It will allow the pet insurance provider to underwrite its own policies in 45 states across the US
Insurtech ManyPets yesterday (25 October 2022) announced the acquisition of US-based carrier called Digital Edge Insurance Company from Munich Re Digital Partners US Holding Corporation, following regulatory approval.
Digital Edge will enable the ManyPets group to underwrite its own policies in 45 states across the US.
Steve Long, ManyPets US chief executive, said: “Our latest investment marks the next stage of growth in the US market and provides an increased level of flexibility as we expand our footprint and evolve our proposition at speed.
“The growth we have achieved in just 18 months is phenomenal and testament to our model which we’ve seen take off in the UK and Sweden. 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.”
The acquisition comes as ManyPets continues to roll out its products in the US two years since its launch the market.
Following the acquisition, ManyPets will operate a multi-carrier strategy in the US, continuing to work with its existing partner Accredited Surety and Casualty Company Inc. to enable it to cater for the entire US market.
Capability extension
The purchase of Digital Edge is the latest in a series of announcements for ManyPets, including its purchase of VetBox in the UK at the end of 2021.
Read: Bought by Many rebrands to ManyPets
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It launched in the USA in March 2021 and is now live in 85% of the pet insurance market, with further expansion planned to reach pet owners across the states.
The ManyPets group now insures more than half a million pets globally.
ManyPets US also offers an optional non-insurance wellness plan for routine and preventative care.
This plan reimburses policyholders for items and services such as wellness exams, vaccinations, parasite testing and prevention, routine dental care, vitamins and supplements.
The acquisition draws on the ManyPets group’s $350m (£312.5m) series D funding round in 2021, which saw the insurtech achieve unicorn status after securing a valuation of more than $2bn (£1.7m).
The insurtech initially launched as Bought by Many in the UK in 2017 and expanded initially into Sweden as ManyPets in 2019.
It then crossed the Atlantic in 2021 and later rebranded as ManyPets across the group in March 2022.
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