Chubba global insurance leader, has announced a definitive agreement to acquire Healthy pawsa US-based managing general agent (MGA) specializing in pet insurance, from Aon.
The acquisition aims to position Chubb for expansion into a niche market with substantial growth potential. While the financial terms of the agreement were not disclosed, the transaction is expected to be finalized in the second quarter.
Chubb, renowned for its comprehensive insurance offerings, is looking to diversify its portfolio and tap into the pet insurance sector through the acquisition of Healthy Paws.
Healthy Paws, established in 2009, has become a pioneer in the pet insurance industry, serving more than 500,000 dogs and cats in the United States.
The company boasts a proprietary digital platform for program and claims administration, facilitating efficient service delivery to its wide customer base.
The strategic acquisition aligns with Chubb’s mission to provide innovative insurance solutions to meet evolving market needs.
John Lupica, Chubb Group Vice President and President of North America Insurance, expressed enthusiasm for the integration of 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 valued pet insurance brand in a very underpenetrated market. As part of Chubb, Healthy Paws will enable more pet owners to finance medical care and navigate the rising costs of veterinary care.”
The history between the two companies dates back more than a decade to 2013, when Chubb became the exclusive underwriter of the Healthy Paws pet insurance program for Aon.
This long-standing relationship was established to establish a solid foundation for accelerated growth and ensure a seamless transition for employees, customers and other stakeholders involved in the acquisition.
Jon Harris, who currently serves 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 at scale wider and offer even greater value to the animal community. There are enormous opportunities ahead to expand the positive impact we have on animals and animal parents.”
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