AM Best confirms Palomar Holdings, Inc. credit ratings. And its member companies

The ratings reflect the power of Palomar’s balance sheet, which AM Best classifies as very strong, as well as its appropriate operating performance, limited business profile, and appropriate enterprise risk management.

Palomar completed the Initial Public Offering (IPO) on April 17, 2019 and raised $ 87.4 million in additional capital. Meanwhile, Palomar contributed $ 40 million to PSIC to support future growth and paid $ 20 million in top bonds at the holding company. Palomar raised an additional $ 35.5 million in additional capital in its second follow-up offer in January 2020, bringing the total capital to $ 254.1 million.

The capital evaluation conducted by Palomar reflects the moderate leverage of the IPO, the sound liquidity position and the development of a consistently favorable loss reserve partially offset by a heavy reliance on reinsurance. Adequate operational performance reflects the geographical focus in disaster-prone areas, leading to potential fluctuations. This was evident in 2017, when Palomar’s IPO results were negatively affected by net losses from Hurricane Harvey, Texas winds, and blizzards. However, despite these losses, Palomar managed to achieve favorable operating profit for the year. In recent years, Palomar has achieved solid operating results, although 2019 earnings have been somewhat cushioned by one-time expenses related to the IPO.

Palomar’s limited profile reflects the business focus due to disasters, primarily from a severe earthquake. The total catastrophe leverage for a one-year earthquake in 250 years, as shown in the analysis of the maximum potential loss. Palomar also maintains a heavy reliance on reinsurance to reduce the overall exposure to earthquakes. However, due to the management’s extensive experience in the residential and commercial earthquake markets and Palomar’s comprehensive reinsurance program, Palomar reduced its leverage from disasters to a manageable level with risk management capabilities in line with its profile.

Last evaluation activity Webpage. For additional information on the use and limitations of credit rating opinions, please see the guide Best credit ratings. For information on the correct use of the media for Best’s credit ratings and AM Best press releases, please see Media guide – correct use of the best credit ratings and press releases on best-rated AM rating.“data-reaidid =” 24 “> This press release relates to the credit ratings posted on the AM Best website. For all evaluation information related to the issuance and related disclosures, including the details of the office responsible for issuing each individual rating referenced in For this release, please see the AM Best Recent Rating Activities web page. For additional information on the use of credit rating restrictions and their limits, please see the Best Credit Rating Guide. For information on the appropriate media usage for Best and AM Best credit ratings Press releases, please Play on the Media Guide – Correct Use of the Best Credit Ratings and Press Releases of the Best AM Rankings.

www.ambest.com.“data-reaidid =” 25 “> AM Best is a global credit rating agency, news publisher and data analyst provider specialized in the insurance industry. Based in the United States, the company operates in more than 100 countries and has regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico Citi For more information, please visit www.ambest.com.

View the source copy on businesswire.com: https://www.businesswire.com/news/home/20200430005557/en/“data-responseid =” 27 “> View the source version at businesswire.com: https://www.businesswire.com/news/home/20200430005557/en/

[email protected]“data-reaidid =” 29 “> Kenneth Taben Senior Financial Analyst +1 908 439 2200, ext. 5248 [email protected]

[email protected]“data-reaidid =” 30 “> Christopher Sharkey Director of Public Relations +1 908 439 2200, ext. 5159 [email protected]

[email protected]“data-reaidid =” 31 “> Richard Atanasio Senior Director +1 908 439 2200, ext. 5432 [email protected]

[email protected]“data-responseid =” 32 “> Jim Buffy, Director of Public Relations +1 908 439 2200, ext. 5644 [email protected]

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