Palomar shares down 12% as reveals back-up reinsurance and coastal deriskingPalomar shares dropped sharply Wednesday after the specialty insurer reported a soaring combined ratio on heavy Q3 cats and revealed coastal derisking and the purchase of back-up reinsurance protection.
Marsh insurtech Torrent teams with Palomar for new flood offeringMarsh’s Torrent Technologies has partnered with Palomar Specialty Insurance Company in a move which will provide the flood-focused insurtech’s Write-Your-Own (WYO) carrier clients and agents with a suite of new admitted flood insurance offerings.
Palomar’s cat-hit Q3 CR jumps 83.7 points as it reveals GeoVera Hawaii dealPalomar Holding’s third quarter 2020 combined ratio more than doubled year on year after facing a $36.5mn catastrophe hit during the period, while the business has also acquired the renewal rights to GeoVera’s book of Hawaii residential hurricane business.
Palomar’s share price plummets 19% after cat loss estimatePalomar Holdings shares closed down 19 percent Tuesday as investors reacted to the specialty insurer’s estimate of third quarter losses, while most US property casualty stocks closed down after President Donald Trump said he would stop negotiating on a stimulus package.
Palomar expects up to $38mn net Q3 cat lossesPalomar Holdings has provided a $34mn to $38mn range for third quarter pre-tax catastrophe losses, net of reinsurance, as it was hit by a quartet of hurricanes in the period.
Palomar falls 7.4% as most US P&C stocks plungeThe majority of US-listed (re)insurance share prices fell in trading Tuesday, with California catastrophe specialist Palomar Specialty the hardest hit.
Palomar promotes Morries to COOPalomar Holdings has promoted Britt Morries to chief operating officer, replacing Jon Christianson who was appointed chief underwriting officer at the beginning of August.
Markets Review: Palomar gains 23% to lead Wall Street’s August surgeShares in expansive specialty insurer Palomar Holdings surged 23 percent over August as US-listed stocks notched their best month in at least 20 years thanks to Federal Reserve policy, slowing coronavirus infections and rising optimism for a Covid-19 vaccine.
Palomar adds capacity to AmWINS SRU property facilityPalomar Holdings is already putting capacity from its new E&S platform to work by supporting AmWINS Special Risk Underwriters (SRU) on national property programs in the US, The Insurer can reveal.
Palomar begins underwriting on new E&S platformPalomar Specialty has already begun underwriting policies on its new E&S platform as it initially focuses on taking its existing property products into new geographies and targeting larger shared and layered risks, according to CEO Mac Armstrong.
Palomar exceeds analyst expectations as Q2 CR improvesPalomar Holdings ended 2020’s second quarter by beating analysts’ expectations and seeing its combined ratio decrease by 80 basis points year on year, all while increasing its net written premium (NWP) for the period by 59 percent.
Palomar to raise up to $94mn in latest offering as it targets E&S marketPalomar is looking to raise $94.3mn from its latest public offering with the company set to use some of the proceeds generated to add to the $50mn the carrier has already set aside to capitalise its newly formed excess and surplus lines business.
Palomar unveils platform to broaden offering into booming E&S marketSpecialty insurer Palomar Holdings is making a move into the rapidly expanding E&S market with the launch of Palomar Excess and Surplus Insurance Company (PESIC) to begin writing business during the second half of this year.
Genstar sells remaining Palomar stake as CEO adds chairman roleGenstar Capital has sold its remaining stake in US quake-focused specialty insurer Palomar in a transaction that brings to an end a lucrative investment by the private equity firm.
Palomar surges 20% over buoyant May for US P&C stocksShares in expansive specialty insurer Palomar surged almost 20 percent over May as US-listed P&C stocks closed out the month with healthy gains on a massive market-wide run on optimism of an economic reopening.
Palomar adds traditional cat limit after dropping Torrey Pines bondPalomar Holdings has completed the placement of its core reinsurance programmes adding another $200mn of incremental limit for its California earthquake exposures, another $300mn of limit for all earthquake zones and another approximately $80mn of windstorm limit.
Palomar drops cat bond and returns to traditional market at midyearPalomar Specialty has decided not to renew its $166mn Torrey Pines catastrophe bond while the expansive carrier has also confirmed it has already placed all of its midyear reinsurance renewal.
Palomar boosts Q1 net income by 40% after “modest” Utah ‘quake lossesExpansive specialty insurer Palomar ended 2020’s first quarter by increasing its adjusted net income by 39.5 percent after taking what it described as “modest losses” from March’s Salt Lake City earthquake.
Palomar COO Christianson to also take on CUO rolePalomar Holdings has announced that chief operating officer Jon Christianson will also assume the role of chief underwriting officer, succeeding Andy Robinson who has announced his intention to retire.
Utah quake economic loss could top $100mn, Palomar details exposureThe losses from the magnitude 5.7 earthquake that struck Utah on 18 March will reach into the millions, with California-based cat specialist Palomar revealing details of its exposure to the event.