JAB Holding Company, a major investor in consumer-focused industries, has acquired a majority stake in Pumpkin Insurance Services Inc., a top-tier preventive care and pet insurance provider.
This strategic move bolsters JAB’s already strong leadership in the rapidly growing, yet still under-served, pet insurance market. Zoetis, the world’s largest animal health company, will maintain a significant minority stake in Pumpkin and continue its commercial partnership with the business.
Since its inception by Zoetis in 2020, Pumpkin has experienced significant growth, currently providing insurance for over 65,000 pets across the United States. The transaction will see Zoetis continue its collaborative commercial agreement with Pumpkin, lending support to its products and services in the veterinary channel.
Pumpkin collaborates with veterinarians to curate unique wellness offerings, providing a comprehensive accident and illness insurance plan. This allows pet owners to ensure their cats and dogs remain healthy throughout the year. Pumpkin’s insurance plans cover a broad spectrum of health issues and treatments, from hereditary conditions and behavioural problems to dental illnesses and alternative therapies such as acupuncture.
Since entering the industry in 2021, JAB has quickly emerged as a leading global provider of pet insurance, currently insuring more than 3.3m pets. The company anticipates this figure to grow to approximately 4m pets by the end of 2024, as more pet owners turn to pet insurance to support the care of their pets. JAB’s global pet insurance portfolio includes leading brands such as AKC, ASPCA, Figo, Pet Partners and Pets Plus Us in the United States and Canada, and Agila, Animal Friends, Assur O’Poil, Everypaw and Pet Protect in the U.K. and Europe. The business is projected to have about $1.5bn in global gross written premium in 2023, with organic growth expected to reach $2bn in 2024.
Frank Engelen, JAB senior partner, said, “We are thrilled to partner with Zoetis and invest in Pumpkin, a fast-growing pet insurance brand in North America, as we build on our commitment to provide innovative insurance solutions for the benefit of pets and their families. In line with our ambition to create the leading pet insurance platform globally, Pumpkin brings both a world-class team and new technology using data and diagnostics to improve care decisions, both of which will benefit our global business moving forward.”
Alex Douzet, CEO of Pumpkin, expressed his excitement about the partnership with JAB and Zoetis, while Rimma Driscoll, executive vice president and head of global strategy, commercial and business development, and global bio-devices, Zoetis, reiterated the company’s commitment to making advanced veterinary care accessible for all.
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