This strategic alliance significantly enhances JAB’s pet insurance platform, now extending its reach into UK, Europe, Middle East and Africa (EMEA) region, and Latin America
Global investment company JAB Holding Co. is acquiring a majority stake in UK pet insurer, Cardif Pinnacle.
Cardif Pinnacle’s current parent company, BNP Paribas Cardif, will retain a significant minority interest in the insurer.
The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions, including applicable regulatory approvals. Financial terms of the deal were not disclosed.
This strategic alliance significantly enhances JAB’s pet insurance platform, now extending its reach into the UK; the Europe, Middle East and Africa (EMEA) region, and Latin America. Through its Independence Pet Holdings platform (previously called Iguana Capital), JAB recently acquired several leading American pet insurance businesses including Figo Pet Insurance and IHC’s pet insurance business.
We are delighted to partner with JAB to deliver a holistic suite of pet insurance and healthcare services, said Pauline Leclerc Glorieux, CEO of BNP Paribas Cardif. We believe the combination of BNP Paribas Cardif’s global partnership know-how and strong technical capabilities, drawn from extensive experience, with JAB’s expertise establishing world-class brands and platform building, ideally positions us to become one of the leaders in the growing pet healthcare industry.
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.
The firm tried to hide its tracks as it entered the field. When JAB acquired Independence Holding Company’s pet insurance arm earlier this year, it made the purchase through a vehicle named Iguana Capital to conceal its identity. It used the same approach in the coffee industry, when it bought assets including Keurig and Jacobs Douwe Egberts through decoy entities to try to keep its strategy private, David Bell, a senior partner at JAB, said in an interview.
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