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.
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