“While we have sold our pet insurance business to JAB, we will invest $200 million in their JCP V to become their partners. We expect JAB to soon become leaders in pet healthcare and pet insurance globally. We wish them much success,” said Prem Watsa, the Founder, Chairman and CEO of Fairfax.
This new partnership bodes well for meeting the needs of pet owners on a global basis and expanding penetration in the U.S. and Canadian markets. Pending customary closing conditions, the companies expect to close in the second half of 2022.
<The>transaction is a major milestone for us in our mission to become a global leader in pet insurance and the pet health ecosystem,” Dirk Beeckman, CEO, JAB Pet Ins.
Source: Yahoo Finance, June 21, 2022. Link.