AXIS Insurance coverage enters pet insurance coverage market by partnership with Petplan
AXIS Capital Holdings’ specialty insurance segment, AXIS Insurance, is entering the pet insurance business.
AXIS Insurance will debut in the pet insurance market with its personal accident and health insurance business. The company is also partnering with managing general underwriter Petplan on the roll-out, which will enable AXIS Insurance to provide underwriting capacity for comprehensive pet insurance for dogs and cats in the US and Canada.
“Our relationship with Petplan is an exciting opportunity for us to enter the North American pet insurance market and enter an insurance space that complements our existing global accident and health insurance portfolio,” said James Hamilton, global head of accident and health for AXIS Insurance .
“For over 15 years, our passion at Petplan has helped pets live long, dynamic lives,” said Paul Guyardo, President and CEO of Petplan. “Given our growth in recent years, it makes sense to expand our underwriting capabilities with a partner like AXIS Insurance. Together, we look forward to bringing our industry-leading coverage to even more pet parents across North America. “
Customers can access the new insurance product from AXIS via the Petplan mobile app.
Petplan is the fourth largest MGU in the US and Canada dedicated to pet insurance, according to a press release. It covers more than 280,000 pets in both regions.
Continue reading: AXIS Capital announces Q3 results
For the third quarter of 2021, AXIS Capital Holdings posted net income available to common stockholders of $ 47 million – an improvement over the net loss of $ 73 million the company recorded in the third quarter of 2020.