Company's Strategic Appointment of Benson Latham
Palomar Holdings, Inc. (NASDAQ: PLMR) has made a significant step in its business expansion by appointing Benson Latham as the Executive Vice President and Head of Crop Insurance. This move is a crucial part of Palomar's strategy to enhance its Crop insurance franchise, which is quickly becoming a prominent player in the industry.
Experience and Background of Benson Latham
Benson Latham brings with him three decades of expertise in the Crop insurance sector. His remarkable journey began at ProAg, where he played a pivotal role in developing a thriving Crop franchise, employing over 400 individuals and generating $500 million in revenue. Following the acquisition of ProAg by CUNA Mutual in 2010, Latham established Longhorn Re, a reinsurer in Bermuda, which he expanded successfully before selling to Validus Re in 2013.
Growth and Success at Validus Re
At Validus Re, Latham took the reins of the new Crop division, rapidly escalating its success. Under his leadership, the division surpassed $1 billion in revenue through a combination of organic growth and strategic acquisitions, ultimately leading to its sale to Great American Insurance Company, part of the American Financial Group. This impressive track record showcases Latham’s ability to drive growth and navigate the intricacies of the Crop insurance market.
Comments from Leadership
Mac Armstrong, Chairman and CEO of Palomar, expressed his enthusiasm about Latham joining the team, highlighting Latham's extensive experience and successful history in building Crop insurance businesses. Armstrong noted that Palomar has already achieved remarkable success with over $100 million in Crop premium written in its first full year. He is confident that Latham's leadership will guide the company towards becoming a leader in the $19 billion Crop insurance market.
Vision for the Future
Benson Latham himself expressed his excitement about joining Palomar, emphasizing the company's strong financial foundation, advanced data and technology capabilities, and valuable distribution partnerships established with Advanced AgProtection. According to Latham, these elements will set the stage for rapid growth in Palomar’s Crop insurance operations.
About Palomar Holdings, Inc.
Palomar Holdings, Inc. is a prominent specialty insurance provider, operating various subsidiaries including Palomar Specialty Insurance Company and Palomar Specialty Reinsurance Company Bermuda Ltd. The company provides innovative insurance solutions across several categories, encompassing Earthquake, Inland Marine, Casualty, Fronting, and Crop insurance. Notably, Palomar's insurance subsidiaries have received an “A” (Excellent) financial strength rating from A.M. Best, reflecting their solid financial standing.
Commitment to Clients and Community
Palomar is dedicated to servicing both residential and commercial clients while ensuring the highest standards of risk management and customer satisfaction. The team's combined efforts in developing specialized coverage reflect their commitment to meeting diverse client needs effectively.
Looking Ahead
With Benson Latham at the helm of the Crop division, Palomar is poised for substantial growth and innovation. His extensive experience within the sector positions him well to instill robust strategies that ensure not only the expansion of revenue but also the enhancement of service offerings to clients across the board. As the company navigates the evolving insurance landscape, the leadership transition marks a promising new chapter in its ongoing development.
Frequently Asked Questions
1. Who is Benson Latham?
Benson Latham is the newly appointed Executive Vice President and Head of Crop Insurance at Palomar Holdings, Inc., with over 30 years of experience in the industry.
2. What does Palomar Holdings, Inc. specialize in?
Palomar specializes in innovative insurance solutions across various categories, including Earthquake, Inland Marine, Casualty, Fronting, and Crop insurance.
3. What significant achievements did Latham have in his previous roles?
Latham successfully built the Crop insurance businesses at ProAg and Validus Re, leading to significant revenue growth and successful acquisitions.
4. What are Palomar’s financial ratings?
Palomar's insurance subsidiaries have achieved an “A” (Excellent) financial strength rating from A.M. Best, showcasing their strong financial health.
5. How will Latham impact Palomar's Crop insurance division?
With his experience and leadership, Latham is expected to significantly enhance the growth and market position of Palomar's Crop insurance franchise.
