Pet insurer Epona and AXA to merge

Swiss pet insurer Epona and AXA Assurances SA signed an agreement last April with the aim of regrouping their forces to accelerate the growth of Epona in the domestic animal market (dogs and cats) and equines. The agreement provides for the cooperative’s insurance activities to be transferred to a new entity – Epona SA – and for AXA Assurances SA to take a stake in this new company.

This merger is subject to certain conditions, in particular the agreement of the members of the Epona cooperative who will meet for an Ordinary General Meeting on June 29.

“The complementarity between the two partners is obvious. We are small and specialized in a growing sector; AXA has the financial strength that we lack and does not offer insurance products similar to ours. It is therefore with enthusiasm that the Board of Directors will recommend that members accept this merger.” – Pierre-Alain Glatt, president at Epona.

“As a result of strong growth, Epona is a victim of its own success and struggles to guarantee its customers the quality standards they are entitled to expect and which have made its reputation. The merger with AXA will calmly support Epona’s development in an increasingly competitive environment, to the benefit of pet owners and members. ” – Director of Epona, Julie Besson.

Founded in 1901, Epona is owned by 93 members, including six institutional and 87 private. After several years of strong growth (doubling its turnover between 2016 and 2020 from CHF 6.3 million to CHF 12 million), it has nearly 40,000 contracts for 25,000 customers across Switzerland. It is one of the leading companies in Switzerland in animal insurance. With around 30% market share, it is the country’s largest insurer in this sector and, with around 27% market share, the second largest in the dog/cat area.