Palomar swoops in as GeoVera & Coastal Select exit Hawaii market

US specialty insurer Palomar Holdings is acquiring the renewal rights for Hawaii residential Hurricane business from GeoVera Holdings to further strengthen its presence in Hawaii, a market that it has served since 2015.

Under the agreement, Palomar Specialty Insurance Company will issue replacement offers at the time of policy renewal to all policyholders of residential hurricane coverage issued by GeoVera Insurance Company and Coastal Select Insurance Company, which are both exiting the Hawaii market.

Mac Armstrong, Palomar’s chairman and CEO, said: “Palomar has proudly served the Hawaii community for several years. This transaction enables us to expand and solidify our commitment to the market by providing flexible, affordable hurricane coverage to homeowners across the state.”