Synchrony Expands Leadership within the Pet Industry Through Ownership Stake in IPH; Two Synchrony Executives to Join IPH Board of Directors
PHOENIX and STAMFORD, Conn., March 6, 2024 /PRNewswire/ — Independence Pet Holdings, Inc. (“IPH”), a number one multi-brand, multi-channel pet insurance coverage supplier, and Synchrony (NYSE:SYF), a premiere shopper monetary companies firm, at the moment introduced that IPH has accomplished the acquisition of Pets Best Insurance Services, LLC (“Pets Best”) from Synchrony. Synchrony acquired a portion of the consideration as an fairness funding in IPH and dedicated to enter right into a business settlement with IPH, each of which is able to assist broaden IPH’s actions within the pet {industry} and allow each Synchrony and IPH to additional capitalize on synergies between Synchrony’s CareCredit well being and wellness bank card and IPH’s merchandise within the pet insurance coverage {industry}. IPH may even appoint two Synchrony executives to its Board of Directors.
Through the collaboration, IPH and Synchrony will discover a various vary of alternatives, joint product growth, key expertise partnerships, and perception sharing for improved buyer expertise and optionality throughout the pet insurance coverage and pet-care financing industries.
“We are excited to accomplice with IPH to drive long-term development and broaden our alternatives within the pet area, together with the power to supply CareCredit to tens of millions of extra pet homeowners,” stated Beto Casellas, EVP and CEO, Health & Wellness, Synchrony. “Together, our firms deliver in depth capabilities and experience to ship on our development technique, drive {industry} innovation, and serve the rising wants of our pet households.”
“Pet mother and father deserve access to the best vary of pet insurance coverage merchandise, tailor-made to the private wants of their pets. The distinctive mixture of IPH’s broad portfolio of manufacturers with Synchrony’s industry-leading digital capabilities will permit us to reinforce our choices for pet mother and father,” stated Dirk Beeckman, Chairman of IPH. “We are thrilled to welcome the Pets Best group to the IPH household and look ahead to working intently collectively to diversify its providing and speed up the model’s development.”
IPH’s acquisition of Pets Best builds upon a present relationship between Pets Best and Independence American Insurance Company (“IAIC”), a completely owned subsidiary of IPH. The strategic funding in Pets Best will strengthen IPH’s skill to serve clients in the United States and proceed the diversification of the business’s modern pet insurance coverage providing.
Pets Best is a number one pet insurance coverage supplier in the United States and has proven sturdy development since its acquisition by Synchrony in 2019. As a part of the IPH household, Pets Best will proceed to function below the identical model and management. With IPH’s assist, it should search to broaden its capabilities and presence inside the U.S.
About Independence Pet Holdings
Established in 2021, Independence Pet Holdings is a holding firm that manages a various and broad portfolio of contemporary pet well being manufacturers and companies throughout insurance coverage, pet schooling, misplaced pet restoration companies, and past throughout North America.
About Synchrony
Synchrony (NYSE: SYF) is a premier shopper monetary companies firm delivering one of many {industry}’s most full digitally-enabled product suites. Our expertise, experience and scale embody a broad spectrum of industries together with digital, well being and wellness, retail, telecommunications, home, auto, outside, pet and extra. We have a longtime and numerous group of nationwide and regional retailers, native retailers, producers, shopping for teams, {industry} associations and healthcare service suppliers, which we seek advice from as our “companions”. We join our companions and shoppers by means of our dynamic monetary ecosystem and supply them with a various set of financing options and modern digital capabilities to deal with their particular wants and ship seamless, omnichannel experiences. We provide the best financing merchandise to the best clients of their channel of selection. For extra data, go to www.synchrony.com.
About Pets Best Insurance Services, LLC
Pets Best gives pet insurance coverage and wellness plans for dogs and cats within the U.S. Founded in 2005 with a mission to offer access to complete animal healthcare at an reasonably priced value, Pets Best delivers versatile protection, a simple claims course of, and glorious customer support. Pets Best is very rated by impartial assessment websites and is beneficial by veterinarians throughout the nation. Pets Best is a founding member of NAPHIA, an organization devoted to making sure excessive requirements and transparency for the pet insurance coverage {industry}.
Pet insurance coverage protection provided and administered by Pets Best Insurance Services, LLC is underwritten by American Pet Insurance Company, a New York insurance coverage firm headquartered at 6100 4th Ave. S. Suite 200 Seattle, WA 98108, or Independence American Insurance Company, a Delaware insurance coverage firm positioned at 11333 N. Scottsdale Rd, Ste. 160, Scottsdale, AZ 85254. Pets Best Insurance Services, LLC (CA company #0F37530) is a licensed insurance coverage company positioned at 10840 Ballantyne Commons Parkway, Charlotte, NC 28277. Each insurer has sole monetary accountability for its personal merchandise. Please refer to your declarations web page to find out the underwriter for your coverage. Terms and situations apply. See your coverage for particulars. To study extra about Pets Best, click on right here.
Forward-Looking Statements
This press launch contains forward-looking statements inside the which means of the Private Securities Litigation Reform Act of 1995. Forward-looking statements could also be recognized by phrases similar to “will,” “anticipate,” “proceed,” or phrases of comparable which means. The forward-looking statements convey expectations, intentions, or forecasts associated to the strategic partnership between Synchrony and IPH and the sale of Pets Best, that are primarily based on assumptions and estimates, and are topic to inherent uncertainties, dangers and adjustments which are troublesome to foretell. As a outcome, precise outcomes might differ materially from these indicated in these forward-looking statements. For the explanations described above, we warning you towards counting on any forward-looking statements, which also needs to be learn together with Synchrony’s public filings, together with below the heading “Risk Factors Relating to Our Business” and “Risk Factors Relating to Regulation” within the Company’s Annual Report on Form 10-Okay for the fiscal 12 months ended December 31, 2023, as filed on February 8, 2024. Any forward-looking assertion speaks solely as of the date on which it’s made and we undertake no obligation to update any forward-looking assertion, besides as in any other case could also be required by legislation.
Media Contact:
For IPH
The One Nine Three Group
Charlie Harrison: [email protected]
For Synchrony
Michelle Blaya Romero: [email protected]
SOURCE Synchrony Financial
