Palomar Holdings, Inc. Announces Successful Placement of Additional Earthquake Reinsurance Limit
04 Abril 2023 - 3:15PM
Palomar Holdings, Inc. (NASDAQ: PLMR) (“Palomar” or the “Company”)
today 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 will incept between April 1, 2023
and June 1, 2023 and provide coverage through June 1, 2024. The
Company’s expanded XOL coverage further enables the sustained
growth of Palomar’s profitable earthquake business.
“We are pleased with the continued and
incremental support from our long-time reinsurance partners as we
successfully secured approximately $187.5 million of additional XOL
limit to support our growth in what remains a very attractive
market for earthquake insurance,” commented Mac Armstrong, Chairman
and Chief Executive Officer of Palomar. “Importantly, the market
for our reinsurance was orderly and the pricing was in-line with
the expectations that we outlined on our fourth quarter earnings
call. This limit affords us the ability to both grow and optimize
our earthquake book of business and execute on our Palomar 2X
strategic plan.”
Mr. Armstrong continued, “Delivering predictable
earnings remains a strategic priority for our team. To achieve
this, we have been executing a multi-year strategic plan designed
to reduce volatility in our book of business and most notably
contract our exposure to continental U.S. hurricane risk. The
reduction in our continental hurricane exposure not only makes a
positive impact on our risk profile but also diminishes the utility
of our current aggregate XOL reinsurance treaty. As such, we opted
to non-renew our aggregate cover. While there were compelling
coverage offers from existing reinsurers, we will pursue
alternative forms of risk transfer that provide protection from
multiple severe events. I would like to personally thank all our
reinsurance partners for their support as we continue to build
Palomar into a premier specialty insurance company.”
About Palomar Holdings,
Inc.Palomar Holdings, Inc. is the holding company of
subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar
Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance
Agency, Inc. and Palomar Excess and Surplus Insurance Company
(“PESIC”). Palomar is an innovative insurer serving residential and
commercial clients in specialty markets including the market for
earthquake insurance. Palomar’s insurance subsidiaries, Palomar
Specialty Insurance Company, Palomar Specialty Reinsurance Company
Bermuda Ltd., and Palomar Excess and Surplus Insurance Company,
have a financial strength rating of “A-” (Excellent) from A.M.
Best.
To learn more, visit PLMR.com.
Follow Palomar on Facebook, LinkedIn and
Twitter: @PLMRInsurance
Safe Harbor StatementPalomar
cautions you that statements contained in this press release may
regard matters that are not historical facts but are
forward-looking statements. These statements are based on the
company’s current beliefs and expectations. The inclusion of
forward-looking statements should not be regarded as a
representation by Palomar that any of its plans will be achieved.
Actual results may differ from those set forth in this press
release due to the risks and uncertainties inherent in the
Company’s business. The forward-looking statements are typically,
but not always, identified through use of the words "believe,"
"expect," "enable," "may," "will," "could," "intends," "estimate,"
"anticipate," "plan," "predict," "probable," "potential,"
"possible," "should," "continue," and other words of similar
meaning. Actual results could differ materially from the
expectations contained in forward-looking statements as a result of
several factors, including unexpected expenditures and costs,
unexpected results or delays in development and regulatory review,
regulatory approval requirements, the frequency and severity of
adverse events and competitive conditions. These and other factors
that may result in differences are discussed in greater detail in
the Company's filings with the Securities and Exchange Commission.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof,
and the Company undertakes no obligation to update such statements
to reflect events that occur or circumstances that exist after the
date hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.
ContactMedia InquiriesLindsay
Conner1-551-206-6217lconner@plmr.com
Investor RelationsJamie
Lillis1-203-428-3223investors@plmr.com
Source: Palomar Holdings, Inc.
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