Palomar Holdings (PLMR), a specialty property insurer, said it has completed the renewal of reinsurance programs that will take effect June 1.
The company renewed $470 million of its core reinsurance program, which includes its catastrophe bond, and purchased $200 million of incremental limit. The company’s reinsurance program provides coverage up to $1.05 billion for earthquakes, which will enable Palomar to maintain a cushion above the peak zone probable maximum loss.
The amount significantly exceeds simulated losses from any recorded historical event, Palomar said.
Palomar also completed the inaugural placement of its specialty homeowners facility to provide quota share and excess of loss reinsurance for Texas, Mississippi and Alabama. The facility includes the flexibility to expand into other states.