Chubb discloses $300 million acquisition of Healthy Paws

In April, Chubb announced its acquisition of Healthy Paws, a US-based managing general agent (MGA) specializing in pet insurance, from Aon. The terms were not disclosed at the time.

Now, in its 10-Q filings, the insurer revealed that it acquired the business for approximately $300 million in cash. Chubb recognized goodwill of $256 million and intangible assets of $39 million from this acquisition. Chubb has been the exclusive underwriter of Healthy Paws since 2013.

Healthy Paws generated $331 million in premium for Chubb in 2023, indicating a relatively low acquisition multiple compared to other transactions in the market. For instance, the acquisition of FIGO had a deal value of approximately $250 million at a multiple of around 7x its premium.