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shutterstock/Sergey Gordienko
20 October 2021

Palomar estimates cat losses of up to $15.5m from Ida and Nicholas

Palomar Holdings, the California-headquartered parent of Palomar Specialty Reinsurance Company Bermuda, estimates its cat losses in the third quarter at $14.5-15.5 million, net of reinsurance.

The losses reflect those anticipated from Hurricane Ida and from Nicholas, which made landfall in Texas in mid-September. About 70-75% of its gross losses from these events are from its discontinued Admitted All Risk and Louisiana Specialty Homeowners products, however – lines of business that the Company exited in the fourth quarter of 2020.

Its estimates follow those from several other re/insurers, including  SiriusPoint,  Arch Capital,  RenaissanceRe and  AXIS.




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26 January 2022   Good quarter can’t offset “difficult year” from cat losses, however.

More on this story

article
4 November 2021   $266 million underwriting loss partly offset by investment returns.
article
9 December 2021   More support for US healthcare systems and hospitals clients
News
26 January 2022   Good quarter can’t offset “difficult year” from cat losses, however.