View this article online: https://www.insurancejournal.com/news/midwest/2021/10/19/637938.htm
Independence Pet Holdings (IHC), the U.S. pet insurance platform for JAB Holding Co., a German conglomerate based in Luxembourg, is acquiring Chicago-based pet insurance provider, Figo.
As part of the acquisition agreement, the shareholders of Figo will roll a portion of their equity interests into PetPartners, the consumer-facing portion of JAB’s pet insurance platform. The acquisition is expected to close by the end of the year.
Figo was founded in 2012. Its products and services are offered online through Pet Cloud app, a cloud-based platform that provides 24/7 access to live veterinarians, customer support, claims processing, digital pet record management, and a social network for pet owners. Plans are administered by Figo Pet Insurance LLC.
JAB acquired Pet Partners in June and will finalize the acquisition of the pet insurance business, Independence American Insurance Co. (Independence American), later this year.
The Independence Pet Holdings platform is licensed in all 50 states, with insurance industry veteran David Kettig, formerly the president and COO of IHC, as CEO.
JAB is also acquiring a majority interest in UK pet insurer BNP Paribas Cardif, which will offer pet insurance services throughout the UK, EMEA and Latin America. Cardif Pinnacle, the UK insurance business within BNP Paribas Cardif, will provide the platform for the new international coverage.
Investment Company JAB to Acquire Majority Stake in UK Pet Insurer, Cardif Pinnacle
Source: JAB