AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Ltd., announced it has entered the pet insurance market via its Accident and Health unit through a strategic relationship with managing general underwriter Petplan.
AXIS Insurance will provide underwriting capacity for comprehensive pet insurance policies for dogs and cats in the U.S. and Canada.
“Our relationship with Petplan is an exciting way for us to enter the North American pet insurance marketplace and an area of insurance that complements our existing global Accident and Health portfolio,” said James Hamilton, global head of Accident and Health for AXIS Insurance.
Petplan is the fourth largest MGU in the U.S. and Canada dedicated to pet insurance, providing insurance coverage to over 280,000 pets.
“Given our growth over the last few years, expanding our underwriting capabilities with a partner like AXIS Insurance makes sense. Together, we look forward to bringing our industry-leading coverage to even more pet parents across North America,” commented Paul Guyardo, president and CEO for Petplan.
Petplan’s mobile platform is backed by machine learning capabilities designed to predict a pet’s health trajectory and provides customers with information aimed at improving pet wellness and decreasing vet care costs.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity of $5.3 billion at Sept. 30, 2021, and locations in Bermuda, the United States, Europe, Singapore and Canada.
About Petplan
Petplan is a leading provider of pet health insurance in the United States and Canada. Acquired by global private equity firm Warburg Pincus in October 2019, Petplan insurance policies are administered by Fetch Insurance Services LLC (Fetch Insurance Agency LLC in Michigan), doing business as Petplan (Petplan Insurance Agency LLC in California). Policies are underwritten by XL Specialty Insurance Co., a Delaware corporation; AXIS Insurance Co., an Illinois corporation; XL Specialty Insurance Co.’s Canadian branch, and AXIS Reinsurance Co.’s Canadian branch.
Source: AXIS Insurance
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