Palomar to Acquire Advanced AgProtection in Strategic Expansion
Deal News | Mar 20, 2025 | Globenewswire
Palomar Holdings, Inc., a specialized insurer, announced the acquisition of Advanced AgProtection (AAP), a Crop Managing General Agent based in Texas. Palomar initially invested in AAP in 2023, marking the beginning of their partnership. This acquisition is part of Palomar's strategic plan to expand its presence in the crop insurance marketplace. The deal is anticipated to close in the second quarter of 2025. The acquisition aims to leverage AAP's existing platform to foster growth in the crop insurance sector, strengthening Palomar's emerging leadership position in this field. Jon Christianson, President of Palomar, highlighted the significance of this acquisition as a natural progression for the company’s crop franchise. Palomar Holdings offers a range of specialty insurance products and maintains an A (Excellent) rating from A.M. Best for its insurance subsidiaries.
Sectors
- Insurance
- Agriculture
Geography
- United States – The companies involved, Palomar Holdings and Advanced AgProtection, are based in the United States, with Palomar headquartered in California and AAP in Texas.
Industry
- Insurance – The article deals with the acquisition of an insurance entity (Advanced AgProtection) by Palomar Holdings, a specialty insurer.
- Agriculture – Advanced AgProtection specializes in crop insurance, directly tying the acquisition to the agriculture sector.
Financials
- – No specific financial terms of the acquisition deal were disclosed in the article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Palomar Holdings, Inc. | Buyer | Company | A specialty insurer serving various sectors, including residential and commercial clients. |
| Advanced AgProtection | Target Company | Company | A Texas-based Crop Managing General Agent focused on crop insurance. |
| Jon Christianson | President of Palomar | People | Provided a statement on the strategic acquisition for Palomar Holdings. |