Palomar Expands Builder’s Risk Footprint Through Relationship with TRU

LA JOLLA, Calif., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or the “Company”) today announced a trading agreement with Technical Risk Underwriters (“TRU”), a subsidiary of Ryan Specialty Group, LLC. TRU specializes in underwriting insurance products for complex construction projects and is a managing general underwriter. Palomar’s surplus lines subsidiary, Palomar Excess and Surplus Insurance Company (“PESIC”), acts as another important market for TRU and participates in select new business written by the managing general underwriter.

Through the agreement with TRU, Palomar gains access to the larger limit Builder’s Risk markets, which the Company historically has not pursued. This expansion includes access to TRU’s national wholesale distribution channels and years of industry relationships. TRU celebrates its 10^th anniversary this year and has established itself as an industry leader in the complex construction niche.

“TRU is a highly respected player in the Builder’s Risk insurance market,” said Jason Sears, Senior Vice President and Head of Programs at Palomar. “This relationship will increase our ongoing and strategic involvement in this segment and strengthens our effort to work with best-in-class organizations to produce steady returns for our shareholders. Additionally, it is also a wonderful expansion into the larger Ryan Specialty Group family. I would like to thank Guy Carpenter offices of Dallas, London and Philadelphia for their teamwork in placing the program.” 

Katie Davis, CEO of TRU, commented, “We are excited to add Palomar’s capacity to our portfolio of business. It is a testament to the hard work, professionalism and technical expertise we have displayed since our inception. We look forward to growing with Palomar in the future in providing capacity to the Builder’s Risk marketplace.”  

About Palomar Holdings, Inc.

Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc. and Palomar Excess and Surplus Insurance Company. Palomar is an innovative insurer that focuses on the provision of specialty property insurance for residential and commercial clients. Palomar’s underwriting and analytical expertise allow it to concentrate on certain markets that it believes are underserved by other insurance companies, such as the markets for earthquake, hurricane and flood insurance. Palomar’s principal insurance subsidiary, Palomar Specialty Insurance Company, is an admitted carrier in 32 states and has an A.M. Best financial strength rating of “A-” (Excellent).