- MetLife (NYSE:MET) agrees to acquire pet insurance company PetFirst Healthcare for an undisclosed sum, expanding into a growing industry as it aims to widen offerings and boost sales.
- PetFirst distributes its pet insurance products through animal welfare agencies, direct-to-consumer channels and employers; MetLife will add the policies to its menu for employers' group benefits programs and expects "enormous scale in no time," says Ramy Tadros, president of the insurer's U.S. business.
- Pet insurance premium volume in the U.S. more than doubled to $1.28B in 2018 from $588M in 2014, but just 2.3% of U.S. pets are covered, according to the North American Pet Health Insurance Association.