Palomar Holdings Inc. launched an underwritten public offering of 5,000,000 common shares, consisting of 750,000 common shares offered by the company and 4,250,000 offered by certain selling shareholders, which include Genstar Capital LLC affiliates.

Genstar Capital's affiliates will grant the underwriters a 30-day option to buy up to an additional 750,000 shares at the public offering price, less underwriting discounts and commissions.

The proposed maximum aggregate offering price is about $274.9 million, or $47.80 per share, estimated solely for the purpose of calculating the registration fee.

Palomar will use proceeds from the offering for general corporate purposes, including financing future growth. The company will not receive any proceeds from the sale of the shares by the selling shareholders.

Barclays Capital Inc., J.P. Morgan, and Keefe Bruyette & Woods Inc. will serve as joint lead book-running managers for the offering. Evercore Group LLC, William Blair & Co. LLC, Piper Sandler & Co. and SunTrust Robinson Humphrey Inc. will be the joint book-running managers, while JMP Securities LLC will act as a co-manager.

Additionally, Palomar projects gross written premiums of approximately $71.0 million to $72.5 million for the quarter ended Dec. 31, 2019. The company said it did not see material losses from any catastrophe event during the quarter.