Transaction positions Chubb to expand in niche market with substantial growth potential

WHITEHOUSE STATION, N.J., April 22, 2024 /PRNewswire/ -- Chubb today announced a definitive agreement to acquire Healthy Paws, a U.S.-based managing general agent (MGA) specializing in pet insurance, from Aon plc (NYSE: AON), a leading global professional services firm. The transaction positions Chubb to expand in a niche market with substantial growth potential. Financial terms of the deal, which is expected to close in the second quarter, were not disclosed.

"We are delighted to welcome Healthy Paws to the Chubb family," said John Lupica, Vice Chairman, Chubb Group and President, North America Insurance. "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."

Since 2013, Chubb has been the exclusive underwriter of the Healthy Paws pet insurance program for Aon. The long-standing Chubb and Healthy Paws relationship positions the combination for accelerated growth while supporting a seamless transition for employees, customers and other business partners.

"Chubb has been an important part of our journey for more than a decade and is an ideal partner to enable us to continue our mission on a larger scale and offer even greater value to the pet community," said Jon Harris, who is currently President and COO of Healthy Paws and will continue leading the business. "There are tremendous opportunities ahead to expand the positive impact we have on pets and pet parents."

Founded in 2009, Healthy Paws has been a trailblazer in the pet insurance domain and currently serves more than 500,000 dogs and cats in the U.S. The company provides program and claims administration via a digital proprietary platform.

About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New

York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 40,000 people worldwide. Additional information can be found at: www.chubb.com.

Cautionary Statement Regarding Forward-Looking Statements: 
Forward-looking statements made in this press release, such as those related to the acquisition of the business noted above, potential post-acquisition performance or otherwise, reflect our current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially from such statements, including without limitation, our ability to achieve the anticipated benefits of the proposed transaction; the expected timing of completion of the transaction; completion of closing conditions; our ability to integrate the acquired business, operations and employees; general competitive, economic, political, insurance and reinsurance business market conditions; and judicial, legislative, regulatory and other governmental developments, as well as management's responses to these factors, and other factors identified in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb®, Chubb logo® and Chubb. Insured.^SM are trademarks of Chubb.

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SOURCE Chubb