Many Pets acquires Digital Edge
Acquisition follows company's launch in the US market, expansion to 40 states
by Katie Pfaff
ManyPets Inc., a pet insurance company, has acquired Digital Edge Insurance Company from Munich Re Digital Partners U.S. Holding Corporation. The purchase is part of ManyPets’ effort to expand in the U.S. market and was funded by a 2021 series D financing of $350 million, according to a news release.
ManyPets' U.S. policies are currently underwritten by Accredited Surety and Casualty Company, Inc. With the acquisition of Digital Edge, the group will now be able to underwrite its own policies, creating greater flexibility in the market as it grows.
The ManyPets group currently insures more than half a million pets worldwide.
Steve Long, chief executive officer of ManyPets U.S. said the investment marks the next stage of growth in the U.S. market and provides an increased level of flexibility as the company expands its footprint.
“The growth we have achieved in just 18 months is phenomenal and testament to our model which we've seen take off in the U.K. and Sweden,” he said. “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."
ManyPets US offers a wellness plan in addition to insurance. The wellness plan covers preventative care, routine care and vaccinations, dental care, vitamins and supplements, and testing for parasites.
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