Palomar Holdings appoints new chief people officer and COO

Palomar Holdings appoints new chief people officer and COO | Insurance Business New Zealand

Reinsurance

Palomar Holdings appoints new chief people officer and COO

CEO describes appointees as instrumental in company’s growth

Reinsurance

By
Jonalyn Cueto

Palomar Holdings, Inc., a specialty insurance provider, has announced the appointments of Tim Carter as chief people officer, effective June 24, and Rodolphe “Rudy” Herve as chief operating officer, effective July 1.

Carter joins Palomar from LPL Financial Inc., where he was senior vice president of human resources. His extensive experience includes key roles at G4S Integrated Services, Parexel, Home Depot, and as a captain in the United States Marine Corps. Carter’s expertise in human capital, talent management, and corporate real estate is expected to support Palomar’s growth strategies.

Rodolphe Herve arrives from SCOR, where he was the global head of P&C operations. His experience includes leadership positions at QBE North America, Bain & Company, Orange Ventures, and Morgan Stanley. His expertise in operations and transformation is expected to be instrumental in advancing Palomar’s operational capabilities.

Palomar’s CEO, Mac Armstrong, highlighted the significance of the appointments, describing the extensive experience of the new executives as pivotal to the growth of the company. He noted the firm’s ability to attract outstanding talent as indicative of its promising future.

Positive trajectory with upward trend in market performance

Palomar Holdings focuses on specialty insurance products, including earthquake, inland marine, casualty, fronting, and crop insurance. It has subsidiaries, such as Palomar Specialty Insurance Company and Palomar Specialty Reinsurance Company Bermuda Ltd., and holds an A- (Excellent) financial strength rating from A.M. Best, indicating stability and reliability.

Analysts have recently provided positive updates on Palomar Holdings.

Keefe, Bruyette & Woods maintained an outperform rating on Palomar Holdings, raising the stock’s price target to $96 from $93, following an increase in the company’s 2024 operating income guidance. Piper Sandler raised its price target to $99, citing favorable reinsurance costs and a successful reinsurance program completion, leading to increased earnings guidance. Truist Securities adjusted its outlook, increasing the shares target to $100, based on expectations of robust growth and solid returns. Evercore ISI raised its price target to $89, reflecting a positive perspective on the company’s June 1 renewals, which led to an increase in Palomar’s full-year adjusted net income guidance by approximately $10 million.

Palomar’s market capitalization is approximately $2.02 billion, with a P/E ratio of 22.86. Recent data indicates robust revenue growth of 19.84% over the past year and quarterly growth of 32.88% in Q1 2024.

Any thoughts about this story? Leave a comment below.