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PLMR on Nasdaq

Palomar Holdings, Inc.

In its 2026 annual report the company says: “We are a specialty insurance company that provides property and casualty insurance products to individuals and businesses. We leverage underwriting expertise and data-driven analytics to offer innovative solutions in five product categories: Earthquake, Casualty, Inland Marine and Other Property, Crop, and Fronting. We offer coverage in both the admitted and excess and surplus lines markets, utilizing proprietary data analytics and a technology-enabled platform to support customized underwriting and pricing.”5 It is headquartered in San Diego, United States.2 Its shares trade on Nasdaq under the symbol PLMR.2

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Last updated Oct 21, 2026.

Overview

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  • TickerPLMR on Nasdaq2
  • IndustryFire, Marine & Casualty Insurance2
  • HeadquartersSan Diego, United States2
  • Incorporated inDE3
  • Business address7979 Ivanhoe Avenue, Suite 500, La Jolla, Ca 920373
  • Filer categoryLarge accelerated filer3
  • Legal formCorporation2
  • LEI549300DOI1MUW11BLX742
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 73251602

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We are a specialty insurance company that provides property and casualty insurance products to individuals and businesses. We leverage underwriting expertise and data-driven analytics to offer innovative solutions in five product categories: Earthquake, Casualty, Inland Marine and Other Property, Crop, and Fronting. We offer coverage in both the admitted and excess and surplus lines (“E&S”) markets, utilizing proprietary data analytics and a technology-enabled platform to support customized underwriting and pricing. Our insurance company subsidiaries, Palomar Specialty Insurance Company (“PSIC”), Palomar Excess and Surplus Insurance Company (“PESIC”), and First Indemnity of America Insurance Co. (“FIA”) carry an “A” financial strength rating from A.M. Best Company (“A.M. Best”), a leading rating agency for the insurance industry.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

22.5%Net margin6
58.2%Revenue growth, 20256
20.9%Return on equity6
$409.0MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs71¢$622.2M
  • Interest0¢$392.0K
  • Income tax6¢$56.3M
  • Profit22¢$197.1M

Out of $876.0M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending0¢$137.0K
  • Share buybacks9¢$37.3M
  • Kept or used elsewhere91¢$371.7M

Out of $409.1M of cash from operations.6

Financial statements

Revenue789106$876.0M in 2025+673% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $113.3M$113.3M20192020: $168.5M$168.5M2020+49%2021: $247.8M$247.8M2021+47%2022: $327.1M$327.1M2022+32%2023: $375.9M$375.9M2023+15%2024: $553.9M$553.9M2024+47%2025: $876.0M$876.0M2025+58%
Net income789106$197.1M in 2025+1755% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $10.6M$10.6M20192020: $6.3M$6.3M2020−41%2021: $45.8M$45.8M2021+633%2022: $52.2M$52.2M2022+14%2023: $79.2M$79.2M2023+52%2024: $117.6M$117.6M2024+48%2025: $197.1M$197.1M2025+68%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Gross written premiums$2.0B$1.5B$1.1B
Ceded written premiums-$1.1B-$897.1M-$731.5M
Net written premiums$964.0M$644.9M$410.0M
Change in unearned premiums-$161.4M-$134.2M-$64.1M
Net earned premiums$802.6M$510.7M$345.9M
Net investment income$56.0M$35.8M$23.7M
Net realized and unrealized gains on investments$11.8M$4.6M$2.9M
Commission and other income$5.5M$2.8M$3.4M
Total revenues$876.0M$553.9M$375.9M
Losses and loss adjustment expenses$228.6M$134.8M$72.6M
Acquisition expenses, net of ceding commissions and fronting fees$217.1M$149.7M$107.7M
Other underwriting expenses$176.5M$117.1M$88.2M
Interest expense$392.0K$1.1M$3.8M
Total expenses$622.6M$402.7M$272.3M
Income before income taxes$253.4M$151.2M$103.6M
Income tax expense$56.3M$33.6M$24.4M
Net income$197.1M$117.6M$79.2M
Net unrealized gains (losses) on securities available for sale$24.3M-$2.9M$12.5M
Total comprehensive income$221.4M$114.7M$91.7M
Basic earnings per share (in dollars per share)$7.40$4.61$3.19
Diluted earnings per share (in dollars per share)$7.17$4.48$3.13
Basic (in shares)26.6M shares25.5M shares24.8M shares
Diluted (in shares)27.5M shares26.2M shares25.3M shares

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Corporate structure

Palomar Holdings, Inc. sits at the top of its group. 9 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Palomar Holdings, Inc.

  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Palomar Holdings, Inc., latest Apr 30, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Palomar Holdings, Inc., latest Mar 27, 2026 (5 filings since Feb 10, 2022)
  • BlackRock Filed SCHEDULE 13G/A on Palomar Holdings, Inc., latest Apr 29, 2025 (5 filings since Jan 26, 2022)
  • Champlain Investment Partners, LLC Filed SCHEDULE 13G on Palomar Holdings, Inc., latest Nov 12, 2024 (2 filings since Feb 13, 2024)
  • Amundi Filed SC 13G/A on Palomar Holdings, Inc., latest Feb 10, 2023 (2 filings since Feb 14, 2022)
  • Palomar Holdings, Inc. San Diego, California, United States
    • First Indemnity of America Insurance Company Subsidiary · New Jersey, United States
    • Palomar Crop Insurance Services, Inc. Subsidiary · Delaware, United States
    • Palomar Excess and Surplus Insurance Company Subsidiary · Arizona, United States
    • Palomar Insurance Agency DBA Palomar General Insurance Agency Subsidiary · California, United States
    • Palomar Insurance Holdings, Inc. Subsidiary · Delaware, United States
    • Palomar Specialty Insurance Company Subsidiary · Oregon, United States
    • Palomar Specialty Reinsurance Company Bermuda, Ltd. Subsidiary · Bermuda
    • Palomar Underwriters Exchange Organization, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Palomar Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$35.4M6 Dec 31, 2025$30.7M6 Dec 31, 2024+15.4%
Property and equipment, before depreciation$4.6M6 Dec 31, 2025$2.3M6 Dec 31, 2024+104.1%
Accumulated depreciation$2.1M6 Dec 31, 2025$1.8M6 Dec 31, 2024+12.7%
Property and equipment, net$2.6M6 Dec 31, 2025$429.0K6 Dec 31, 2024+494.6%
Operating-lease assets (leased space)$6.9M6 Dec 31, 2025$7.6M10 Dec 31, 2024−9.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$106.9M6 Dec 31, 2025$80.4M6 Dec 31, 2024+32.9%
Debt securities available for sale$1.2B6 Dec 31, 2025$939.0M6 Dec 31, 2024+30.4%
Stakes in other companies (equity method)$06 Dec 31, 2025$2.3M6 Dec 31, 2024−100.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$30.5M6 Dec 31, 2025$3.8M6 Dec 31, 2024+711.3%
Indefinite-lived intangibles (excluding goodwill)$2.3M6 Dec 31, 2025$744.0K6 Dec 31, 2024+215.1%
Accumulated amortization$10.2M6 Dec 31, 2025$5.5M6 Dec 31, 2024+84.5%
Customer relationships, net$38.5M6 Dec 31, 2025$14.3M6 Dec 31, 2024+169.3%

Properties, in its own words

Our primary executive offices and insurance operations are located in La Jolla, California, where we occupy approximately 22,000 square feet of leased office space for annual rent and rent-related operating payments of approximately $1.0 million with the lease expiring in 2034. We also have an office in Edina, Minnesota, which occupies 7,457 square feet of office space for annual rent and rent-related operating payments of approximately $0.2 million. The lease for this space expires in 2027.

In addition, as part of the acquisition of FIA, we acquired office suites that we own and use for corporate operations, consisting of approximately 21,250 square feet, of which approximately 6,000 square feet are occupied for corporate operations and the remainder is leased to third parties.

The rest of Item 2

We believe that our owned and leased facilities are adequate for our current needs.

Item 2 of the 10-K filed Feb 24, 2026.5

Leadership

Who has led Palomar Holdings, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Mac Armstrong2019–now

Chair

  1. Mac Armstrong2020–now

President

  1. Heath A. Fisher2019–2022
  2. Jon Christianson2022–now

Chief financial officer

  1. T. Christopher Uchida2019–now

Chief operating officer

  1. Jon Christianson2019–2020
  2. Britt Morries2020–2021
  3. Rodolphe Herve2024–now
20202025
Board members and other officers (15)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • First Indemnity of America Insurance Company New Jersey4
  • Palomar Crop Insurance Services, Inc. Delaware4
  • Palomar Excess and Surplus Insurance Company Arizona4
  • Palomar Insurance Agency DBA Palomar General Insurance Agency California4
  • Palomar Insurance Holdings, Inc. Delaware4
  • Palomar Specialty Insurance Company Oregon4
  • Palomar Specialty Reinsurance Company Bermuda, Ltd. Bermuda4
  • Palomar Underwriters Exchange Organization, Inc. Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • GC Palomar HoldingsDec 14, 2018 to Feb 13, 20193

Timeline

  1. Aug 11, 20268-K Regulation FD disclosure36
  2. Aug 4, 20268-K Results of operations; Other events37
  3. May 29, 20268-K Regulation FD disclosure; Other events38
  4. May 26, 20268-K Executive or director change; Shareholder vote; Regulation FD disclosure39
  5. May 6, 20268-K Results of operations; Other events40
  6. Feb 23, 20268-K Regulation FD disclosure41
  7. Feb 11, 20268-K Results of operations42
  8. Feb 2, 20268-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation43
  9. Nov 6, 20258-K Results of operations44
  10. Oct 30, 20258-K Entered a material agreement; Regulation FD disclosure45
  11. Aug 4, 20258-K Results of operations; Other events46
  12. May 29, 20258-K Other events47
  13. Apr 16, 2019New chief executive Mac Armstrong becomes CEO14
  14. Mar 14, 2019Founded Palomar Holdings, Inc. is founded2

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $1.82 a share, on Nov 6, 2025.48

When it reported results

  1. Aug 4, 2026Reported quarterly or annual results37
  2. May 6, 2026Reported quarterly or annual results40
  3. Feb 11, 2026Reported quarterly or annual results42
  4. Nov 6, 2025Reported quarterly or annual results44
  5. Aug 4, 2025Reported quarterly or annual results46
  6. May 5, 2025Reported quarterly or annual results49
  7. Feb 12, 2025Reported quarterly or annual results50
  8. Nov 4, 2024Reported quarterly or annual results51

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

549 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 49 major events, 318 insider forms, 15 large holders, 147 other. The latest 20:

  1. Sep 22, 20264 PRIMARY DOCUMENT EDGAR
  2. Sep 21, 2026144 EDGAR
  3. Sep 11, 20264 PRIMARY DOCUMENT EDGAR
  4. Aug 24, 20264 PRIMARY DOCUMENT EDGAR
  5. Aug 21, 2026144 EDGAR
  6. Aug 20, 20264 PRIMARY DOCUMENT EDGAR
  7. Aug 20, 20264 PRIMARY DOCUMENT EDGAR
  8. Aug 20, 20264 PRIMARY DOCUMENT EDGAR
  9. Aug 14, 2026144 EDGAR
  10. Aug 14, 2026144 EDGAR
  11. Aug 11, 20268-K EDGAR
  12. Aug 5, 202610-Q EDGAR
  13. Aug 4, 20264 PRIMARY DOCUMENT EDGAR
  14. Aug 4, 20268-K EDGAR
  15. Jul 28, 2026144 EDGAR
  16. Jul 22, 20264 PRIMARY DOCUMENT EDGAR
  17. Jul 21, 2026144 EDGAR
  18. Jul 21, 20264 PRIMARY DOCUMENT EDGAR
  19. Jul 17, 20264 PRIMARY DOCUMENT EDGAR
  20. Jul 9, 2026144 EDGAR

The 549 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

256 open-market trades by officers, directors and large owners since October 2021: 9 buys and 247 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 21, 2026Armstrong MacCEO and ChairmanSale3,500$134.99$472.5KForm 4
Sep 2, 2026Bradley DarylDirectorBuy1$131.96$135Form 4
Aug 21, 2026Armstrong MacCEO and ChairmanSale3,500$130.60$457.1KForm 4
Aug 18, 2026Knutzen JonathanChief Risk OfficerSale296$127.75$37.8KForm 4
Aug 18, 2026Uchida T ChristopherChief Financial OfficerSale791$127.74$101.0KForm 4
Aug 18, 2026Christianson JonPresidentSale528$127.75$67.5KForm 4
Jul 31, 2026Herve RodolpheChief Operating OfficerSale1,207$135.35$163.4KForm 4
Jul 21, 2026Armstrong MacCEO and ChairmanSale3,500$137.27$480.4KForm 4
Jul 20, 2026Christianson JonPresidentSale3,000$139.50$418.5KForm 4
Jul 15, 2026Armstrong MacCEO and ChairmanSale60,741$131.66$8.0MForm 4
Jul 2, 2026Christianson JonPresidentSale6,863$139.50$957.4KForm 4
Jun 28, 2026Carter TimothyChief People OfficerSale480$124.29$59.7KForm 4
Jun 22, 2026Armstrong MacCEO and ChairmanSale3,500$112.96$395.4KForm 4
May 21, 2026Armstrong MacCEO and ChairmanSale3,500$114.39$400.4KForm 4
May 18, 2026Knutzen JonathanChief Risk OfficerSale281$115.26$32.4KForm 4
May 18, 2026Uchida T ChristopherChief Financial OfficerSale783$115.26$90.2KForm 4
May 18, 2026Christianson JonPresidentSale522$115.26$60.2KForm 4
Apr 21, 2026Armstrong MacCEO and ChairmanSale3,500$130.77$457.7KForm 4
Apr 15, 2026Armstrong MacCEO and ChairmanSale3,197$129.46$413.9KForm 4
Apr 15, 2026Christianson JonPresidentSale1,937$128.62$249.1KForm 4

All 256 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Mac ArmstrongChief Executive Officer and Chairman of the Board51$1.2M$9.0M57
2025Chris UchidaChief Financial Officer$589.9K$3.0M57
2025Jon ChristiansonPresident$556.0K$2.8M57
2025Jon KnutzenChief Risk Officer$493.8K$2.3M57
2025Rodolphe HervéChief Operating Officer$445.4K$1.7M57
2024Mac ArmstrongChief Executive Officer and Chairman of the Board51$997.1K$5.5M57
2024Chris UchidaChief Financial Officer$513.8K$1.8M57
2024Jon ChristiansonPresident$483.8K$1.7M57
2024Rodolphe HervéChief Operating Officer$204.3K$1.6M57
2024Jon KnutzenChief Risk Officer$448.7K$1.6M57
2023Mac ArmstrongChief Executive Officer and Chairman of the Board51$850.0K$3.5M57
2023Chris UchidaChief Financial Officer$447.1K$1.2M57
2023Jon ChristiansonPresident$422.1K$1.1M57
2023Jon KnutzenChief Risk Officer$376.5K$1.0M57

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.4,401,832$556.3M0.0%+16,694
Vanguard Portfolio Management LLC1,234,699$156.1M0.0%+15,739
Vanguard Capital Management LLC1,192,254$150.7M0.0%−6,283
State Street Corp1,122,717$141.9M0.0%+60,429
Jupiter Topco LLC1,045,459$132.2M0.1%New
American Century Companies Inc767,319$97.0M0.0%+181,609
Stephens Investment Management Group LLC732,301$92.6M1.0%+17,387
Geode Capital Management, LLC715,901$90.5M0.0%+32,887
Sumitomo Mitsui Trust Group, Inc.713,127$90.1M0.1%−3,208
Hood River Capital Management LLC682,283$86.2M0.6%+256,237
Westfield Capital Management Co LP668,854$84.5M0.3%−185,262
Dimensional Fund Advisors LP662,894$83.8M0.0%+9,868
Freestone Grove Partners LP622,335$78.7M0.5%+145,851
Citadel Advisors LLC391,299$49.5M0.0%+78,567
Artemis Investment Management LLP333,968$42.2M0.4%+59,354
Voya Investment Management LLC325,715$41.2M0.0%+5,265
Point72 Asset Management, L.P.311,367$39.4M0.1%+162,789
Northern Trust Corp306,783$38.8M0.0%+19,072
Federated Hermes, Inc.302,615$38.2M0.1%−6,138
Champlain Investment Partners, LLC272,480$34.4M0.9%−54,468
Charles Schwab Investment Management Inc260,015$32.9M0.0%+4,021
Emerald Advisers, LLC248,267$31.4M0.7%−50,092
Bank of New York Mellon Corp245,001$31.0M0.0%+96,555
Villere St Denis J & Co LLC216,269$27.3M3.3%−30,274
Morgan Stanley204,213$25.8M0.0%−5,038

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Palomar Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPalomar Holdings, Inc.1
  • CIK0001761312
  • Employer ID (EIN)83-39725515
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6331 Fire, Marine & Casualty Insurance1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address7979 Ivanhoe Avenue, Suite 500, La Jolla, CA 920371
  • Phone619-567-52901
  • Shares outstanding26,317,683 as of Aug 2, 202612
  • Public float$4.0B as of Jun 30, 20255
  • AuditorErnst & Young LLP, San Francisco, California PCAOB ID 42; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceDec 14, 20181
  • Filings822 in all: 4 (459), 144 (123), 8-K (81), 10-Q (23), 3 (23), SC 13G/A (14), CORRESP (10), DEFA14A (8)1
    All 32 form types

    S-8 (8), UPLOAD (8), 10-K (7), DEF 14A (7), 4/A (6), SC 13G (6), 424B5 (4), ARS (4), 424B4 (3), DRS (3), DRSLTR (3), EFFECT (3), S-1 (3), SCHEDULE 13G/A (3), S-1/A (2), S-3ASR (2), SCHEDULE 13G (2), 5 (1), 8-A12B (1), CERT (1), DRS/A (1), NT 10-K (1), PRE 14A (1), S-1MEF (1)

  • Latest filingsAnnual report (10-K) Feb 24, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Apr 10, 2026
    Latest 8-K (8-K) Aug 11, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per sharePLMRNasdaq

From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Palomar Holdings, Inc. names in Item 1A of its 10-K filed Feb 24, 2026: 53 risks under these headings, as written.5

  • Risks Related to Our Business and Industry
  • Claims arising from unpredictable and severe catastrophe events, including those caused by global climate change, could reduce or eliminate our earnings and stockholders’ equity, particularly if such events occur with greater frequency or severity than historical experience, and could limit our ability to underwrite new insurance policies.
  • Our reinsurers may not pay claims on a timely basis, or at all, which may materially adversely affect our business, financial condition, and results of operations.
  • Our loss reserves are established based on estimates and assumptions, which may be inadequate to cover actual incurred losses, including as a result of changes in claims severity, litigation trends, or other loss development, and could have a material adverse impact on our results of operations and financial condition.
  • We may be unable to purchase third-party reinsurance or otherwise expand our catastrophe coverage in amounts we desire or on terms that are commercially acceptable and adequately protect us, including due to volatility in reinsurance market conditions, and this inability may materially adversely affect our business, financial condition and results of operations.
  • We utilize several risk management and loss limitation methods, including reliance on estimates and models. If these methods fail to adequately manage our exposure to losses from catastrophe events and other underwriting risks, our losses could be materially higher than our expectations, and our business, financial condition, and results of operations could be materially adversely affected.
  • A decline in our financial strength rating may adversely affect the amount of business we write and impact compliance with our debt covenants.
  • We and our customers could be negatively and adversely impacted by pandemics, disease outbreaks and other public health crises.
  • Our business is concentrated in California and we are exposed more significantly to California loss activity and regulatory environments, including regulatory constraints on pricing, underwriting actions, and the timing or approval of rate changes.
  • We could be adversely affected by the loss of one or more key executives or by an inability to attract and retain qualified personnel.
  • We rely on a select group of brokers and program administrators, and such relationships may not continue or may not perform as expected.
  • Because we provide our program administrators with specific quoting and binding authority, if any of them fail to comply with pre‑established guidelines, our results of operations could be adversely affected.
The other 42 risks
  • Because our business depends on insurance brokers and program administrators, we are exposed to certain risks arising out of our reliance on these distribution channels that could adversely affect our results.
  • Competition for business in our industry is intense, which may result in pricing pressure, reduced underwriting margins, or changes in market share.
  • If actual renewals of our existing policies do not meet expectations, our written premium in future years and our future results of operations could be materially adversely affected.
  • Our failure to accurately and timely evaluate and pay claims could materially and adversely affect our business, financial condition, results of operations, and prospects.
  • We may act based on inaccurate or incomplete information regarding the accounts we underwrite.
  • We may change our underwriting guidelines or business strategy without stockholder approval.
  • Our employees could take excessive risks, which could negatively affect our financial condition and business.
  • We may require additional capital in the future, which may not be available or may only be available on unfavorable terms.
  • We may not be able to manage our growth effectively.
  • We face risks associated with the evaluation of potential acquisitions, the integration of acquired businesses, and the introduction of new products, lines of business, and markets.
  • Our operating results have varied from quarter to quarter and may not be indicative of our long‑term prospects.
  • Our Credit Agreement contains restrictions and covenants that limit our operating flexibility, and any debt borrowed under our Credit Agreement exposes us to additional risk and may adversely affect our financial condition and future financial results.
  • Volatility in crop prices, as a result of weather conditions or other events, could adversely impact the performance of our crop business and our results of operations.
  • Instability in the surety market, resulting from construction defaults, contractual disputes, or evolving regulatory requirements, could negatively impact the performance of our surety products;
  • Risks Related to the Economic Environment
  • Adverse economic factors, including recession, inflation, periods of high unemployment or lower economic activity could result in the sale of fewer policies than expected or an increase in the frequency of claims and premium defaults, and even the falsification of claims, or a combination of these effects, which, in turn, could affect our growth and profitability.
  • Changes in global trade policies, including the imposition of tariffs, along with broader economic uncertainty, could contribute to financial market volatility, interest rate fluctuations, and disruptions to the sectors we insure.
  • Performance of our investment portfolio is subject to a variety of investment risks that may adversely affect our financial results.
  • We could be forced to sell investments to meet our liquidity requirements.
  • Risks Related to Technology
  • The failure or disruption of our information technology and telecommunications systems could adversely affect our business.
  • Security breaches or cyber-attacks could expose us to liability and damage our reputation and business.
  • We employ third‑party licensed software for use in our business, and the inability to maintain these licenses, problems with the software we license, or increases to the cost of software licenses could adversely affect our business.
  • Control weaknesses or failures in cloud-based software could adversely affect our business.
  • The growth and evolution of artificial intelligence (AI) may impact our business and operations
  • Risks Related to Laws and Regulations
  • We are subject to extensive regulation, which may adversely affect our ability to achieve our business objectives. In addition, if we fail to comply with these regulations, we may be subject to penalties, including fines and suspensions, which may adversely affect our financial condition and results of operations.
  • Unexpected changes in the interpretation of our coverage or provisions, including loss limitations and exclusions, in our policies could have a material adverse effect on our financial condition and results of operations.
  • Our Crop insurance business is subject to extensive regulation and non-compliance with the regulations or changes in the regulations may adversely impact our business
  • We may become subject to additional government or market regulation, including additional regulation around cybersecurity, which may have a material adverse impact on our business.
  • Changes in tax laws as a result of the enactment of tax legislation could impact our operations and profitability.
  • If states increase the assessments we are required to pay, our business, financial condition and results of operations would suffer.
  • Because we are a holding company and substantially all our operations are conducted by our insurance subsidiaries, our ability to pay dividends depends on our ability to obtain cash dividends or other permitted payments from our insurance subsidiaries.
  • The effects of litigation on our business are uncertain and could have an adverse effect on our business.
  • We rely on the use of credit scoring in pricing and underwriting certain of our insurance policies and any legal or regulatory requirements that restrict our ability to access credit score information could decrease the accuracy of our pricing and underwriting process and thus decrease our ability to be profitable.
  • Failure to protect our intellectual property rights could impair our ability to protect our intellectual property, proprietary technology platform and brand, or we may be sued by third parties for alleged infringement of their proprietary rights.
  • Changes in accounting standards and future pronouncements may materially affect our reported financial results.
  • We incur significant costs as a public company, and our management is required to devote substantial time to complying with public company regulations.
  • We are required by Section 404 of the Sarbanes‑Oxley Act to evaluate the effectiveness of our internal control over financial reporting. If we are unable to achieve and maintain effective internal controls, our operating results and financial condition could be harmed and the market price of our common stock may be negatively affected.
  • Applicable insurance laws may make it difficult to effect a change of control.
  • Risks Related to Ownership of Our Common Stock
  • Future transactions where we raise capital may negatively affect our stock price.
  • Our operating results and stock price may be volatile, or may decline regardless of our operating performance, and holders of our common stock could lose all or part of their investment.
  • Anti‑takeover provisions in our organizational documents could delay or prevent a change in management and limit our share price.
  • Our certificate of incorporation and bylaws provide that the Court of Chancery of the State of Delaware is the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.

Legal proceedings

We are subject to routine legal proceedings in the normal course of operating our insurance business. We are not involved in any legal proceedings which reasonably could be expected to have a material adverse effect on our business, results of operations or financial condition.

The opening of Item 3, Legal Proceedings.5

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