California-based insurance holding company Palomar has estimated between $34 million and $38 million in pretax catastrophe losses for the third quarter of 2020.
These estimates are net of reinsurance and include the impacts of hurricanes Hanna, Isaias, Laura and Sally.
Palomar’s loss estimates are subject to change due to the complexity of the claims and preliminary nature of the information available to prepare the estimates.
In addition, Palomar’s financial closing and review procedures for the fiscal quarter are not yet complete.
Updated loss estimates related to recent catastrophes will be reflected in Palomar’s third quarter 2020 results.
The company reported a significant rise in net income to $12 million for the second quarter of 2020.
The insurer’s net income jumped by 79.3% from the $6.7 million posted in the second-quarter of 2019, while adjusted net income hiked by 63% to $13 million, compared to $8 million a year earlier.
Palomar’s gross written premiums also increased in the quarter by almost 44% to $83.8 million, while net earned premiums increased by over 69% year-on-year.
