AGILA Pet Insurance becomes part of JAB’s European pet insurance platform
JAB Holding Company and WERTGARANTIE Group announced a strategic partnership whereby JAB’s European pet insurance platform, Pinnacle Pet Group will acquire 100% of the shares in AGILA Tierversicherung AG, the German market leader in pet insurance, from the WERTGARANTIE Group. In return, the WERTGARANTIE Group will become an investor in PPG. The transaction is expected to close in Q4 2022, subject to customary closing conditions, including regulatory approvals. The parties have agreed not to disclose the financial details of the transaction.
With JAB’s support, PPG will be built into a leading Pan-European platform for animal insurance through strategic investments and organic growth. The WERTGARANTIE Group will also continue to support PPG successful German activities as a relevant shareholder. AGILA will be an essential component of PPG’s expansion. All employees at the Hanover headquarters will join the platform and will play a key role in PPG’s expansion. Patrick Döring, CEO of the WERTGARANTIE Group and outgoing CEO of AGILA, will join the Board of PPG as the Group’s representative.
“The strategic partnership between Pinnacle Pet Group, JAB and WERTGARANTIE Group will transform the prospects for AGILA. Over the last 25-years we have demonstrated that we can deliver above market growth in the German and Austrian pet insurance markets. We are confident that our experience and knowledge as a specialist insurer will be of great value to PPG as it expands across Europe. With JAB’s financial strength and support, PPG is an ideal long-term partner as we look to accelerate the growth of our business. We are thrilled to continue to be part of the PPG growth story, as it enters the next stage of development and achieves its vision to be the leading animal insurer in Europe.” – Patrick Döring, CEO of the WERTGARANTIE Group.
“Following the successful establishment of a pet insurance platform in the USA and Canada, JAB is planning significant further investments in the fast-growing pet insurance market in Europe. We look forward to accelerating the growth of WERTGARANTIE’s pet insurance business as part of our focused pure-play pet insurance platform.” – Joachim Creus, managing partner at JAB and chairman of the JAB pet insurance platform.
“We are very pleased to welcome AGILA, the leading German pet insurer, as our partner. We will support the growth of AGILA and PPG over the long-term, while creating sustainable added value for pet owners and animals through the addition of new services and products. We look forward to working with the highly motivated AGILA team and are very grateful to have Patrick Döring, a proven specialist and excellent market expert, on board.” – Dirk Beeckman, CEO of PPG and the JAB pet insurance platform.
