Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) today announced the formation of Palomar Excess and Surplus Insurance Company (“PESIC”), a newly established surplus lines insurance company subsidiary. PESIC has received all necessary regulatory approvals to operate as an excess and surplus lines (“E&S”) insurer.
PESIC is domiciled in the state of Arizona and licensed to transact across all of the Company’s existing lines of specialty property business as well as other classes of insurance including but not limited to casualty and surety lines. PESIC is currently in the process of becoming an eligible surplus lines insurer in all US jurisdictions and intends to commence writing E&S business, on a national basis beginning in the second half of 2020.
Mac Armstrong, Palomar’s Chairman and Chief Executive Officer commented, “The creation of Palomar Excess and Surplus Insurance Company represents a natural and exciting progression in our Company’s evolution. We believe that the data-driven underwriting acumen and market expertise we have established and demonstrated across Palomar’s existing lines of specialty property business can also be logically applied to the E&S market. Candidly, several of our commercial products are perhaps better suited for the E&S market. As we continue to grow Palomar and expand the Company’s product offerings, PESIC will enable us to write and insure certain risks that our admitted products and geographic footprint cannot currently satisfy. PESIC allows Palomar to extend both the breadth and reach of our specialty product offerings and continue to meet the demand for specialty property insurance protection. We are very excited to launch this new vehicle and bring a new solution to the market in the second half of 2020.”