– Expands PLMR-FRONT to consist of four Program Partners since its formation in Q3 2021 –
– Firmly positions Palomar to achieve 2022 gross written premium target in PLMR-FRONT –
LA JOLLA, Calif., July 26, 2022 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (PLMR, Financial) (“Palomar” or the “Company”) today announced that it has entered into a two-year agreement with new partner Omaha National Group, Inc. (“Omaha National”), a leading technology provider work accident insurance. .
Palomar’s partnership provides a key entry point through its licensed subsidiary, Palomar Specialty Insurance Company (“PSIC”), acting as an insurer in California, supporting the workers’ compensation product of Omaha National in the licensed California market. Omaha National, through its general agent, Omaha National Underwriters, will oversee insurance operations, including underwriting, risk management and claims. This partnership represents further progress towards Palomar’s strategic growth initiatives in PLMR-FRONT. Palomar operates with a significant competitive advantage and is a key resource for enabling insurance companies and unlicensed reinsurers to access the primary insurance market in the United States.
Mac Armstrong, President and CEO of Palomar, said, “Palomar is strongly focused on the strategic initiatives delivered at the start of the year, namely building a premier franchise through PLMR-FRONT. This new partnership with Omaha National not only allows us to expand the deductible, but also to partner with a market leader in the field of workers’ compensation. »
“We are thrilled to partner with Palomar as we continue to grow our presence on the West Coast and provide excellent service to the small and medium businesses that keep California running,” said the President and CEO. of Omaha, Reagan Pufall. “Palomar is a highly respected company full of exceptionally talented professionals, and we have formed a great partnership.”
“We are thrilled to partner with Omaha National, which provides renowned technology service and expertise in the area of workers’ compensation,” said Jason Sears, executive vice president and chief program officer at Palomar. “Omaha National’s management team has developed an outstanding reputation and proven track record in the workers’ compensation market.”
About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of the subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc. and Palomar Excess and Surplus Insurance Company (“PESIC”). Palomar is an innovative insurer focused on providing specialty insurance for residential and commercial customers. Palomar’s underwriting and analytical expertise allows it to focus on certain markets that it believes are underserved by other insurance companies, such as earthquake insurance markets, hurricanes and floods. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd. and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A-” (Excellent) from AM Best.
To learn more, visit PLMR.com.
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About Omaha National
Omaha National serves the businesses that build America and make it work; small and medium-sized businesses where people work with their hands and are at greater risk of injury. Our proprietary software improves our operations to better serve our customers and their injured workers. Omaha National offers AM Best A- (Excellent) rated workers’ compensation coverage through more than 2,500 agencies. Since our launch in 2016, the company has over 200 employees and over $150 million in premiums in force.
Safe Harbor Statement
Palomar cautions you that the statements contained in this press release may relate to matters that are not historical facts but forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be taken as a representation by Palomar that any of its plans will be realized. Actual results may differ from those presented in this press release due to risks and uncertainties inherent in the Company’s business. Forward-looking statements are generally, but not always, identified by the use of the words “believe”, “expect”, “enable”, “may”, “will”, “could”, “intend to ‘, ‘estimate’, ‘anticipate’, ‘plan’, ‘predict’, ‘likely’, ‘potential’, ‘possible’, ‘should’, ‘continue’ and other words of similar meaning. Actual results could differ materially from the expectations contained in the forward-looking statements due to several factors, including unexpected expenses and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, frequency and severity of adverse events; and concurrent conditions. These and other factors that may cause differences are discussed in more detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these statements to reflect future events or circumstances. that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Source: Palomar Holdings, Inc.