Palomar signs trading agreement with Ryan Specialty subsidiary TRU

US specialty insurer Palomar Holdings has signed a trading agreement with Technical Risk Underwriters (TRU), an MGU subsidiary of Ryan Specialty Group (RSG) that specialises in underwriting insurance products for complex construction projects.

Palomar’s surplus lines subsidiary, Palomar Excess and Surplus Insurance Company (PESIC), acts as an important market for TRU and participates in select new business written by the managing general underwriter.

The new agreement will help Palomar gain access to the larger limit builder’s risk markets, which it says that the company has historically not pursued, as well as access to TRU’s national wholesale distribution channels and industry relationships.

“TRU is a highly respected player in the Builder’s Risk insurance market. This relationship will increase our ongoing and strategic involvement in this segment and strengthens our effort to work with best-in-class organisations to produce steady returns for our shareholders,” said Jason Sears, senior vice president and head of programmes at Palomar.

Sears added: “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 programme.”

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.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.