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Genstar-backed Palomar files for IPO

Palomar Holdings Inc., a specialty property insurer owned by Genstar Capital LLC, has filed for an initial public offering of its common shares.

The IPO's proposed maximum aggregate price, estimated solely to calculate the registration fee, is $50 million.

The insurer said it focuses on markets that are "underserved" by other insurance firms such as the markets for earthquake, wind and flood insurance. Its primary lines of business include residential earthquake, commercial earthquake, specialty homeowners, commercial all risk, Hawaii hurricane, residential flood and real estate investor.

Its gross written premiums stood at $154.9 million for the year ended December 2018. It logged return on equity of 20.9% and a combined ratio of 71.6% for the period.

Palomar will use the net proceeds from the offering to contribute to the capital of subsidiary Palomar Specialty Insurance Co., to grow its business and for other general corporate purposes. The planned contribution to Palomar Specialty Insurance is about $25.0 million to $40.0 million. Additionally, $20.5 million will be set aside for repaying its outstanding floating-rate senior secured notes.

The company applied to list its common shares on the Nasdaq Global Select Market under the symbol PLMR.

Barclays Capital Inc., J.P. Morgan Securities LLC and Keefe Bruyette & Woods Inc. are joint book-running managers and representatives of the underwriters, which include Evercore Group LLC, William Blair & Co. LLC, Sandler O'Neill & Partners LP and SunTrust Robinson Humphrey Inc.