The latest insurance sector deals news from the wires; interesting move for Pinnacle as they complete on this acquisition. The pet cover market is in a period of rapid change as many UK customers adapt to hybrid working. For those who took in a pet during the pandemic lockdowns, or decided to move house as WFH becomes their main employment location, insuring their pet is even more important.
Here’s the word;
Pinnacle Pet Group (“PPG”), a pan-European, fully integrated pet insurance & health services platform whose controlling shareholder is JAB Holding Company, has announced the completion of the acquisition of the United Kingdom operations of Crum & Forster Pet Insurance Group (“C&F Pet”), which includes Pet Protect, a Managing General Agent (“MGA”) pet insurance specialist with approximately 70,000 customers and 40 years’ experience offering flexible and affordable coverage for dogs and cats, and VioVet, a pet e-commerce and e-pharmacy company supplying pet products.
With Pet Protect, PPG will provide insurance for approximately one million pets in the United Kingdom and Europe and will expand into non-insurance pet-related health services such as medication, supplements, and pet care through VioVet’s ecommerce and epharmacy platform, which has approximately 900,000 transactions per year. Pinnacle Pet Group was formed in 2021 and has been growing rapidly, including the two recently announced acquisitions of AGILA Pet Insurance and Veterfina’s European Pet Insurance Business. Both transactions are subject to customary closing conditions, including applicable regulatory approvals.
“We would like to welcome Caroline Coleman, the Managing Director of Pet Protect and Mike Thornhill, the Managing Director of VioVet to the PPG family and are pleased to welcome a team and portfolio of brands that will advance our mission to build a pet insurance and health services platform comprising of pet insurance, pet ecommerce and epharmacy offerings, as we meet the evolving needs of pets and pet parents,” said Dirk Beeckman, CEO of JAB’s pet insurance portfolio. “This transaction fits perfectly with our strategy to build a comprehensive offering of affordable, comprehensive pet products and brands to support each stage of a pet’s lifecycle.”
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