CEO Armstrong Mac Sells 4,000 Shares Amid Palomar’s Earnings‑Season Rally

Insider Selling Heat‑Up at Palomar Holdings

On February 12, 2026, Palomar Holdings’ chief executive and chairman, Armstrong Mac, sold 4,000 shares of the company’s common stock in a series of transactions that averaged a price of $117.58. The sale, reported on Form 4, cut his holdings from 348,088 to 344,934 shares—just a 1.15 % reduction of his total stake. The move comes amid a modest 3.51 % weekly rally in the stock and a 1.37 % monthly gain, as Palomar’s share price edged close to the 52‑week high of $175.85. With the company’s most recent quarterly earnings showing a solid increase in adjusted net income, the sell‑off is unlikely to signal a loss of confidence. Instead, it reflects a routine liquidity event and a continuation of Mac’s pattern of periodic share disposals that have kept his ownership relatively stable over the past year.

What This Means for Investors

The timing of the sale—just two days after the earnings announcement—has triggered a burst of social‑media chatter, with a 11 % buzz index indicating heightened communication intensity. Yet the sentiment remains neutral, suggesting that the market is taking the transactions at face value rather than interpreting them as a warning. For investors, the key takeaway is that Mac’s sales are small relative to the firm’s overall market cap of $3.4 billion and to the size of his holdings. The pattern of selling over a wide price range (from $117.27 to $128.40) demonstrates a disciplined approach to liquidity rather than a strategic divestment. Consequently, the transaction is unlikely to materially impact Palomar’s valuation, which sits at a P/E of 12.9—well within the industry average for specialty insurers.

Armstrong Mac: A Consistent Insider

Mac’s transaction history reveals a consistent, modest‑scale approach to insider trading. Since the beginning of 2026, he has alternated between buying RSUs, PSUs, and selling shares at market price. The largest sale in the current quarter was 1,100 shares at $119.42, followed by smaller sales ranging from 246 to 1,308 shares. Across the year, his total number of shares sold has hovered around 5,000–6,000 shares per month, keeping his ownership above 350,000 shares—more than 10 % of the outstanding shares. This level of activity indicates that Mac is primarily using insider transactions for personal liquidity and portfolio diversification, rather than as an indicator of internal views on the company’s prospects. His consistent buying of RSUs and PSUs, however, signals ongoing confidence in Palomar’s long‑term strategy.

Broader Insider Activity at Palomar

Other executives have also engaged in recent trades. The president, Jon Christianson, and the chief risk officer, Jonathan Knutzen, have sold RSUs and common stock, while the chief people officer and chief legal officer have largely maintained their positions with occasional buy‑side trades. The overall insider activity profile suggests that the senior team is comfortable with the company’s earnings trajectory and is not under pressure to liquidate significant positions.

Conclusion

Palomar Holdings’ latest insider sale by CEO and chairman Armstrong Mac is a routine liquidity event that fits within the broader pattern of modest, diversified insider trading. Coupled with solid earnings performance and a near‑peak share price, the transaction is unlikely to shake investor confidence. For market participants, the key focus should remain on Palomar’s underwriting performance, especially in its earthquake‑specialized segment, and on how the company will navigate competitive pressures in the next fiscal year.