Global property and casualty insurance provider Chubb has signed a definitive agreement with Aon to buy Healthy Paws, a US-based managing general agent focused on pet insurance.
Chubb did not reveal the value of the deal, which is scheduled to complete in the second quarter.
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The company said that the acquisition will enable it to tap into a market with significant growth potential.
Healthy Paws, established in 2009, provides coverage to more than 500,000 dogs and cats in the US.
The company is known for its digital proprietary platform that facilitates programmes and claims administration.
Chubb has been the exclusive underwriter of Healthy Paws’ pet insurance programme since 2013, which is expected to support future growth and a smooth transition for stakeholders.
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By GlobalDataChubb group vice-chairman and president of North America insurance John Lupica said: “We are delighted to welcome Healthy Paws to the Chubb family. Together, we will be able to extend the reach and amplify the impact of this esteemed pet insurance brand in a vastly underpenetrated market.
“As part of Chubb, Healthy Paws will empower more pet owners to fund medical care and navigate the rising costs of veterinary care.”
Healthy Paws president and COO Jon Harris said: “Chubb has been an important part of our journey for more than a decade and is an ideal partner to enable us to continue our mission on a larger scale and offer even greater value to the pet community. There are tremendous opportunities ahead to expand the positive impact we have on pets and pet parents.”
Harris will retain leadership of the company.
The acquisition announcement comes on the heels of Chubb appointing Melissa Scheffler as the new chief operating officer of its personal risk services division, effective 29 April 2024.
Scheffler’s role will involve steering the execution of the division’s growth and portfolio management strategies in North America.
Last month, Chubb launched a health-tech industry practice in the UK to offer customised insurance coverages that protect against both company assets and third-party liabilities.
