Palomar Holdings to Acquire Advanced AgProtection

Palomar Holdings, a leading specialty property insurer, has announced a definitive agreement to acquire Advanced AgProtection (AAP), a Texas-based specialized crop managing general agent (MGA). This acquisition builds upon a successful collaboration that has been ongoing between the two companies over the past two years.

The team at AAP is made up of industry veterans who have established longstanding relationships and possess a proven track record in the crop insurance sector. In 2023, Palomar entered the crop insurance market through a multi-year fronting arrangement, which was achieved through a strategic investment in AAP at the launch of their partnership.

This acquisition is expected to be finalized in the second quarter of the year, marking Palomar’s entry into the lucrative $20 billion US crop insurance market via its PLMR-FRONT platform.

Commenting on the acquisition, Jon Christianson, President of Palomar, stated, “Building on our fruitful partnership with Advanced AgProtection over the last two years, this acquisition is a natural progression for Palomar and our Crop franchise. AAP’s platform will provide the infrastructure necessary for continued growth as Palomar positions itself as a preferred and emerging leader in the Crop marketplace. Our teams are invigorated by the opportunities this combination presents, and we are excited to welcome the AAP team to Palomar.”

Source: Reinsurance News