The IHC Group acquires PetPartners, Inc., a pet insurance marketing and administration company, establishing full vertically integrated structure for marketing, administering, pricing and retaining risk on IHC’s pet insurance products
NEW YORK, NY, Mar. 24, 2017 – The IHC Group (IHC) today announced the acquisition of 85% of the stock of PetPartners Inc., a pet insurance marketing and administration company based in Raleigh, North Carolina.
PetPartners markets pet health insurance covering dogs and cats in all 50 states plus D.C. Since 2002, the company has been the exclusive pet insurance partner of the American Kennel Club (AKC), and provides pet insurance to AKC’s registrants through the AKC Pet Insurance brand. Additionally, PetPartners became the exclusive providers of pet insurance to the Cat Fanciers Association in 2004.
“While many of us consider our pets to be members of our families, only a tiny fraction of them have insurance coverage,” said David Kettig, Chief Operating Officer of IHC. “IHC’s goal is to provide better pet health products and increase awareness of pet insurance that benefits both pets and their owners. Together with PetPartners, we will now broaden our audience to include not just pet parents but quality, responsible breeders.”
IHC has named Rick Faucher to serve as President of PetPartners, and John Wycoff, formerly the company’s Director of Marketing and Information Technology, has been promoted to Chief Operating Officer. Stephen Popovich, the incumbent President and Chief Executive Officer of PetPartners will retire after a transition period. Additionally, Sir John D. Spurling, the founder and leading pet insurance innovator will remain on PetPartners’ board of directors.
Later this year, IHC will begin to underwrite policies sold and renewed by PetPartners through its highly rated carrier, Independence American Insurance Company (IAIC), which has been underwriting pet health plans since 2011. IHC also owns http://www.petplace.com (PetPlace), a popular web destination that attracts over 1,000,000 visitors each month with more than 10,000 veterinarian-approved articles for pet parents concerned with their pet’s health and well-being. This latest acquisition further demonstrates IHC’s commitment to strengthening and growing their footprint in the pet health insurance space.
For more information on IHC’s pet health insurance, please contact Rick Faucher at 602-395-7083 or Rick.Faucher@IHCGroup.com. Please visit http://www.ihcgroup.com, http://www.petpartners.com and http://www.akcpetinsurance.com for additional resources.
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About The IHC Group
Independence Holding Company (NYSE: IHC) is a holding company that is principally engaged in underwriting, administering and/or distributing group and individual specialty benefit products, including disability, supplemental health, pet, and group life insurance through its subsidiaries since 1980. The IHC Group owns three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company), and IHC Specialty Benefits, Inc., a technology-driven insurance sales and marketing company that creates value for insurance producers, carriers and consumers (both individuals and small businesses) through a suite of proprietary tools and products (including ACA plans and small group medical stop-loss). All products are placed with highly rated carriers.
About Independence American Insurance Company
Independence American Insurance Company is domiciled in Delaware and licensed to write property and/or casualty insurance in all 50 states and the District of Columbia. Its products include short-term medical, hospital indemnity, fixed indemnity limited benefit, group and individual dental, and pet insurance. Independence American is rated A- (Excellent) for financial strength by A.M. Best Company, a widely recognized rating agency that rates insurance companies on their relative financial strength and ability to meet policyholder obligations (an A++ rating from A.M. Best is its highest rating).
About PetPartners Inc.
PetPartners history dates back to the 1980s when British-owner and leading innovator in pet insurance, Sir. John D. Spurling created a pet health insurance company exclusively for the Kennel Club in Great Britain. PetPartners provided pet health insurance to dogs and puppies in the United Kingdom for nearly two decades before its arrival in the United States. Since 2002, PetPartners has been the exclusive provider of pet health insurance protection to registrants of the American Kennel Club through the AKC Pet Insurance. In 2004, PetPartners was selected by the Cat Fanciers’ Association, the largest registry of purebred cats, to provide health insurance to CFA registrants. In 2009, PetPartners began to offer its new PetPartners-branded products both to individuals and groups (such as associations, companies and credit unions).
About American Kennel Club
Founded in 1884, the American Kennel Club is a not-for-profit organization, which maintains the largest registry of purebred dogs in the world and oversees the sport of purebred dogs in the United States. The AKC is dedicated to upholding the integrity of its registry, promoting the sport of purebred dogs and breeding for type and function. Along with its more than 5,000 licensed and member clubs and its affiliated organizations, the AKC advocates for the purebred dog as a family companion, advances canine health and well-being, works to protect the rights of all dog owners and promotes responsible dog ownership. More than 22,000 competitions for AKC-registered purebred dogs are held under AKC rules and regulations each year including conformation, agility, obedience, rally, tracking, herding, lure coursing, coonhound events, hunt tests, field and earthdog tests. Affiliate AKC organizations include the AKC Humane Fund, AKC Canine Health Foundation, AKC Reunite and the AKC Museum of the Dog. For more information, visit http://www.akc.org.
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