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Palomar (PLMR) Partners TRU, Expands in Builder's Risk Market
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Palomar Holdings, Inc. (PLMR - Free Report) has inked a deal with a subsidiary of Ryan Specialty Group LLC (RSG), Technical Risk Underwriters (TRU) in a bid to enable Palomar’s expansion in the builder’s risk market.
Technical Risk Underwriters, an Austin, TX-based subsidiary of Ryan Specialty Group LLC (RSG), is a global organization formed in 2010. RSG is an international specialty insurance organization that provides innovative solutions for brokers, agents and insurance carriers. It is a specialty underwriter of insurance products for complex construction and commercial property risks. Brokers rely on TRU to provide market-leading service and expertise for aligning policy coverage and customizing loss-control programs with each client's unique exposures.
Palomar’s insurance product offerings include Residential and Commercial Earthquake, Specialty Homeowners, Commercial All???Risk, Hawaii Hurricane, Residential Flood, Inland Marine, Assumed Reinsurance and Real Estate Investor. The insurer focuses on markets, which are underserved by other insurance companies, such as the markets for earthquake, hurricane and flood insurance.
The Inland Marine division was launched in 2019 and currently offers Builder’s Risk coverage. The Builders Risk policy covers buildings under construction against the perils of fire and wind, including hurricanes, tornados, and hail storms.
Palomar’s surplus lines subsidiary, Palomar Excess and Surplus Insurance Company (“PESIC”) acts as another important market for TRU. The agreement with TRU is expected to enable Palomar gain access to the Builder’s Risk markets, which include access to TRU’s national wholesale distribution channels and years of industry relationships. With this agreement, the property and casualty insurance business of Palomar will be strengthened.
TRU is a highly respected player in the Builder’s Risk insurance market as stated by Palomar’s senior vice president and head of Programs, Jason Sears. The deal is expected to produce steady returns for shareholders.
Palomar witnessed solid growth across several product lines as it expanded its position as a specialty insurance leader, driven specifically by the newer lines of businesses like Inland Marine, which experienced growth of 316% in the third quarter of 2020. The insurer witnessed the largest percentage increase in gross written premiums in the Inland Marine line in the third quarter of 2020.
Shares of this property and casualty insurer, currently carrying a Zacks Rank #4 (Sell), have outperformed the industry in a year’s time. The stock has gained 67.7% against the industry’s decline of 1.6%.
Alleghany’s bottom line surpassed estimates in two of the last four quarters and missed in the other two, the average beat being 34.08%.
Cincinnati Financial surpassed earnings estimates in two of the last four quarters, with the average surprise being 4.10%.
Arch Capital surpassed estimates in three of the last four quarters, with the average earnings surprise being 32.14%.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Palomar (PLMR) Partners TRU, Expands in Builder's Risk Market
Palomar Holdings, Inc. (PLMR - Free Report) has inked a deal with a subsidiary of Ryan Specialty Group LLC (RSG), Technical Risk Underwriters (TRU) in a bid to enable Palomar’s expansion in the builder’s risk market.
Technical Risk Underwriters, an Austin, TX-based subsidiary of Ryan Specialty Group LLC (RSG), is a global organization formed in 2010. RSG is an international specialty insurance organization that provides innovative solutions for brokers, agents and insurance carriers. It is a specialty underwriter of insurance products for complex construction and commercial property risks. Brokers rely on TRU to provide market-leading service and expertise for aligning policy coverage and customizing loss-control programs with each client's unique exposures.
Palomar’s insurance product offerings include Residential and Commercial Earthquake, Specialty Homeowners, Commercial All???Risk, Hawaii Hurricane, Residential Flood, Inland Marine, Assumed Reinsurance and Real Estate Investor. The insurer focuses on markets, which are underserved by other insurance companies, such as the markets for earthquake, hurricane and flood insurance.
The Inland Marine division was launched in 2019 and currently offers Builder’s Risk coverage. The Builders Risk policy covers buildings under construction against the perils of fire and wind, including hurricanes, tornados, and hail storms.
Palomar’s surplus lines subsidiary, Palomar Excess and Surplus Insurance Company (“PESIC”) acts as another important market for TRU. The agreement with TRU is expected to enable Palomar gain access to the Builder’s Risk markets, which include access to TRU’s national wholesale distribution channels and years of industry relationships. With this agreement, the property and casualty insurance business of Palomar will be strengthened.
TRU is a highly respected player in the Builder’s Risk insurance market as stated by Palomar’s senior vice president and head of Programs, Jason Sears. The deal is expected to produce steady returns for shareholders.
Palomar witnessed solid growth across several product lines as it expanded its position as a specialty insurance leader, driven specifically by the newer lines of businesses like Inland Marine, which experienced growth of 316% in the third quarter of 2020. The insurer witnessed the largest percentage increase in gross written premiums in the Inland Marine line in the third quarter of 2020.
Shares of this property and casualty insurer, currently carrying a Zacks Rank #4 (Sell), have outperformed the industry in a year’s time. The stock has gained 67.7% against the industry’s decline of 1.6%.
Stocks to Consider
Some better-ranked stocks from the same space are Alleghany , Cincinnati Financial Corporation (CINF - Free Report) and Arch Capital Group (ACGL - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Alleghany’s bottom line surpassed estimates in two of the last four quarters and missed in the other two, the average beat being 34.08%.
Cincinnati Financial surpassed earnings estimates in two of the last four quarters, with the average surprise being 4.10%.
Arch Capital surpassed estimates in three of the last four quarters, with the average earnings surprise being 32.14%.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>