Palomar to bear up to $15.5m cat hit due to Ida and Nicholas

US specialty insurer  Palomar Holdings estimates its cat losses in the third quarter at $14.5-15.5 million, net of reinsurance.

The losses reflect those anticipated from Hurricane Ida and from Nicholas, which made landfall in Texas in mid-September.

About 70-75 percent of its gross losses from these events are from its discontinued Admitted All Risk and Louisiana Specialty Homeowners products, however – lines of business that the company exited in the fourth quarter of 2020.

Palomar said the loss estimates are subject to change due to the complexity of the claims and preliminary nature of the information available to prepare the estimates. Updated loss estimates related to recent catastrophes will be reflected in the insurer's third quarter 2021 results.

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