Palomar revises Q3 2021 pretax catastrophe losses to $17.5M, including PG&E policy loss

Palomar Holdings, Inc.

Revised pretax catastrophe loss estimate of $17.5M, net of reinsurance and prior period development, for Q3 2021.
Includes losses from Hurricanes Ida and Nicholas and a $5M excess liability indemnity policy for PG&E (PESIC).
Incremental net impact of PG&E loss after earned premium acceleration is $0.09 per share, or $2.3M.
Loss estimates remain preliminary and subject to change due to complexity and incomplete closing procedures.
PG&E disclosed the loss on Nov 1; Palomar’s policy covers wildfire liability up to $5M with potential recoveries.

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