Synchrony to sell Pets Best

Consumer financial services company Synchrony Financial intends to sell pet insurance provider Pets Best.

The company has entered into an agreement with Poodle Holdings, an affiliate of Independence Pet Holdings. Synchrony anticipates making a profit of about $750 million after taxes from this transaction.

The transaction is expected to close in the first quarter of 2024.

Last year, Pets Best announced that it reached over 500k insured pets and today it claims to cover over 750k pets. In July, the company announced an expanded underwriting relationship with Independence American Insurance Company, a subsidiary of Independence Pet Holdings.