LA JOLLA, Calif., Nov. 11, 2020 /PRNewswire/ -- Palomar
Holdings, Inc. (NASDAQ: PLMR) ("Palomar" or the "Company")
announced an agreement with Torrent Technologies, a flood insurance
technology and servicing company and part of Marsh, to provide
Torrent's Write-Your-Own (WYO) carrier clients and their agents
new, admitted private flood insurance options.
Under the agreement, Palomar's admitted, residential flood
insurance program, Flood Guard, will be integrated onto Torrent's
state-of-the-art flood processing platform. This will provide
agents of WYO carriers that opt-in even more choice to meet the
unique flood risk needs of their customers and help close the flood
insurance gap in the US.
Flood Guard will be the first admitted, private flood insurance
option on the TorrentFlood® platform. This will enable agents to
sell National Flood Insurance Program policies as well as quote,
bind, and issue in real-time a curated list of private flood
insurance options.
Unlike non-admitted policies, admitted policies are regulated by
states and backed by state guarantee funds, providing policyholders
additional protection in the event of carrier insolvency.
"Agents have told us that they want more choice in flood
insurance on our platform, and in particular an admitted policy
option," said Kevin Tobin, CEO of
Torrent Technologies. "With the addition of Flood Guard, WYO
carriers can equip their agents with more opportunities to protect
more homeowners from the number-one natural peril in the US."
Mac Armstrong, Founder, CEO, and
Chairman of Palomar Specialty, added: "Flood Guard is an affordable
private flood insurance solution with flexible payment plans backed
by the strength of an A-rated carrier. We are thrilled to integrate
our offering on Torrent's platform and provide WYO carriers and
their agents expanded opportunities."
With annual premiums as low as $200, Flood Guard is available on an admitted
basis in the following 11 states: AZ, CA, HI, IL, IN, NV, OK, OR,
PA, SC, and UT, with additional states forthcoming. Homeowners can
purchase up to $5 million in
dwelling, $1 million in personal
property, and $50,000 in loss of use
coverage on either a primary or excess basis.
Flood Guard is expected to be fully integrated onto TorrentFlood
in the first quarter of 2021.
About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries
Palomar Specialty Insurance Company, Palomar Specialty Reinsurance
Company Bermuda Ltd., Palomar Insurance Agency, Inc. and Palomar
Excess and Surplus Insurance Company. Palomar is an innovative
insurer that focuses on the provision of specialty property
insurance for residential and commercial clients. Palomar's
underwriting and analytical expertise allow it to concentrate on
certain markets that it believes are underserved by other insurance
companies, such as the markets for earthquake, wind and flood
insurance. Palomar's principal insurance subsidiary, Palomar
Specialty Insurance Company, is an admitted carrier in 31 states
and has an A.M. Best financial strength rating of "A-"
(Excellent).
About Marsh
Marsh is the world's leading insurance broker and risk adviser.
With over 35,000 colleagues operating in more than 130 countries,
Marsh serves commercial and individual clients with data driven
risk solutions and advisory services. Marsh is a business of Marsh
& McLennan Companies (NYSE: MMC), the leading global
professional services firm in the areas of risk, strategy and
people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide,
MMC helps clients navigate an increasingly dynamic and complex
environment through four market-leading businesses: Marsh,
Guy Carpenter, Mercer, and
Oliver Wyman. Follow Marsh on
Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe
to BRINK.
View original
content:http://www.prnewswire.com/news-releases/palomar-holdings-inc-announces-agreement-with-marshs-torrent-technologies--for-private-flood-insurance-solution-to-wyo-offering-301171341.html
SOURCE Palomar Holdings, Inc.