Mac Armstrong, the CEO of Palomar Holdings, a US-based speciality insurance company focused on property and casualty coverage, said the firm’s 2026 reinsurance renewals delivered stronger economic terms across both property and casualty business lines, while the company also increased its catastrophe protection through the latest Torrey Pines Re bond issuance.
During the quarter,
Palomar reported continued growth in earnings and underwriting performance. Speaking during the company’s Q1 2026 earnings call, Armstrong revealed that Palomar completed six reinsurance placements during the quarter, all on improved terms compared with previous arrangements.
“In reinsurance, we completed six placements, three casualty and three property treaties, all with better economics, and successfully issued our latest Torrey Pines Re catastrophe bond,” Armstrong said.
The CEO explained that the renewed property treaties secured additional capacity for its builder’s risk operations, including construction engineering and excess national property business. He added that the agreements are expected to support larger underwriting limits and broaden access to admitted retail distribution channels within the builder’s risk market.
On the firm’s casualty renewals, Armstrong said: “The casualty quota shares renewed at higher ceding commissions, while maintaining their expiring cession percentages. A testament to the performance of these casualty lines.”
Palomar Holdings recently completed its seventh Torrey Pines Re catastrophe bond transaction, which provides $410 million of fully collateralised multi-year reinsurance protection covering California earthquake exposure and, for the first time, standalone Hawaii hurricane risk.
Addressing market conditions, Armstrong noted that pricing on a risk-adjusted basis declined by around 15%, which aligned with assumptions included within the upper end of its adjusted net income guidance expectations.
Readers can also refer to the Artemis deal page for further details on the new Torrey Pines Re catastrophe bond issuance.
