JAB Holding’s Independence Pet Holdings to acquire Figo Pet Insurance
German conglomerate JAB Holding Company said that its US pet insurance platform — Independence Pet Holdings (previously Iguana Capital) has agreed to acquire US-based Figo Pet Insurance.
The financial terms of the deal were not disclosed.
Figo Pet Insurance, which is based in Chicago, provides a combination of insurance policies to protect pets in cases of injury or illness.
As part of the deal, Figo’s shareholders will transfer a part of their proceeds into PetPartners which is the consumer-facing portion of the pet insurance platform of JAB Holding.
The deal is expected to be completed by the end of 2021.
Founded in 2015, Figo is said to provide a modern experience for buying pet insurance, which includes a simple, easy-to-follow customer journey. This is coupled with the company’s Pet Cloud app, a cloud-based platform that gives round-the-clock access to customer support, live veterinarians, as well as claims processing and management of digital pet records and a social network for pet owners.
The deal with Figo Pet Insurance follows the recent announcement of the acquisition of the pet insurance division of Independence Holding (IHC). Through the deal, Independence Pet Holdings will acquire IHC’s consumer-facing PetPartners and the pet insurance underwriting business – Independence American Insurance Company.
JAB Holding said that the acquisitions will help Independence Pet Holdings to set up an integrated pet insurance platform that will provide full-stack capabilities, that will range from insurance products that are consumer-focused to turnkey partner solutions.
David Bell — JAB Holding Senior Partner said: “The long-term mega trends in petcare, including the humanization of pets and improvement in care, are driving sustained long-term growth, and pet families are seeking solutions to ensure the highest level of care is available and affordable.
“Pet insurance is a key resource which we want to make more widely accessible, especially in the U.S. where pet insurance is underpenetrated. Our acquisitions of Figo and IHC’s pet insurance business are a significant step forward in our ambition to build a world-class petcare platform.”