Palomar has gone into a two-year arrangement with Omaha National.
Under the partnership, Palomar Specialty Insurance Company (PSIC) will act as the insurer in California to help support Omaha National’s workers compensation product. Omaha National, through its managing general agent, Omaha National Underwriters, will be overseeing the insurance operations including underwriting, risk management and claims.
Mac Armstrong, chairman and chief executive officer of Palomar, said: “Palomar is keenly focused on the strategic initiatives conveyed at the outset of the year, namely, building a best-in-class franchise through PLMR-FRONT. This new partnership with Omaha National allows us to not only extend the franchise but to partner with a market leader in the workers compensation space.”
This is not the only partnership for Palomar in recent weeks. At the beginning of July, the firm said that it was linking up with Cowbell Cyber. That deal would see Palomar Excess & Surplus Insurance Company to double the available reinsurance capacity for Cowbell Prime 250, Cowbell’s cyber coverage for businesses with up to $250m in revenue.
The firm also announced at the beginning of June that it had successfully completed its reinsurance renewal. Back then, the firm said that it had procured approximately $430m of incremental limit for earthquakes and $200m of incremental windstorm limit. Its reinsurance coverage now exhausts at $2.08bn for earthquake events and $900m for hurricane events.