Financial Overview: Key US Pet Insurance Players
Chubb announced today its acquisition of Healthy Paws. This news comes five months after JAB acquired Embrace Pet. This article covers the available financials of key pet insurance market players in the US.
I. Noteworthy US Pet Insurance Distributors
| # | D2C Brand | Parent | Est. | Funding ($M) | Stage |
|---|---|---|---|---|---|
| 01 | Kanguro Seguro | N/A | 2021 | N/A | Private |
| 02 | Nibbles | N/A | 2021 | N/A | Private |
| 03 | Spot Pet Insurance | N/A | 2019 | N/A | Private |
| 04 | Rainwalk | N/A | 2018 | 3.5 | Private |
| 05 | Lemonade | N/A | 2015 | 631 | Public |
| 06 | FIGO | JAB | 2013 | 18 | Private |
| 07 | ManyPets | N/A | 2012* | 483 | Private |
| 08 | Healthy Paws | Chubb | 2009 | N/A | Private |
| 09 | Pets Best | JAB | 2005 | N/A | Private |
| 10 | MetLife Pet (Formerly PetFirst) | MetLife | 2004 | N/A | Private |
| 11 | Embrace Pet | JAB | 2003 | 5.3 | Private |
| 12 | Fetch | Warburg Pincus | 2003 | N/A | Private |
| 13 | PetPartners | JAB | 2002 | N/A | Private |
| 14 | Trupanion | N/A | 2000 | 138 | Public |
| 15 | Nationwide Pet | Nationwide | 1980 | N/A | Private |
Notes:
- ManyPets entered the US market in March 2021.
- Lemonade launched its pet product in July 2020.
- MetLife Pet was formed via the acquisition of PetFirst, announced in December 2019.
- JAB is a significant player in the pet insurance market, being the parent company of several brands like FIGO, Pets Best, Embrace and PetPartners.
- In 2009, Nationwide acquired Veterinary Pet Insurance (VPI), which introduced pet insurance to the US in 1982.
II. Noteworthy Underwriters
| # | Underwriter(s) | Pet Brand(s) |
|---|---|---|
| 01 | Accredited Surety and Casualty Co | ManyPets |
| 02 | American Modern | Embrace |
| 03 | American Pet Insurance Co (Owned by Trupanion) | Pets Best, Trupanion, Chewy |
| 04 | AXIS Capital | Fetch |
| 05 | AXA XL | Fetch |
| 06 | Chubb | Healthy Paws |
| 07 | Cimarron Insurance Co | Kanguro Seguro |
| 08 | Clear Blue Insurance Group | Nibbles |
| 09 | Crum & Forster Pet | ASPCA Pet Health Insurance, Doggo, Pumpkin, Spot |
| 10 | CSAA | AAA Pet Insurance |
| 11 | Incline | Rainwalk |
| 12 | Independence American Insurance Co (Owned by Jab) | AKC Pet Insurance, ASPCA Pet, Carefree Pet, Doggo, Felix Cat Insurance, MetLife Pet Insurance, PetPartners, Pets Best, Pumpkin, Spot, Toto Pet |
| 13 | Lemonade | Lemonade Pet |
| 14 | Markel, State National | Animalia, Goose, Prudent Pet, Top Dog Pet Insurance |
| 15 | MetLife | MetLife Pet |
| 16 | Nationwide | Nationwide Pet, Petco Insurance |
| 17 | Physicians Mutual | Physicians Mutual |
| 18 | StarStone Insurance | Fursure |
| 19 | Trisura | Odie, Nibbles |
Notes:
- IAIC is owned by JAB, similar to other companies such as AKC Pet, ASPCA Pet, Felix Cat, FIGO, PetPartners, Pets Best, Pumpkin, and Toto Pet. Carefree Pet is owned by Gallagher, Doggo by Antelope, and MetLife Pet by MetLife.
- Goose’s underwriting partner suspended all new business for pet policies:
- Toto’s status as we write this post:
III. Noteworthy Acquisitions
| # | Acquirer | Target | Date | Deal Value | Multiple of DPW |
|---|---|---|---|---|---|
| 01 | Chubb | Healthy Paws | April ’24 | $300M | 0.9 |
| 02 | JAB | Embrace | Nov ’23 | $1.5B | 6.5 |
| 03 | JAB (via Poodle Holdings) | Pets Best | Nov ’23 | >$750M | 2* |
| 04 | ManyPets | Digital Edge | Oct ’22 | N/A | N/A |
| 05 | JAB (via Independence Pet Group) | Felix | Sep ’23 | N/A | N/A |
| 06 | JAB | Pumpkin | May ’23 | N/A | N/A |
| 07 | JAB | Crum & Forster Pet, PetHealth | Jun ’22 | $1.4B | N/A |
| 08 | Antelope | Doggo | Feb ’22 | N/A | N/A |
| 09 | JAB | FIGO | Oct ’21 | ~$250M | 7 |
| 10 | JAB (via Iguana Capital) | PetPartners | May ’21 | N/A | 2.1 |
| 11 | MetLife | PetFirst | Dec ’19 | N/A | N/A |
| 12 | Group Nine Media, Warburg Pincus | Petplan | Oct ’19 | N/A | N/A |
| 13 | NSM | Embrace Pet | Apr ’19 | N/A | N/A |
| 14 | Synchrony | Pets Best | Mar ’19 | N/A | 1.1* |
Notes:
- Warburg Pincus is the majority owner in Petplan, which has been rebranded to Fetch.
- The multiples presented for Pets Best’s cases (2) were sourced from an industry insider.
IV. Pet Brands by Employee Count
Presenting companies that strictly offer pet insurance
| Pet Brand | Employee Count | YoY Growth | Hiring? |
|---|---|---|---|
| Trupanion | 1,025 | +3% | Yes |
| Nationwide Pet | 599 | +2% | No |
| Embrace Pet | 191 | +15% | No |
| Fetch Pet | 180 | +15% | Yes |
| Pets Best | 153 | +10% | No |
| Healthy Paws | 97 | -2% | No |
| FIGO | 79 | -5% | Yes, in Amsterdam |
| PetPartners | 75 | -5% | No |
| MetLife Pet | 65 | +38% | No |
| Spot Pet | 44 | +5% | Yes |
| Rainwalk Technology | 18 | +64% | No |
| Odie Pet Insurance | 17 | — | No |
Notes:
- The data above is sourced from LinkedIn.
- Kanguro recently expanded to renters insurance and is no longer a pet-only provider.
- According to a job post by Fetch, the company reaches 360,000 pet parents. For context, Lemonade reaches around 200,000 pet parents.
V. Web Traffic
| Pet Brand | Total Web Visits: Jan – Mar 2023 | Noteworthy Referrals (visits) |
|---|---|---|
| Nationwide Pet | 3.216M | Nationwide (180k), Petco (28k) |
| Embrace | 2.602M | Forbes Advisor (70k), GEICO (29k), USAA (27k) |
| Trupanion | 2.381M | State Farm (less than 5k) |
| Pets Best | 2.341M | Money.com (17k), Progressive (5k) |
| Fetch | 1.875M | Forbes (42k), Money.com (17k) |
| Healthy Paws | 1.405M | Bestmoney.com (8.5k) |
| Pumpkin | 1.323M | N/A |
| MetLife Pet | 1.147M | MetLife (54k), LifeCare (14k), Pawrade (6.4k) |
| FIGO | 770,962 | Costco (71k) |
Notes:
- Pawrade offers its customers 1 month of free MetLife pet insurance that includes immediate accident or illness coverage with no waiting period. This benefit is not available to residents of New York and South Carolina.
VI. 2018-2023 Direct Premium Written by MGAs
For MGAs constituting 5% or more of an insurer’s surplus
| MGA (Parent) | Insurer (Parent) | ’18 DPW ($) | ’19 | ’20 | ’21 | ’22 | ’23 | YoY Growth (%) |
|---|---|---|---|---|---|---|---|---|
| Trupanion | APIC (Trupanion) | 214,978,844 | 263,865,609 | 318,073,133 | 397,187,837 | 478,187,561 | 566,530,037 | 18.5 |
| Pets Best (JAB) | APIC (Trupanion) | 35,056,618 | 67,270,699 | 139,385,207 | 236,122,244 | 341,392,711 | 403,118,930 | 18.1 |
| Healthy Paws (Chubb) | Westchester Fire (Chubb) | X | X | 111,744,000 | 193,022,000 | 228,598,000 | 251,163,000 | 9.9 |
| Healthy Paws (Chubb) | Indemnity Insurance (Chubb) | X | X | 101,202,000 | 88,979,000 | 84,816,000 | 79,898,000 | -5.8 |
| Fetch | XL Specialty (AXA) | 93,146,756 | 96,214,981 | 128,194,732 | 145,394,107 | 121,940,092 | 111,973,018 | -8.2 |
| FIGO (JAB) | IAIC (JAB) | X | X | 17,030,581 | 35,567,799 | 55,141,880 | 77,366,751 | 40.3 |
| PetPartners (JAB) | IAIC (JAB) | X | 12,397,358 | 21,808,521 | 31,663,020 | 40,426,558 | 56,866,265 | 40.7 |
| Pets Best (JAB) | IAIC (JAB) | 36,343,514 | 34,238,372 | 32,238,745 | 30,026,036 | 27,043,660 | 31,536,618 | 16.6 |
| Embrace (JAB) | American Modern (Munich Re) | 60,529,873 | 82,394,419 | 123,416,280 | 172,199,987 | 227,902,637 | 298,779,134 | 31.1 |
| Embrace (JAB) | American Southern Home (Munich Re) | 4,238,100 | 5,824,412 | 8,487,708 | 12,342,756 | 17,467,489 | 24,081,048 | 37.9 |
| Rainwalk | Incline Casualty | X | X | X | X | 253,649 | 3,598,858 | 1318.8 |
| Kanguro | Cimarron | X | X | X | X | 177,249 | 1,425,049 | 703.98 |
| PetFirst (MetLife) | IAIC (JAB) | X | 4,225,394 | 18,576,321 | 36,011,911 | 21,767,009 | X | X |
| PetPartners (JAB) | APIC (Trupanion) | 7,584,726 | 5,249,517 | X | X | X | X | X |
Notes:
- Healthy Paws generated $331 million in premium for Chubb in 2023, an increase of 5.6%.
- Embrace generated $322.8 million in premium for Munich Re in 2023, an increase of 31.6%.
- Pets Best wrote a total of $434.6 million, with 93% of its premium underwritten by Trupanion.
- In 2023, the ranking of pet MGAs for their MGA business alone places JAB at the top with $891.7 million written by Pets Best, Embrace, FIGO, and PetPartners. This is followed by Trupanion’s MGA, which wrote $566.5 million, and then by Healthy Paws ($331 million).
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