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Palomar Holdings, Inc. Secures $25 Million of Aggregate Reinsurance Protection
Palomar Holdings, Inc today announced that it has renewed $25.0 million of aggregate excess of loss reinsurance limit (“Aggregate Cover”). The Aggregate Cover incepts April 1, 2022, has an attachment point of $30.0 million and maintains coverage for qualifying events within its per occurrence retention. This coverage applies across all perils including but not limited to earthquakes, hurricanes, convective storms, and floods above a qualifying level of $2.0 million in ultimate gross loss.
Mac Armstrong, Chairman and Chief Executive Officer of Palomar, commented, “We are very pleased to successfully complete the placement of our Aggregate Cover. The Aggregate Cover is a demonstrable example of how we proactively safeguard our business, balance sheet and operating results. The reinsurance facility not only protects our business from losses generated by multiple severe catastrophic events, but also establishes a floor on our adjusted return on equity. Assuming the full utilization of the Aggregate Cover and the mid-point of our previously announced adjusted net income range of $80 – $85 million, our 2022 adjusted return on equity has a floor of 14%.”
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