Specialty property insurer Palomar Holdings has successfully renewed around $300 million of its core reinsurance program while also purchasing $145 million of incremental limit that sits at the top of its tower.
Effective January 1, the program provides up to $1.2 billion of protection from earthquake events and features an incremental limit allowing Palomar to maintain a cushion above the 1:250 year peak zone probable maximum loss.
Palomar’s reinsurance panel currently consists of over 85 reinsurers who either have an “A-“ (Excellent) or better financial strength rating from A.M. Best or post collateral.
“We are pleased to successfully complete our 1/1 renewal,” commented Mac Armstrong, Chief Executive Officer and founder.
“We were able to procure an incremental $145 million of limit to support our growth and moreover allow us to capitalize on emerging opportunities in several of our lines of business. We thank our reinsurance panel for their partnership and confidence in Palomar. We will continue to work hard for them.”
Heath Fisher, Palomar’s president, added, “Palomar continues to thoughtfully refine and optimize its risk transfer strategy.”
“Our robust panel of reinsurers remain instrumental in our success. We thank them for their support at 1/1 and look forward to working with them on our June renewal.”
Palomar’s per event retention remains at $5.0 million and is set at that level through May 31, 2020.
