Palomar Specialty Insurance Co. has agreed to acquire the renewal rights to GeoVera’s Holding’s Hawaii residential hurricane policies.
The transaction is expected to further deepen Palomar’s presence in Hawaii, a market that the company has served since 2015.
Through an ongoing partnership between Palomar and GeoVera, Palomar Specialty will issue replacement offers at the time of policy renewal to all policyholders of residential hurricane coverage issued by GeoVera Insurance Co. and Coastal Select Insurance Co., which are both exiting the Hawaii market.
TigerRisk Capital Markets & Advisory is acting as exclusive financial advisor and McDermott Will & Emery is acting as legal advisor to GeoVera. DLA Piper is acting as legal advisor to Palomar.
Palomar Holdings is the holding company of subsidiaries Palomar Specialty Insurance Co., Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency Inc. and Palomar Excess and Surplus Insurance Co.
GeoVera Insurance Holdings, the parent of GeoVera Insurance Co. and Coastal Select Insurance Co., is a provider of specialty residential property insurance products, focused on catastrophe exposed property in the homeowners and residential earthquake markets, operating on both an admitted and surplus lines basis. GeoVera is headquartered in Fairfield, Calif.
Topics Mergers & Acquisitions Catastrophe Natural Disasters Excess Surplus Hurricane Hawaii
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