JAB JCP V förvärvar Fairfax Financials globala verksamhet inom djurförsäkringar

WASHINGTON and TORONTO – June 20, 2022 -- JAB Holding Company (“JAB”) and Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U) today announced a transformational strategic partnership, in which JAB’s pet insurance business has agreed to acquire all of Fairfax’s interests in the Crum & Forster Pet Insurance GroupTM (“C&F Pet”) and Pethealth Inc., including all of their worldwide operations. As part of the transaction, Fairfax will also make a $200 million1 investment in JCP V, JAB’s latest consumer fund.

As a result of the transaction, in which Fairfax will receive $1.4 billion in the form of $1.15 billion cash and $250 million in seller notes, JAB’s combined global pet insurance and ecosystem platform will be estimated to have gross written premiums and pet health services revenues of well over $1.2 billion by 2023, insuring more than 2.1 million pets. The pet insurance industry, which has been expanding at a rate of approximately 20% per year on a global basis, is expected to continue to see many years of steady, strong growth, driven by attractive long-term trends in petcare and significant opportunities to expand penetration, especially in the US and Canadian markets which have less than 3% penetration. C&F Pet today insures over 500,000 pets and markets or serves as underwriter for numerous brands, including ASPCA® Pet Health Insurance, 24Petprotect, Hartville Pet Insurance, Spot Insurance Services, Pumpkin Insurance Services and PetCoach, LLC (provider of Petco pet insurance plans) in the United States and Pets Plus Us in Canada. Pethealth provides wellbeing and safety solutions to shelters and pet parents under the 24Pet brand, which includes the 24Petwatch Registry with over 20 million registered pets.