Palomar (PMR) Enters Crop Insurance with Special AgProtection

Palomar Holdings PLMR introducing a long-term plan ahead with Advanced AgProtection. This agreement makes Palomar the 14th insurance company approved in the United States by the Federal Crop Insurance Corporation as well as PLMR’s entry into the field of crop insurance. This agreement also gives the insurer access to the $20 billion fruit market.

Advanced AgProtection, a general manager, provides leadership in the field of crop insurance, utilizing its expertise and technology. The transaction diversifies PLMR’s product mix and increases revenue growth.

Per Jon Christianson, president of Palomar, “Due to the increasing demand for America’s crop insurance solutions, AgProtection’s growing capabilities provide an excellent opportunity to expand our business and further expand our PLMR-FRONT franchise provides consistent revenue as we strive to deliver. bottom line results.”

Palomar announced the PLMR-FRONT fee in September 2021 to encourage growth in the normal time. Adding fee-based income to his business is expected to further strengthen his earnings. In the third quartercall income PLMR estimates the frontline business to generate $130 to $160 million in 2022, up from the previous guidance of $80 million to $100 million in value. The new strategy includes the business of Texas homeowners, which will add about $ 45 million of wage-generating payments in the next 12 months.

Shares of Palomar have lost 7.8% in the year, against the industryan increase of 1.2%. To focus on new businesses, maintain surplus funds for existing businesses and policy innovations should continue to push the PLMR.

Palomar currently carries a Zacks Rank #5 (Strong Sell).

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Stocks to Consider

Some stocks are more differentiated from home and property damage insurance Root, Inc. ROOTS, Kinsale Capital Group, Inc. KNSL and First American Financial Corporation FAF, they currently carry a Zacks Rank #2 (Buy). You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Root had a surprising square footage of 22.44%. Last year, ROOT lost 91.4%.

The Zacks Consensus Estimate for ROOT’s revenue in 2023 shows year-over-year growth of 23.9%.

Kinsale Capital’s earnings beat estimates in each of the four quarters, by an average of 15.16%. In the last year, KNSL has gained 22%.

The Zacks Consensus Estimate for KNSL’s earnings in 2023 implies year-over-year growth of 22.6%.

First American has a solid record of beating earnings over the last six quarters. Over the past year, FAF has lost 28.6%.

The Zacks Consensus Estimate for FAF’s 2023 earnings has risen 3.9% over the past 60 days.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect the views of Nasdaq, Inc.

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