Hit enter to search or ESC to close
“Fairfax may be very comfortable to associate with Olivier Goudet and JAB Holding Firm,” stated Prem Watsa, founder, chairman and CEO of Fairfax. “JAB has had an excellent observe report over the previous 10 years and we count on this to proceed. Whereas we have now offered our pet insurance coverage enterprise to JAB, we’ll make investments $200 million of their JCP V to change into their companions. We count on JAB to quickly change into leaders in pet healthcare and pet insurance coverage globally. We want them a lot success.”
The worldwide pet insurance coverage business is rising at a price of roughly 20% per yr, and there are important alternatives to proceed that pattern, contemplating that large markets just like the US and Canada have lower than 3% insurance coverage penetration. That is mirrored in JAB’s progress projections. By 2023, JAB’s mixed world pet insurance coverage and ecosystem platform is predicted to have gross written premiums and pet well being companies revenues of effectively over $1.2 billion, insuring greater than 2.1 million pets.
“Right now’s transaction is a significant milestone for us in our mission to change into a worldwide chief in pet insurance coverage and the pet well being ecosystem,” stated Dirk Beeckman, CEO of JAB’s pet insurance coverage portfolio. “It additionally considerably advances our mission of offering the main well being and wellbeing ecosystem for pets by the providing of inexpensive, complete pet merchandise and types all through a pet’s lifecycle. C&F Pet‘s lengthy historical past of disciplined omni-channel underwriting suits completely with our tradition, and we look ahead to working with the group.”
Olivier Goudet, managing associate and CEO of JAB, added: “We’re extraordinarily excited to associate with Prem and his group on this transformational transaction, and to welcome them as a associate in our fund. Prem has an unimaginable multi-decade observe report of constructing nice companies and compounding returns, and we look ahead to accelerating the expansion of their pet insurance coverage enterprise as a part of our centered pure-play pet insurance coverage platform.”
C&F Pet at the moment insures over 500,000 pets throughout North America. It additionally serves as an underwriter for quite a few manufacturers, together with ASPCA Pet Well being Insurance coverage, 24Petprotect, Hartville Pet Insurance coverage, Spot Insurance coverage Providers, Pumpkin Insurance coverage Providers and PetCoach, LLC (supplier of Petco pet insurance policy) in the US and Pets Plus Us in Canada. In the meantime, Pethealth gives wellbeing and security options to shelters and pet dad and mom beneath the 24Pet model.
Gary McGeddy, president of Crum & Forster A&H, commented on the deal: “We’re extraordinarily happy with what we have now constructed and achieved collectively within the animal welfare neighborhood and the pet insurance coverage ecosystem. We’re assured that JAB will proceed to speculate and deal with pets and pet dad and mom whereas rising their world presence and we’re excited in regards to the future and our partnership.”
The transaction stays topic customary closing circumstances and is predicted to shut within the second half of 2022.
About the author
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.