Palomar cuts California exposure 40%, closes $525M cat bond, launches $150M buyback

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~1 min read

Key Changes

• high

  California's share of gross written premiums fell from 43% to 30.9% year-over-year, materially reducing geographic concentration and California-specific regulatory and catastrophe risk.

  MD&A: California concentration verify on EDGAR →
• high

  Company closed a $525 million catastrophe bond in Q2 2025 (effective through June 2028), expanding earthquake reinsurance capacity; total earthquake coverage now $3.5 billion, up from $3.2 billion.

  Risk Factors: Reinsurance coverage verify on EDGAR →
• high

  Board authorized $150 million share repurchase program through July 2027; $89.6 million remains available after Q1 2026 activity.

  MD&A: Share repurchase program verify on EDGAR →