Palomar Specialty Insurance Company has partnered with Wellington Risk Insurance Agency, Inc. (“Wellington”) to offer wind-exposed residential property insurance in Tier II counties in Texas. This represents Palomar Specialty’s first expansion product category outside of earthquake coverage. Palomar Specialty is currently offering Select Homeowners, Standard Homeowners and Standard Dwelling Fire coverage through Wellington-appointed agents.
“Palomar Specialty is thrilled to partner with Wellington, a leading managing general agent with intimate knowledge of the Texas homeowners market, to offer coverage in Tier II counties. Management has significant experience in Texas, and believes that its focused approach in Tier II counties will provide policyholders with comprehensive coverage in the event of a catastrophic hurricane or windstorm,” said Palomar Specialty CEO Mac Armstrong. “While earthquake coverage will always be core to Palomar Specialty’s business plan, expansion into Texas exemplifies our goal to diversify into attractive catastrophe insurance categories outside of earthquake.”
“Wellington is privileged to partner with Palomar Specialty in the deployment of residential property capacity in Texas. Palomar Specialty’s aptitude for measuring and managing complex catastrophic risk exposures has proven a cultural and analytical fit with Wellington. The combined organizations shall enjoy a cooperative suite of analytical tools necessary to appropriately serve the agents and consumers of Texas in a responsible and consistent fashion over time,” said Wellington CEO Paul Poston.
Palomar Specialty Insurance Company (www.PalomarSpecialty.com) is a recently established catastrophe insurer that has initially focused on writing residential earthquake insurance, commercial earthquake insurance and difference in conditions (“DIC”) in earthquake-exposed states including California, Oregon and Washington. The company is now an admitted carrier in 17 states. Palomar Specialty has an A.M. Best financial strength rating of “A-” (Excellent).
As the principal risk distribution arm of the organization, Wellington Risk Insurance Agency (“Wellington”) is a member company of the Wellington Insurance Group (www.wellingtoninsgroup.com). Deploying a robust collection of product tiers issued with multiple insurance carriers, Wellington provides access to a virtual marketplace of residential property insurance through which agents can efficiently provide policyholders choice, and subsequently, close sales.