Reinsurance News
Palomar Specialty Insurance
Palomar links up with Omaha National
27th July 2022
Palomar has gone into a two-year arrangement with Omaha National. Under the partnership, Palomar Specialty Insurance Company (PSIC) will act as the insurer in California to help support Omaha National’s workers compensation product. Omaha National, through its managing general agent, Omaha National Underwriters, will be overseeing the insurance operations including underwriting, ... Read the full article
Palomar to maintain reinsurance strategy
16th June 2022
Palomar has said that it is aiming to maintain its three-pronged reinsurance strategy that aims to protect its balance sheet, reduce earnings volatility, and provide lucrative fee income. This was set out at the firm Investor Day, when it called its strategy key to ‘highly thoughtful and multi-faceted’. According to the firm, ... Read the full article
Palomar successfully completes June reinsurance renewal
1st June 2022
Palomar has successfully completed its 1 June reinsurance renewal. The firm said that it had procured approximately $430m of incremental limit for earthquakes and $200m of incremental windstorm limit. Its reinsurance coverage now exhausts at $2.08bn for earthquake events and $900m for hurricane events. Palomar also said that it had maintained ... 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 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 says California quake losses well below reinsurance threshold
8th July 2019
Specialty property insurance company, Palomar Holdings, Inc., has revealed that it faces some exposure to the earthquakes in California last week, but said that losses would be well below the threshold needed to trigger its reinsurance program. Kern County in southern California was struck by a magnitude 6.4 earthquake on ... Read the full article
Palomar Holdings completes reinsurance renewal
3rd June 2019
Specialty property insurance company, Palomar Holdings, Inc. has announced the successful completion of its June 1st, 2019 reinsurance programs. Including the insurer's Torrey Pines Re catastrophe bond, Palomar Holdings' renewed $470 million of its core reinsurance program, and also purchased $200 million of incremental limit that sits at the top of ... Read the full article
Palomar sets sights on $97m-$110m IPO
10th April 2019
Palomar Holdings, a specialty property insurance provider backed by Genstar Capital, has set its sights on raising between $97 million and $110 million for its upcoming initial public offering (IPO) of common stock. The company had initially been targeting $50 million for the IPO, driven by the opportunity to increase its ... Read the full article
Palomar Holdings files for $50mn IPO
18th March 2019
Palomar Holdings, a specialty property insurance provider backed by Genstar Capital, has filed for an initial public offering (IPO) with a placeholder amount of $50 million. The company, which is based in La Jolla, California, submitted preliminary documents to the Securities and Exchange Commission on Friday to pursue the IPO. It plans ... Read the full article
Palomar Specialty expands Flex Choice earthquake cover to Mississippi & South Carolina
15th February 2018
Palomar Specialty Insurance has announced the expansion of its Flex Choice residential earthquake insurance product into Mississippi and South Carolina from its current offer in Arkansas, Illinois, Indiana, Kentucky, Missouri Tennessee and Utah. Flex Choice allows consumers to tailor make residential earthquake coverage to meet their specific needs. The bespoke earthquake cover offers homeowners ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
