Reinsurance News
3rd January 2025 – Author: Beth Musselwhite
Specialty property insurer Palomar Holdings has completed its acquisition of First Indemnity of America Insurance Company (FIA).
Founded in 1979, FIA is an independent surety company specialising in providing bonding solutions for contractors, businesses, developers, and the legal community across the U.S.
Mac Armstrong, Chairman and CEO of Palomar, commented, “I am very excited to announce the completion of our acquisition of FIA and to welcome FIA’s management team, employees and insureds to Palomar.
“This transaction provides us entry into the Surety market, a highly profitable line of business with a healthy growth profile. FIA’s leaders are industry veterans with decades of underwriting and claims experience who have delivered loss ratios that have outperformed the broader surety market over the past five years.”
He added, “Expanding into the Surety market represents a significant opportunity to diversify our specialty insurance portfolio with a growing, high-margin product. This acquisition strengthens our ability to generate consistent, profitable growth and enhance our long-term value for shareholders.”
“We look forward to leveraging FIA’s industry expertise as we continue to drive innovation and strengthen our position in the specialty insurance sector,” Armstrong concluded.
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