Palomar’s Acquisition of GeoVera’s Renewal Rights for its Hawaii Residential Hurricane Policies

McDermott Will & Emery represented GeoVera Holdings, Inc. in the transaction.

GeoVera Holdings, Inc. in the sale of its renewal rights for its Hawaii residential hurricane policies to Palomar Specialty Insurance Company, a wholly-owned subsidiary of Palomar Holdings, Inc. (NASDAQ:PLMR). This transaction was announced on November 10, 2020.

Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc. and Palomar Excess and Surplus Insurance Company. Palomar is an innovative insurer that focuses on the provision of specialty property insurance for residential and commercial clients. Palomar’s underwriting and analytical expertise allow it to concentrate on certain markets that it believes are underserved by other insurance companies, such as the markets for earthquake, wind and flood insurance.

GeoVera Insurance Holdings, Inc., the parent of GeoVera Insurance Company and Coastal Select Insurance Company, is a provider of specialty residential property insurance products, focused on catastrophe exposed property in the homeowners and residential earthquake markets, operating on both an admitted and surplus lines basis. GeoVera is headquartered in Fairfield, CA with offices in Sheboygan, WI, and Tallahassee, FL.

TigerRisk Capital Markets & Advisory acted as financial advisor to GeoVera Holdings, Inc.

The McDermott team was led by Michael Halsband (Picture) with support from Marisa Young and included regulatory support from Dan Brownand Theresa Fitzgerald.

Involved fees earner: Dan Brown – McDermott Will & Emery; Theresa Fitzgerald – McDermott Will & Emery; Michael Halsband – McDermott Will & Emery; Marisa Young – McDermott Will & Emery;

Law Firms: McDermott Will & Emery;

Clients: GeoVera;

Author: Ambrogio Visconti