The new surplus lines insurance company formed by Palomar is domiciled in Arizona
New surplus lines insurance company formed by Palomar. (Credit: mohamed Hassan from Pixabay)
Palomar has formed a new surplus lines insurance company subsidiary called Palomar Excess and Surplus Insurance Company (PESIC).
According to the US-based insurance holding company, PESIC has secured all the required regulatory approvals for operating as an excess and surplus lines (E&S) insurer.
The new surplus lines insurance company is domiciled in Arizona. It is licensed to transact across all of Palomar’s existing lines of specialty property business and also other classes of insurance including but not confined to casualty and surety lines.
Currently, PESIC is in the process of becoming an eligible surplus lines insurance provider across all US jurisdictions.
The new surplus lines insurance unit plans to begin writing excess and surplus lines business, on a national basis starting in the second half of this year.
Palomar CEO comments on the new surplus lines insurance company
Palomar chairman and CEO Mac Armstrong said: “The creation of Palomar Excess and Surplus Insurance Company represents a natural and exciting progression in our Company’s evolution.
“We believe that the data-driven underwriting acumen and market expertise we have established and demonstrated across Palomar’s existing lines of specialty property business can also be logically applied to the E&S market.
“Candidly, several of our commercial products are perhaps better suited for the E&S market.”
Mac Armstrong further said that PESIC will enable the insurance holding company to write and insure certain risks that its admitted products and geographic presence presently cannot satisfy.
The new surplus lines insurance subsidiary is also expected to enable Palomar to extend the breadth and reach of its specialty product offerings and help it continue to address the demand for specialty property insurance protection.
Palomar’s other subsidiaries include Palomar Specialty Insurance, Palomar Specialty Reinsurance Company Bermuda, Palomar Insurance Agency.
The insurance holding company, which focuses on providing specialty property insurance for residential and commercial clients, is an admitted carrier in 29 states.