The acquisition, for which financial terms were not disclosed, is set to close in the second quarter and marks Chubb's expansion into the growing pet market.
Chubb has been the exclusive underwriter for the Healthy Paws pet insurance program since 2013. It is now hoped this collaboration will facilitate a smooth transition for the business's employees, customers, and other partners.
Healthy Paws, established in 2009, serves over 500,000 dogs and cats across the US. The company is known for utilizing a digital proprietary platform for program and claims administration.
John Lupica, vice chairman of Chubb Group and president of North America Insurance, expressed enthusiasm about the acquisition and the value it will give to the company.
“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 esteemed pet insurance brand in a vastly underpenetrated market,” he said. “As part of Chubb, Healthy Paws will empower more pet owners to fund medical care and navigate the rising costs of veterinary care.”
Jon Harris, president and COO of Healthy Paws, who will continue to lead the business, also highlighted the partnership's benefits.
“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 on a larger scale and offer even greater value to the pet community. There are tremendous opportunities ahead to expand the positive impact we have on pets and pet parents,” Harris said.
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