A fast-growing segment of the insurance market has attracted the interest of one of North America’s largest pet insurance and services organizations.
Independence Pet Group (IPG) has expanded its offerings by way of the acquisition of feline-focused pet insurance brand Felix.
“I’m thrilled to announce this latest expansion of our portfolio, which allows us to better deliver against our mission of strengthening the unique bond between pets and their people,” says IPG’s CEO, Lane Kent. “The cat pet health insurance market has been historically underrepresented, but is now the fastest growing segment of the market, and we’re so excited to now have a specialized brand to serve cat pet parents.”
Indeed, while 80.1 percent of dogs are insured in the U.S. compared to just 19.9 percent of cats, the insured felines’ market has been increasing yearly since 2017, IPG reports.
“It’s an exciting time for cat pat parents with IPG adding Felix to its portfolio,” says North American Pet Health Insurance Association (NAPHIA) president, Rick Faucher, who is also CEO and co-founder of The Connected Pet Company (and the Felix brand).
The transaction is subject to customary closing conditions, including various regulatory approvals, and is expected to close in the second half of 2023. IPG plans to use the rest of the year to develop the brand’s strategic plan and identify product and partnership opportunities.
IPG’s family of brands supports insurance for more than 800,000 pets in the U.S. and Canada.