Palomar Holdings Inc, the parent company of Palomar Specialty Reinsurance Company Bermuda Ltd, has announced the pricing of its underwritten public offering of common stock.

The 1.2 million shares of Palomar’s common stock, par value $0.0001 per share, is priced at $88 per share.

In addition, the underwriters have been granted a 30-day option to purchase up to 180,000 additional shares of common stock from the company at the public offering price, less underwriting discounts and commissions.

The company said it intended to use the net proceeds that it will receive from the offering for general corporate purposes, including using approximately $25 million to finance the contemplated acquisition of First Indemnity of America Insurance Company, a New Jersey domiciled insurance carrier specialising in surety bonds for small to medium-sized contractors, primarily in the Northeast United States, and to fund future growth.

JP Morgan, Evercore ISI, and Keefe, Bruyette & Woods Inc, A Stifel Company, acted as joint lead book-running managers for the offering, and Citizens JMP Securities LLC, Dowling & Partners Securities LLC, and William Blair & Company LLC, also acted as joint book-running managers for the offering.