NEW
YORK, Oct. 10, 2024 /PRNewswire/ -- The Mechanic
Group, a division of Specialty Program Group (SPG), is proud to
announce the enhancement of its "Best In Class" Security Alarm
& Investigator Program in partnership with Palomar Excess and
Surplus Insurance Company (PESIC), a subsidiary of Palomar
Holdings, Inc. (Palomar). PESIC has a financial strength rating of
"A" (Excellent) from AM Best. This partnership strengthens The
Mechanic Group's ability to deliver Best in Class General Liability
and Umbrella Coverage tailored for the Security & Alarm
industry.
Leveraging over 30 years of industry experience, The Mechanic
Group has long been a leader in customized insurance solutions for
security guard companies, alarm installers, private investigators,
and security consultants. Now, with the support of Palomar, the
"Best In Class" Security Alarm & Investigator Program will
offer expanded coverage options and improved service
efficiencies.
"We are excited to partner with Palomar, whose expertise in
specialty insurance will allow us to deliver even greater value to
our brokers and clients," said Marc
Katz, President of The Mechanic Group. "This partnership
will further strengthen our "Best In Class" Security Alarm &
Investigator Program, offering expanded coverage, improved service,
and access to Palomar's robust underwriting capabilities."
Key Benefits of the Partnership:
- Advanced Underwriting Authority: Empowering brokers
with swift, efficient policy issuance.
- Expert Claims Management: Including risk assessment,
efficient claims tracking, and faster settlement negotiations.
- Comprehensive Coverage Highlights: Offering General
Liability and supported Umbrella, and more, tailored specifically
for the Security and Alarm industry
Palomar, recognized for its innovative approach to specialty
insurance, will bring its underwriting and analytical expertise to
the ProtectPlus Liability Program. Together, this partnership
offers a powerful combination of industry knowledge and specialized
coverage.
"We seek MGA's with a firm focus on underwriting discipline for
ourselves and our reinsurance partners," said Jason Sears Executive Vice President, Head of
Programs, of Palomar. "The Mechanic Group is a leader in the
Security and Alarm industry, making them an ideal partner for
Palomar. We are excited about the opportunity to collaborate with
such a talented team in this niche market segment."
To learn more about our "Best In Class" Security Alarm &
Investigator Program and how it can meet the specific needs of your
business, please contact Marc Katz
at mkatz@mechanicgroup.com.
About The Mechanic Group
The Mechanic Group specializes in writing customized,
comprehensive insurance programs for the security and alarm
industry. Since 1989, the group has been dedicated to serving this
niche market with integrity and expertise. As part of Specialty
Program Group LLC since 2019, The Mechanic Group has enhanced its
ability to innovate and expand its product offerings. For more
information, visit mechanicgroup.com.
About Palomar Holdings, Inc.
Palomar Holdings, Inc. (NASDAQ: PLMR) is the holding
company of subsidiaries Palomar Specialty Insurance
Company ("PSIC"), Palomar Specialty Reinsurance Company
Bermuda Ltd., Palomar Insurance Agency, Inc., Palomar
Excess and Surplus Insurance Company ("PESIC"),
and Palomar Underwriters Exchange Organization,
Inc. Palomar's consolidated results also include Laulima
Exchange, 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, Palomar
Specialty Insurance Company, Palomar Specialty Reinsurance
Company Bermuda Ltd., and Palomar Excess and Surplus Insurance
Company, have a financial strength rating of "A" (Excellent)
from A.M. Best.
About Specialty Program Group
Specialty Program Group LLC (SPG) is a leading specialty
platform headquartered in Chicago, Illinois, with a diverse portfolio of
specialty insurance operations spanning underwriting management,
digital solutions, wholesale and specialty retail brokerage, and
insurance services. SPG has a track record of scaling industry
leading businesses by providing access to business resources,
technology and process efficiency, capital and investment, deep
carrier relationships, and a broad distribution network.
Visit specialtyprogramgroup.com to learn more
about how SPG can help you scale your specialty business.
CONTACT:
Mechanic: Marc Katz
Phone: (845) 735 0700
Email: mkatz@mechanicgroup.com
SPG Media: Lea Prses
Email: lea.prses@specialtyprogramgroup.com
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SOURCE Specialty Program Group
