Reinsurance News

Fairfax sells two pet insurance brands to JAB Holding

23rd June 2022 - Author: Daniel Jackson

Fairfax has sold its interests in C&F Pet and Pethealth Inc. to JAB Holding Company in a deal worth $1.4 billion.

pet-insurance-dogFairfax will receive $1.4 billion in the form of $1.15 billion cash and $250 million in seller notes. 

As a result of the sale, JAB’s combined global pet insurance and ecosystem platform will be estimated to have gross written premiums and pet health services revenues of well over $1.2 billion by 2023, insuring more than 2.1 million pets. 

The pet insurance industry, which has been expanding at a rate of approximately 20% per year on a global basis, is expected to continue to see many years of steady, strong growth, driven by attractive long-term trends in pet care and significant opportunities to expand penetration, especially in the US and Canadian markets. 

C&F Pet today insures over 500,000 pets and markets or serves as underwriter for numerous brands, including ASPCA Pet Health Insurance, 24Petprotect, Hartville Pet Insurance, Spot Insurance Services, Pumpkin Insurance Services and PetCoach, LLC (provider of Petco pet insurance plans) in the US. 

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Prem Watsa, the Founder, Chairman and CEO of Fairfax, said: “Fairfax is very happy to partner with Olivier Goudet and JAB Holding Company. JAB has had an outstanding track record over the past 10 years and we expect this to continue.” 

“While we have sold our pet insurance business to JAB, we will invest $200 million in their JCP V to become their partners. We expect JAB to soon become leaders in pet healthcare and pet insurance globally. We wish them much success.” 

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