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Palomar ups Q3 cat loss estimate to $17.5mn

Palomar logo La Jolla California jt.jpg

Californian carrier Palomar has revised up its Q3 pre-tax cat loss estimate from $15.5mn to $17.5mn.

In an announcement yesterday, the carrier said the net losses were due to hurricanes Ida and Nicholas, as well as a $5mn loss from an excess liability indemnity policy related to losses incurred by Pacific Gas and Electric (PG&E), covered by its excess and surplus subsidiary.

Keefe, Bruyette and Woods (KBW) analyst Meyer Shields said that, although the PG&E loss was “disappointing”, the cat losses were “still manageable” and reflected the carrier’s “comprehensive” reinsurance protection.

KBW lowered its Q3 expected earnings per share for Palomar from $0.16 to $0.11, and its full-year EPS expectation from $2.03 to $1.97.

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