JAB’s European pet insurance platform Pinnacle Pet Group (PPG) will acquire German pet insurance provider AGILA Tierversicherung.
The financial details of the transaction were not disclosed. The deal will also see WERTGARANTIE Group become an investor in PPG.
A subsidiary of WERTGARANTIE, AGILA provides health insurance for cats and dogs in Germany and Austria.
With its support, JAB said PPG will be built into a “leading Pan-European platform for animal insurance through strategic investments and organic growth.” The WERTGARANTIE Group will also continue to support PPG German activities as a relevant shareholder.
The transaction is expected to close in Q4 2022, subject to closing conditions.
Patrick Döring, CEO of the WERTGARANTIE Group, said, “The strategic partnership between Pinnacle Pet Group, JAB and WERTGARANTIE Group will transform the prospects for AGILA.
“Over the last 25-years we have demonstrated that we can deliver above market growth in the German and Austrian pet insurance markets. We are confident that our experience and knowledge as a specialist insurer will be of great value to PPG as it expands across Europe. With JAB’s financial strength and support, PPG is an ideal long-term partner as we look to accelerate the growth of our business. We are thrilled to continue to be part of the PPG growth story, as it enters the next stage of development and achieves its vision to be the leading animal insurer in Europe.”
This is the second pet insurance move from JAB in a month. The company entered into an agreement to acquire all of Fairfax’s interests in US-based Crum & Forster Pet Insurance Group, in a deal worth $1.4bn.
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