Chubb to Acquire Pet Insurer Healthy Paws from Aon

Chubb, a global insurer based in Bermuda, has announced a definitive agreement to acquire Healthy Paws, a U.S.-based managing general agent (MGA) specializing in pet insurance, from Aon plc. The transaction positions Chubb to expand in the growing pet insurance market.

Chubb has been the exclusive underwriter of the Healthy Paws pet insurance program since 2013, and the acquisition will enable Chubb to extend the reach and impact of the Healthy Paws brand. Healthy Paws, founded in 2009, currently serves more than 500,000 dogs and cats in the U.S. and provides program and claims administration via a digital proprietary platform.

Why this matters: The acquisition allows Chubb to further expand its presence in the underpenetrated U.S. pet insurance market, which has substantial growth potential. It also enables Chubb to leverage Healthy Paws' established brand and digital capabilities to accelerate growth in this niche segment.

The financial terms of the deal, which is expected to close in the second quarter of 2024, were not disclosed. Healthy Paws' current president and COO, Jon Harris, will continue to lead the business as part of Chubb.

Chubb reported strong financial results for the first quarter of 2024, with per share net income and core operating income up 15.5% and 22.7% respectively, and consolidated net premiums written up 14.1%. The company also announced new climate and conservation-focused underwriting standards for oil and gas extraction.

The acquisition of Healthy Paws aligns with Chubb's strategy to expand in niche markets with growth potential. "The longstanding relationship positions the combination for accelerated growth while supporting a seamless transition for employees, customers, and other business partners," said a Chubb spokesperson. With Healthy Paws' established brand and digital platform, Chubb is well-positioned to capitalize on the opportunities in the expanding U.S. pet insurance market.

Key Takeaways

• Chubb to acquire Healthy Paws, a leading U.S. pet insurance provider.
• Acquisition allows Chubb to expand in the growing U.S. pet insurance market.
• Healthy Paws has over 500,000 customers and a digital proprietary platform.
• Chubb reported strong Q1 2024 financial results, up 15.5% in net income.
• Acquisition aligns with Chubb's strategy to expand in niche growth markets.