Insurance Agent - Sales

Independence Pet Group (IPH) has acquired a majority interest in Spot Pet Insurance, a company founded in 2019 and launched in 2020, headquartered in West Palm Beach, Florida. This acquisition builds on a partnership that began in 2022 with IPH’s initial investment in Spot. IPH, founded in 2021 and headquartered in Chicago, Illinois, has $55.59 million in total funding. IPH currently handles Spot’s underwriting, customer service, claims activities, and other administrative services.

Pet health and wellbeing advancements drive partnership to increase awareness across the industrySCOTTSDALE, Ariz., Jan. 17, 2024 /PRNewswire/ -- Independence Pet Group® (IPG), a leader in pet insurance and services, and Fear Free®, LLC, a revolutionary animal health and welfare online education company, announced today a new strategic relationship to increase the accessibility and education of Fear Free practices and pet insurance in an effort to further pets' emotional and physical wellbeing.Since 2016, Fear Free has educated 265,000+ pet industry professionals, volunteers, and pet parents on how to help relieve fear, anxiety, and stress in pets. As Fear Free's latest Corporate Program Member, IPG's pet insurance brands will be Fear Free's pet insurance providers of choice. IPG's brands include Figo Pet Insurance, Felix Cat Insurance, ASPCA Pet Health Insurance, and AKC Pet Insurance in the US and Pets Plus Us in Canada."Independence Pet Group recognizes pet health is holistic and it's critical to address both a pet's physical and emotional wellbeing. Through this relationship, our brands will provide pet parents with best-in-class content on how to address and support their pet's behavioral and emotional wellbeing, further strengthening the bond they share with their pet," said Nilpa Srivastava, Chief Marketing Officer, Independence Pet Group.Fear, anxiety, and stress in pets has been linked to inaccurate diagnostics, aggression at the vet, and other issues.1 Because of this, many pet owners, such as cat owners, steer clear of the vet, further inhibiting their felines from receiving routine care for both physical and emotional needs. To further support feline health, the Felix Cat Insurance program and Fear Free will create informational content for both industry professionals and pet parents to help reduce fear and alleviate stress and anxiety for pets when it comes to getting the care they need."We are passionate about listening to the needs of animal health professionals and the new generation of pet owners and providing information and resources to fit those needs," said Randy Valpy, Chief Executive Officer, Fear Free

Insurance Pet Holdings raised the money from 27 investors and sold stock, options and warrants.The company recently acquired cat insurance company Felix for an undisclosed amount. In addition to providing insurance for more than 800,000 pets, Insurance Pet also offers microchip identification and an online pet registry.Dogs make up the majority of insured pets in the United States, with 80.1% of insured dogs compared to 19.9% of insured cats, according to the North American Pet Health Insurance Association State of the Industry Report. The total number of pets insured in 2022 reached 5.36 million, up from 4.4 million in 2021, according to the report.The pet insurance market size was valued at $9.4 billion in 2022 and is estimated to expand at a compound annual growth rate of 17.04% from 2023 to 2030, according to Grand View Research.Its CEO is Lane Kent, who had served as chief operating officer since the company’s formation in 2021. He became CEO at the beginning of 2023 and has more than 30 years of industry experience, including holding executive positions at Mutual of Omaha, New York Life, Univita/LTCG, and Southern Guaranty Insurance.For more details, read the full story at Business North Carolina