Independence Pet Group acquires US’ only cat insurance brand

Pet insurance platform Independence Pet Group (IPG) has recognized cat pet health insurance as the “fastest-growing segment of the market” and acquired the US’ only cat insurance brand, Felix headquartered in Phoenix, Arizona.

“We’re so excited to now have a specialized brand to serve cat pet parents,” says Lane B. Kent, IPG’s CEO.

Cats only constitute 19.9% of insured pets in the US compared to a whopping 80.1% of dogs, according to the North American Pet Health Insurance Association (NAPHIA).

According to IPG, cats have historically been underrepresented in the US pet insurance market, only to see an increase in market share since 2017. Now, the insurance firm intends to leverage this potential with its purchase of Felix.

The company will spend this year developing the brand’s strategic plan and identifying product and partnership opportunities.

“Our Founder and Creator of Felix, Dave Wolf, held a vision for the cat insurance market that gains a new opportunity to be served through IPG’s global reach,” says Rick Faucher, CEO and Co-Founder of The Connected Pet Company and President of NAPHIA.

He adds that they are confident IPG, which currently serves over 800,000 US and Canadian pets, will continue to invest and focus on the cat insurance segment.