Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, sought to add to its reinsurance arrangements in Q1 2021 with a new $25 million aggregate layer of cover.
The company had also secured its $400 million Torrey Pines Re Pte. Ltd. (Series 2021-1) earthquake catastrophe bond during the period, but it seems frequency losses are also a concern for the carrier.
That drove Palomar to add more aggregate reinsurance protection to its tower, in order to cap its exposure to the occurrence of multiple, smaller catastrophe loss events.
