Palomar Steps Up Crop Insurance Strategy with AgProtection Buy

March 2025 – Palomar Holdings, Inc. (NASDAQ: PLMR) has entered into a definitive agreement to acquire Advanced AgProtection (AAP), a Texas-based Managing General Agency (MGA) specializing in crop insurance. This acquisition builds on Palomar’s prior investment and fronting partnership with AAP initiated in 2023. The deal is expected to close in Q2 2025, pending regulatory approvals.

AAP brings significant underwriting expertise, operational infrastructure, and a robust agent network to Palomar, enhancing its ability to scale within the $20 billion U.S. crop insurance market. Crop insurance premiums under Palomar surged from $12 million in 2023 to $116 million in 2024, reflecting the company’s aggressive growth strategy in the agricultural risk sector.

The acquisition diversifies Palomar’s portfolio beyond property catastrophe products, strengthening its foothold across specialty lines including casualty, marine, and agriculture.

Jon Christianson, President of Palomar, commented:“Building on our successful collaboration with AAP over the last two years, this acquisition marks a natural progression for Palomar. AAP’s infrastructure and team will help us establish a strong and sustainable presence in the crop insurance marketplace.”

With increasing climate volatility impacting agriculture, demand for resilient crop insurance solutions is rising. Palomar’s move to acquire AAP aligns with a broader industry trend of insurers focusing on high-growth, data-driven agricultural risk markets that support farm sustainability and food security.

For detailed market forecasts, competitive landscape, and technology trends in crop insurance, explore:
👉 Crop Insurance Market Report – NextGen Intelligence Stats