Reinsurance News
Palomar Holdings
Palomar partners with TRU to enhance builder’s risk presence
19th February 2021
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 ... Read the full article
Palomar secures new $25mn XoL layer, reports on Q4 cat losses
5th February 2021
Specialty insurer Palomar has secured $25 million of aggregate excess of loss reinsurance providing coverage to across all perils above a qualifying level of $2 million. The cover has an attachment point of $30 million. Palomar also announced an estimated range of pretax catastrophe losses of between $15 million and $16.5 million ... Read the full article
Palomar hires Mark Brose as CTO
15th January 2021
California-based insurance holding company Palomar Holdings has appointed Mark Brose as Chief Technology Officer. Brose will report directly to Britt Morries, Palomar’s Chief Operating Officer, who assumed the role in September last year. He most recently served as Vice President of Engineering at Agosto, a cloud services and development company. Prior to this ... Read the full article
Palomar hires new Chief Legal Officer
2nd December 2020
California-based insurance holding company, Palomar Holdings, Inc., has appointed Angela Grant as Chief Legal Officer, effective immediately. Grant brings more than three decades of operational and legal experience in the insurance industry and will oversee all in-house and corporate counsel duties. She most recently served as Chief Legal & Innovation Officer at ... Read the full article
Palomar acquires renewal rights for Geovera’s Hawaii hurricane business
13th November 2020
California-based insurance holding company Palomar has announced an agreement between Palomar Specialty Insurance Company, a wholly-owned subsidiary of Palomar, and GeoVera Holdings to acquire the renewal rights to GeoVera’s Hawaii residential Hurricane policies. The transaction will further deepen Palomar’s presence in Hawaii, a market that the Company has served since 2015. Through ... Read the full article
Palomar announces agreement with Marsh’s Torrent Technologies
12th November 2020
California-based insurance holding company Palomar has agreed to integrate its residential flood insurance program Flood Guard onto the flood processing platform of Torrent Technologies, part of Marsh. It's hoped this will provide agents of Torrent's Write-Your-Own (WYO) carriers even more choice to meet the flood risk needs of their customers and help close ... Read the full article
Cat losses push Palomar to Q3 net loss
11th November 2020
California-based insurance holding company Palomar has reported a net loss of $15.7 million for the third quarter of 2020, driven by the active US hurricane season. This compares with a net income of $7.5 million for the same period last year. Palomar had previously warned ahead of an estimated $38 million ... Read the full article
Palomar braced for $38mn Q3 nat cat hit
6th October 2020
California-based insurance holding company Palomar has estimated between $34 million and $38 million in pretax catastrophe losses for the third quarter of 2020. These estimates are net of reinsurance and include the impacts of hurricanes Hanna, Isaias, Laura and Sally. Palomar’s loss estimates are subject to change due to the complexity of ... Read the full article
Palomar announces new COO
2nd September 2020
Insurer, Palomar Holdings has announced the promotion of Britt Morries to the role of Chief Operating Officer, effective immediately. Morries will be succeeding Jon Christianson, who has been working under the role of Chief Underwriting Officer since 1st August 2020. He will continue to serve as Chief Technology Officer whilst the ... Read the full article
Palomar faces firmest reinsurance market since inception: CEO Armstrong
14th August 2020
The June 1 placement marks the firmest reinsurance market Palomar has faced since its inception, according to Chief Executive Officer (CEO) and Director Mac Armstrong. Speaking alongside the release of Palomar’s Q2 results, Armstrong said the rising cost of reinsurance in the property market should create “several opportunities” within the company’s ... Read the full article
Palomar improves net income by 79% in Q2
5th August 2020
La Jolla, California-based insurance holding company, Palomar Holdings, Inc., has reported a significant rise in net income to $12 million for the second-quarter of 2020. The insurer's net income jumped by a huge 79.3% from the $6.7 million posted in the second-quarter of 2019, while adjusted net income hiked by 63% ... Read the full article
Palomar’s new E&S start-up receives credit ratings from AM Best
30th July 2020
Palomar Holdings, Inc. has confirmed that AM Best has assigned its new start-up underwriting company Palomar Excess and Surplus Insurance Company (PESIC) a Financial Strength Rating of A- whilst also receiving a Long-Term Issuer Credit Rating of A-. This comes after last month where Palomar announced the formation of a ... Read the full article
Palomar launches E&S insurer; announces pricing of public offering
24th June 2020
Palomar Holdings, Inc. has announced the formation of a new surplus lines insurance company subsidiary, called Palomar Excess and Surplus Insurance Company (PESIC). PESIC is based in Arizona and after receiving all necessary regulatory approvals, is licenced to transact across all of Palomar's existing lines of specialty property business as well ... Read the full article
Genstar exits remaining stake in Palomar
16th June 2020
Genstar Capital has exited its remaining stake in Palomar Holdings, Inc., a specialty property insurer the private equity firm formed alongside current Chief Executive Officer (CEO) Mac Armstrong in 2014. Palomar launched in 2014 as a new specialty insurance platform company with $75 million in private equity funding from Genstar and ... Read the full article
Former Everest Re exec Daryl Bradley joins Palomar’s Board of Directors
5th June 2020
Palomar Holdings, Inc. has revealed that Daryl Bradley has been elected to its Board of Directors at the firm's 2020 Annual Meeting of Stockholders held on May 28th, 2020. Bradley brings almost four decades of industry experience to Palomar. During his career, he has held numerous roles with Everest Re, most ... Read the full article
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