ManyPets acquires insurance carrier to support US expansion

Pet insurance firm ManyPets will acquire insurance carrier Digital Edge Insurance, allowing it to underwrite is own policies as it continues its US rollout

Pet insurance company ManyPets is to acquire US carrier Digital Edge Insurance from Munich Re Digital Partners.

The acquisition follows the company’s launch in the US market 18 months ago and will support its continued rollout across the country. ManyPets has already expanded to 40 states including New York, Texas and California – accounting for 85% of the US pet insurance market. ManyPets, which was founded in the UK, now insures more than half a million pets globally.

The acquisition of Digital Edge will enable the wider ManyPets group to underwrite its own policies, giving ManyPets more flexibility in the US market. Following the acquisition, ManyPets will operate a multi-carrier strategy in the US, continuing to work with its existing partner – Accredited Surety and Casualty Company – to cater to the entire US market.

The deal draws on the US$350mn that the company raised in its Series D funding round in March 2021, which at the time gave it a valuation of US$2bn.

Deal gives ManyPets ‘extra flexibility’ during expansion

Steve Long, CEO of ManyPets US says: "Our latest investment marks the next stage of growth in the US market and provides an increased level of flexibility as we expand our footprint and evolve our proposition at speed. The growth we have achieved in just 18 months is phenomenal and testament to our model which we've seen take off in the UK and Sweden. The addition of Digital Edge's coverage will allow us to continue to deliver against our ambitious growth plans to reach more pets across the states."

It is the latest step forward for ManyPets, which offers pet owners accident and illness cover to protect against veterinary costs stemming from illness and injury, as well as an optional non-insurance wellness plan that reimburses things such as wellness exams, vaccinations, parasite testing and prevention, and routine dental care.

As well as its Series D round and subsequent US expansion, ManyPets rounded off 2021 by acquiring UK-based VetBox, which offers monthly flea and worming home delivery services. Digital Edge Insurance is its latest acquisition since then.


Featured Articles

Insurtech unicorn bolttech takes on extra $50m in funding

Insurtech unicorn bolttech has taken on an extra US$50m in funding from Leapfrog Investments as part of the insurtech's Series B extension

Allianz wants to 'lead by example' with new net-zero targets

Allianz has said it wants to "lead by example" after announcing ambitious new targets to make its investment and underwriting portfolios net zero

Insurtech pricing solution Akur8 seals $25m in fresh funding

Akur8, whose insurtech solution is used by actuaries to build pricing models across all insurance lines, has received backing from Guidewire and FinTLV

Beazley launches tornado parametric insurance using NWS data


Alex Dalyac: Founding AI-based insurtech Tractable

Technology & AI

Saudi Arabia: 'solid' framework to guide insurtech sector