MetLife To Enter Pet Health Insurance Market With Acquisition of PetFirst

MetLife Inc. (among the largest global providers of insurance, annuities, and employee benefit programs) recently announced that they have entered into a definitive agreement to acquire PetFirst Pet Insurance which currently administers pet health insurance coverage on more than 40,000 pets according to MetLife.

According to the North American Pet Health Insurance Association (NAPHIA), approximately 2.16 million pets were insured in the United States at the end of 2018. The average Accident and Illness premium for dogs was about $566 and $354 for cats.

The deal is expected to close in the first quarter of 2020 subject to customary closing conditions and approvals.

Founded in 2004, PetFirst distributes its pet insurance products through animal welfare agencies, direct-to-consumer channels and employers.

Beginning in the summer of 2020, MetLife will offer this pet insurance to employers through its leading group benefits distribution channel, reaching approximately 41 million employees and dependents across the U.S.

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