From Yahoo Finance: 2025-03-24 11:45:00

Palomar Holdings has agreed to acquire Advanced AgProtection (AAP), a specialized crop managing general agent based in Texas. The acquisition is set to be finalized in the second quarter of 2025, following Palomar’s initial investment in AAP in 2023. AAP’s platform will support Palomar’s growth in the crop insurance market.

Palomar president Jon Christianson expressed excitement about the deal, highlighting the success of their collaboration with AAP over the past two years. The acquisition of AAP will further solidify Palomar’s position as a leader in the crop marketplace. The company’s subsidiaries include Palomar Specialty Insurance Company and Palomar Excess and Surplus Insurance Company.

The acquisition of AAP follows Palomar’s purchase of First Indemnity of America Insurance Company (FIA), which allowed them to enter the surety market. FIA, established in 1979, initially focused on writing surety bonds in New Jersey. Palomar continues to expand its portfolio through strategic acquisitions like AAP and FIA, positioning themselves for future growth in the insurance industry.

Read more: Palomar to buy crop insurer Advanced AgProtection