The move will enable IPG to tap into the burgeoning cat insurance market – which has been increasing year-on-year since 2017 – and has now become the fastest growing market in the sector.
Canines make up the majority of insured pets in the US, with 80.1% of insured dogs compared to 19.9% of insured cats, according to the NAPHIA State of the Industry Report, 2023, but that is a gap that is closing immensely quickly, and IPG want to react to the shift.
Lane Kent, IPG CEO, said: “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.
“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 specialised brand to serve cat pet parents.”
The transaction is subject to customary closing conditions, including various regulatory approvals, and is expected to close in the second half of 2023.
Felix is a subsidiary of The Connected Pet Company, which also owns Toto Pet Insurance. Policies for both Felix and Toto are underwritten by Independence American Insurance Company, a subsidiary of Independence Pet Group.
Rick Faucher, CEO and co-founder of The Connected Pet Company and president of the North American Pet Health Insurance Association (NAPHIA), said: “It’s an exciting time for cat pat parents with IPG adding Felix to its portfolio. Our founder and creator of Felix, Dave Wolf, held a vision for the cat insurance market that gains a new opportunity to be served through IPG’s global reach.
“We are confident that IPG will continue to invest and focus on cats and cat pet parents and we are excited about the future of the category.”
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