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

20-10-2021

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

shutterstock/Sergey Gordienko

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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Bermuda Re