Reinsurance News
Palomar Holdings
Palomar achieves 75% combined ratio after underwriting drive
17th February 2022
Specialty property insurer Palomar Holdings has reported a combined ratio of 75.0% for the fourth quarter of 2021, following a push to improve its underwriting profitability. Underwriting income improved to $17.0 million during the quarter, versus a loss of $5.0 million for the same period in the previous year. The twelve-month picture ... Read the full article
Palomar makes senior leadership changes
10th November 2021
Specialty property insurer Palomar Holdings has announced that current Chief Underwriting Officer (CUO), Jon Christianson will succeed Heath Fisher as President next year in April. The company also announced that Robert Beyerle, Palomar’s Senior Vice President of Inland Marine, will succeed Christianson as Chief Underwriting Officer, effective upon Christianson’s appointment as ... Read the full article
Palomar’s underwriting loss narrows in Q3 as GWP swells 48%
4th November 2021
Specialty property insurer Palomar Holdings has returned to profit in the third quarter of 2021 with net income of $0.2 million compared with a loss of $15.7 million a year earlier, as the firm's underwriting loss narrowed in the quarter. During the period, Palomar has announced gross written premium (GWP) growth ... Read the full article
Palomar revises Q3 cat loss estimate to $17.5mn
3rd November 2021
Specialty property insurer Palomar Holdings has revised its Q3 pre-tax catastrophe loss estimate, net of reinsurance and prior period development, to $17.5 million. The firm had previously stated an expected loss estimate of between $14.5 million and $15.5 million. It was estimated that 70-75% of its gross losses from these two ... Read the full article
Palomar pegs Q3 catastrophe losses at up to $15.5m
20th October 2021
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 ... Read the full article
Cowbell Cyber gets fronted reinsurance capacity via Palomar
6th October 2021
AI-powered cyber insurer Cowbell Cyber gained fronted reinsurance capacity via a new strategic partnership with Palomar Excess & Surplus Insurance Company. Palomar announced earlier this month that it was entering the fronting sector of the US market with a new venture called PLMR-FRONT. This new multi-year agreement with Cowbell is backed ... Read the full article
Heath Fisher to step down as President of Palomar
28th September 2021
Specialty property insurer Palomar Holdings has announced that its President, Heath Fisher, has decided to resign from his position at the company, effective April 1, 2022. Fisher has served as President of Palomar since October 2013, before which he spent four years in senior roles at Guy Carpenter. His professional career spans ... Read the full article
Palomar Holdings enters fronting sector of U.S. insurance market
9th September 2021
Palomar Holdings has entered the fronting sector of the United States insurance market, through its business PLMR-FRONT. PLMR-FRONT will partner with reinsurers, insurance carriers and managing general agents to enable the design and operation of customised insurance programs. The company will front paper on both an admitted and non-admitted basis through Palomar ... Read the full article
Palomar expands underwriting & reinsurance teams
7th September 2021
Specialty property insurer Palomar has expanded its underwriting and reinsurance teams with the addition of three additional personnel, including Ty Robben’s arrival from Great American as a Senior Vice President, Casualty Underwriting. A 14 year veteran, Robben reports to Chief Underwriting Officer Jon Christianson and will spearhead the firm’s Casualty business. Meanwhile, ... Read the full article
Palomar reports steady net income for Q2
5th August 2021
Specialty property insurer Palomar Holdings has reported a net income of $12.3 million for the second quarter of 2021 as compared to $12.0 million for the same prior year period. The insurer's gross written premiums have also increased by 54.4% to $129.4 million in the second quarter, compared to $83.8 million ... Read the full article
Palomar Holdings adds Daina Middleton to board of directors
30th July 2021
Specialty property insurer Palomar Holdings has appointed Daina Middleton, Chief Executive Officer of Britelite Immersive, to its board of directors. Prior to Britelite Immersive, Middleton served as the CEO of Ansira, an independent marketing technology and services company focused on customer relationship development. She also held top-level management positions with Twitter, Performics, ... Read the full article
Palomar purchases $280mn of incremental reinsurance at renewal
13th May 2021
Specialty insurer Palomar Holdings has renewed certain reinsurance programs incepting at June 1st, which includes the purchase of an additional $180 million of limit for earthquakes and $100 million of incremental limit for windstorms. Its reinsurance coverage now exhausts at $1.65 billion for earthquake events and $700 million for hurricane events, ... Read the full article
Palomar posts 41.2% net income rise in Q1
6th May 2021
California-based specialty insurer Palomar has reported a net income of $16.6 million for the first quarter of 2021, up 41.2% on the $11.8 million achieved during the prior year quarter. Gross written premiums increased by 44.9% to $103.6 million compared to $71.5 million this time last year. Adjusted net income increased 56.5% ... Read the full article
Palomar returns to cat bond market for $400m of earthquake reinsurance
1st April 2021
Palomar Holdings, Inc., through its wholly-owned subsidiaries Palomar Specialty Insurance Company and Palomar Excess and Surplus Insurance Company, has closed a $400 million 144A catastrophe bond transaction through Torrey Pines Re Pte. Ltd. Palomar and Torrey Pines Re, a special purpose insurer established in Singapore, entered into a multi-year reinsurance arrangement ... Read the full article
Palomar reports net loss of $1.8mn for Q4 2020
25th February 2021
California-based specialty insurer Palomar has reported a net loss of $1.8 million for Q4 2020 compared to net income of $10.9 million per diluted share for the prior year period. Palomar’s gross written premiums (GWP) witnessed a year-on-year increase in Q4 2020 by 31.0% to $96.1 million compared to $73.3 million ... Read the full article
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