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 lately 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 presents microchip identification and a web-based pet registry.
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 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 measurement was valued at $9.4 billion in 2022 and is estimated to increase at a compound annual development fee 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 grew to become CEO initially of 2023 and has greater than 30 years of business expertise, together with holding govt positions at Mutual of Omaha, New York Life, Univita/LTCG, and Southern Guaranty Insurance.
Last 12 months, the corporate acquired Fairfax Financial Holdings Ltd.’s U.S. and Canadian pursuits within the Crum & Forster Pet Insurance Group and Pethealth Inc.
Its subsidiary, PetCompanions Inc., distributes and administers insurance policies via AKC Pet Insurance and group pet model PetCompanions. Raleigh-based PetCompanions, which began in 2002, joined Independence Pet Group in 2021.
Figo Pet Insurance, a number one direct-to-consumer model, and cell website Pet Cloud, are additionally a part of the corporate.
