Palomar Holdings Inc. has formed Palomar Excess and Surplus Insurance Co.
Palomar Holdings Inc. announced the underwritten public offering of 1 million shares of the company’s common stock
PESIC has received all necessary regulatory approvals to operate as an excess and surplus lines 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.
Genstar Capital announced earlier this month announced it has exited its remaining stake in Palomar Holdings Inc. In January, the company announced the underwritten public offering of 5 million shares of the company’s common stock
Genstar in 2014 partnered with current CEO Mac Armstrong to form Palomar, a new specialty insurance platform company that was funded with $75 million of equity capital from Genstar and the management team.
Palomar Holdings, Inc. is the ultimate parent and insurance holding company of its operating subsidiaries, Palomar Specialty Insurance Co., Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc. and Palomar Excess and Surplus Insurance Company. Palomar focuses on the provision of specialty property insurance for residential and commercial clients. Based in La Jolla, California, the company is an admitted carrier in 29 states.
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