US-based Independence Pet Group (IPG) has closed the acquisition of global pet insurance operations of Fairfax Financial Holdings for $1.4bn.
The deal involved the purchase of Fairfax Financial’s interests in Crum & Forster Pet Insurance Group (C&F Pet) and Pethealth.
It was announced in June this year by IPG parent JAB Holding.
Of the total consideration, $1.15bn was paid in cash while $250m was in seller notes.
The acquired operations in the US and Canada will bring the number of pets insured by IPG to nearly 600,000, expanding the platform’s footprint globally.
IPG CEO David Kettig said: “This transaction represents an important milestone and a significant step in our journey to become the leading one-stop platform for all things that improve pet wellness, including our industry-leading pet insurance brands.”
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By GlobalDataBesides, IPG elevated its COO Lane Kent as the CEO, effective 1 January 2023.
With nearly 30 years of industry experience, Kent previously held executive roles at Mutual of Omaha, New York Life, Univita/LTCG and Southern Guaranty Insurance Company.
While Kent will replace Kettig as the CEO, the latter will serve as vice chairman of the company’s board.
On his appointment, Kent said: “I am thrilled to have the opportunity to lead IPG at this exciting time for all the amazing people coming together to create this organisation.
“With the addition of C&F Pet and Pethealth to our platform, we are significantly advancing our mission of providing pets and their parents with affordable, comprehensive insurance and wellbeing services throughout a pet’s life.”
