ManyPets exits Swedish market
Following our report, ManyPets is ending its operations in Sweden.
In a blog post, ManyPets writes that its carrier partner, Great Lakes Insurance SE, has decided to no longer offer pet insurance in Sweden. In connection with this, the startup has reviewed its strategy for the expansion in Europe in general and the operations in Sweden specifically and decided to stop offering pet insurance in Sweden and instead focus on the British and American markets.
From July 1st, ManyPets and Great Lakes will stop writing new and renewal business. The startup has reached an agreement with Hedvig, which will offer ManyPets customers a new insurance plan.
Based on information we reviewed, ManyPets was working on a carrier switch in Sweden, which was a priority for Q4 2022. With that being said, sources tell us that despite the effort to switch over to a new carrier, the Swedish market was on the chopping block for some time. However, the startup was concerned about reputational risk, and it also faced some regulatory challenges.