Independence Pet Group (IPG) completes M&A, becoming third leading pet insurer behind Trupanion, Nationwide with 600k+ pets
Independence Pet Group (IPG) has completed the deal first announced in June 2022, becoming the third leading pet insurer behind Trupanion and Nationwide with 600,000+ pets enrolled, the company said. In-depth reporting to follow. Independence Pet Group (IPG) “announced the completion of its acquisition of Fairfax Financial Holdings Ltd.’s U.S. and Canadian interests in the Crum & Forster Pet Insurance Group (C&F Pet) and Pethealth Inc.”
IPG is the parent company of AKC Pet Insurance, the recent focus of a story TCR reported in which the brand described its coverage as encompassing pre-existing conditions. No pet health insurance product in the U.S. market covers pre-existing conditions—and, yet: Despite the reassuring name of AKC Pet Insurance, the American Kennel Club says it is not responsible for the administration, marketing, sales, or underwriting of this insurance Instead, the AKC, the world’s largest registry of purebred dogs, founded in 1884, allows a private equity backed insurance company called PetPartners (PPI) — now part of Independence Pet Group (IPG) to sell insurance to new owners of purebred puppies when they register their new additions after arriving home from their breeders, thereby using the AKC’s deservedly prominent branding in exchange for a licensing fee.
This week’s press release reads in part:
Independence Pet Group (IPG), the full-stack pet insurance platform, announced the completion of its acquisition of Fairfax Financial Holdings Ltd.’s U.S. and Canadian interests in the Crum & Forster Pet Insurance Group (C&F Pet) and Pethealth Inc.
IPG purchased the pet insurers for US$1.4 billion in the form of US$1.15 billion cash and US$250 million in seller notes. The deal was first announced by IPG’s parent company, JAB Holding Co., in June 2022.
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