JAB’s pet insurance platform acquires Pumpkin
JAB Holding Company announced that its pet insurance platform has acquired a majority interest in pet insurance company Pumpkin Petcare. Zoetis, “the world’s largest animal health company,” will maintain a significant minority stake in Pumpkin. Financial terms of the transaction were not disclosed.
Since Zoetis launched Pumpkin in 2020, it has grown to provide insurance to over 65,000 pets across the country. With this transaction, Zoetis will continue its collaborative commercial agreement with Pumpkin and provide support in the veterinary channel for its products and services.
JAB now counts over 3.3 million insured pets and is expected to grow to approximately 4 million pets by the end of 2024. JAB’s global pet insurance portfolio includes brands such as AKC, ASPCA, Figo, Pet Partners and Pets Plus Us in the United States and Canada, and Agila, Animal Friends, Assur O’Poil, Everypaw and Pet Protect in the UK and Europe. The business is expected to have approximately $1.5 billion in global gross written premium in 2023 and is expected to grow organically to $2 billion in 2024.
“We are thrilled to partner with Zoetis and invest in Pumpkin, a fast-growing pet insurance brand in North America, as we build on our commitment to provide innovative insurance solutions for the benefit of pets and their families. In line with our ambition to create the leading pet insurance platform globally, Pumpkin brings both a world-class team and new technology using data and diagnostics to improve care decisions, both of which will benefit our global business moving forward.” – Frank Engelen, JAB senior partner.
“Zoetis co-founded Pumpkin with the goal to give every pet the best care possible by offering a competitive pet health insurance and preventive care plan. Today’s announcement underscores our continued commitment to Pumpkin and its mission to make the most advanced veterinary care accessible for all. We look forward to partnering with JAB and are excited to participate in Pumpkin’s next phase of growth.” – Rimma Driscoll, EVP and head of Global Strategy, Commercial and Business Development, and Global BioDevices, Zoetis.