Palomar Specialty Insurance Co. has agreed to acquire the renewal rights to GeoVera’s Holding’s Hawaii residential hurricane policies.
The transaction will further deepen Palomar’s presence in Hawaii, a market that the company has served since 2015.
Through an ongoing partnership between Palomar and GeoVera, Palomar Specialty will issue replacement offers at the time of policy renewal to all policyholders of residential hurricane coverage issued by GeoVera Insurance Co. and Coastal Select Insurance Co., which are both exiting the Hawaii market.
“Palomar has proudly served the Hawaii community for several years. This transaction enables us to expand and solidify our commitment to the market by providing flexible, affordable hurricane coverage to homeowners across the state,” said Mac Armstrong, chairman and CEO of Palomar.
Founded in 2014, Palomar Holdings is the holding company of subsidiaries Palomar Specialty Insurance Co., Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency Inc. and Palomar Excess and Surplus Insurance Co.