Palomar Holdings, Inc. announced it completed the acquisition of The Gray Casualty & Surety Company effective January 31, 2026, and closed new unsecured financing effective January 27, 2026.

Palomar Holdings, Inc. (NASDAQ: PLMR) ("Palomar", the "Company") today announced the completion of the previously announced acquisition of The Gray Casualty & Surety Company ("Gray Surety"), effective January 31, 2026, and the successful closing of new unsecured financing, effective January 27, 2026.

The financing includes a $150 million revolving facility and a $300 million term loan. U.S. Bank National Association and KeyBank National Association served as the Joint Lead Arrangers and Joint Book Runners, with U.S. Bank National Association as Administrative Agent, KeyBank National Association as Syndication Agent, and Citizens Bank, N.A., The Huntington National Bank, PNC Bank, National Association, Wells Fargo Bank, National Association as co-documentation agents, and JPMorgan Chase Bank participated in the term loan.

"I am pleased to announce the successful closing of our acquisition of Gray Surety, a national surety carrier with a proven and exceptional management team," commented Mac Armstrong, Palomar's Chairman and Chief Executive Officer. "This transaction meaningfully strengthens Palomar surety franchise. It adds scale and geographic reach, complements our existing operations and puts us well on our way to building a market leader in the attractive surety sector. We are thrilled to officially welcome the Gray Surety team to Palomar and look forward to their contributions in advancing our Palomar 2x strategic framework."

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