Palomar Holdings Inc, which has a subsidiary company in Bermuda, has announced the successful completion of certain reinsurance programmes covering California earthquake risk.

The company renewed its California Commercial Earthquake quota share programme, increasing the cession percentage, and secured additional earthquake excess of loss limit.

In total, Palomar said, it has secured approximately $50 million of incremental limit to capitalise on opportunities it sees in the residential and commercial earthquake insurance markets.

Mac Armstrong, Palomar’s chairman and chief executive officer, said: “In the face of what is unquestionably a hard reinsurance market, we are pleased to not only successfully renew our California Commercial Earthquake quota share programme but also procure incremental reinsurance limit to support our earthquake lines.

“We strategically increased the cession amount of the California Commercial Earthquake quota share to provide flexibility in how we participate in the commercial earthquake market and moreover take advantage of dislocation in the earthquake market broadly.

“We appreciate the support of our reinsurer panel and believe that our single peril business lines remain attractive to this cohort of reinsurers and the market broadly.”

Palomar Holdings Inc is the holding company of subsidiaries Palomar Specialty Reinsurance Company Bermuda Ltd, Palomar Specialty Insurance Company, Palomar Insurance Agency Inc and Palomar Excess and Surplus Insurance Company.