Palomar Holdings Inc., a specialty property insurance headquartered in La Jolla, Calif., has forged an agreement with Technical Risk Underwriters (TRU), an Austin, Texas-based subsidiary of Ryan Specialty Group LLC (RSG), to facilitate Palomar’s expansion in the builder’s risk market.
TRU underwrites insurance products for complex construction projects and is a managing general underwriter. Palomar’s surplus lines subsidiary, Palomar Excess and Surplus Insurance Co. (PESIC) already participates in select new business written by TRU.
Through the agreement with TRU, Palomar gains access to the larger limit builder’s risk markets, which the company historically has not pursued. This expansion includes access to TRU’s national wholesale distribution channels and years of industry relationships.
Palomar Holdings subsidiaries include Palomar Specialty Insurance Co., Palomar Specialty Reinsurance Co. Bermuda Ltd., Palomar Insurance Agency Inc. and Palomar Excess and Surplus Insurance Co. Palomar focuses on providing specialty property insurance for residential and commercial clients. The company concentrates on markets it believes are underserved by other insurance companies, such as the markets for earthquake, hurricane and flood insurance. Palomar’s principal insurance subsidiary, Palomar Specialty Insurance Company, is an admitted carrier in 32 states.
Technical Risk Underwriters is a series of RSG subsidiary RSG Underwriting Managers LLC. Technical Risk Underwriters works directly with brokers and insurance carriers. Some products may only be available in certain states, and some products may only be available from surplus lines insurers.
Source: Palomar Holdings
Was this article valuable?
Here are more articles you may enjoy.