IPG Grabs Untapped Cat Market
CHICAGO, Sept. 18, 2023 /PRNewswire/ — Independence Pet Group (IPG), a number one full-stack pet insurance coverage platform, at present introduced the completion of its acquisition of Felix, the one pet insurance coverage model only for cats within the U.S.
“I’m thrilled to announce this latest enlargement of our portfolio, which permits us to higher ship towards our mission of strengthening the distinctive bond between pets and their individuals,” mentioned Lane Kent, IPG CEO. “The cat pet medical health insurance market has been traditionally underrepresented, however is now the quickest rising phase of the market, and we’re so excited to now have a specialised model to serve cat pet mother and father.”
Dogs make up the vast majority of insured pets in the United States, with 80.1% of insured dogs in comparison with 19.9% of insured cats, in line with the NAPHIA State of the Industry Report, 2023. But the insured cats’ market share has been rising yearly since 2017 – a development IPG intends to leverage with its buy of Felix.
“It’s an thrilling time for cat pat mother and father with IPG including Felix to its portfolio,” mentioned Rick Faucher, CEO and co-Founder of The Connected Pet Company (and the Felix model), and President of the North American Pet Health Insurance Association (NAPHIA). “Our founder and creator of Felix, Dave Wolf, held a imaginative and prescient for the cat insurance coverage market that features a brand new alternative to be served by way of IPG’s international attain. We are assured that IPG will proceed to take a position and deal with cats and cat pet mother and father and we’re enthusiastic about the way forward for the class.”
The transaction is topic to customary closing situations, together with varied regulatory approvals, and is predicted to shut within the second half of 2023. IPG plans to make use of the remainder of the yr to develop the model’s strategic plan and establish product and partnership alternatives.
More details about Independence Pet Group might be discovered right here: https://independencepetgroup.com/.
About Independence Pet Group®
Independence Pet Group® (IPG) is considered one of North America’s largest pet insurance coverage and companies organizations. Our spectacular household of manufacturers helps insurance coverage for greater than 800,000 pets within the U.S. and Canada and gives well-being, security, assets, and business options to the pet trade, together with microchip identification and a web based pet registry. Learn extra at www.independencepetgroup.com.
About Felix
Felix Cat Insurance was created and operated by The Connected Pet Company, LLC (TCPC), a multi-brand channel pet advertising insurance coverage company based mostly in Phoenix, Arizona, licensed and advertising in all 50 states plus DC. TCPC owned and operated Felix and continues to function different pet insurance coverage manufacturers Toto Pet Insurance and Shop Pet Insurance. Learn extra by contacting [email protected].
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SOURCE Independence Pet Group Inc.
