Global Risk Partners Limited (GRP) – a Brown & Brown company – has today taken its first foray into the pet insurance market via the acquisition of Petsmedicover Limited, trading as VetsMediCover.
Founded in 2016 and led by Sarah Bascombe, VetsMediCover is a pet insurance broker based in Sutton Coldfield, West Midlands which specialises in cat and dog insurance.
The acquisition has received regulatory approval and the consideration is undisclosed. Post-completion, the firm will become part of Insync Insurance, a digital broker acquired by GRP in December 2020.
Identifying the “exciting opportunity” represented by the deal, Jon Norman, managing director at Insync, said Insync is looking forward to applying its digital capabilities to the growing brokerage and to working with the VetsMediCover team to build out its presence in the pet market.
Norman added that Bascombe will retire from the business after a transitionary period, with her senior colleague Ben Foley stepping up as head of pet to take over the daily management of the business. Meanwhile, the rest of the team is moving across to join Insync.
Commenting on the acquisition, Bascombe said: “We are thrilled to be the first acquisition for Insync and, following discussions with Jon and the Insync team, I’m confident that VetsMediCover, our team and our customers will be in excellent hands as it embarks on the next stage of its journey.
“Pet insurance is a sector that lends itself to digitisation, and Insync’s track record for expansion using digital techniques, albeit with the human touch when needed, will be a key factor in building the long-term success of the business.”
