Palomar Holdings Inc. (NASDAQ: PLMR) completed its June 1 reinsurance placement and raised its full-year 2026 adjusted net income guidance to a range of $266 million to $280 million, up from the previous range of $262 million to $278 million.

The specialty insurer secured approximately $421 million of additional coverage to support growth of its earthquake business. The company's total reinsurance coverage now extends to $3.92 billion for earthquake events and $135 million for continental United States hurricane events.

Palomar maintained its per-occurrence event retentions at $11 million for hurricane events and $20 million for earthquake events. The company sourced $360 million of the earthquake coverage through its seventh Torrey Pines Re catastrophe bond issuance, which priced at the lower end of the indicated range.

The company also renewed reinsurance coverage for Hawaii hurricane policies issued by Laulima Exchange, providing up to $865 million of per-occurrence coverage. This represents a $130 million increase from the prior year, including $50 million sourced through the Torrey Pines Re platform.

"We added meaningful incremental limit to support growth, maintain event retentions at levels consistent with the expiring treaty despite significant earnings and exposure growth," said Mac Armstrong, chairman and chief executive officer.

The reinsurance program includes a panel of over 100 reinsurers and insurance-linked securities investors, all rated "A-" or better by A.M. Best and S&P or fully collateralized. The seventh Torrey Pines Re catastrophe bond brought the company's total multi-year insurance-linked securities capacity to $1.28 billion.

Palomar operates as a specialty insurer serving residential and commercial clients across earthquake, inland marine and property, casualty, surety and credit, and crop insurance products.