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May 27, 2024
Independence Pet Group (IPG) introduced plans to accumulate Felix, marketed as the one pet insurance coverage model only for cats within the US.
The transfer will allow IPG to faucet into the burgeoning cat insurance coverage market – which has been rising year-on-year since 2017 – and has now turn into the quickest rising market within the sector.
Canines make up the vast majority of insured pets within the US, with 80.1% of insured canines in comparison with 19.9% of insured cats, in response to the NAPHIA State of the Business Report, 2023, however that may be a hole that’s closing immensely rapidly, and IPG need to react to the shift.
Lane Kent, IPG CEO, stated: “I’m thrilled to announce this newest enlargement of our portfolio, which permits us to raised ship towards our mission of strengthening the distinctive bond between pets and their folks.
“The cat pet medical insurance market has been traditionally underrepresented, however is now the quickest rising section of the market, and we’re so excited to now have a specialised model to serve cat pet dad and mom.”
The transaction is topic to customary closing situations, together with varied regulatory approvals, and is anticipated to shut within the second half of 2023.
Felix is a subsidiary of The Linked Pet Firm, which additionally owns Toto Pet Insurance coverage. Insurance policies for each Felix and Toto are underwritten by Independence American Insurance coverage Firm, a subsidiary of Independence Pet Group.
Rick Faucher, CEO and co-founder of The Linked Pet Firm and president of the North American Pet Well being Insurance coverage Affiliation (NAPHIA), stated: “It’s an thrilling time for cat pat dad and mom with IPG including Felix to its portfolio. Our founder and creator of Felix, Dave Wolf, held a imaginative and prescient for the cat insurance coverage market that beneficial properties a brand new alternative to be served by IPG’s international attain.
“We’re assured that IPG will proceed to take a position and give attention to cats and cat pet dad and mom and we’re enthusiastic about the way forward for the class.”
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