- November 4, 2022
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- 5 minutes read
Independence Pet Group (IPG) Completes Purchase of Fairfax’s Pet Insurance Units – Insurance Journal
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.
IPG also announced that it has appointed Lane Kent as chief executive officer, effective Jan. 1, 2023. Kent, who has served as IPG’s chief operating officer since IPG’s formation last year, is a seasoned insurance executive, with more than 30 years of industry experience, including holding executive positions at Mutual of Omaha, New York Life, Univita/LTCG, and Southern Guaranty Insurance Co.
Kent will succeed current CEO David Kettig, who will transition to vice chairman of the board of IPG. Kettig will continue to play an active role in strategic and business development activities as the business continues to grow and expand.
Last October, JAB acquired Chicago-based pet insurance provider, Figo and a majority stake in UK pet insurer, Cardif Pinnacle.
IPG operates through pet insurance brands that include AKC Pet Insurance, Figo Pet Insurance and PetPartners. With the completion of the Fairfax Financial acquisition, IPG now operates a platform supporting insurance for more than 600,000 pets, including those pets insured through C&F Pet or their affiliates, comprising ASPCA Pet Health Insurance, 24Petprotect, Hartville Pet Insurance, Spot Pet Insurance, Pumpkin Insurance Services and Pets Plus Us in Canada.
Pethealth provides well-being and safety solutions to shelters and pet parents under the 24Pet brand, which includes the 24Petwatch Registry with over 20 million registered pets.
This acquisition will also expand IPG’s global footprint, positioning it as a leading pet insurance provider in both the United States and Canada, and comes as the pet insurance industry has been growing at a rate of approximately 20% per year on a global basis, driven by attractive and sustained long-term trends.
“This transaction represents an important milestone and a significant step in our journey to become the leading one-stop platform for all things that improve pet wellness, including our industry-leading pet insurance brands,” said David Kettig. “It has been an honor to lead IPG through this transformative period, and now is the right time for me personally to transition oversight of the business to Lane, while continuing to do what I love.”
“With the addition of C&F Pet and Pethealth to our platform, we are significantly advancing our mission of providing pets and their parents with affordable, comprehensive insurance and wellbeing services throughout a pet’s life,” commented Kent, the incoming CEO of IPG.
Source: Independence Pet Group (IPG)
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