To address the continuously growing cat health insurance market
Independence Pet Group (IPG), a leading full-stack pet insurance platform, has completed the acquisition of Felix, the only pet insurance brand exclusively for cats in the US.
"I'm thrilled to announce this latest expansion of our portfolio, which allows us to better deliver against our mission of strengthening the unique bond between pets and their people," said Lane Kent, IPG CEO.1 "The cat pet health insurance market has been historically underrepresented but is now the fastest growing segment of the market, and we're so excited to now have a specialized brand to serve cat pet parents."
According to the North American Pet Health Insurance Association (NAPHIA) State of the Industry Report, 2023, 80.1% of dogs are insured compared to 19.9% of cats in the US.2 However, the cat insurance market has been steadily increasing ever since 2017, and just in 2022 by 19%.2
"It's an exciting time for cat pat parents with IPG adding Felix to its portfolio," said Rick Faucher, CEO and co-founder of The Connected Pet Company (and the Felix brand), and president of the NAPHIA.1 "Our founder and creator of Felix, Dave Wolf, held a vision for the cat insurance market that gains a new opportunity to be served through IPG's global reach. We are confident that IPG will continue to invest and focus on cats and cat pet parents and we are excited about the future of the category."
The transaction is subject to customary closing conditions, including various regulatory approvals. It is expected to close in the second half of 2023.1