JAB acquires pet insurance provider Pumpkin

JAB Holding has acquired a majority interest in the New York-based pet insurance firm Pumpkin. 

The important acquisition aligns with JAB’s “ambition to create the leading pet insurance platform globally.”

“We are thrilled to partner with Zoetis and invest in Pumpkin, a fast-growing pet insurance brand in North America, as we build on our commitment to provide innovative insurance solutions for the benefit of pets and their families,” expressed JAB Senior Partner Frank Engelen.

Animal health company Zoetis will continue to hold its minority stake in the company. Financial terms of the transaction were not disclosed.

Since its establishment in 2020, Pumpkin now provides pet insurance to 65,000 animals across the US. 

An opportunity

For Pumpkin, the move is an opportunity to “fulfill” the vision of enabling the best pet care possible.

“Today’s announcement underscores our continued commitment to Pumpkin and its mission to make the most advanced veterinary care accessible for all,” said Rimma Driscoll, Executive Vice President and Head of Global Strategy, Commercial and Business Development, and Global BioDevices, Zoetis.

JAB recently acquired various players in the pet insurance sector, including in Europe. According to the company, its pet insurance business is expected to reach $1.5 billion (€1.39B) in gross written premium in 2023 and grow to $2 billion (€1.85B) next year.