Palomar adds $145mn of reinsurance limit at 1/1 renewalPalomar is targeting further growth in 2020 after the expansive specialist quake insurer added $145mn of limit to the part of its reinsurance programme that incepts at 1 January.
Palomar shares up 8% after upsized secondary offeringShares in quake specialist Palomar Holdings traded around a 52 week high today on Nasdaq after the carrier completed an upsized secondary offering that saw investors including Genstar Capital sell more of their holdings.
Ridgecrest quakes drive second-largest CEA policy spikeThe California Earthquake Authority (CEA) gained 23,861 earthquake insurance policies in July, the second-largest monthly net increase in its 23-year history.
High magnitude Tokyo earthquake could top $3tn of losses: KCCAn event with a greater magnitude than the Great Kanto Earthquake of 1923 – estimated between M7.9 and M8.4 on the Richter scale – could cause total property losses exceeding $3tn, Karen Clark & Company (KCC) has estimated.
Palomar top line climbs 56% in Q2Quake insurance specialist Palomar Holdings reported strong top line growth in the second quarter as it continued to pursue what it sees as a “substantial market opportunity”.
California regulator warns insurers over quake cover “misinformation”California insurance commissioner Ricardo Lara is to send notice to insurers over what has been described as “misinformation” around quake cover that has led to confusion about an alleged “moratorium” on new policies being written.
Palomar reveals exposure to SoCal quakesRecently floated Palomar Holdings has said the total insured value (TIV) of policies it has written within a one hundred-mile radius of the epicenters of the two quakes that struck Southern California last week is “considerably less” than its excess of loss (XoL) reinsurance programme.
SoCal earthquake damages unlikely to exceed $100mn: USGSThe United States Geological Survey (USGS) has predicted that economic losses resulting from the 6.4 and 7.1 magnitude earthquakes that shook Southern California on 4 and 5 July will come in well below $100mn.
CEA on the hook for up to 2,000 policies for 4 July earthquakeThe California Earthquake Authority (CEA) could pay out on up to 2,000 policies for losses stemming from the 6.4 magnitude earthquake and swathe of aftershocks that shook southern regions of the State yesterday (4 July).
Peru earthquake triggers $60mn World Bank cat bond pay outLast month’s earthquake in Peru has triggered a 30 percent pay out on a $200mn catastrophe bond that was part of the World Bank’s large $1.36bn Pacific Alliance placement, sources have confirmed.
CEA seeks better balance between prevention and protectionOver the last two decades the California Earthquake Authority (CEA) has become one of the largest buyers of property cat reinsurance globally.