La Jolla, Calif.-based Palomar Specialty Insurance Co., established in February 2014 as a specialty catastrophe insurer, announced it is now licensed to write residential and commercial insurance in 14 states.
Palomar Specialty initially focused on writing residential earthquake insurance, commercial earthquake insurance and difference in conditions (DIC) in earthquake-exposed states including California, Oregon and Washington.
In recent months, the company expanded its licensure and is an admitted carrier in California, Oregon, Washington, Texas, Oklahoma, Missouri, Arizona, Nevada, Utah, Kentucky, Kansas, Indiana, Tennessee and Alaska.
Palomar Specialty was funded with $75 million of equity capital from private equity firm Genstar Capital Management, LLC and the management team. The Company has an A.M. Best financial strength rating of “A-” (Excellent).