Palomar Holdings Inc. completed the redemption of Palomar Insurance Holdings Inc.'s outstanding floating-rate senior notes due 2028.

Palomar Insurance Holdings issued $20 million of the notes in September 2018, with the intention of using the proceeds to pay off a surplus note and for working capital purposes. The notes were redeemed at a price equal to 102% of the principal amount, plus accrued and unpaid interest up to, but excluding, May 23, 2019.

Following the completion, the floating-rate senior notes have been terminated.