Listen to this articleIndependence Pet Holdings, Inc. (IPH), a leading multi-brand, multi-channel pet insurance provider, and Synchrony, a premiere consumer financial services company, recently announced that IPH has completed the acquisition of Pets Best Insurance Services, LLC from Synchrony. Synchrony has received a portion of the consideration as an equity investment in IPH and has committed to enter into a commercial agreement with IPH, both of which will help expand IPH’s activities in the pet industry and allow both Synchrony and IPH to further leverage synergies between CareCredit’s Synchrony health and wellness credit card and IPH’s products in the pet insurance industry. IPH will also appoint two Synchrony executives to its board of directors.
Through the collaboration, IPH and Synchrony will explore a diverse set of opportunities, joint product development, key technology partnerships, and insight sharing for enhanced customer experience and optionality across the pet insurance industry and pet care.
“We are excited to partner with IPH to drive long-term growth and expand our opportunities in the pet space, including the ability to offer CareCredit to millions of additional pet owners,” said Beto Casellas, EVP and CEO, Health & Wellness, Synchrony. “Together, our companies bring broad capabilities and expertise to deliver on our growth strategy, drive innovation in the industry, and serve the growing needs of our pet families.”
“Pet parents deserve access to the largest range of pet insurance products, tailored to their pets’ personal needs. The unique combination of a broad portfolio of brands of IPH with Synchrony’s industry-leading digital capabilities will allow us to enhance our offerings for pet parents,” said Dirk Beeckman, Chairman of IPH. “We are delighted to welcome the Pets Best team to the IPH family and look forward to working together to diversify its offering and accelerate the growth of the brand.”
IPH’s acquisition of Pets Best will build on the existing relationship between Pets Best and Independence American Insurance Company (IAIC), a wholly owned subsidiary of IPH. The strategic investment in Pets Best will strengthen IPH’s ability to serve customers The united state and continue to diversify the business’s innovative pet insurance offerings.
Pets Best is a leading pet insurance provider in The united state and has shown strong growth since its acquisition by Synchrony in 2019. As part of the IPH family, Pets Best will continue to operate under the same brand and leadership. With IPH’s support, it will seek to expand its capabilities and presence within the US
