Item 8.01. Other Events.
On May 31, 2022, Palomar Holdings, Inc. (the "Company") issued a press release
announcing the successful completion of certain reinsurance programs incepting
June 1, 2022.
The Company procured approximately $430 million of incremental limit for
earthquakes and $200 million of incremental windstorm limit. Reinsurance
coverage now exhausts at $2.08 billion for earthquake events and $900 million
for hurricane events, providing adequate headroom to support the Company's
growth initiatives as well as coverage in excess of Palomar's 1:250-year peak
zone Probable Maximum Loss ("PML").
The Company maintained its catastrophe event retention of $12.5 million for all
perils. Additionally, the Company completely placed the excess of loss layers of
its catastrophe program. The $12.5 million per occurrence pre-tax retention is
further backstopped by the $25 million catastrophe aggregate excess of loss
cover ("The Aggregate Cover") renewed on April 1, 2022.
Other highlights of the reinsurance program include:
Successful issuance of $275 million of collateralized capacity through Torrey
? Pines Re 144A Catastrophe Bond, bringing Palomar's total outstanding
Catastrophe Bond capacity to $675 million and diversifying its reinsurance
capital by accessing ILS investors on a multi-year basis;
The addition of 9 new reinsurers brings Palomar's reinsurance panel to 84
? reinsurers, all of which have an "A-" (Excellent) (Outlook Stable) or better
financial strength rating from A.M. Best and/or S&P or post collateral;
Prepaid reinstatements for substantially all layers that include a
? reinstatement provision, thereby limiting the pre-tax net loss to the Company's
$12.5 million retention with modest additional reinsurance premium due.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits
Exhibit No. Description
99.1 Press release, dated May 31, 2022
104 Cover Page Interactive Data File (embedded within the Inline
XBRL document)
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PALOMAR HOLDINGS, INC. 
