You may want to look into Palms Specialty Insurance Company, Inc. (Palms specialized) if you’re searching for a specialized insurer that can manage complicated risks.
This is a newly formed company that focuses on U.S. excess and surplus line accounts, providing coverage for specialty property, professional lines, and other specialty lines with manageable gross limits.
In this article, I will give you an overview of what Palms Specialty offers, how it operates, and what its ratings and reviews are.
Contact information
| Information | Details |
|---|---|
| Phone Number | 561-304-55321 |
| Address | 700 Universe Blvd. (JB/A1), Juno Beach, FL 334081 |
| Customer Service Contact | A general inquiry form is available online. Underwriting and claims teams via email or phone |
| Policy Details | There is varied coverage for specialty property, professional lines, and other specialty lines. |
| Customized programs for complex risks. | |
| Email Address | Underwriting and claims teams have specific email addresses listed on the website. |
| Example: property@palms-insurance.com |
Palms Specialized Insurance Company, Claims
One of the most important aspects of any insurance company is how it handles claims.
Palms Specialty has a dedicated claims team that oversees the claims activity across all lines of business.
The claims team works closely with internal and external adjusters, technical experts, underwriting, actuarial, and origination to foster efficient claims resolution.
Palms Specialty also leverages the expertise and resources of its parent company, NextEra Energy, Inc., which is one of the world’s largest producers of renewable energy.
The company claims that it has a customer-centric approach and a commitment to excellence in claims handling.
Palms Specialized Insurance Company Services
Palms Specialty offers a range of services to its clients, including customized programs, innovative solutions, and risk management support.
It develops programs that are tailored to the specific needs and exposures of each client, using its underwriting experience and market knowledge.
Palms Specialty also provides solutions that are designed to help businesses mitigate challenging risks, based on 35 years of experience protecting some of the world’s most valuable and highly visible green energy projects.
The company is backed by its parent company’s established and tested enterprise risk management framework, which helps Palms Specialty identify, measure, monitor, and control risks.
Palms Specialty Payments and Discounts
Palms Specialty does not disclose its payment and discount options on its website, but it does state that it offers competitive pricing and terms to its clients.
It also claims that it has a flexible and responsive underwriting process, which allows it to provide quick and accurate quotes and binders.
The company works with a network of brokers and agents who can assist clients with their payment and discount inquiries.
Palms Specialty Ratings
Palms Specialty has received positive ratings from AM Best, a global credit rating agency that specializes in the insurance industry.
AM Best has assigned a Financial Strength Rating of A- (excellent) and a Long-Term Issuer Credit Rating of “a-” (excellent) to Palms Specialty.
The outlook assigned to these ratings is stable.
The ratings reflect Palms Specialty’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile, and appropriate enterprise risk management.
AM Best also recognizes Palms Specialty’s strategic importance to its parent company and its management team’s experience in the targeted business class.
Palms Specialty Reviews
Palms Specialty does not have many online reviews yet, as it is a new company that started operations in 2022.
However, some of the available reviews are positive and praise Palms Specialty’s professionalism, service, and expertise.
For example, one reviewer wrote, “Palms Specialty is a great company to work with.
They are very knowledgeable and responsive, and they offer innovative solutions for complex risks.
I highly recommend them to anyone looking for specialty insurance.”
Palms Specialty Careers
Palms Specialty is always looking for talented and motivated individuals who share its vision and values.
The company offers a variety of career opportunities in underwriting, claims, actuarial, finance, risk management, and other functions.
Palms Specialty also provides a competitive compensation and benefits package, as well as a culture of empowerment, innovation, and improvement.
Interested candidates can visit its website and apply online.
Palms Specialty Login
Palms Specialty does not have a login option for its clients or brokers on its website.
However, Palms Specialty does provide contact information for its underwriting and claims teams, as well as a general inquiry form.
The company also has a LinkedIn page where it posts updates and news about its company and industry.
Palms Insurance Company, Limited Address
Palms Specialty is a subsidiary of Palms Insurance Company, Limited (Palms), which is a single-parent insurer that underwrites the insurance risks of NextEra and its affiliates.
It is domiciled in the Cayman Islands and has NAIC-licensed surplus lines alien insurer status.
The company has an address of C/O Beecher Carlson Cayman, Ltd., 42 Edward Street, George Town, Grand Cayman, KY1-1106, Cayman Islands.
Palms Specialty Insurance Company, Inc Credit Ratings
As mentioned earlier, Palms Specialty has received credit ratings from AM Best, which are A- (excellent) for its financial strength rating and “a-” (excellent) for its long-term issuer credit rating.
These ratings are based on Palms Specialty’s balance sheet strength, operating performance, business profile, and enterprise risk management.
The company has not received credit ratings from other rating agencies yet, as it is a new company.
Palms Insurance Company, NAIC
Palms Insurance Company, Limited, the parent company of Palms Specialty, has a NAIC number of 0.
This means that Palms is not a member of the National Association of Insurance Commissioners (NAIC), which is a U.S. standard-setting and regulatory support organization for the insurance industry.
Palm is an alien insurer, which means that it is domiciled outside of the U.S. and operates in the U.S. as a surplus lines insurer.
Surplus line insurers are not subject to the same regulations and oversight as admitted insurers, but they are allowed to provide coverage for risks that are not available in the standard market.
Who Owns Orion Palms Specialty Insurance Company?
Orion Palms Specialty Insurance Company is not a real company but a fictitious name that sounds similar to Palms Specialty Insurance Company.
Palms Specialty is owned by NextEra Energy Capital Holdings, Inc., which is a subsidiary of NextEra Energy, Inc.
NextEra Energy is a leading clean energy company that operates in 37 states and four Canadian provinces.
NextEra Energy owns two electric companies, Florida Power & Light Company and Gulf Power Company, and is the world’s largest generator of renewable energy from the wind and sun.
Conclusion
Palms Specialty Insurance Company, Inc. is a new player in the specialty insurance market, offering coverage for complex and challenging risks in the U.S. excess and surplus lines accounts.
The company has a strong balance sheet, adequate operating performance, a limited business profile, and appropriate enterprise risk management.
Palms Specialty has received positive ratings and reviews from AM Best and its clients and brokers.
It is a subsidiary of Palms Insurance Company, Limited, which is a single-parent insurer of NextEra Energy, Inc., a leading clean energy company.
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I am Evans, an insurance expert with a deep-rooted passion for helping people understand the world of insurance. With about 2 years of experience, I’ve dedicated my career to simplifying complex insurance concepts and providing tailored solutions. I have the knowledge and expertise to guide individuals and businesses in making informed insurance decisions, thanks to my educational background in finance and risk management and my Bachelor’s degree in Insurance and Risk Management from Columbia University. I believe that insurance is not just about policies; it’s about safeguarding dreams and ensuring financial security. I’m committed to sharing my insights and knowledge to empower others to protect what matters most.