Insider Trading February 2, 2026

Palomar Holdings' Chief People Officer Executes Small RSU Sale to Cover Taxes; Company Posts Strong Q3 2025 Results

Timothy Carter sold 254 restricted stock units for about $31,000 as Palomar reports earnings and completes Gray Surety acquisition with $450M financing

By Hana Yamamoto PLMR
Palomar Holdings' Chief People Officer Executes Small RSU Sale to Cover Taxes; Company Posts Strong Q3 2025 Results
PLMR

Palomar Holdings NASDAQ:PLMR Chief People Officer Timothy Carter sold 254 restricted stock units on January 29, 2026 for $122.0415 per share, generating $30,998. The transaction coincided with the vesting of 610 RSUs and was carried out to satisfy minimum statutory tax withholding. Separately, Palomar reported a robust third quarter for 2025, beat estimates on both EPS and revenue, completed the acquisition of The Gray Casualty & Surety Company and arranged $450 million in financing.

Key Points

  • Chief People Officer Timothy Carter sold 254 restricted stock units on January 29, 2026 at $122.0415 per share, totaling $30,998.
  • The transaction included the vesting of 610 restricted stock units at a transaction price of $0.00; the sale was executed to cover minimum statutory tax withholding obligations. After the sale, Carter directly owns 1,300 Palomar shares.
  • Palomar reported Q3 2025 EPS of $2.01 versus an expected $1.57 (a 28.03% surprise), revenue of $597.2M versus $540.07M expected, completed the acquisition of The Gray Casualty & Surety Company, secured $450M in financing (a $150M revolver and $300M term loan), and saw Keefe, Bruyette & Woods raise its price target to $170 from $164 while keeping an Outperform rating.

Palomar Holdings NASDAQ:PLMR reported a small insider sale by Chief People Officer Timothy Carter on January 29, 2026. According to a Form 4 filing with the Securities and Exchange Commission, Carter sold 254 restricted stock units at a per-share price of $122.0415, producing total proceeds of $30,998.

The filing also states that 610 restricted stock units vested in connection with the transaction. Those vested shares carried a transaction price of $0.00. The stock disposition was executed expressly to satisfy minimum statutory tax withholding obligations arising from the vesting of the restricted stock units, the filing says.

After the sale and vesting events, Carter is recorded as directly owning 1,300 shares of Palomar Holdings. The Form 4 indicates the sale was limited in scope and specifically tied to tax withholding rather than a broader disposition of holdings.


Beyond the insider filing, Palomar has recently disclosed several material corporate developments. For the third quarter of 2025 the company reported earnings per share of $2.01, exceeding the consensus estimate of $1.57. That result represents a 28.03% positive surprise relative to expectations. Revenue for the quarter came in at $597.2 million, above the forecasted $540.07 million.

In addition to its quarterly performance, Palomar finalized the acquisition of The Gray Casualty & Surety Company. The company also secured $450 million in financing to support this and related activities - comprised of a $150 million revolving facility and a $300 million term loan, according to the information disclosed. BCP, a private equity firm, confirmed that the sale of Gray Surety to Palomar has been completed.

Following these developments, Keefe, Bruyette & Woods adjusted its price target for Palomar Holdings to $170 from $164 while maintaining an Outperform rating. These items - an earnings beat, higher-than-expected revenue, a completed acquisition and committed financing - are the principal recent actions noted in the filings and company statements.


Where the public filings are specific, the transaction details are likewise narrow. The insider sale by Carter is directly tied to RSU vesting and tax withholding obligations, and the corporate disclosures outline recent operating and capital actions without extending to forward-looking commentary or management guidance in the documents cited.

Risks

  • Public filings provide limited detail on the long-term financial and operational effects of the Gray Casualty & Surety Company acquisition and how the $450 million financing will be deployed or serviced - the documents cited do not elaborate further. - Affects financials and credit markets sectors.
  • The insider transaction information is narrow in scope and does not disclose any future trading intentions by the insider; absence of additional detail limits interpretation of insider sentiment. - Affects equity markets and corporate governance assessment.
  • The filings note the financing structure and acquisition completion but do not include forward-looking guidance or projections tied to integration outcomes, leaving uncertainty about future earnings impact. - Affects corporate finance and insurance sectors.

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