California-based insurance holding company Palomar has announced an agreement between Palomar Specialty Insurance Company, a wholly-owned subsidiary of Palomar, and GeoVera Holdings to acquire the renewal rights to GeoVera’s Hawaii residential Hurricane policies.
The transaction will further deepen Palomar’s presence in Hawaii, a market that the Company has served since 2015.
Through an ongoing partnership between Palomar and GeoVera, Palomar Specialty Insurance Company, an admitted insurance carrier rated A- by A.M. Best, will issue replacement offers at the time of policy renewal.
This will apply to all policyholders of residential hurricane coverage issued by GeoVera Insurance Company and Coastal Select Insurance Company, which are both exiting the Hawaii market.
Mac Armstrong, Palomar’s Chairman and CEO commented: “Palomar has proudly served the Hawaii community for several years. This transaction enables us to expand and solidify our commitment to the market by providing flexible, affordable hurricane coverage to homeowners across the state.”
