Log In

Reset Password

Palomar parent presents range of cat losses

The parent company of Palomar Specialty Reinsurance Company Bermuda Ltd has announced an estimated range of pretax catastrophe losses of $14.5 million to $15.5 million, net of reinsurance, for the third quarter of this year.

Palomar Holdings Inc said that these estimates represent anticipated losses from the hurricanes Ida and Nicholas.

Palomar estimates that 70-75 per cent of its gross losses from these events are from its discontinued Admitted All Risk and Louisiana Specialty Homeowners products, lines of business that the company exited in the fourth quarter last year.

The California-headquartered company said that its loss estimates are subject to change because of the complexity of the claims and preliminary nature of the information available to prepare the estimates.

In addition, Palomar’s financial closing and review procedures for the fiscal quarter are not yet complete, it said.

Updated loss estimates related to recent catastrophes will be reflected in Palomar’s third-quarter 2021 results.

Palomar Holdings Inc is the holding company of its subsidiaries Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd, Palomar Insurance Agency Inc and Palomar Excess and Surplus Insurance Company.

The company focuses on the provision of specialty insurance for residential and commercial clients.

The Bermuda operation is licensed as a Class 3A insurer by the Bermuda Monetary Authority.

You must be Registered or to post comment or to vote.

Published October 21, 2021 at 7:47 am (Updated October 21, 2021 at 7:47 am)

Palomar parent presents range of cat losses

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon