~ Palomar Specialty Insurance Company Authorized as the Fourteenth Approved Insurance Provider in the United States by the Federal Crop Insurance Corporation (“FCIC”) ~
~ Expands PLMR-FRONT into the ~$20 billion United States Crop Insurance Market ~
LA JOLLA, Calif., Jan. 10, 2023 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or the “Company”) today announced it has entered into a new multi-year fronting arrangement with Advanced AgProtection, a managing general agent (“MGA”).
Advanced AgProtection is a leader in the crop insurance sector based upon their advanced technology and proprietary decisioning tools specific to the United States farming community. Advanced AgProtection provides crop insurance products using their deep expertise and innovative technology and analytics which are designed to manage standard insurance operations including underwriting, risk management and claims handling through their highly skilled and experienced team.
The partnership formed between Palomar and Advanced AgProtection represents one of only fourteen Approved Insurance Providers (“AIP”) with access to the $20 billion insured crop marketplace. The partnership further diversifies Palomar’s product mix while adding to the Company’s fee income growth, a key tenant to Palomar 2X.
Jon Christianson, President of Palomar commented, “We are excited to enter the crop insurance sector through this fronting program with a best-in-class MGA partner, led by a widely respected management team with 125 years of combined experience in the sector. Given the increased demand for American-based crop insurance solutions, Advanced AgProtection’s growth potential presents an attractive opportunity to diversify our business and further expand our PLMR-FRONT franchise generating consistent fee income as we strive to deliver predictable bottom-line results.”
Jason Sears, Executive Vice President and Head of Programs of Palomar added, “Advanced AgProtection approaches the crop insurance market with a customized solution based on farmers’ unique needs by utilizing cutting edge technology and software that better serve the American farmer. This differentiates Advanced AgProtection in the market, allowing for share gain and profitable growth much like how Palomar started in the California residential earthquake market. Advanced AgProtection also has a deep commitment to their agents as they deliver world-class service and training to ensure success in this unique and important market.”
“We are thrilled to partner with Palomar as a select insurer participant in providing coverage for the FCIC,” said Robert Gideon, Chief Executive Officer of Advanced AgProtection. “Palomar is a highly respected specialty insurer with a depth of knowledge across varying insurance lines and reinsurance expertise supported by advanced analytics, which aligns with our culture and business. We appreciate the confidence that Palomar places in our specialized product offering and analytical approach to the crop insurance business.”
