Palomar Specialty Insurance Co. announced that it has successfully completed a $17.5 million surplus note issuance in a private placement to RenaissanceRe Ventures Ltd. and funds under management by a premier asset manager.
Proceeds from the transaction will be used for general working capital purposes and will increase its policyholder surplus, the company stated.
Willis Capital Markets & Advisory acted as exclusive placement agent in the transaction. Michelman & Robinson, LLP and Ropes & Gray LLP acted as legal counsel.
Palomar Specialty is a recently established catastrophe insurer that has initially focused on writing residential earthquake insurance, commercial earthquake insurance and difference in conditions in earthquake-exposed states including California, Oregon and Washington. In recent months, the company has expanded its licensure and is now an admitted carrier in 16 states.
Topics California Funding
Was this article valuable?
Here are more articles you may enjoy.
‘Great Resignation’ Enters Third Year as Workers Embrace AI, Upskilling, PwC Says 
Microsoft Tells Texas Agencies They Were Exposed in Russian Hack 
BlackSuit Cybercrime Gang Blamed in CDK Hack That Roiled Car Dealers 
German Insurtech Wefox to Replace CEO After Board Rejects Mubadala Sales Plan From This Issue
