Palomar to Acquire Advanced AgProtection
Deal News | Mar 21, 2025 | Re-Insurance News
Palomar Holdings, a specialty property insurer, has entered into a definitive agreement to acquire Advanced AgProtection (AAP), a specialized crop managing general agent based in Texas. This acquisition marks an expansion of Palomar’s presence in the $20 billion US crop insurance market, leveraging a strategic collaboration between the two firms that started two years ago. Through a multi-year fronting arrangement and strategic investment in AAP, Palomar ventured into the crop insurance sector in 2023. Palomar’s President, Jon Christianson, stated that the acquisition is a natural progression and will establish Palomar as a leading figure in the crop marketplace. The deal is expected to conclude in the second quarter of the year.
Sectors
- Insurance
- Agriculture
Geography
- United States – Both Palomar Holdings and Advanced AgProtection operate in the U.S., and the acquisition targets the U.S. crop insurance market.
- Texas – Advanced AgProtection is a Texas-domiciled managing general agent, highlighting its geographical significance in the acquisition.
Industry
- Insurance – Involves the acquisition of a managing general agent within the crop insurance sector.
- Agriculture – Advanced AgProtection operates within the crop sector, focusing on agriculture insurance.
Financials
- $20 billion – The size of the US crop insurance market that Palomar is entering with this acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Palomar Holdings | Acquiring Company | Company | A specialty property insurer expanding into the crop insurance market. |
| Advanced AgProtection (AAP) | Target Company | Company | A Texas-domiciled specialized crop managing general agent. |
| Jon Christianson | President of Palomar Holdings | Person | Provided statements about the acquisition and its strategic significance. |