Insurance giant Legal & General is set to capitalise on Britain’s love for pets after agreeing on a deal to buy family-owned pet insurer Buddies.
L&G will tomorrow announce a deal to bolt Buddies – founded by married couple Marianne Metaxas and Avi Levine in 2000 – to its existing pet insurance offering.
The insurer first launched pet insurance in 2013 but lags major players in the UK such as fellow FTSE 100 firm RSA and Allianz. The German insurer recently agreed on a joint venture agreement with UK mutual LV within which it hopes to further expand its plans for Britain’s pets.
“The UK is very much a nation of pet lovers. Across the country, people want to do what’s best for their pets, which is why the pet insurance market is still growing. Pet insurance is an emotional purchase, can be complex to understand and brand and transparency plays an important part in that process and journey,” L&G general insurance chief executive Cheryl Agius.
Some £1.8m is paid out in pet insurance claims every day according to the Association of British Insurers.
The deal also supports Legal & General’s commitment to businesses in the UK. One of our key focuses is to help realise the potential of small businesses, helping them to scale-up quickly and sustainably – something the country needs more of.
The deal is subject to regulatory sign-off.
Read more: Pet insurance claims have gone barking mad