Pet insurer Buddies is set to become part of Legal & General to beef up the latter’s pet cover product.
The Telegraph and
City A.M. reported that the FTSE 100 firm has agreed to buy the family-run business to bank on pet-loving Britain as it expands into the market. “The UK is very much a nation of pet lovers,”
City A.M. quoted L&G general insurance chief executive Cheryl Agius as saying.
Agius continued: “Across the country, people want to do what’s best for their pets, which is why the pet insurance market is still growing. Pet insurance is an emotional purchase, can be complex to understand and brand and transparency plays an important part in that process and journey.”
It was not revealed how much L&G is spending to acquire Buddies.
“The deal also supports Legal & General’s commitment to businesses in the UK,” added Agius. “One of our key focuses is to help realise the potential of small businesses, helping them to scale-up quickly and sustainably – something the country needs more of.”
An announcement is expected within the week.
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