The latest partnership news for you;
Santévet Group (“Santévet”), the European leader in pet health insurance, and Tedaisy Insurance Group (“Tedaisy”), an innovative company in pet health insurance in the UK market, have announced the signing of a strategic partnership, in which Santévet will acquire a majority equity stake in Tedaisy. The transaction marks a major milestone in Santévet’s European expansion strategy and further strengthens its leadership position as a tech enabled pan-European pet health insurance platform.
Tedaisy operates in the UK under the brands Perfect Pet and Now Pet Insurance. Both brands are grounded in raising the bar in insurance tech with a customer-centric approach to technology, experience and innovation. Award-winning Perfect Pet provides comprehensive products, with a commitment to delivering great value for money and 24/7 support to pet owners when they need it most. Now Pet’s straightforward offering provides simple and easy to understand policies, with both brands delivering exceptional customer service.
With more than £35 million in Gross Written Premiums and hundreds of thousands of pets insured, Tedaisy has successfully established itself as a fast-growing competitive pet health insurance player in the UK market. Tedaisy is well positioned to expedite its ambitious growth plans in the UK benefiting from a passionate and experienced management team, an agile and focused approach and favourable market dynamics.
Tedaisy’s existing leadership team will continue to drive growth in the UK benefiting from Santévet’s tech platform, data and 20+ years experience driving growth across multiple sales channels. Columna Capital, Santévet’s majority shareholder, will also support both Santévet and Tedaisy in growing Tedaisy’s footprint in the UK.
“Santévet gives us the scale, resources, and B2C marketing expertise to reach more pet owners and expand our mission of delivering accessible and innovative pet health care. We have also teamed up with Columna Capital, a growth-focused private equity sponsor, whose partnership approach proved to be the right choice for us,” said Paul Byrne, CEO of Tedaisy.
For Santévet, this partnership is a strategic investment in the UK market, being one of the largest and most mature pet insurance markets (£2 billion GWP, >25% penetration), further consolidating Santévet’s position as an independent pan-European leader in pet health insurance. Tedaisy’s experience in a sophisticated market will also benefit Santévet’s approach in developing its core pet insurance markets in Europe.
“This strategic partnership between Santévet and Tedaisy is a key milestone in our international growth strategy. By joining forces with a strong and innovative player in the UK market, we leverage their expertise in a highly mature market while strengthening our leading position across our core European markets.” said Hugues Salord, CEO of the Santévet Group.
“Santévet’s acquisition of Tedaisy represents a significant step towards delivering on its international expansion plan. It further strengthens Santévet’s leadership position as an independent pan-European pet health insurance platform. We have been very impressed by Tedaisy’s track record to-date and look forward to working with both management teams to accelerate Tedaisy’s growth in the UK market,” said Vilmos Pongrácz, co-founder and Partner at Columna.
The transaction is subject to customary UK regulatory approvals and is expected to complete before year-end. Financial adviser to Tedaisy was Continuum Advisory Partners, legal advisers were Fladgate and Addleshaw Goddard with commercial due diligence provided by Oliver Wyman and financial due diligence provided by Evelyn and Mazars.
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