California-based specialty insurer Palomar is aiming to expand its presence in the builder’s risk insurance market via a new trading agreement with Technical Risk Underwriters, a subsidiary of Ryan Specialty Group.
TRU specializes in underwriting insurance products for complex construction projects and is a managing general underwriter.
Palomar’s surplus lines subsidiary, Palomar Excess and Surplus Insurance Company (PESIC), acts as another important market for TRU and participates in select new business written by the managing general underwriter.
Through the agreement with TRU, Palomar hopes to gain access to the larger limit builder’s risk markets, which the company historically has not pursued.
This should enable it to underwrite more policies covering complex construction projects against damage from natural disasters.
“TRU is a highly respected player in the Builder’s Risk insurance market,” said Jason Sears, Senior Vice President and Head of Programs at Palomar. “This relationship will increase our ongoing and strategic involvement in this segment and strengthens our effort to work with best-in-class organizations to produce steady returns for our shareholders.”
“Additionally, it is also a wonderful expansion into the larger Ryan Specialty Group family. I would like to thank Guy Carpenter offices of Dallas, London and Philadelphia for their teamwork in placing the program.”
Katie Davis, CEO of TRU, also commented: “We are excited to add Palomar’s capacity to our portfolio of business. It is a testament to the hard work, professionalism and technical expertise we have displayed since our inception. We look forward to growing with Palomar in the future in providing capacity to the Builder’s Risk marketplace.”