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AXIS Insurance Enters Pet Insurance Market With Petplan
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
AXIS Insurance, part of AXIS Capital (NYSE: AXS), has entered the pet insurance market through a partnership with Petplan, a leading Managing General Underwriter in North America. This collaboration aims to provide comprehensive pet insurance coverage for dogs and cats in the U.S. and Canada. Petplan, which insures over 280,000 pets, offers a mobile platform that enhances customer experience with seamless claims and health tracking. This strategic move aligns with AXIS's existing Accident and Health insurance portfolio, expanding its presence in a growing market.
Positive
AXIS Insurance enters pet insurance market, expanding its business portfolio.
Partnership with Petplan, which is a recognized player in the pet insurance sector.
Petplan's mobile platform enhances customer experience with features like claims processing and health monitoring.
Negative
None.
PEMBROKE, Bermuda--(BUSINESS WIRE)--
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS), today announced it has entered the pet insurance market via its Accident and Health unit through a strategic relationship with Managing General Underwriter Petplan. AXIS Insurance will provide underwriting capacity for comprehensive pet insurance policies for dogs and cats in the U.S. and Canada.
“Our relationship with Petplan is an exciting way for us to enter the North American pet insurance marketplace and an area of insurance that complements our existing global Accident and Health portfolio,” said James Hamilton, Global Head of Accident and Health for AXIS Insurance.
Petplan is the fourth largest MGU in the U.S. and Canada dedicated to pet insurance, providing insurance coverage to over 280,000 pets.
“For over 15 years, our passion at Petplan has been helping pets live long, vibrant lives,” said Paul Guyardo, President and CEO for Petplan. “Given our growth over the last few years, expanding our underwriting capabilities with a partner like AXIS Insurance makes sense. Together, we look forward to bringing our industry-leading coverage to even more pet parents across North America.”
Customers can access the insurance product via Petplan through an intuitive mobile experience that provides seamless claims processing and excellent customer service. Petplan’s mobile platform is backed by machine learning capabilities designed to predict a pet’s health trajectory and provides customers with information aimed at improving pet wellness and decreasing vet care costs.
About AXIS Capital AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity of $5.3 billion at September 30, 2021, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.
About Petplan Petplan is a leading provider of pet health insurance in the United States and Canada. Acquired by global private equity firm Warburg Pincus in October 2019, Petplan has consistently pioneered changes in the industry for the last 15 years. Its latest innovation is the addition of TeleVet coverage which allows subscribers to text, chat or video call veterinarians at no extra cost.
Petplan insurance policies are administered by Fetch Insurance Services, LLC (Fetch Insurance Agency, LLC in Michigan), d/b/a Petplan (Petplan Insurance Agency, LLC in California) and underwritten in the U.S. by XL Specialty Insurance Company, a Delaware corporation, and AXIS Insurance Company, an Illinois corporation, and XL Specialty Insurance Company - Canadian Branch and AXIS Reinsurance Company (Canadian Branch) in Canada. For more information, visit GoPetplan.com.
