Latest news with #Earthquake
Yahoo
2 days ago
- Business
- Yahoo
Palomar Holdings, Inc. Announces Successful Completion of June 1 Reinsurance Placement
~ Full-Year 2025 Adjusted Net Income Guidance Increased to $195 Million to $205 Million ~ LA JOLLA, Calif., May 29, 2025 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ: PLMR) ('Palomar' or the 'Company') today announced the successful completion of certain reinsurance programs incepting June 1, 2025, and increased the Company's full year 2025 adjusted net income guidance. The Company has procured approximately $455 million of incremental limit to support the growth of its Earthquake franchise. Palomar's reinsurance coverage now extends to $3.53 billion for earthquake events and $100 million for continental United States hurricane events. Palomar's per occurrence event retention is $11 million for hurricane events, reduced from $15.5 million the previous treaty year, and $20 million for earthquake events, levels that continue to be meaningfully within management's previously stated guideposts of less than one quarter's adjusted net income and less than 5% of stockholders' equity. The reinsurance program continues to provide ample capacity for the Company's growth in the subject business lines as well as coverage to a level exceeding Palomar's 1:250-year peak zone Probable Maximum Loss. Of note, $525 million of the $3.53 billion earthquake limit was sourced through Palomar's sixth and largest Torrey Pines Re catastrophe bond issuance, which exceeded management's $425 million target and priced at the lower end of the indicated range. Effective June 1st, Palomar also executed the first standalone excess of loss ('XOL') treaty covering the Hawaii hurricane policies issued by Laulima Exchange. This business was previously covered through Palomar's core reinsurance tower, which now consists of over 95% earthquake-only coverage as a result of this change. Laulima's XOL reinsurance program consists of per occurrence coverage up to $735 million with a retention of $1.5 million. 'We are very pleased with the outcome of our June 1 excess of loss placement and remain grateful for the continued support of our broad and diverse reinsurance panel,' commented Mac Armstrong, Palomar's Chairman and Chief Executive Officer. 'Beyond the risk adjusted rate decrease of approximately 10%, this renewal saw Palomar procure incremental earthquake limit to support our growth, maintain our earthquake event retention despite significant year-over-year exposure growth, reduce our wind event retention to $11 million, upsize our Torrey Pines Re catastrophe bond and successfully execute our first standalone Laulima excess of loss treaty. Importantly these initiatives were consummated at attractive prices that should enhance our earnings prospects for the remainder of 2025 and the first half of 2026. As a result, we are raising our full-year 2025 adjusted net income guidance range to $195 million to $205 million from the previously indicated range of $186 million to $200 million.' Other highlights of the Company's reinsurance program include: $1.15 billion of multi-year ILS capacity providing diversifying collateralized reinsurance capital; A reinsurance panel of over 100 reinsurers and ILS investors, including multiple new reinsurers, all of which have an 'A-' (Excellent) or better financial strength rating from A.M. Best and/or S&P (Standard & Poor's) or are fully collateralized; Prepaid reinstatements for substantially all layers that include a reinstatement provision, thereby limiting the pre-tax net loss to $11 million for hurricane events and $20 million for earthquake events, with modest additional reinsurance premium due. Palomar's Chief Risk Officer, Jon Knutzen, added, 'We are grateful for the strong and diversified support we received from the reinsurance market. The continued confidence from both incumbent and new partners is a testament to the strength of our portfolio and the disciplined execution of our risk transfer strategy. The June 1 placement further enhances the stability and predictability of our results, positioning us to deliver increased value to our shareholders over the long term. We appreciate the collaboration and partnership that made this successful outcome possible.' About Palomar Holdings, Inc. Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company ('PSIC'), Palomar Specialty Reinsurance Company Bermuda Ltd. ('PSRE'), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company ('PESIC'), Palomar Underwriters Exchange Organization, Inc. ("PUEO"), First Indemnity of America Insurance Co. ("FIA"), and Palomar Crop Insurance Services, Inc. ("PCIS"). Palomar's consolidated results also include Laulima Exchange ("Laulima"), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar's insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of 'A' (Excellent) from A.M. Best. FIA carries an 'A-' (Stable) rating from A.M. Best. To learn more, visit Follow Palomar on LinkedIn: @PLMRInsurance Safe Harbor StatementPalomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company's business. The forward-looking statements are typically, but not always, identified through use of the words "believe," "expect," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. ContactMedia InquiriesLindsay Conner1-551-206-6217lconner@ Investor RelationsJamie Lillis1-203-428-3223investors@ Source: Palomar Holdings, in to access your portfolio
Time of India
4 days ago
- Climate
- Time of India
Magnitude 3.9 earthquake strikes Manipur's Churachandpur
Representative Image NEW DELHI: An earthquake measuring 3.9 on the Richter scale struck the Churachandpur region of Manipur on Wednesday at 10.23am, as reported by the National Centre for Seismology (NCS). The tremors were recorded at a depth of 36 kilometers. — NCS_Earthquake (@NCS_Earthquake) The earthquake's coordinates were registered at latitude 24.55 North and longitude 93.70 East. No casualties have been reported from the incident. "EQ of M: 3.9, On: 28/05/2025 10:23:55 IST, Lat: 24.55 N, Long: 93.70 E, Depth: 36 Km, Location: Churachandpur, Manipur," the NCS announced on X. In a separate seismic event earlier on Friday, Arunachal Pradesh's Tawang region experienced an earthquake of magnitude 2.8 on the Richter scale at 01:10 am. The tremors were recorded at a depth of 10 kilometers. "EQ of M: 2.8, On: 23/05/2025 01:10:09 IST, Lat: 27.51 N, Long: 92.12 E, Depth: 10 Km, Location: Tawang, Arunachal Pradesh," the NCS stated on X. The Tawang earthquake was recorded at coordinates of latitude 27.51 North and longitude 92.12 East.
Time of India
7 days ago
- Climate
- Time of India
Afghanistan hit by 4.2 magnitude earthquake, fifth in nine days
Representative image An earthquake of magnitude 4.2 struck Afghanistan in the early hours of Sunday, marking the fifth tremor to jolt the country in just over a week. According to the National Center for Seismology (NCS), the latest earthquake occurred at 6.33am IST at a depth of 135 kms. So far, there have been no confirmed reports of injuries or structural damage, though assessments are still underway. — NCS_Earthquake (@NCS_Earthquake) The region experienced four previous earthquakes between May 16 and May 20. On Monday, May 19, a 4.2 magnitude quake was recorded. A day earlier, on May 18, a slightly stronger 4.5 magnitude earthquake struck at a depth of 150 kms. Prior to that, quakes of magnitudes 4.2 and 4.0 were reported on May 17 and 16, respectively. The recent spike in seismic activity has raised concerns among experts and residents alike. Afghanistan, particularly the Hindu Kush region, is recognised as a seismically active zone due to its location along the collision boundary between the Indian and Eurasian tectonic plates. A major fault line also runs through the western province of Herat, further amplifying the region's vulnerability. The International Red Cross and the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) have frequently highlighted Afghanistan's susceptibility to natural disasters, including earthquakes, landslides, and seasonal flooding. More information is awaited as monitoring agencies continue to assess the impact.
Hype Malaysia
16-05-2025
- Entertainment
- Hype Malaysia
Why Fans Are Concerned Over A Sudden, Significant Decrease In BLACKPINK Jisoo's Online Followers
All four BLACKPINK (블랙핑크) members have significant followings across their social media, highlighting their popularity and influence. However, Jisoo's (지수) recent follower activity sparked concerns amongst fans. Like her groupmates, the 'Earthquake' singer boasts millions of followers on her Instagram account. However, some fans noticed significant drops in her followers in the past few months. In the last 30 days, Jisoo lost over 162,500 followers, reducing her follower count from 79.7 million to 79.6 million. While 100,000 plus doesn't seem like a lot for a renowned star like Jisoo, some fans noted that this may hint at another issue. On social media, fans speculate that the drop in Jisoo's Instagram follower count is the effect of the idol being shadowbanned on the platform. Shadowbanning is when a social media platform limits an account's visibility. The earliest instance of this claim came about in late April. However, fans argued that Jisoo's account had been shadowbanned long before that. Some fans even claimed to have not received notifications from the account despite being long-time followers. There can be many reasons for an account to get shadowbanned, but fans believe Jisoo's account took the hit because of her recent postings – or lack thereof. Her Instagram account shows that the singer's last post was six days ago, on 9th May 2025 (Friday). Additionally, most of Jisoo's recent postings are ads or sponsored posts for her endorsements. The inactivity, coupled with sponsored posts, may have triggered the shadowban. As such, fans are urging her and her company, BLISSOO, to be more active on the account to prevent further loss in followers. Some also asked the company to engage with followers more, as it could help promote her account to the public. At the same time, others asked for more music-related content, arguing that Jisoo's solo album lacked promotion compared to her groupmate's solo projects. It's no surprise that fans want to see Jisoo thrive, so we hope BLISSOO will listen to the fans. For now, we'll have to wait to see an improvement in Jisoo's following and social media activities. Sources: Koreaboo, Twitter (1)(2), Instagram (1)(2)
New Straits Times
24-04-2025
- Climate
- New Straits Times
Malaysia's tsunami sirens get major upgrade to protect coastal communities
GEORGE TOWN: After more than a decade, Malaysia's tsunami sirens are receiving their first major upgrade, which is part of a nationwide initiative by the Malaysian Meteorological Department (MetMalaysia). The project's title "Earthquake and Tsunami Service Empowerment Project to Reduce the Risk of Earthquake and Tsunami Disasters" (Projek Pemerkasaan Perkhidmatan Gempa Bumi dan Tsunami bagi Mengurangkan Risiko Bencana Gempa Bumi dan Tsunami), may be a mouthful, but it carries a powerful mission: to protect vulnerable coastal communities before disaster strikes. Many may have noticed new sirens in Penang over the past few days, but the effort is not limited to the island state. From the fishing villages of Kuala Muda in Kedah to the sandy shores of Terengganu, and across to Sabah and Sarawak, 23 tsunami sirens are being upgraded across nine states. MetMalaysia director-general Dr Mohd Hisham Mohd Anip said the upgrade began in 2024 and is expected to be completed by the end of this year. "This is the first upgrade, as the existing tsunami sirens have been in place for more than a decade. "The upgrade is being carried out to ensure the tsunami advisory and early warning components are swift and effective, particularly for at-risk coastal communities, in the interest of public safety and well-being," he told the New Straits Times. According to Mohd Hisham, the new sirens are not only louder - they are also smarter. He said the sirens have been upgraded to meet current technological standards and national disaster management needs. "The enhancements include an increased audible range, as well as more effective and secure operation and management systems. This aligns with the National Tsunami Disaster Management standard operating procedures. "The new tsunami sirens can emit sound that reaches up to a 3km radius, depending on terrain and weather conditions - a longer range than the previous models," he added. Mohd Hisham said MetMalaysia ensures the sirens are always in working condition and ready for deployment in the event of a tsunami threat. He said regular maintenance and testing are conducted to maintain optimal performance, and the sirens are also activated in real time during drills and tsunami simulation exercises, in accordance with the national SOPs. "However, the system has never been tested in an actual tsunami situation, as Malaysia has not experienced any tsunami threats since the 2004 disaster caused by the earthquake in Aceh, Sumatra. "Nevertheless, routine testing is essential to ensure the system remains effective should a real disaster occur," he said. To many locals, the sirens may be background noise. But to disaster planners, they are a frontline defence - a wall of sound against a silent danger. This upgrade is more than just technical. It sends a clear message. Malaysia remembers 2004, and it is determined never to be caught off guard again.
