LA JOLLA, Calif., Oct. 20, 2022 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (PLMR) (“Palomar”) today announced estimated pretax catastrophe losses of $12.5 million, net of of Reinsurance, for the third quarter of 2022 This anticipates a total retention loss of $12.5 million due to Hurricane Ian. Losses from Hurricane Ian also result in an additional ceded reinsurance premium of $3.1 million, with $1.3 million recognized in the third quarter of 2022 and the remaining $1.8 million recognized on a pro rata basis. October 1, 2022 to May 31, 2023.
Palomar’s financial close and review procedures for the fiscal quarter are not yet complete. Palomar’s loss estimates are subject to change due to the complexity of the claims and the preliminary nature of the information available to prepare the estimates. Updated catastrophe loss estimates will be reflected in Palomar’s third quarter 2022 results.
Additionally, Palomar will release its third quarter 2022 results after market close on Wednesday, November 2, 2022 and will host a conference call at 12:00 p.m. (Eastern Time) the following day, Thursday, November 3, 2022.
The conference call can be accessed live by dialing 1-877-423-9813 or, for international callers, 1-201-689-8573, and requesting to join the third quarter 2022 earnings conference call from Palomar. A replay will be available beginning at 3 p.m. (Eastern time) on November 3, 2022 and can be accessed by dialing 1-844-512-2921 or, for international callers, 1-412-317-6671. The passcode for the replay is 13732950. The replay will be available until 11:59 p.m. EST on November 10, 2022.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging into the Investor Relations section of Palomar’s website at https://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately after the call.
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 serving residential and commercial customers in specialty markets, including the earthquake insurance market. 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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Source: Palomar Holdings, Inc.