La Jolla, Calif.-based Palomar Holdings Inc. announced the underwritten public offering of 1 million shares of the company’s common stock, par value $0.0001 per share, to fund growth.
Palomar Holdings Inc. also announced it has formed Palomar Excess and Surplus Insurance Co. in Arizona.
All of the shares in the offering are to be sold by Palomar. Palomar intends to grant the underwriters a 30-day option to purchase up to 150,000 additional shares of common stock at the public offering price, less the 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 make contributions to the capital of Palomar Excess and Surplus Insurance Co. and to fund future growth.
Barclays Capital Inc., J.P. Morgan and Keefe, Bruyette & Woods, Inc. will act as joint lead book-running managers for the offering. The shares are being offered by Palomar pursuant to its shelf registration statement on Form S-3 that became automatically effective upon filing with the Securities and Exchange Commission on June 23.
Genstar Capital announced earlier this month announced it has exited its remaining stake in Palomar Holdings Inc. In January, the company announced the underwritten public offering of 5 million shares of the company’s common stock
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