Transaction positions Chubb to expand in niche market with
substantial growth potential
WHITEHOUSE STATION, N.J., April 22,
2024 /PRNewswire/ -- Chubb today announced a
definitive agreement to acquire Healthy Paws, a U.S.-based managing
general agent (MGA) specializing in pet insurance, from Aon plc
(NYSE: AON), a leading global professional services firm. The
transaction positions Chubb to expand in a niche market with
substantial growth potential. Financial terms of the deal, which is
expected to close in the second quarter, were not disclosed.
"We are delighted to welcome Healthy Paws to the Chubb family,"
said John Lupica, Vice Chairman,
Chubb Group and President, North
America Insurance. "Together, we will be able to extend the reach
and amplify the impact of this esteemed pet insurance brand in a
vastly underpenetrated market. As part of Chubb, Healthy Paws will
empower more pet owners to fund medical care and navigate the
rising costs of veterinary care."
Since 2013, Chubb has been the exclusive underwriter of the
Healthy Paws pet insurance program for Aon. The long-standing Chubb
and Healthy Paws relationship positions the combination for
accelerated growth while supporting a seamless transition for
employees, customers and other business partners.
"Chubb has been an important part of our journey for more than a
decade and is an ideal partner to enable us to continue our mission
on a larger scale and offer even greater value to the pet
community," said Jon Harris, who is
currently President and COO of Healthy Paws and will continue
leading the business. "There are tremendous opportunities ahead to
expand the positive impact we have on pets and pet parents."
Founded in 2009, Healthy Paws has been a trailblazer in the pet
insurance domain and currently serves more than 500,000 dogs and
cats in the U.S. The company provides program and claims
administration via a digital proprietary platform.
About Chubb
Chubb is a world leader in insurance. With
operations in 54 countries and territories, Chubb provides
commercial and personal property and casualty insurance, personal
accident and supplemental health insurance, reinsurance and life
insurance to a diverse group of clients. As an underwriting
company, we assess, assume and manage risk with insight and
discipline. We service and pay our claims fairly and promptly. The
company is also defined by its extensive product and service
offerings, broad distribution capabilities, exceptional financial
strength and local operations globally. Parent company Chubb
Limited is listed on the New
York Stock Exchange (NYSE: CB) and is a component of the S&P
500 index. Chubb maintains executive offices in Zurich, New
York, London, Paris and other locations, and employs
approximately 40,000 people worldwide. Additional information can
be found at: www.chubb.com.
Cautionary Statement Regarding Forward-Looking
Statements:
Forward-looking statements made in
this press release, such as those related to the acquisition of the
business noted above, potential post-acquisition performance or
otherwise, reflect our current views with respect to future events
and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements involve
risks and uncertainties that could cause actual results to differ
materially from such statements, including without limitation, our
ability to achieve the anticipated benefits of the proposed
transaction; the expected timing of completion of the transaction;
completion of closing conditions; our ability to integrate the
acquired business, operations and employees; general competitive,
economic, political, insurance and reinsurance business market
conditions; and judicial, legislative, regulatory and other
governmental developments, as well as management's responses to
these factors, and other factors identified in our filings with the
Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the dates on which they are made. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Chubb®, Chubb logo® and Chubb. Insured.SM are
trademarks of Chubb.
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SOURCE Chubb