Independence Pet Group (IPG), the full-stack family pet insurance coverage platform, revealed the conclusion of its acquisition of Fairfax Financial Holdings Ltd.’s U.S. and Canadian interests in the Crum & Forster Pet Insurance Group (C&F Pet) and Pethealth Inc.
IPG bought the family pet insurance providers for US$1.4 billion in the form of US$1.15 billion money and US$250 million in seller notes. The deal was initially revealed by IPG’s parent business, JAB Holding Co., in June 2022.
IPG likewise revealed that it has actually selected Lane Kent as ceo, efficient Jan. 1, 2023. Kent, who has actually worked as IPG’s chief running officer given that IPG’s development in 2015, is a skilled insurance coverage executive, with more than thirty years of market experience, consisting of holding executive positions at Mutual of Omaha, New York Life, Univita/LTCG, and Southern Guaranty Insurance Co.
Kent will be successful present CEO David Kettig, who will shift to vice chairman of the board of IPG. Kettig will continue to play an active function in tactical and business advancement activities as the business continues to grow and broaden.
Last October, JAB obtained Chicago-based family pet insurance coverage supplier, Figo and a bulk stake in UK family pet insurance company, Cardif Pinnacle.
IPG runs through family pet insurance coverage brand names that consist of AKC Pet Insurance, Figo Pet Insurance and PetPartners. With the conclusion of the Fairfax Financial acquisition, IPG now runs a platform supporting insurance coverage for more than 600,000 family pets, consisting of those family pets guaranteed through C&F Pet or their affiliates, consisting of ASPCA Pet Health Insurance, 24Petsafeguard, Hartville Pet Insurance, Spot Pet Insurance, Pumpkin Insurance Services and Pets Plus Us in Canada.
Pethealth supplies wellness and safety services to shelters and family pet moms and dads under the 24Pet brand name, that includes the 24Petwatch Registry with over 20 million signed up family pets.
This acquisition will likewise broaden IPG’s international footprint, placing it as a leading family pet insurance coverage supplier in both the United States and Canada, and comes as the family pet insurance coverage market has actually been growing at a rate of roughly 20% each year on an international basis, driven by appealing and continual long-lasting patterns.
“This transaction represents an important milestone and a significant step in our journey to become the leading one-stop platform for all things that improve pet wellness, including our industry-leading pet insurance brands,” said David Kettig. “It has been an honor to lead IPG through this transformative period, and now is the right time for me personally to transition oversight of the business to Lane, while continuing to do what I love.”
“With the addition of C&F Pet and Pethealth to our platform, we are significantly advancing our mission of providing pets and their parents with affordable, comprehensive insurance and wellbeing services throughout a pet’s life,” commented Kent, the inbound CEO of IPG.
Source: Independence Pet Group (IPG)
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