Reinsurance News
Palomar Holdings
Thomas Bradley appointed to Palomar Holdings’ Board of Directors
1st March 2024
Specialty property insurer Palomar Holdings has added Thomas Bradley to the company’s Board of Directors. Commenting on his appointment, Bradley said: “I am excited for the opportunity to join Palomar’s distinguished Board. I look forward to helping Palomar’s management team and Board act on the many opportunities that the Company has ... Read the full article
Palomar CEO optimistic on reinsurance renewals, sees positive market trajectory
19th February 2024
Mac Armstrong, CEO of Palomar Holdings, expressed satisfaction with the outcomes of the company's reinsurance treaties renewing on January 1 during the Q4'23 earnings call. Armstrong stated, "As it pertains to our Reinsurance program, we are pleased with the outcome for our reinsurance treaties renewing January 1." Armstrong highlighted that while only ... Read the full article
Palomar Holdings reports $79.2m net income in FY23, GWP hits $1.1bn
15th February 2024
Palomar Holdings has posted a net income of $79.2 million for the full year 2023, representing significant growth from $52.2 million that the company recorded in 2022. The company's gross written premiums (GWP) also saw a solid rise, increasing by 29.4% to $1.1 billion compared to $881.9 million in 2022. Moreover, Palomar ... Read the full article
Palomar Holdings sees net income growth in Q3 2023
2nd November 2023
Specialty insurer Palomar Holdings has published its third quarter 2023 results reporting a net income of $18.4 million, a 24.0% increase in gross written premiums and an improved combined ratio of 75.8%. Q3 2023 net income compares to the $4.3 million reported in the third quarter of 2022. Adjusted net income ... Read the full article
Palomar Holdings sees GWP and net income growth in Q2
3rd August 2023
Specialty insurer Palomar Holdings has published its second quarter 2023 results reporting a net income of $17.6 million, a 25.4% increase in gross written premiums and a combined ratio of 79.0%. This first quarter the company’s net income was up 20% compared to Q1 2022, when Palomar reported a net income ... Read the full article
Palomar completes June reinsurance renewal
31st May 2023
Palomar Holdings, Inc., has successfully completed its June 1 reinsurance renewal, securing a tower that extends to a $2.68 billion first-event. The firm said that its reinsurance coverage now exhausts at $2.68 billion for earthquake events, which includes $17.5 million of additional limit incepting September 1, 2023, $900 million for Hawaii ... Read the full article
Palomar Holdings reports significant GWP growth amid high cat losses
4th May 2023
Specialty insurer Palomar Holdings has published its first quarter 2023 results reporting a net income of $17.3 million, a 46.3% increase in gross written premiums (GWP) and a combined ratio of 77.9%. This first quarter the company’s net income was up 19% compared to Q1 2022, when Palomar reported a net ... Read the full article
Palomar secures additional $187.5m in earthquake excess-of-loss reinsurance
5th April 2023
California-headquartered specialty insurer Palomar Holdings has announced the successful placement of certain excess of loss (XOL) reinsurance treaties that support and provide incremental limit for its earthquake line of business. In total, Palomar has secured approximately $187.5 million of incremental XOL limit from a syndicated panel of long-term trading partners which ... Read the full article
Palomar announces multi-year fronting partnership with Advanced AgProtection
11th January 2023
Palomar Holdings has entered the crop insurance sector through a new multi-year fronting arrangement with managing general agent (MGA), Advanced AgProtection. According to the announcement, this partnership expands Palomar’s PLMR-FRONT into the $20 billion US crop insurance market. It has also been authorised as the fourteen Approved Insurance Provider (AIP) in the ... Read the full article
Palomar completes select California earthquake reinsurance programs
4th January 2023
Palomar Holdings, a speciality California-headquartered insurer, has renewed some of its earthquake reinsurance programs covering California earthquake risk, buying incremental reinsurance limit as well, despite an “unquestionably” hard reinsurance market. The insurer said that it has renewed its California Commercial Earthquake quota share reinsurance program, increased the cession percentage, and secured ... Read the full article
Palomar planning to underwrite “uncorrelated” reinsurance
16th December 2022
Palomar Holdings, the California-headquartered specialty insurer that provides largely catastrophe exposed property products, is planning to begin underwriting some reinsurance lines that are "uncorrelated" with its broader portfolio. The company is a leading insurer of earthquake exposed residential and commercial property in the United States and also writes business exposed to ... Read the full article
Palomar reports premium and GWP growth in Q3
3rd November 2022
California-based Palomar Holdings, Inc., has reported an increase in its gross written premiums (GWP) of 66.2% to $253.1 million for the third quarter of 2022, compared to $152.3 million reported in the same period last year. Palomar’s net income also saw a rise this quarter, to $4.3 million compared to $0.2 ... Read the full article
Palomar reports significant premium growth in Q2 results
4th August 2022
Specialty property insurer Palomar Holdings has reported gross written premium (GWP) of $218.7 million for the second quarter of 2022, a huge increase of 69% compared to $129.4 million from the prior year quarter. The company also reported a net income of $14.6 million for the quarter, increasing from $12.3 million ... Read the full article
Palomar reports strong Q1 as GWP increases by 65%
5th May 2022
Specialty property insurer Palomar Holdings has reported a net income of $14.5 million for Q122, a 12.6% decline when compared to the same period last year which saw the company report a net income of $16.6 million. Adjusted net income also decreased by 8.9%, as the company reported an adjusted net ... Read the full article
Palomar renews aggregate excess of loss reinsurance limit
17th March 2022
Palomar has renewed the $25m aggregate excess of loss reinsurance limit it bought in Q1 2021. The firm previously secured $25m of aggregate excess of loss reinsurance providing coverage to across all perils above a qualifying level of $2m, and with an attachment point of $30m, in February last year. According ... Read the full article
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