Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 25, 2025. A box jumps to the paragraph as filed, below.
16 paragraphs in Risk Factors of the 10-K filed Feb 24, 2026 with nothing like them in the 10-K filed Feb 25, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
•There is intense competition for business in our industry, which may result in pricing pressure, reduced underwriting margins, or changes in market share;
•Changes in global trade policies, including the imposition of tariffs, along with broader economic uncertainty, could contribute to financial market volatility, interest rate fluctuations, and disruptions to the sectors we insure;
new insurance policies could also be materially adversely impacted as a result of corresponding reductions in our capital. In addition, a natural disaster could materially impact the financial condition of our policyholders, resulting in loss of premiums.
to quantify its impact on our business, but no assurance can be given that our attempt to quantify such inputs will be accurate or successful.
•The models may not accurately reflect the true frequency or severity of events;
Participants in the insurance industry use ratings from independent ratings agencies, such as A.M. Best, as an important means of assessing the financial strength and creditworthiness of insurers. In setting its ratings, A.M. Best performs quantitative and qualitative analysis of a company’s balance sheet strength, operating performance and business profile. A.M. Best financial strength
ratings range from “A++” (Superior) to “F” for insurance companies that have been publicly placed in liquidation. As of December 31, 2025, A.M. Best has assigned a financial strength rating of “A” (Excellent) (Outlook Stable) to our insurance company subsidiaries, Palomar Specialty Insurance Company (“PSIC”), Palomar Excess and Surplus Insurance Company (“PESIC”) and First Indemnity of America Insurance Co. (“FIA”) .
Competition for business in our industry is intense, which may result in pricing pressure, reduced underwriting margins, or changes in market share.
Instability in the surety market, resulting from construction defaults, contractual disputes, or evolving regulatory requirements, could negatively impact the performance of our surety products;
Fluctuations in construction industry performance, defaults on bonded projects, contractual disagreements and regulatory changes are inherent risks in the surety insurance industry. These events may lead to increased challenges in underwriting, claims management, and regulatory compliance. Depending on our ability to effectively manage the impact of these risks, we could face increased loss reserves, higher underwriting losses, and rising operational costs, all of which could materially affect our financial performance and overall profitability.
Changes in global trade policies, including the imposition of tariffs, along with broader economic uncertainty, could contribute to financial market volatility, interest rate fluctuations, and disruptions to the sectors we insure.
Ongoing global economic uncertainty, including the effects of inflation, interest rate volatility, and changes in international trade policies such as the imposition of tariffs, could have wide-ranging impacts on the markets in which we operate. These conditions may lead to shifts in consumer behavior, changes in exposure levels across personal and commercial lines, and increased costs associated with claims, operations, and policy administration. In addition, market volatility may negatively impact the performance of our investment portfolio and influence policyholder behavior. Together, these developments could adversely affect our financial results, capital position, and ability to execute our long-term business strategy.
In addition, our investment portfolio includes livestock put option contracts, which are recorded in Other investments at fair value. Changes in fair value are recognized in earnings. The fair value of these livestock derivative instruments was approximately $9.9 million as of December 31, 2025. Refer to Note 4 for additional details related to our livestock derivative instruments.
We or our third-party vendors, clients or counterparties may develop or incorporate AI technology in certain business processes, services or products. Our research and development of such technology remains ongoing, and AI algorithms and training methodologies may be flawed. Leveraging AI capabilities to potentially improve our internal operations also presents further risks, costs, and challenges. While we aim to develop and use AI responsibly and attempt to identify and mitigate ethical and legal issues presented by its use, we may be unsuccessful in identifying or resolving issues before they arise.
Palomar Crop Insurance Services, Inc. (“PCIS”) participates in the federal crop insurance program and is impacted by any regulatory and legislative changes affecting that program. For example, the reinsurance levels that the federal government provides to authorized carriers could be reduced by future legislation. Additionally, the United States Department of Agriculture’s Risk Management Agency (“RMA”) establishes policy terms and conditions, rates and forms and is also responsible for setting compliance standards for our Crop insurance policies. We report all details of policies to the RMA and are party to a Standard Reinsurance Agreement (“SRA”) which sets out the relationship between private insurance companies and the Federal Crop Insurance Corporation. Noncompliance with any of the aforementioned regulations or legislative changes to the federal crop insurance program may impact PCIS’ ability to write crop insurance premiums in the future.
reporting, technical accounting, and internal control knowledge to satisfy the ongoing requirements of Section 404 and provide internal audit services.
New in the latest 10-Q
17 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like them in the 10-Q filed Aug 5, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
As of September 30, 2026, the Company held one debt security classified as held-to-maturity, representing its investment in a floating rate senior surplus note issued by a Florida-domiciled reciprocal insurance exchange (the “Senior Surplus Note”), which the Company acquired on September 22, 2026. The Senior Surplus Note has a principal amount of $15.0 million, was purchased at a discount for $14.7 million and is scheduled to mature in September 2033. Interest, which is based on the three-month U.S. Treasury rate plus a spread that varies with the issuer’s surplus note leverage, is payable semi-annually beginning December 31, 2026. The Senior Surplus Note is redeemable at the issuer’s option beginning September 2027. It is unsecured and ranks junior to policyholder and other creditor claims. All payments of principal and interest on the Senior Surplus Note are subject to prior approval by the Florida Office of Insurance Regulation, and if approval is not granted, payment is deferred until approval is obtained. The Company has the intent and ability to hold the security to maturity, and it is carried at amortized cost, with the discount accreted to interest income over the contractual term on a straight-line basis, which approximates the effective interest method, net of an allowance for credit losses.
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As of September 30, 2026, the Senior Surplus Note had a carrying amount of $14.7 million and an estimated fair value that approximated its carrying amount. The carrying amount and estimated fair value of the Senior Surplus Note are both classified in the after five years through ten years maturity grouping, based on its contractual maturity of September 2033. See Note 4 for further discussion of the fair value measurement and its categorization within Level 3 of the fair value hierarchy.
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The Company evaluates expected credit losses on its held-to-maturity security based on an assessment of the issuer's credit quality, including statutory capital and surplus, senior surplus note leverage, operating performance, reinsurance arrangements, regulatory developments, and other information relevant to the collectability of contractual cash flows. Based on this assessment, the Company has concluded that no allowance for credit losses was required as of September 30, 2026.
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Less Than 12 Months More Than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2025 Value Losses Value Losses Value Losses ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── ($ in thousands) Fixed maturity securities: U.S. Governments $ 2,006 $ (38) $ 5,704 $ (188) $ 7,710 $ (226) U.S. States, Territories, and Political Subdivisions 5,157 (441) 9,509 (553) 14,666 (994) Special revenue excluding mortgage/asset-backed securities - - 15,185 (1,887) 15,185 (1,887) Corporate and other 49,963 (948) 160,780 (7,456) 210,743 (8,404) Mortgage/asset-backed securities 47,313 (406) 79,733 (7,594) 127,046 (8,000) Total available-for-sale investments $ 104,439 $ (1,833) $ 270,911 $ (17,678) $ 375,350 $ (19,511) The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities’ fair value necessitates the recognition of an allowance for credit losses. The Company considers numerous factors in its review as described in Note 2 of the Notes to the Consolidated Financial Statements in the 2025 Annual Report on Form 10-K. Based on the Company’s review as of September 30, 2026, the Company determined that the fixed maturity securities’ unrealized losses were primarily the result of the interest rate environment and not the credit quality of the issuers. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis. Contractual maturities of available‑for‑sale fixed maturity securities The amortized cost and fair value of fixed maturity securities at September 30, 2026, by contractual maturity, are shown below: Amortized Fair Cost Value ($ in thousands) Due within one year $ 56,013 $ 55,930 Due after one year through five years 295,592 285,306 Due after five years through ten years 342,520 323,763 Due after ten years 210,343 188,106 Mortgage and asset-backed securities 745,975 712,514 $ 1,650,443 $ 1,565,619 Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. Net investment income summary Net investment income is summarized as follows: Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── ($ in thousands) ($ in thousands) Interest income $ 21,333 $ 14,515 $ 57,731 $ 39,824 Dividend income 1,539 298 3,879 857 Investment expense (466) (241) (1,270) (667) Net investment income $ 22,406 $ 14,572 $ 60,340 $ 40,014
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Holders of unvested RSUs and PSUs are entitled to dividend equivalents on the same per-share basis as dividends declared on the Company’s common stock. Dividend equivalents accrue when dividends are declared and are paid only if and when the underlying RSUs or PSUs vest; dividend equivalents related to any RSUs or PSUs that are forfeited are also forfeited. Dividends and dividend equivalents declared during the three and nine months ended September 30, 2026 were $12.2 million, of which $11.8 million was paid in cash to holders of common stock and $0.4 million represents dividend equivalents accrued on unvested RSUs and PSUs. These amounts are reflected within retained earnings in the Company’s unaudited condensed consolidated statement of changes in stockholders’ equity.
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Three months ended September 30, 2026 compared to three months ended September 30, 2025
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Commission and other income was materially consistent for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025.
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Interest expense increased $5.0 million to $5.1 million for the three months ended September 30, 2026 from $0.1 million for the three months ended September 30, 2025, primarily due to interest on the Term Loan entered into in January 2026 to fund the acquisition of Gray Surety and, to a lesser extent, borrowings under our FHLB line of credit.
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Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
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Interest expense increased $12.9 million to $13.2 million for the nine months ended September 30, 2026 from $0.3 million for the nine months ended September 30, 2025, primarily due to interest on the Term Loan entered into in January 2026 to fund the acquisition of Gray Surety and, to a lesser extent, borrowings under our FHLB line of credit.
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In December 2021, we entered into a credit agreement with U.S. Bank National Association (the “2021 Credit Agreement”) which provided a revolving credit facility of up to $100 million through December 8, 2026. In January 2026, we entered into a new credit agreement (the “2026 Credit Agreement”) that replaced the 2021 Credit Agreement.
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We are also exposed to interest rate risk associated with our variable-rate Term Loan. A hypothetical 100-basis-point increase in interest rates would increase annual interest expense on the $296.3 million of principal outstanding under our Term Loan as of September 30, 2026, by approximately $3.0 million.
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Most insurance regulations are designed to protect the interests of insurance policyholders, as opposed to the interests of investors or stockholders. These regulations generally are administered by a department of insurance in each state and relate to, among
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Approximate Dollar Total Total Number of Value of Shares Number Average Shares Purchased that May Yet Be of Shares Price Paid as Part of Publicly Purchased Under the Purchased Per Share(1) Announced Plans Plans or Programs(2) ($ in thousands) July 1, 2026 to July 31, 2026 — $ — — $ 163,181 August 1, 2026 to August 31, 2026 — — — 163,181 September 1, 2026 to September 30, 2026 70,000 126.93 70,000 154,295 Total 70,000 $ 126.93 70,000
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On September 4, 2026, Angela Grant, the Company’s Chief Legal Officer, entered a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, providing for the exercise of stock options and sale of up to 1,254 shares of common stock underlying such options and the sale of up to 1,848 shares of the Company’s common stock. Pursuant to this plan, Ms. Grant may sell shares beginning December 4, 2026 and ending May 31, 2027.
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On September 11, 2026, T. Christopher Uchida, the Company’s Chief Financial Officer, entered a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, providing for the exercise of stock options and sale of up to 168 shares of common stock underlying such options and the sale of up to 9,827 shares of the Company’s common stock. Pursuant to this plan, Mr. Uchida may sell shares beginning December 11, 2026 and ending May 31, 2027.
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On September 13, 2026, Jon Christianson, the Company’s President, entered a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, providing for the exercise of stock options and sale of up to 6,924 shares of common stock underlying such options and the sale of up to 12,000 shares of the Company’s common stock. Pursuant to this plan, Mr. Christianson may sell shares beginning December 13, 2026 and ending May 31, 2027.
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Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 24, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
The first 25 of 65 are shown (at most 12 of each type).
Two-word phrases in Risk Factors of the 10-K filed Feb 24, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 25, 2025
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
13 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
10-K change: what was reworded or cut, section by section.
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/PLMR/export.csv") into a cell.
