The move will allow ManyPets to focus solely on the US and UK pet insurance markets, says statement
Car and dog insurer ManyPets has exited the Swedish pet insurance market as it ended its partnership with Great Lakes Insurance SE in the country.
In a statement released today (30 May 2023), the insurtech MGA said the move came following a review of its investment opportunities.
It added that withdrawing from offering pet insurance in Sweden would allow the business to focus solely on the US and UK pet insurance markets.
Catharina Gehrke, ManyPet’s Sweden chief executive, said she was proud of what the business achieved in the Swedish market.
“Our insurances are top rated and our customers are among the most satisfied in the industry,” she said.
“When ManyPets launched in Sweden in 2019, we were the first to offer pet insurance without a commitment period and breed-specific exceptions.”
New partnership
ManyPets was rebranded in Sweden from its previous name Bought by Many in November 2020 – in March 2022, the entire group’s name was changed to ManyPets, which brought its UK business in line with the group’s overall global brand.
Read: Bought by Many rebrands to ManyPets in Sweden amid wider mission
Read: Bought by Many rebrands to ManyPets
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It will stop offering new insurance policies in Sweden from 1 July 2023.
ManyPets said it will remain in Sweden as long as the company has customers in that territory and will continue servicing existing insurance policies in the country up to the point of it expiring.
However, as part of its exit strategy, ManyPets has partnered with insurance agent Hedvig to offer their existing customers a new insurance once their existing policy expires.
If the customer chooses to accept Hedvig’s offer, no cooling-off period applies either.
Gehrke said: “We have chosen to collaborate with Hedvig because, just like us, they have a strong customer focus, generous terms and work for smoother and simpler digital insurance experiences.”
Hedvig also recently launched dog and cat insurance in the Swedish market.
Lucas Carlsén, co-founder and chief executive at Hedvig, said: “We know that ManyPet’s customers are very satisfied with both service and claim settlement and we look forward to continuing to take care of them in the same great way.
“We have developed our offer in pet insurance to suit the modern pet owner and make life easier for both humans and animals.
“It feels both exciting and natural for us to take over the baton from ManyPets to make digital pet insurance the obvious choice for Swedish dog and cat owners.”
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