The parent company of island-based Palomar Specialty Reinsurance Company Bermuda Ltd has approved a new two-year $100 million share repurchase programme.

California-based Palomar Holdings Inc said the programme replaces the previous share repurchase authorisation that had $24.2 million of the original $40 million remaining and authorises the repurchase by the company of up to $100 million of its outstanding shares of common stock over the period ending on March 31, 2024.

Mac Armstrong, chairman and chief executive officer of Palomar, said: “Today’s announcement represents Palomar’s continued confidence in our long-term strategic plan and the value it will create in the short and long term for our shareholders.

“We believe that an opportunistic capital allocation strategy can be used in concert with our ambitious growth plan to enhance our returns. Importantly, we believe that the new plan will in no way impede our ability to meaningfully grow Palomar and capitalise on the considerable investments made over the last year and a half.”

Palomar Holdings Inc is the holding company of subsidiaries Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd, Palomar Insurance Agency Inc and Palomar Excess and Surplus Insurance Company.