Pet insurance company ManyPets has acquired Digital Edge Insurance Company, a US-based carrier, from Munich Re Digital Partners US Holding Corporation.
The acquisition, which has achieved regulatory approval, comes as ManyPets continues its roll-out in the US and celebrates almost two years since its launch into the US market.
ManyPets, previously known as Bought By Many, is on a mission to make the world a better place for pets and their parents.
Initially launched in 2017 in the UK, the company then expanded into Sweden in 2019, before crossing the Atlantic in 2021.
ManyPets’ US policies are currently underwritten by Accredited Surety and Casualty Company, Inc.
The acquisition of Digital Edge, ManyPets said, will enable the wider group to underwrite its own policies, giving the company more flexibility in the US market as it continues its fast-paced growth.
After its launch in March 2021, ManyPets is already live in 85% of the pet insurance market in the USA, with further expansion planned to reach pet parents across the states. The ManyPets group said it now insures more than half a million pets globally.
ManyPets also offers and optional non-insurance Wellness Plan for routine and preventative care, the plan reimburses pet parents for items and services such as wellness exams, vaccinations, parasite testing and prevention, routine dental care, vitamins and more.
Steve Long, CEO of ManyPets US said, “Our latest investment marks the next stage of growth in the US market and provides an increased level of flexibility as we expand our footprint and evolve our proposition at speed.
“The growth we have achieved in just 18 months is phenomenal and testament to our model which we’ve seen take off in the UK and Sweden. The addition of Digital Edge’s coverage will allow us to continue to deliver against our ambitious growth plans to reach more pets across the states.”
Earlier this year, InsurTech firm Akur8 teamed with pet health and insurance company ManyPets (then Bought By Many) to help boost the latter’s pricing capabilities.
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