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 surplus business on a national basis beginning in the second half of 2020.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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