Specialty property insurer Palomar Holdings has entered into a definitive agreement to acquire Advanced AgProtection (AAP), a Texas-domiciled specialised crop managing general agent (MGA), building on the pairs successful collaboration over the last two years.
The AAP team is comprised of industry veterans with longstanding relationships and a proven track record in the crop insurance sector.
In 2023, Palomar entered the crop insurance sector through a multi-year fronting arrangement made through a strategic investment in AAP at the launch of their partnership.
This acquisition agreement is expected to close during the second quarter of this year, expanding Palomar’s PLMR-FRONT into the $20 billion US crop insurance market.
Jon Christianson, President of Palomar, commented, “Building on our successful collaboration with Advanced AgProtection over the last two years, this acquisition marks a natural progression for Palomar and our Crop franchise.
“AAP’s platform will provide the infrastructure for continued growth as Palomar establishes itself as a preferred and emerging leader in the Crop marketplace. Our teams are energized by the opportunities this combination brings. We are thrilled to welcome the AAP team to Palomar.”
