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    Peter Phipson

    Research Analyst at Evercore ISI

    Peter Phipson is a Managing Director in Evercore's Strategic Advisory business based in London, specializing in financial services with deep expertise in insurance distribution and underwriting. He has advised on major transactions involving companies such as Isio, AllClear, SRG, BMS, CFC, Howden, Convex, and McGill and Partners, consistently delivering high-value outcomes in M&A and capital markets. Phipson began his career at Ernst & Young in the financial services M&A team before joining Lexicon Partners in 2007, transitioning to Evercore in 2011 through acquisition. He holds a degree in Spanish from Bristol University, and as a senior advisor in regulated financial markets, holds credentials which typically include FCA authorization in the UK.

    Peter Phipson's questions to Palomar Holdings (PLMR) leadership

    Peter Phipson's questions to Palomar Holdings (PLMR) leadership • Q4 2024

    Question

    An analyst from Evercore ISI asked for more detail on how the 6/1 reinsurance renewal pricing assumption impacts the 2025 outlook and questioned the elasticity of earthquake insurance demand relative to rising homeowners insurance costs in California.

    Answer

    CEO Mac Armstrong explained that reinsurance is the largest expense, so pricing better than the conservative flat-to-down-5% assumption would be a significant 'boon to the results.' Executive T. Uchida quantified that the prior year's spend was ~$262 million, providing a baseline for potential savings. Armstrong also noted that the underpenetrated earthquake market sees increased demand from heightened awareness, and the pullback of other insurers from the California Earthquake Authority (CEA) creates a major growth opportunity that should offset pressures from rising homeowner costs.

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