GeoVera Sells Renewal Rights for Hawaii Hurricane Business to Palomar

Transaction Overview

GeoVera Insurance Holdings, Inc. (“GeoVera”) announced an agreement to sell the renewal rights to its Hawaii residential hurricane policies to Palomar Holdings, Inc. (“Palomar”)

  • Palomar will service, administer and issue policies for GeoVera policyholders and agents
    • Terms of the agreement were undisclosed

GeoVera is a provider of specialty residential property insurance products

  • GeoVera Insurance Holdings, Inc. is the parent of GeoVera Insurance Company and Coastal Select Insurance Company
  • Focused on catastrophe exposed property in the homeowners and residential earthquake markets
    • Operate on both an admitted and surplus lines basis
  • GeoVera and its subsidiaries maintain a Financial Strength Rating of “A” (Excellent) from A.M. Best

Palomar focuses on providing specialty property insurance for residential and commercial clients

  • Concentrate on the earthquake, wind and flood insurance markets
  • Palomar’s principal insurance subsidiary is Palomar Specialty Insurance Company
    • Admitted carrier in 31 states and has an A.M. Best financial strength rating of “A-” (Excellent)

TigerRisk Capital Markets & Advisory Role

TCMA served as exclusive financial advisor to GeoVera

  • Provided essential financial and structural advice
  • Initiated conversations between the two parties
  • Performed valuation analysis to assist in negotiations
  • Assisted in the preparation of financial presentations
  • Recommended specific transaction terms and conditions
  • Assisted in designing transition plan for policy renewals