JAB has concluded agreements to purchase pet insurers in the US and the UK to bolster its presence in the animal health insurance market.

The investment firm has entered into an agreement with BNP Paribas Cardif to acquire a majority stake in Cardif Pinnacle for an undisclosed sum.

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Through the acquisition of Cardif Pinnacle, JAB aims to offer a range of pet insurance services throughout the UK, EMEA and Latin America.

JAB and BNP Paribas Cardif also plan to offer additional pet healthcare services over time.

The deal, which is subject to regulatory approval, is expected to close in the second quarter of 2022.

JAB Insurance partner Dirk Beeckman said: “Our collaboration with BNP Paribas Cardif reflects a shared vision that pet owners in the UK and Europe deserve better, and that by combining forces we can build on BNP Paribas Cardif’s strong expertise and support to enter new markets and achieve accelerated, long-term growth.”

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BNP Paribas Cardif CEO Pauline Leclerc Glorieux said: “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.”

Concurrently, JAB’s Independence Pet Holdings platform in the US has signed a definitive agreement to acquire pet insurance provider Figo for an undisclosed sum.

Figo CEO and founder Rusty Sproat said: “Figo exists because of our deeply held belief that pet owners deserve simple and meaningful solutions to protect their loved ones.

“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.”

Figo’s acquisition, which is expected to close by the end of 2021, follows the recent acquisition of Independence Holding Company’s (IHC) pet insurance business.

The deal includes the consumer-facing PetPartners, and IHC’s pet insurance business, Independence American Insurance Company.

Under the agreement, the shareholders of Figo will roll a portion of their proceeds into PetPartners.

JAB senior partner David Bell said: “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.”