Independence Pet Holdings adds Pets Best to its portfolio

The Arizona-headquartered multi-brand pet insurance provider has acquired Pets Best Insurance Services from its parent company, Synchrony, a consumer financial services firm.

The companies did not disclose the financial details of the transaction. However, Synchrony received a portion of the sum as an equity investment in Independence Pet Holdings (IPH), along with a commercial agreement to “capitalize on synergies.”

Founded in 2005 and headquartered in Charlotte, North Carolina, Pets Best provides dog and cat insurance for pet owners across the US. It was acquired by Synchrony in 2019 and claims to have seen “strong growth” since then.

Tech and customer experience

Both companies want to achieve technology partnerships and share insights to improve customer experience across pet insurance and pet care financing. IPH will also be appointing 2 Synchrony executives to its board.

“We are excited to partner with IPH to drive long-term growth and expand our opportunities in the pet space, including the ability to offer CareCredit to millions of additional pet owners,” says BetoCasellas, Executive Vice President and CEO of Health & Wellness at Synchrony.

“The unique combination of IPH’s broad portfolio of brands with Synchrony’s industry-leading digital capabilities will allow us to enhance our offerings for pet parents,” adds Dirk Beeckman, Chairman of IPH.

Established in 2021, IPH is a holding company with various pet health brands under its portfolio, including those across insurance, pet education and lost pet recovery services. The company recently hired Sharon Fernandez as its new CEO.