Chubb to Acquire Pet Insurance Provider Healthy Paws from Aon

Chubb, a leading insurer, acquires Healthy Paws, a top pet insurance provider, to expand in the rapidly growing pet insurance market and offer enhanced coverage and value to pet owners.

Salman Khan
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Chubb to Acquire Pet Insurance Provider Healthy Paws from Aon

Chubb to Acquire Pet Insurance Provider Healthy Paws from Aon

Chubb, a leading global insurance company, 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 niche pet insurance market, which has substantial growth potential. Financial terms of the deal, which is expected to close in the second quarter of 2024, were not disclosed.

Healthy Paws, founded in 2009, currently serves over 500,000 dogs and cats in the U.S. through its digital proprietary platform. The company has been a trailblazer in the pet insurance domain, providing program and claims administration via its digital platform. Chubb has been the exclusive underwriter of the Healthy Paws pet insurance program for Aon since 2013.

The acquisition will enable Chubb to extend the reach and amplify the impact of the Healthy Paws brand in the vastly underpenetrated pet insurance market. "The acquisition of Healthy Paws positions Chubb to accelerate growth and provide greater value to the pet community," said John Lupica, vice chairman of Chubb Group and president of North America Insurance. "We are excited to welcome the Healthy Paws team to Chubb and look forward to working together to co-create a range of insurance products and offer bespoke insurance coverages that provide protection for both company assets and third-party liabilities."

Why this matters: The acquisition of Healthy Paws by Chubb highlights the growing importance and potential of the pet insurance market. As more households adopt pets and treat them as family members, the demand for comprehensive pet insurance coverage is expected to rise significantly in the coming years.

Jon Harris, president and COO of Healthy Paws, expressed enthusiasm about the partnership, stating, "We are thrilled to join forces with Chubb, a company that shares our commitment to providing the best possible protection for pets and their owners. Together, we will be able to offer even greater value to the pet community and continue our mission on a larger scale." The combination of Chubb and Healthy Paws is expected to enable accelerated growth and a seamless transition for employees, customers, and other business partners.

Key Takeaways

  • Chubb to acquire pet insurance provider Healthy Paws from Aon plc.
  • Healthy Paws serves over 500,000 pets in the U.S. through its digital platform.
  • Acquisition positions Chubb to expand in the growing pet insurance market.
  • Healthy Paws and Chubb aim to offer greater value and protection for pets.
  • Transaction expected to close in Q2 2024, enabling accelerated growth.