AXIS Insurance, the specialty insurance division of AXIS Capital Holdings, is entering the pet insurance market.
AXIS Insurance’s accident and health unit will make its debut in the pet insurance market. For the launch, AXIS Insurance has partnered with Petplan, a managing general underwriter, to provide underwriting capacity for comprehensive pet insurance plans for both dogs and cats in the United States and Canada.
“Our relationship with Petplan is an exciting way for us to enter the North American pet insurance marketplace and an area of insurance that complements our existing global accident and health portfolio,” said AXIS Insurance global head of accident and health James Hamilton.
“For over 15 years, our passion at Petplan has been helping pets live long, vibrant lives,” said Petplan president and CEO Paul Guyardo. “Given our growth over the last few years, expanding our underwriting capabilities with a partner like AXIS Insurance makes sense. Together, we look forward to bringing our industry-leading coverage to even more pet parents across North America.”
Customers can use Petplan’s mobile app to get AXIS’s new insurance offering.
According to a press release, Petplan is the fourth largest MGU specialized in pet insurance in the United States and Canada. It insures more than 280,000 pets across both regions.
AXIS Capital Holdings reported $47 million in net income available to common shareholders in the third quarter of 2021, up from $73 million in the third quarter of 2020.