Palomar Holdings Inc, the parent company of island-based Palomar Specialty Reinsurance Company Bermuda Ltd, has announced estimated pre-tax catastrophe losses of $12.5 million, net of reinsurance, for the third quarter of 2022.

The company said this anticipates a full retention loss of $12.5 million from Hurricane Ian.

The losses from Hurricane Ian also result in additional ceded reinsurance premium of $3.1 million, with $1.3 million recognised in the third quarter of 2022 and the remaining $1.8 million recognised ratably from October 1, 2022 to May 31, 2023.

Palomar said its financial closing and review procedures for the fiscal quarter are not yet complete. The company’s loss estimates are subject to change due to the complexity of the claims and preliminary nature of the information available to prepare the estimates.

Updated catastrophe loss estimates will be reflected in Palomar’s third quarter results, which will be released on November 2.