JAB Expands Pet Insurance Platform Through Acquisition of Figo Pet Insurance
JAB is pleased to announce that Independence Pet Holdings (formerly Iguana Capital), JAB’s U.S. pet insurance platform, has entered into a definitive agreement to acquire Figo, one of the leading U.S. providers of pet insurance. As part of the agreement, the shareholders of Figo will roll a portion of their proceeds into PetPartners, the consumer-facing portion of JAB’s pet insurance platform. The acquisition is expected to close by the end of the year.
Since its founding in 2015, Figo has quickly established a strong pet insurance brand and leading InsurTech position in the United States. Its modern pet insurance experience includes a simple, easy-to-follow consumer journey coupled with its Pet Cloud app, a cloud-based platform that provides 24/7 access to live veterinarians, customer support, claims processing, digital pet record management, and a social network for pet parents, all of which has driven impressive company growth, earning Figo the title of “Top InsurTech Leader” by A.M. Best’s Review.
“Figo exists because of our deeply held belief that pet owners deserve simple and meaningful solutions to protect their loved ones,” said Figo CEO and Founder Rusty Sproat. “We are thrilled to partner with JAB to improve the quality of care and coverage available through Figo’s best-in-class technology and customer experience.”
Today’s news follows the recently announced acquisition of Independence Holding Company’s (“IHC”) pet insurance business, which includes the consumer-facing PetPartners, and IHC’s pet insurance underwriting business, Independence American Insurance Company (“Independence American”). The acquisition of PetPartners closed in June. The closing of the Independence American transaction is expected later this year and is subject to customary closing conditions, including applicable regulatory approvals.
Through these acquisitions, JAB’s Independence Pet Holdings has established an integrated pet insurance platform offering full-stack capabilities ranging from consumer-focused insurance products to turnkey partner solutions. The platform is licensed in all 50 states, with insurance industry veteran David Kettig, formerly the President and COO of IHC, as CEO.
“Rusty and David are true innovators in the pet insurance industry, and we are thrilled to partner with them on this fantastic acquisition,” said JAB Insurance Partner Dirk Beeckman. “Together with their teams, they will build with us a leading North American tech-driven pet insurance ecosystem.”
“The long-term mega trends in petcare, including the humanization of pets and improvement in care, are driving sustained long-term growth, and pet families are seeking solutions to ensure the highest level of care is available and affordable,” added JAB Senior Partner, David Bell. “Pet insurance is a key resource which we want to make more widely accessible, especially in the U.S. where pet insurance is underpenetrated. Our acquisitions of Figo and IHC’s pet insurance business are a significant step forward in our ambition to build a world-class petcare platform.”
About JAB
JAB Holding Company invests in consumer-focused industries with attractive long-term dynamics, including strong growth prospects, attractive margin and cash flow characteristics, and proven resiliency. Together with JAB Consumer Partners, JAB Holding Company is the largest shareholder of Keurig Dr Pepper, a leader in the North American beverage market, and has controlling stakes in JDE Peet’s, the largest pure-play fast-moving consumer goods coffee company in the world; NVA, one of the world’s largest animal care services platforms; Independence Pet Holdings, a leading provider of pet insurance; Krispy Kreme Doughnut, a global leader in doughnuts and other premium-quality sweet treats; Panera Brands, one of the world’s largest fast casual restaurant companies, which includes Panera Bread, Caribou Coffee and Einstein Bagels; Pret A Manger, a leading company in the ready-to-eat food market; Espresso House, the largest branded coffee shop chain in Scandinavia. JAB Holding Company is also the largest shareholder in Coty Inc., a global leader in beauty, and owns luxury goods company Bally.
About Independence Pet Holdings
Independence Pet Holdings is an integrated, full-stack pet insurance platform owned by JAB Holding Company (“JAB”) and Independence Holding Company (“IHC”). It offers a comprehensive range of underwriting options, turnkey partner solutions, and consumer-facing insurance products. Independence Pet Holdings wholly owns Independence American Insurance Company, a leading provider of underwriting services to the pet insurance sector with licenses in all 50 states. It is also a majority shareholder in Pet Partners, Inc., which owns world-class pet insurance brands such as AKC Pet Insurance and PetPartners. Through its partnerships and directly owned brands, Independence Pet Holdings provides coverage for more than 200,000 pets, with policies generating premiums in excess $120 million in 2021.
About Figo Pet Insurance
Figo is a Chicago-based InsurTech company founded in 2015. Figo offers a unique combination of comprehensive insurance policies to protect your pet in the event of injury or illness; as well as industry leading technology. They have become one of the fastest growing start-ups in the country. Figo utilizes a highly engaging and mobile-friendly Pet Cloud that allows consumers to manage their pet's healthcare, socially engage with fellow pet parents, and easily discover and locate services within the pet ecosystem. They provide simple, comprehensive, and transparent policies with an award-winning customer service staff, and are widely regarded as one of the leading pet insurance companies. Pet insurance policies are underwritten by Independence American Insurance Company, a Delaware Insurance Company. Plans are administered by Figo Pet Insurance, LLC.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211019005674/en/
Contact information
The One Nine Three Group for JAB
Zach Siegel: zach@the193.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Galderma Buys Back Shares Worth CHF 233 Million in the Context of Accelerated Bookbuild Offering28.5.2025 08:13:00 EEST | Press release
Galderma (SIX: GALD), the pure-play dermatology category leader, today announced that it has agreed to repurchase 2.38 million shares at a price of CHF 97.75 per share for a total consideration of CHF 232.5 million in the context of the accelerated bookbuild offering (“ABO”) of Galderma shares by Sunshine SwissCo GmbH (“EQT”), Abu Dhabi Investment Authority and Auba Investment Pte. Ltd. launched yesterday evening. The repurchase was made at the same price per share determined by the bookbuilding offering. The repurchase, which is expected to settle on June 2, is being financed by Galderma’s existing liquidity on hand and will not affect the company’s ability to deliver on its strategic and financing priorities. The shares will be held in treasury for future use in connection with Galderma's employee participation plans, business development opportunities and/or treasury management. “The repurchase of shares announced today is a testament to the confidence of the Executive Committee and
FES Super Extends Partnership with SS&C28.5.2025 01:13:00 EEST | Press release
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced the Fire and Emergency Services Superannuation Fund (“FES Super”) has signed a long-term agreement to extend its existing partnership with SS&C. The renewal reinforces SS&C’s leadership and continued growth in the Australian superannuation market, following several recent strategic wins in the region. FES Super leverages SS&C Bluedoor, a cloud-hosted registry platform, to manage its administration needs. The platform enables real-time automation and straight-through processing, helping streamline operations and improving member experiences. SS&C also provides member digital and reporting services to the fund. “Our top priority is acting in the best interests of our members,” said Adrian Rutter, Fund Secretary at FES Super. “SS&C’s flexible, customizable tools and consistent service enable us to continue doing just that. By leveraging Bluedoor’s integration capabilities and cloud-native services, we can efficiently deliver
Perma-Pipe International Holdings, Inc. Announces New Contract Award in Qatar27.5.2025 22:48:00 EEST | Press release
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced that it has received its first project award to be executed in Qatar since the announcement of the intent to mobilize there. The project will be for USD $2.4 million and will utilize Perma-Pipe’s fabrication capabilities and the XTRU-THERM® insulation system, a spray-applied polyurethane foam jacketed with a high-density polyethylene casing. Adham Sharkawy, Senior Vice President of Perma-Pipe’s MENA region, remarked, “In response to this important award, we will begin executing the project from a temporary facility in Doha, ensuring timely delivery and uninterrupted service to our client. Simultaneously, we are advancing the construction of our permanent facility in Qatar, which will serve as a long-term base for our regional operations. We are deeply grateful to our customers for their continued trust and confidence in Perma-Pipe’s capabilities.” Saleh Sagr, President, commented, “Expanding in Doha has been an impo
Galderma Intends to Buy Back approximately 2.4 Million Shares in the Context of the Accelerated Bookbuild Offering by EQT, ADIA and Auba27.5.2025 18:46:00 EEST | Press release
Galderma Group AG (SWX:GALD): Ad hoc announcement pursuant to Art. 53 LR Galderma intends to repurchase approximately 2.4 million shares in the context of the accelerated bookbuild offering of Galderma shares by Sunshine SwissCo GmbH (“EQT”), Abu Dhabi Investment Authority (“ADIA”) and Auba Investment Pte. Ltd. (“Auba”) announced today The repurchased shares will be held in treasury and financed by existing liquidity at hand Galderma (SIX: GALD), the pure-play dermatology category leader, today announced that it intends to repurchase approximately 2.4 million Galderma shares in the context of an accelerated bookbuilding offering (“ABO”) of approximately 16.7 million Galderma shares (approximately 7% of Galderma’s share capital) by EQT, ADIA and Auba. Galderma will participate in the ABO at the same price per share which will be determined in the bookbuilding. The repurchased shares will be financed by Galderma’s existing liquidity on hand and will not affect the company’s ability to de
New South Wales Minister for Industry and Trade Visits Novotech Seoul Office to Strengthen Clinical Trial Collaboration27.5.2025 18:44:00 EEST | Press release
Novotech, a globally recognized full-service clinical research organization (CRO) and scientific advisory company trusted by biotech and small- to mid-sized pharmaceutical companies to guide drug development at every phase, was honored to welcome The Hon. Anoulack Chanthivong, New South Wales (NSW) Minister for Industry and Trade, to its Seoul office on May 19. The Minister’s visit highlights a deepening collaboration between South Korea and Australia in the field of clinical research and highlights the strategic importance of cross-border partnerships in advancing global drug development. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250527294947/en/ Novotech, a globally recognized full-service clinical research organization (CRO) and scientific advisory company trusted by biotech and small- to mid-sized pharmaceutical companies to guide drug development at every phase, was honored to welcome The Hon. Anoulack Chanthivong,
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom