Chubb To Buy Pet Insurance Provider Healthy Paws From Aon; Terms Not Disclosed

(RTTNews) - Insurance firm Chubb Corp. (CB) announced Monday a definitive agreement to acquire Healthy Paws, a U.S.-based managing general agent or MGA specializing in pet insurance, from professional services firm Aon plc (AON).

Financial terms of the deal, which is expected to close in the second quarter, were not disclosed. Jon Harris, who is currently President and COO of Healthy Paws, will continue leading the business.

Healthy Paws, founded in 2009, currently serves more than 500,000 dogs and cats in the U.S. The company provides program and claims administration through a digital proprietary platform.

Since 2013, Chubb has been the exclusive underwriter of the Healthy Paws pet insurance program for Aon.

Chubb expects the acquisition will help it to expand in a niche market with substantial growth potential.

John Lupica, Vice Chairman, Chubb Group and President, North America Insurance, said, "Together, we will be able to extend the reach and amplify the impact of this esteemed pet insurance brand in a vastly underpenetrated market. As part of Chubb, Healthy Paws will empower more pet owners to fund medical care and navigate the rising costs of veterinary care."