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Palomar Holdings, Inc. Confirms AM Best Assigns Credit Ratings to Palomar Excess and Surplus Insurance Company
LA JOLLA, Calif., July 28, 2020 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ: PLMR) (the “Company”) today confirmed that AM Best has assigned a
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"LA JOLLA, Calif., July 28, 2020 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ: PLMR) (the “Company”) today confirmed that AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Palomar Excess and Surplus Insurance Company (PESIC) (Arizona). The outlook assigned to these Credit Ratings (ratings) is stable.\n Mac Armstrong, Palomar’s Chairman and Chief Executive Officer commented, “The receipt of an A- Financial Strength Rating from A.M. Best allows PESIC to go to market with a strong balance sheet and a well-vetted strategic plan. The pooled resources of Palomar Specialty Insurance Company and PESIC now provide our distribution partners with innovative specialty property insurance products from well-capitalized admitted and E&S insurance vehicles. PESIC’s third quarter launch will further enable Palomar to respond even more quickly to opportunities across the entire nation in both existing and new markets. As always Palomar and PESIC will leverage our data-driven underwriting acumen as we engage new partners and serve more American businesses and families.” AM Best Assigns Credit Ratings to Palomar Excess and Surplus Insurance Company OLDWICK - JULY 28, 2020 08:55 AM (EDT) - AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Palomar Excess and Surplus Insurance Company (PESIC) (Arizona). The outlook assigned to these Credit Ratings (ratings) is stable. PESIC is a wholly owned subsidiary of Palomar Holdings, Inc. (Palomar) [NASDAQ: PLMR]. Palomar is headquartered in La Jolla, CA. The ratings of PESIC reflect the consolidated balance sheet strength of Palomar, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. These rating assignments are reflective of PESIC receiving full rating enhancement as a member of Palomar, driven by their implementation of an intercompany pooling agreement, common management and integration into the operations of Palomar. PESIC is domiciled in Arizona and licensed to transact across all of Palomar’s existing lines of specialty property business, as well as other classes of insurance, including but not limited to casualty and surety lines. PESIC intends to write excess and su...