CHARLOTTE – A Raleigh-based pet insurance coverage firm has raised $55.6 million from traders, in keeping with a submitting Thursday with the Securities and Exchange Commission.
Insurance Pet Holdings raised the money from 27 traders and offered inventory, choices and warrants.
The firm not too long ago acquired cat insurance coverage firm Felix for an undisclosed quantity. In addition to offering insurance coverage for greater than 800,000 pets, Insurance Pet additionally affords microchip identification and a web-based pet registry.
Dogs make up nearly all of insured pets in the United States, with 80.1% of insured dogs in comparison with 19.9% of insured cats, in keeping with the North American Pet Health Insurance Association State of the Industry Report. The whole variety of pets insured in 2022 reached 5.36 million, up from 4.4 million in 2021, in keeping with the report.
The pet insurance coverage market dimension was valued at $9.4 billion in 2022 and is estimated to broaden at a compound annual development price of 17.04% from 2023 to 2030, in keeping with Grand View Research.
Its CEO is Lane Kent, who had served as chief working officer for the reason that firm’s formation in 2021. He turned CEO in the beginning of 2023 and has greater than 30 years of business expertise, together with holding government positions at Mutual of Omaha, New York Life, Univita/LTCG, and Southern Guaranty Insurance.
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