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Palomar Holdings, Inc. Announces Agreement to Acquire Advanced AgProtection
LA JOLLA, Calif., March 20, 2025 (GLOBE NEWSWIRE) -- Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or the “Company”) today announced that it has entered
About this update from Palomar Holdings, Inc.
[{"type":"text","content":"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. Follow Palomar on LinkedIn: @PLMRInsurance Safe Harbor StatementPalomar cautions you that statements contained in this press release may regard matters that are...