Palomar Holdings, Inc. Announces Agreement to Acquire Advanced AgProtection
Palomar Holdings (NASDAQ:PLMR) has announced a definitive agreement to acquire Advanced AgProtection (AAP), a Texas-based specialized Crop Managing General Agent. This acquisition follows Palomar's strategic investment in AAP made in 2023 at the launch of their partnership.
The deal, expected to close during the second quarter of 2025, represents a natural progression for Palomar's Crop franchise. AAP's platform will provide infrastructure for continued growth as Palomar aims to establish itself as a preferred leader in the Crop marketplace.
The AAP team consists of industry veterans with established relationships and proven experience in the Crop insurance sector. Jon Christianson, President of Palomar, expressed enthusiasm about the opportunities this combination brings and welcomed the AAP team to Palomar.
Palomar Holdings (NASDAQ:PLMR) ha annunciato un accordo definitivo per acquisire Advanced AgProtection (AAP), un General Agent specializzato nella gestione delle colture con sede in Texas. Questa acquisizione segue l'investimento strategico di Palomar in AAP effettuato nel 2023 in occasione del lancio della loro partnership.
L'accordo, previsto per chiudere durante il secondo trimestre del 2025, rappresenta una progressione naturale per il franchise delle colture di Palomar. La piattaforma di AAP fornirà l'infrastruttura necessaria per una continua crescita, mentre Palomar punta a stabilirsi come leader preferito nel mercato delle colture.
Il team di AAP è composto da esperti del settore con relazioni consolidate e comprovata esperienza nel settore delle assicurazioni agricole. Jon Christianson, Presidente di Palomar, ha espresso entusiasmo riguardo alle opportunità che questa combinazione offre e ha dato il benvenuto al team di AAP in Palomar.
Palomar Holdings (NASDAQ:PLMR) ha anunciado un acuerdo definitivo para adquirir Advanced AgProtection (AAP), un Agente General especializado en la gestión de cultivos con sede en Texas. Esta adquisición sigue la inversión estratégica de Palomar en AAP realizada en 2023 al inicio de su asociación.
El acuerdo, que se espera cerrar durante el segundo trimestre de 2025, representa una progresión natural para la franquicia de cultivos de Palomar. La plataforma de AAP proporcionará la infraestructura necesaria para un crecimiento continuo, mientras Palomar busca establecerse como un líder preferido en el mercado de cultivos.
El equipo de AAP está compuesto por veteranos de la industria con relaciones consolidadas y experiencia comprobada en el sector de seguros agrícolas. Jon Christianson, Presidente de Palomar, expresó su entusiasmo por las oportunidades que esta combinación ofrece y dio la bienvenida al equipo de AAP a Palomar.
팔로마 홀딩스 (NASDAQ:PLMR)는 텍사스에 본사를 둔 전문 작물 관리 총괄 대리점인 고급 농업 보호 (AAP)를 인수하기 위한 최종 계약을 발표했습니다. 이 인수는 2023년에 파트너십을 시작하면서 팔로마가 AAP에 전략적 투자를 한 후 이루어졌습니다.
2025년 2분기 중에 마무리될 것으로 예상되는 이 거래는 팔로마의 작물 프랜차이즈에 대한 자연스러운 발전을 나타냅니다. AAP의 플랫폼은 팔로마가 작물 시장에서 선호되는 리더로 자리 잡기 위한 지속적인 성장의 기반을 제공할 것입니다.
AAP 팀은 업계의 베테랑들로 구성되어 있으며, 작물 보험 분야에서 확립된 관계와 입증된 경험을 가지고 있습니다. 팔로마의 사장인 존 크리스찬슨은 이 조합이 가져다주는 기회에 대해 열정을 표명하며 AAP 팀을 팔로마에 환영했습니다.
Palomar Holdings (NASDAQ:PLMR) a annoncé un accord définitif pour acquérir Advanced AgProtection (AAP), un Agent Général spécialisé dans la gestion des cultures basé au Texas. Cette acquisition fait suite à l'investissement stratégique de Palomar dans AAP réalisé en 2023 lors du lancement de leur partenariat.
L'accord, qui devrait se conclure au cours du deuxième trimestre 2025, représente une progression naturelle pour la franchise de cultures de Palomar. La plateforme d'AAP fournira l'infrastructure nécessaire à une croissance continue, alors que Palomar vise à s'établir comme un leader privilégié sur le marché des cultures.
L'équipe d'AAP se compose de vétérans de l'industrie ayant des relations établies et une expérience éprouvée dans le secteur de l'assurance des cultures. Jon Christianson, président de Palomar, a exprimé son enthousiasme quant aux opportunités offertes par cette combinaison et a souhaité la bienvenue à l'équipe d'AAP chez Palomar.
Palomar Holdings (NASDAQ:PLMR) hat eine endgültige Vereinbarung zur Übernahme von Advanced AgProtection (AAP), einem in Texas ansässigen spezialisierten Crop Managing General Agent, angekündigt. Diese Übernahme folgt auf Palomars strategische Investition in AAP, die 2023 zum Start ihrer Partnerschaft getätigt wurde.
Der Deal, der voraussichtlich im zweiten Quartal 2025 abgeschlossen wird, stellt einen natürlichen Fortschritt für Palomars Crop-Franchise dar. Die Plattform von AAP wird die Infrastruktur für ein anhaltendes Wachstum bereitstellen, während Palomar anstrebt, sich als bevorzugter Marktführer im Crop-Markt zu etablieren.
Das AAP-Team besteht aus Branchenveteranen mit etablierten Beziehungen und nachweislicher Erfahrung im Bereich der Crop-Versicherungen. Jon Christianson, Präsident von Palomar, äußerte sich begeistert über die Möglichkeiten, die diese Kombination mit sich bringt, und hieß das AAP-Team bei Palomar willkommen.
- Strategic expansion into crop insurance market through acquisition of established player
- Builds upon existing successful partnership from 2023 investment
- Acquisition provides ready-made infrastructure for market growth
- Adds experienced team with proven track record and established relationships
- None.
Insights
Palomar's acquisition of Advanced AgProtection (AAP) represents a strategic vertical integration in the specialty crop insurance sector. This move follows Palomar's initial strategic investment in AAP in 2023, demonstrating a measured, phased approach to expansion rather than an impulsive acquisition.
The transaction advances Palomar's diversification strategy beyond its core catastrophe insurance business. By acquiring a specialized Managing General Agent (MGA) with established industry relationships, Palomar gains valuable distribution channels and underwriting expertise specific to agricultural risks. This could help balance Palomar's catastrophe-exposed portfolio with a line of business that has different risk characteristics and cycles.
While financial terms remain undisclosed (purchase price, revenue contribution, expected earnings impact), the acquisition of a company Palomar already partially owned and collaborated with for two years suggests reduced integration risk. The planned Q2 closing indicates confidence in regulatory approval, and the retention of AAP's management team preserves valuable industry relationships and expertise.
For a
LA JOLLA, Calif., March 20, 2025 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or the “Company”) today announced that it has entered into a definitive agreement to acquire Advanced AgProtection (“AAP”).
Advanced AgProtection is a Texas-headquartered specialized Crop Managing General Agent. The AAP team is comprised of industry veterans with longstanding relationships and a proven track record in the Crop insurance sector. Palomar made a strategic investment in AAP in 2023 at the launch of the partnership between the two companies. The deal is expected to close during the second quarter of this year.
Jon Christianson, President of Palomar, stated, “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 energized by the opportunities this combination brings. We are thrilled to welcome the AAP team to Palomar.”
About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. ("PSRE"), Palomar Insurance Agency, Inc. ("PIA"), Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc ("PUEO"), Palomar Crop Insurance Services, Inc, and First Indemnity of America Insurance Company (acquired 1/1/2025). Palomar's consolidated results also include Laulima Reciprocal Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A” (Excellent) from A.M. Best.
To learn more, visit PLMR.com.
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Safe Harbor Statement
Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words "believe," "expect," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contact
Media Inquiries
Lindsay Conner
1-551-206-6217
lconner@plmr.com
Investor Relations
Jamie Lillis
1-203-428-3223
investors@plmr.com
Source: Palomar Holdings, Inc.
FAQ
When will Palomar Holdings (PLMR) complete the acquisition of Advanced AgProtection?
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