Digital Edge Insurance is getting acquired by a pet insurance firm- ManyPets and will be permitted to introduce it’s own policies and execute them in the market as it carries it’s U.S rollout.
ManyPets – Pet insurance firm is to take grip on Digital Edge Insurance – A US carrier firm from Munich Re Digital Partners.
This involves firm’s launch in US market 18 months ago and will support it’s ongoing rollout across the country. ManyPets has already gained customer’s faith in about 40 States – New York, Texas and California – giving a graph of around 85% of the US pet insurance market. The firm holds insurance for over half a million pets globally.
The following change will allow ManyPets group to pen it’s own policies, making a firmer grip in the US market. The company will work on multi- carrier strategy in the US to work, o combined with it’s existing partner – Accredited Surety and Casualty Company – to serve the entire US market.
The deal was signed on the amount of US$350mn that the company raised in it’s series D funding round in March 2021, which gave it a valuation of US$2bn during that time.
Deal gives ManyPets ‘extra flexibility’ during expansion
Steve Long, CEO of ManyPets US quoted “Our latest investment highlights the next stage of growth in the US market and provides an increased level of flexibility as we expand our firm and evolve our proposition rapidly. We have achieved it in just 18 months ,thus, it 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”.
In the current activity of ManyPets it offers pet owners cover for their pet’s illness and accidents, with a shield of veterinary costs plus non insurance wellness exams, vaccination exams, vaccination, parasite testing and prevention and routine dental care.
Thus, in it’s series D, ManyPets rounded off 2021 by acquiring UK based VetBox that gives monthly base home deliveries.
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