Chubb, a global insurance leader, announced a definitive agreement to acquire Healthy Paws, a US-based managing general agent (MGA) specialising in pet insurance, from Aon.
The acquisition aims to position Chubb for expansion in a niche market with substantial growth potential. While the financial terms of the deal remain undisclosed, the transaction is expected to be finalised in the second quarter.
Chubb, renowned for its comprehensive insurance offerings, is seeking to diversify its portfolio and tap into the burgeoning pet insurance sector through the acquisition of Healthy Paws.
Healthy Paws, established in 2009, has emerged as a pioneer in the pet insurance domain, serving over 500,000 dogs and cats in the U.S.
The company boasts a digital proprietary platform for program and claims administration, facilitating efficient service delivery to its extensive customer base.
The strategic acquisition aligns with Chubb’s mission to provide innovative insurance solutions to address evolving market needs.
John Lupica, Vice Chairman of Chubb Group and President of North America Insurance, expressed enthusiasm about integrating Healthy Paws into Chubb’s operations. He 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 under-penetrated market. As part of Chubb, Healthy Paws will empower more pet owners to fund medical care and navigate the rising costs of veterinary care.”
The history between the two firms dates back over a decade to 2013, when Chubb became the exclusive underwriter of Healthy Paws’ pet insurance program for Aon.
This longstanding relationship is set to lay a solid foundation for accelerated growth and ensure a seamless transition for employees, customers, and other stakeholders involved in the acquisition.
Jon Harris, currently serving as President and COO of Healthy Paws, added, “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.”
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