Mac Armstrong, CEO of US specialty insurer Palomar Holdings, which specializes in property and casualty insurance, said the company’s 2026 reinsurance renewals provide stronger economic conditions for the property and casualty business, while the company also added catastrophe protection through its latest Torrey Pines Re bond issuance.
During this quarter, Palomar reports continued growth in earnings and underwriting performance. Speaking on the company’s first-quarter 2026 earnings call, Armstrong revealed that Palomar completed six reinsurance placements during the quarter, with all terms improving compared to previous placements.
“In the reinsurance space, we completed six placements, three casualties and three property treaties, all with better economics, and successfully issued our latest Torrey Pines Reinsurance catastrophe bond,” Armstrong said.
The CEO explained that the updated real estate treaty provides additional capacity for its builder’s venture business, which includes construction work and excess state real estate business. The agreements are expected to support larger coverage limits and expand access to recognized retail distribution channels within the builder’s risk market, he added.
Regarding the company’s casualty insurance renewals, Armstrong said: “The casualty insurance quota share is renewing at a higher cession commission while maintaining the expiring session percentage. This is a testament to the performance of these casualty insurance lines.”
Palomar Holdings also announced the completion of its seventh Torrey Pines Re catastrophe bond transaction, which provides $410 million in fully collateralized multi-year reinsurance protection covering California earthquake risk and, for the first time, independent Hawaii hurricane risk coverage.
“Last week, we completed our seventh Torrey Pines Re catastrophe bond issuance, providing $410 million in fully collateralized multi-year reinsurance protection from the California earthquake and the first independent Hawaiian hurricane,” Armstrong said.
Referring to market conditions, Armstrong added that risk-adjusted pricing was down approximately 15%, which the company said was consistent with assumptions included in the upper end of its adjusted net profit guidance.
“Pricing is down approximately 15% on a risk-adjusted basis, which is consistent with assumptions at the upper end of our adjusted net profit guidance range.”
Readers may also refer to the Artemis transaction page for more details on the new Torrey Pines Re cat bond issuance.