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.