Synchrony expands its leadership in the pet industry through ownership of IPH.Two Synchrony executives join IPH Board of Directors
with phoenix stamford, connecticut, March 6, 2024 /PRNewswire/ — Independence Pet Holdings (“IPH”), a leading multi-brand, multi-channel pet insurance provider, and Synchrony (NYSE:SYF), a leading consumer financial services company, today announced that IPH , completed the acquisition of Pets Best Insurance Services, LLC (“Pets Best”) from Synchrony. Synchrony received a portion of the consideration as an equity investment in her IPH and promised to enter into a commercial agreement with IPH. This will both help expand IPH's activities in the pet industry and allow both Synchrony and IPH to further leverage the synergies between his Synchrony's CareCredit. Health and Wellness Credit Card and his IPH products in the pet insurance industry. IPH will also appoint two Synchrony executives to its board of directors.
Through this partnership, IPH and Synchrony will explore a variety of opportunities, joint product development, key technology partnerships, and insight sharing to improve customer experiences and options across the pet insurance and pet care finance industry. .
“We are excited to partner with IPH to drive long-term growth and expand our opportunities in the pet space, including bringing CareCredit to millions of additional pet owners.” Ta. Beto Caselas, Vice President and CEO of Health and Wellness, Synchrony. “Together, our companies bring extensive capabilities and expertise to realize our growth strategy, drive industry innovation, and meet the growing needs of pet families.”
“Pet parents deserve access to a wide range of pet insurance products tailored to their pets' personal needs.The unique combination of IPH's broad portfolio of brands and Synchrony's industry-leading digital capabilities provides We can enhance our services for you.” said dark beakman, Chairman of IPH. “We are excited to welcome the Pets Best team to the IPH family and look forward to working closely to diversify its offerings and accelerate the growth of the brand.”
IPH's acquisition of Pez Best builds on the existing relationship between Pez Best and Independence American Insurance Company (“IAIC”), a wholly owned subsidiary of IPH. Strategic investment in Pets Best strengthens IPH's customer service capabilities. US and continues to diversify the business' innovative pet insurance offerings.
Pets Best is the world's leading pet insurance provider. US Pets Best has shown strong growth since being acquired by Synchrony in 2019. Pets Best will continue to operate under the same brand and leadership as part of the IPH family. With support from IPH, the company aims to expand its capabilities and presence in the United States.
About Independence Pet Holdings
Founded in 2021, Independence Pet Holdings is a holding company that manages a diverse and expansive portfolio of modern pet health brands and services, including insurance, pet education, and lost pet recovery services. North America.
About synchrony
Synchrony (NYSE: SYF) is a leading consumer financial services company with one of the industry's most complete suites of digitally enabled products. Our experience, expertise and scale span a wide range of industries including digital, health and wellness, retail, telecommunications, home, automotive, outdoor, pet and more. We have a well-established and diverse group of national and regional retailers, local retailers, manufacturers, purchasing groups, trade associations, and healthcare service providers, whom we refer to as our “Partners.” We connect partners and consumers through a dynamic financial ecosystem, offering diverse financial solutions and innovative digital capabilities to meet our customers' unique needs and deliver a seamless omnichannel experience. We offer the right financial products to the right customers, on the right channels. For more information, please visit www.synchrony.com.
About Pets Best Insurance Services, LLC
Pets Best offers pet insurance and wellness plans for dogs and cats in the United States. Founded in 2005 with a mission to provide affordable access to comprehensive veterinary care, Pets Best offers flexible coverage, an easy claims process, and excellent customer service. Pets Best is highly rated on independent review sites and recommended by veterinarians nationwide. Pets Best is a founding member of NAPHIA, an organization dedicated to ensuring high standards and transparency in the pet insurance industry.
Pet insurance coverage offered and managed by Pets Best Insurance Services, LLC is underwritten by American Pet Insurance Company. new york Insurance company headquartered at 6100 4th Ave. S. Suite 200 Seattle, Washington 98108, or Independent American Insurance Company, is a Delaware insurance company located at 11333 N. Scottsdale Rd, Ste. 160, Scottsdale, Arizona 85254. Pets Best Insurance Services, LLC (CA Agency #0F37530) is a licensed insurance agency located at 10840 Ballantyne Commons Parkway,. charlotte, north carolina 28277. Each insurance company is solely financially responsible for its products. Please refer to the declaration page to determine the underwriter for your insurance. Terms and conditions apply. Please see our policy for more information. Click here to learn more about Pets Best. here.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “intends,” “expects,” “continues” or words of similar meaning. Forward-looking statements communicate expectations, intentions or projections relating to the strategic partnership between Synchrony and IPH and the sale of Pez Best and are based on assumptions and estimates and are subject to inherent uncertainties, risks and may be subject to change. Predict. As a result, actual results may differ materially from those indicated in these forward-looking statements. For the reasons set forth above, we caution you not to rely on forward-looking statements. These statements should be read in conjunction with Synchrony's public documents, including under the headings “Risk Factors Related to Our Business” and “Regulatory Risk Factors.”In our Annual Report on Form 10-K for the fiscal year ended December 31, 2023As submitted to February 8, 2024. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statements, except as required by law.
Media contact:
For IPH
one nine three group
charlie harrison: [email protected]
for synchronization
michelle Braya Romero: [email protected]
Source Synchrony Financial
