Here are 1-3 brief analogies for Palomar (PLMR):

• A State Farm for earthquake and hurricane insurance.
• The Chubb of catastrophe insurance.
• A Lemonade focused on natural disaster insurance.

• Residential Earthquake Insurance: Protects homeowners against financial losses from earthquake damage to their residences.
• Commercial Earthquake Insurance: Provides coverage for businesses and commercial properties against earthquake-related damages.
• Hawaii Hurricane Insurance: Offers property insurance specifically designed to cover losses caused by hurricanes in Hawaii.
• All-Risk and Inland Marine Insurance: Provides comprehensive property and business interruption coverage for various commercial risks, including specialized assets and goods in transit.
• Flood Insurance: Offers coverage for damage to properties caused by flooding, which is typically excluded from standard property insurance policies.
• Palomar Front Row (Homeowners Insurance): A comprehensive homeowners insurance product, often tailored for high-value homes, covering a broad range of perils.

Palomar Holdings, Inc. (PLMR) sells primarily to a large number of individuals and other companies (businesses) rather than a few major corporate clients. Therefore, its customers are best described by categories rather than specific names.

Palomar specializes in providing property insurance in catastrophe-exposed regions. Its primary customer categories are:

• Residential Property Owners: These are individuals who own homes and seek specialized insurance coverage for their residences. This primarily includes earthquake insurance in regions like California, Oregon, and Washington, as well as hurricane and flood insurance in areas such as Hawaii.
• Small and Medium-Sized Commercial Businesses: These are enterprises that require specialized property insurance solutions for their commercial assets and operations. This category includes businesses seeking earthquake coverage, commercial all-risk policies (which can cover property, general liability, commercial auto, and inland marine), and hurricane/flood insurance in relevant geographical areas.

• Aon plc (AON)
• PricewaterhouseCoopers LLP
• Vinson & Elkins LLP

Palomar Holdings (PLMR) operates in several specialty property and casualty insurance markets, primarily within the United States. While precise addressable market sizes for all its individual product lines are not explicitly stated, the following information regarding market sizes and Palomar's position in those markets has been identified:

• U.S. Property and Casualty Market: The broader U.S. property and casualty market had over $965 billion in written premiums in 2023.
• U.S. Excess and Surplus (E&S) Market: This market was valued at $43 billion in the U.S. in 2020. Palomar operates in this market through its subsidiary, Palomar Excess and Surplus Insurance Company (PESIC).
• Earthquake Insurance: Palomar is a significant player in the U.S. earthquake insurance market, ranking as the 2nd largest earthquake insurer in California and the 3rd largest in the U.S. in 2024, with $1.5 billion in gross written premiums.
• Hawaii Hurricane Insurance: Palomar is noted as the second-largest writer of standalone hurricane coverage in Hawaii. Palomar's reinsurance coverage for Hawaii hurricane events totaled $735 million in 2024.
• Crop Insurance: Palomar has stated a goal to grow its crop business to $500 million in premiums in the next few years, with a long-term goal of reaching $1 billion.
• Other Product Lines: Addressable market sizes for Palomar's other main product categories, including Inland Marine, Commercial All Risk, Excess National Property, Residential Flood, Casualty, and Fronting, were not explicitly detailed in the provided information. Therefore, these market sizes are null.

• Expansion into New Products and Specialty Lines: Palomar is actively expanding its offerings into new products such as Crop, Casualty, Builders Risk, and Healthcare Liability. The company has explicitly highlighted the growth in these new products, with newer lines like Crop and Surety scaling rapidly. Management has set a target of achieving $500 million in crop premiums over the next several years and continuing to expand in high-demand specialty products. This diversification is a key component of their strategy to reduce reliance on any single risk type or region.
• Strategic Acquisitions and Integration: The recent acquisition of Gray Casualty and Surety Company is a significant driver. This acquisition is anticipated to accelerate growth in the surety market, broaden Palomar's national footprint, and enable the company to write larger bonds. The integration of Gray Casualty and Surety is expected to help Palomar achieve its goal of becoming a top-20 surety carrier.
• Diversification of Portfolio: Palomar is strategically broadening its insurance offerings beyond its traditional earthquake coverage. This focus on product expansion, geographic reach, and customer mix aims to build a more resilient and diversified portfolio, reducing exposure to cyclical market swings. This broader diversification across residential and commercial property products and casualty segments is a core part of their "Palomar 2X strategic imperative."
• Investments in Technology, Data Analytics, and Underwriting: The company emphasizes ongoing investments in proprietary technology, data analytics, and advanced underwriting disciplines. These investments are crucial for improving risk assessment, enhancing pricing accuracy, and ultimately boosting underwriting profitability and expanding net margins.