Synchrony Announces Independence Pet Holdings Acquisition of Pets Best Insurance

By Pet Age Staff//March 6, 2024//

Synchrony Announces Independence Pet Holdings Acquisition of Pets Best Insurance

By: Pet Age Staff//March 6, 2024//

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Independence Pet Holdings, Inc. (IPH), a leading multi-brand, multi-channel pet insurance provider, and Synchrony, a premiere consumer financial services company, recently announced that IPH has completed the acquisition of Pets Best Insurance Services, LLC from Synchrony. Synchrony received a portion of the consideration as an equity investment in IPH and committed to enter into a commercial agreement with IPH, both of which will help expand IPH’s activities in the pet industry and enable both Synchrony and IPH to further capitalize on synergies between Synchrony’s CareCredit health and wellness credit card and IPH’s products in the pet insurance industry. IPH will also appoint two Synchrony executives to its board of directors.

Through the collaboration, IPH and Synchrony will explore a diverse range of opportunities, joint product development, key technology partnerships, and insight sharing for improved customer experience and optionality across the pet insurance and pet-care financing industries.

“We are excited to partner with IPH to drive long-term growth and expand our opportunities in the pet space, including the ability to offer CareCredit to millions of additional pet owners,” said Beto Casellas, EVP and CEO, Health & Wellness, Synchrony. “Together, our companies bring extensive capabilities and expertise to deliver on our growth strategy, drive industry innovation, and serve the growing needs of our pet families.”

“Pet parents deserve access to the greatest range of pet insurance products, tailored to the personal needs of their pets. The unique combination of IPH’s broad portfolio of brands with Synchrony’s industry-leading digital capabilities will allow us to enhance our offerings for pet parents,” said Dirk Beeckman, Chairman of IPH. “We are thrilled to welcome the Pets Best team to the IPH family and look forward to working closely together to diversify its offering and accelerate the brand’s growth.”

IPH’s acquisition of Pets Best builds upon a current relationship between Pets Best and Independence American Insurance Company (IAIC), a wholly owned subsidiary of IPH. The strategic investment in Pets Best will strengthen IPH’s ability to serve customers in the United States and continue the diversification of the business’s innovative pet insurance offering.

Pets Best is a leading pet insurance provider in the United States and has shown strong growth since its acquisition by Synchrony in 2019. As part of the IPH family, Pets Best will continue to operate under the same brand and leadership. With IPH’s support, it will seek to expand its capabilities and presence within the U.S.