Palomar raises earthquake reinsurance by 18% and hurricane 14% on renewal

Palomar Insurance Holdings, the California-based specialist insurer that provides largely disaster-prone property products, raised the top of the tower reinsurance for earthquake losses by 18% to $ 1.65 billion and reinsurance for hurricanes by 14% to $ 700 million, in a renewal. Successful The primary reason for the expansion of Palomar’s reinsurance protection in connection with the earthquake from its business was the merger of the new Torrey Bains RPTE, valued at $ 400 million. Ltd. (2021-1 Series) a disaster bond deal.

As our readers know, the company has encouraged investor response to the largest disaster bond to date, expressing satisfaction with the successful increase in issuance and pricing achieved at minimal guidance.

Palomar also added a new $ 25 million gross reinsurance tier in the first quarter of 2021, bolstering its program.

Analysts indicated that the new reinsurance program in Palomar has successfully filled the gaps left by the brisk wind season of 2020 and the US winter storms earlier this year.

Announcing the completion of the reinsurance renewal on June 1, the company announced that it added an additional $ 180 million earthquake limit and $ 100 million extra windstorm limit over the previous year.

Palomar’s reinsurance protection is now depleting $ 1.65 billion for earthquake events and $ 700 million for hurricane events, which the insurer said is providing the leeway needed to support its growth initiatives and surpasses the 1: 250-year peak in the Potential Peak District (PML).

Palomar will retain slightly greater risk, with its disaster retention rate rising from $ 10 million to $ 12.5 million for all risk at this replenishment.

However, at the same time, Palomar removed its joint participation and retention in selected layers of excess loss in its reinsurance tower.

The result is that after previously having $ 3 million in co-participation in its reinsurance program, as of June 1, Palomar reduced the net retained loss for covered events by $ 500,000.

“We are extremely pleased to successfully complete our 6/1 appointment,” said Mac Armstrong, Chairman and CEO of Palomar. “We were able to obtain an additional cap of $ 280 million to support our growth, adjust our retention slightly when combined entries count to $ 12.5 million and incorporate the well-accepted ILS version in the form of Torrey Pines Re into our Comprehensive Reinsurance Program. Strong support from our reinsurance team. “

Adding, “Completing the 1/6 renewal alongside total coverage are two other examples of Palomar’s commitment to providing steady profits and predictable profitable growth. These reinsurance programs are fundamental to our ability to produce an attractive profit stream and return on equity.”

Palomar also said it added six new reinsurers to its committee on this renewal, raising it to nearly 82.

Heath Fisher, President of Palomar, said, “We have carefully gone through a complex renewal due to the 2020 Hurricane Season as well as the Winter Storm Uri in Texas. Over the past two quarters, we have taken decisive action to improve the underwriting results, and I am pleased to see our team endorse this strategy and provide increased support. We have fully invested in portfolio optimization in order to improve Palomar, our reinsurers, and our investors.Successful placement 1/6 is a symbol of the strength and cooperative nature of our reinsurance relationships and furthermore puts us in a position to take advantage of compelling market conditions. We remain grateful to our reinsurers. Insurance for their partnership and continuous support for our business. “

You can read all about Palomar’s new Torrey Pines Re Pte. Ltd. (2021-1 series) a disaster bond in the Artemis Deals Directory.

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