Specialty property insurer Palomar Holdings, Inc. has announced pre-tax catastrophe losses of between $14.5 million and $15.5 million, net of reinsurance, for the third quarter of 2021.
This loss estimate from Palomar represents expected losses from Hurricane Ida and Hurricane Nicholas, and remains subject to change owing to the complexity of the claims.
The company estimates that 70-75% of its gross losses from these two events are from its discontinued Admitted All Risk and Louisiana Specialty Homeowners products.
These are two lines of business that Palomar exited in the fourth quarter of last year.
In early September, Palomar revealed that it had entered the fronting sector of the U.S. insurance market through its business PLMR-FRONT.
Later in the month, it was announced that its President, Heath Fisher, has decided to resign from his position at the company, effective April 1, 2022.