Palomar Holdings has agreed to acquire Advanced AgProtection (AAP), a specialised crop managing general agent based in Texas.
This acquisition is due to be finalised during the second quarter of 2025 (Q2 2025).
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Palomar invested in AAP in 2023, marking the start of their alliance.
The company uses AAP Policy Processing System (APPS) to service crop insurance policies.
Commenting on the latest deal, Palomar president Jon Christianson said: “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 energised by the opportunities this combination brings. We are thrilled to welcome the AAP team to Palomar.”
Palomar Holdings encompasses a range of subsidiaries including Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda, Palomar Insurance Agency as well as Palomar Excess and Surplus Insurance Company.
Additionally, it comprises Palomar Underwriters Exchange Organisation, Palomar Crop Insurance Services and First Indemnity of America Insurance Company.
The acquisition of AAP follows Palomar purchase of First Indemnity of America Insurance Company (FIA), which supported its foray into the surety market.
FIA was established in 1979 and began operations by writing surety bonds in New Jersey.
