The Mechanic Group, a Division of Specialty Program Group LLC, Announces Partnership with Palomar for "Best In Class" Security Alarm & Investigator Program

Rhea-AI Summary

The Mechanic Group, a division of Specialty Program Group (SPG), has announced a partnership with Palomar Excess and Surplus Insurance Company (PESIC), a subsidiary of Palomar Holdings, Inc., to enhance its "Best In Class" Security Alarm & Investigator Program. PESIC, rated "A" (Excellent) by AM Best, will strengthen The Mechanic Group's ability to provide tailored General Liability and Umbrella Coverage for the Security & Alarm industry.

Key benefits of the partnership include:

• Advanced underwriting authority for swift policy issuance
• Expert claims management
• Comprehensive coverage highlights tailored for the Security and Alarm industry

This collaboration combines The Mechanic Group's 30+ years of industry experience with Palomar's expertise in specialty insurance, offering expanded coverage options and improved service efficiencies.

Positive

• Partnership with Palomar Excess and Surplus Insurance Company (PESIC), rated "A" (Excellent) by AM Best
• Enhanced "Best In Class" Security Alarm & Investigator Program
• Expanded coverage options and improved service efficiencies
• Advanced underwriting authority for faster policy issuance
• Expert claims management including risk assessment and efficient claims tracking

Negative

• None.

Insights

Insurance Industry Analyst

This partnership between The Mechanic Group and Palomar represents a significant development in the specialty insurance sector, particularly for the security and alarm industry. The collaboration leverages Palomar's "A" (Excellent) AM Best rating and underwriting expertise to enhance The Mechanic Group's already established program. Key benefits include advanced underwriting authority, expert claims management and comprehensive coverage tailored for a niche market. For Palomar (PLMR), this move expands its footprint in specialty insurance and potentially opens up new revenue streams. The partnership aligns with Palomar's strategy of working with disciplined MGAs, which could lead to improved risk management and potentially better financial performance. Investors should monitor how this affects Palomar's premium growth and loss ratios in the coming quarters.

Risk Management Specialist

The enhancement of the "Best In Class" Security Alarm & Investigator Program through this partnership is noteworthy from a risk management perspective. The combination of The Mechanic Group's 30+ years of industry experience with Palomar's underwriting capabilities creates a robust offering for a specialized market. The focus on swift policy issuance, efficient claims tracking and faster settlement negotiations suggests potential improvements in operational efficiency and customer satisfaction. For investors, this could translate to lower loss ratios and improved combined ratios for Palomar in this segment. The tailored approach to a niche market also indicates a strategic move to capture market share in a potentially underserved sector, which could drive growth if executed effectively.

NEW YORK, Oct. 10, 2024 /PRNewswire/ -- The Mechanic Group, a division of Specialty Program Group (SPG), is proud to announce the enhancement of its "Best In Class" Security Alarm & Investigator Program in partnership with Palomar Excess and Surplus Insurance Company (PESIC), a subsidiary of Palomar Holdings, Inc. (Palomar). PESIC has a financial strength rating of "A" (Excellent) from AM Best. This partnership strengthens The Mechanic Group's ability to deliver Best in Class General Liability and Umbrella Coverage tailored for the Security & Alarm industry.

Leveraging over 30 years of industry experience, The Mechanic Group has long been a leader in customized insurance solutions for security guard companies, alarm installers, private investigators, and security consultants. Now, with the support of Palomar, the "Best In Class" Security Alarm & Investigator Program will offer expanded coverage options and improved service efficiencies.

"We are excited to partner with Palomar, whose expertise in specialty insurance will allow us to deliver even greater value to our brokers and clients," said Marc Katz, President of The Mechanic Group. "This partnership will further strengthen our "Best In Class" Security Alarm & Investigator Program, offering expanded coverage, improved service, and access to Palomar's robust underwriting capabilities."

Key Benefits of the Partnership:

• Advanced Underwriting Authority: Empowering brokers with swift, efficient policy issuance.
• Expert Claims Management: Including risk assessment, efficient claims tracking, and faster settlement negotiations.
• Comprehensive Coverage Highlights: Offering General Liability and supported Umbrella, and more, tailored specifically for the Security and Alarm industry

Palomar, recognized for its innovative approach to specialty insurance, will bring its underwriting and analytical expertise to the ProtectPlus Liability Program. Together, this partnership offers a powerful combination of industry knowledge and specialized coverage.

"We seek MGA's with a firm focus on underwriting discipline for ourselves and our reinsurance partners," said Jason Sears Executive Vice President, Head of Programs, of Palomar. "The Mechanic Group is a leader in the Security and Alarm industry, making them an ideal partner for Palomar. We are excited about the opportunity to collaborate with such a talented team in this niche market segment."

To learn more about our "Best In Class" Security Alarm & Investigator Program and how it can meet the specific needs of your business, please contact Marc Katz at mkatz@mechanicgroup.com.

About The Mechanic Group 

The Mechanic Group specializes in writing customized, comprehensive insurance programs for the security and alarm industry. Since 1989, the group has been dedicated to serving this niche market with integrity and expertise. As part of Specialty Program Group LLC since 2019, The Mechanic Group has enhanced its ability to innovate and expand its product offerings. For more information, visit mechanicgroup.com.

About Palomar Holdings, Inc.

Palomar Holdings, Inc. (NASDAQ: PLMR) is the holding company of subsidiaries Palomar Specialty Insurance Company ("PSIC"), Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company ("PESIC"), and Palomar Underwriters Exchange Organization, Inc. Palomar's consolidated results also include Laulima Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar's insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of "A" (Excellent) from A.M. Best.

About Specialty Program Group

Specialty Program Group LLC (SPG) is a leading specialty platform headquartered in Chicago, Illinois, with a diverse portfolio of specialty insurance operations spanning underwriting management, digital solutions, wholesale and specialty retail brokerage, and insurance services. SPG has a track record of scaling industry leading businesses by providing access to business resources, technology and process efficiency, capital and investment, deep carrier relationships, and a broad distribution network. Visit specialtyprogramgroup.com to learn more about how SPG can help you scale your specialty business.

CONTACT:                                                                  
Mechanic: Marc Katz
Phone: (845) 735 0700
Email: mkatz@mechanicgroup.com

SPG Media: Lea Prses
Email: lea.prses@specialtyprogramgroup.com

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SOURCE Specialty Program Group

FAQ

What is The Mechanic Group's new partnership for its Security Alarm & Investigator Program?

The Mechanic Group has partnered with Palomar Excess and Surplus Insurance Company (PESIC) to enhance its "Best In Class" Security Alarm & Investigator Program, offering expanded coverage options and improved service efficiencies.

How does the partnership with Palomar (PLMR) benefit The Mechanic Group's clients?

The partnership provides advanced underwriting authority, expert claims management, and comprehensive coverage highlights tailored for the Security and Alarm industry, resulting in swift policy issuance and improved service.

What is Palomar's (PLMR) financial strength rating from AM Best?

Palomar Excess and Surplus Insurance Company (PESIC), a subsidiary of Palomar Holdings, Inc., has a financial strength rating of "A" (Excellent) from AM Best.

What types of coverage does The Mechanic Group's enhanced program offer?

The enhanced program offers General Liability and supported Umbrella coverage, along with other tailored solutions specifically for the Security and Alarm industry.