Synchrony Expands Pet Industry Leadership with Ownership Stake in IPH; Two Synchrony Executives Join IPH Board of Directors
PHOENIX and STAMFORD, Conn., March 6, 2024 /PRNewswire/ — Independence Pet Holdings, Inc. (“IPH”), a leading multi-brand, multi-channel pet insurance provider, and Synchrony (NYSE:SYF), a premiere consumer financial services company, announced today that IPH has completed the acquisition of Pets Best Insurance Services , LLC (“Pets Best”) 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,” 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
About Independence Pet Holdings
Founded in 2021, Independence Pet Holdings is a holding company that manages a diversified and broad portfolio of modern pet health brands and services across insurance, pet education, lost pet recovery services animals, and above all. North America.
About Synchrony
Synchrony (NYSE: SYF) is a leading consumer financial services company that delivers one of the most complete digitally-enabled product suites. Our experience, expertise and scale span a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, automotive, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, purchasing groups, industry associations and healthcare service providers, whom we refer to as our “partners”. We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse range of financing solutions and innovative digital capabilities to meet their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com.
About Pets Best Insurance Services, LLC
Pets Best offers pet insurance and wellness plans for dogs and cats in the US Founded in 2005 with a mission to provide access to comprehensive animal health care at affordable prices, Pets Best delivers flexible coverage, an easy claims process, and great customer service. Pets Best is highly rated by independent review sites and recommended by veterinarians across the country. Pets Best is a founding member of NAPHIA, an organization dedicated to ensuring high standards and transparency for the pet insurance industry.
The pet insurance coverage offered and administered by Pets Best Insurance Services, LLC is underwritten by American Pet Insurance Company, a New York insurance company headquartered at 6100 4th Ave. S. Suite 200 Seattle, WA 98108, or Independence American Insurance Company, a Delaware insurance company located at 11333 N. Scottsdale Rd, Ste. 160, Scottsdale, AZ 85254. Pets Best Insurance Services, LLC (CA agency #0F37530) is a licensed insurance agency located at 10840 Ballantyne Commons Parkway, Charlotte, NC 28277. Each insurer has sole financial responsibility for its own products. Please refer to your declarations page to identify the underwriter for your policy. Terms and conditions apply. See your policy for details. To learn more about Pets Best, click here.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “will,” “expect,” “continue,” or words of similar meaning. Forward-looking statements convey expectations, intentions, or predictions related to the strategic partnership between Synchrony and IPH and the sale of Pets Best, which are based on assumptions and estimates, and are subject to inherent uncertainty, risk and change that are difficult to implement. guess As a result, actual results may differ materially from those expressed in these forward-looking statements. For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with Synchrony’s public filings, including under the heading “Risk Factors Relating to Our Business” and “Risk Factors Related to Regulation” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023as filed in February 8, 2024. Any forward-looking statement speaks only as of the date it is made and we undertake no obligation to update any forward-looking statement, except as may be required by law.
Media Contact:
For IPH
The One Nine Three Group
Charlie Harrison: [email protected]
For Synchrony
Michelle Blay Romero: [email protected]
SOURCE Synchrony Financial
