Palomar Holdings has entered the crop insurance sector through a new multi-year fronting arrangement with managing general agent (MGA), Advanced AgProtection.
According to the announcement, this partnership expands Palomar’s PLMR-FRONT into the $20 billion US crop insurance market.
It has also been authorised as the fourteen Approved Insurance Provider (AIP) in the US by the Federal Crop Insurance Corporation (FCIC).
Jon Christianson, President of Palomar commented, “We are excited to enter the crop insurance sector through this fronting program with a best-in-class MGA partner, led by a widely respected management team with 125 years of combined experience in the sector.
“Given the increased demand for American-based crop insurance solutions, Advanced AgProtection’s growth potential presents an attractive opportunity to diversify our business and further expand our PLMR-FRONT franchise generating consistent fee income as we strive to deliver predictable bottom-line results.”
Advanced AgProtection is described as a leader in the crop insurance sector based upon their advanced technology and proprietary decisioning tools specific to the United States farming community.
The MGA provides crop insurance products using their deep expertise and innovative technology and analytics which are designed to manage standard insurance operations including underwriting, risk management and claims handling through a highly skilled and experienced team.
Jason Sears, Executive Vice President and Head of Programs of Palomar added: “Advanced AgProtection approaches the crop insurance market with a customised solution based on farmers’ unique needs by utilising cutting edge technology and software that better serve the American farmer.
“This differentiates Advanced AgProtection in the market, allowing for share gain and profitable growth much like how Palomar started in the California residential earthquake market. Advanced AgProtection also has a deep commitment to their agents as they deliver world-class service and training to ensure success in this unique and important market.”
Robert Gideon, Chief Executive Officer of Advanced AgProtection, said: “We are thrilled to partner with Palomar as a select insurer participant in providing coverage for the FCIC.
“Palomar is a highly respected specialty insurer with a depth of knowledge across varying insurance lines and reinsurance expertise supported by advanced analytics, which aligns with our culture and business. We appreciate the confidence that Palomar places in our specialised product offering and analytical approach to the crop insurance business.”
