Palomar Holdings, Inc. Announces Entry into the Fronting Sector of the U.S. Insurance Market
Palomar Holdings has launched PLMR-FRONT, its new fronting business, targeting opportunities in the challenging insurance market. The initiative allows Palomar to partner with reinsurers and carriers to create customized insurance programs across various sectors such as cyber, non-standard auto, and workers’ compensation. This strategic move aims to generate new income streams and improve risk-adjusted returns for shareholders, leveraging Palomar's existing infrastructure. CEO Mac Armstrong emphasized the potential for profitable growth through sound underwriting practices.
- Launch of PLMR-FRONT to enter the fronting insurance sector, potentially increasing revenue.
- Targeting multiple hard-to-source lines including cyber and workers' compensation, which could diversify income streams.
- Statements from CEO indicate a focus on profitable growth and sound underwriting practices.
- None.
LA JOLLA, Calif., Sept. 08, 2021 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ: PLMR) (“Palomar” or the “Company”) an A.M. Best rated “A-IX” specialty insurer, today announced that it has entered the fronting sector of the United States insurance market. Palomar’s fronting business, known as PLMR-FRONT, will partner with reinsurers, insurance carriers and managing general agents to enable the design and operation of customized insurance programs. More information on Palomar’s new initiative can be found at https://www.plmr.com/plmr-front.
PLMR-FRONT will provide fronting paper on both an admitted and non-admitted basis through Palomar Specialty Insurance Company and Palomar Excess and Surplus Insurance Company, respectively. The fronting team will target opportunities across multiple lines of business where traditional insurance is difficult to source. New product lines may include but are not limited to cyber, non-standard auto, trucking, warranty and workers compensation. In addition, Palomar’s entry into the fronting space will allow the specialty insurer to act either as a non-risk bearing insurance entity with a pure fronting model or participate in risk through a hybrid model.
“PLMR-FRONT is a logical extension of Palomar’s franchise in the specialty insurance market. It represents an entrance into a sector that will generate new income streams and compelling risk-adjusted returns for our shareholders. Our admitted and E&S platforms offer the requisite infrastructure to execute PLMR-FRONT and also allow us to participate alongside our partners where appropriate,” commented Mac Armstrong, Chairman and Chief Executive Officer. “Ultimately, the fronting sector represents another opportunity to capitalize on changing market dynamics and dislocations while adhering to our focus on sound underwriting and profitable growth.”
For inquiries regarding PLMR-FRONT, please email Jason Sears, Senior Vice President and Head of Programs at Jsears@plmr.com
About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc. and Palomar Excess and Surplus Insurance Company. Palomar is an innovative insurer that focuses on the provision of specialty insurance for residential and commercial clients. Palomar’s underwriting and analytical expertise allow it to concentrate on certain markets that 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 and has an A.M. Best financial strength rating of “A-” (Excellent).
To learn more, visit PLMR.com
Follow Palomar on Facebook, LinkedIn and Twitter: @PLMRInsurance
Contact
Media Inquiries
Sarah Flocken
1-240-630-0316
sarah@conwaymarketinggroup.com
Investor Relations
Shannon Devine
1-619-771-1743
investors@plmr.com
Source: Palomar Holdings, Inc.
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