257,000 | 45,847,000 | 52,170,000 | - | - | - |
| % Net Margin | 16.3% | 6.7% | 25.2% | 10.3% | 4.0% | 19.3% | 16.3% | - | - | - |
Palomar Specialty Insurance Company - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Trade Sale | Completed | The Gray Casualty & Surety Company | - | ||||||||
| Unspecified Exit | Completed | Palomar Specialty Insurance Company | - | ||||||||
| Private Placement/Follow on | Completed | Palomar Specialty Insurance Company | - | ||||||||
| Private Placement/Follow on | Completed | Palomar Specialty Insurance Company | - | ||||||||
| IPO | Completed | Palomar Specialty Insurance Company | - |
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Palomar Specialty Insurance Company - employee data
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