Buying the business will provide GRP’s Insync with the opportunity to apply its ’digital capabilities to a growing brokerage’, says managing director

Global Risk Partners (GRP) has today (3 August 2023) entered the pet insurance market for the first time with the acquisition of specialist broker Petsmedicover.

Petsmedicover, which trades as VetsMediCover, is a pet insurance broker established in 2016 and based in Sutton Coldfield, West Midlands. The business primarily focuses on providing cover for cats and dogs.

Post-completion, VetsMediCover will become part of digital broker Insync Insurance – which was bought by GRP in December 2020.

Insync managing director Jon Norman said that adding the broker to the business was a “very exciting opportunity for us to apply our digital capabilities to a growing brokerage”.

“We’re looking forward to working with the VetsMediCover team to build out our presence in the pet market,” he added.

Strategic goals

Sarah Bascombe will retire from the acquired business after a transitionary period as part of the move.

She will be succeeded by senior colleague Ben Foley, who will take over the daily management of the business as head of pet.

The acquisition has received regulatory approval and the consideration remains undisclosed.

“We are thrilled to be the first acquisition for Insync and following discussions with Jon and the Insync team, I’m confident that VetsMediCover, our team and our customers will be in excellent hands as it embarks on the next stage of its journey,” said Bascombe.

“Pet insurance is a sector that lends itself to digitisation and Insync’s track record for expansion using digital techniques, albeit with the human touch when needed, will be a key factor in building the long-term success of the business.”