MetLife announced Thursday that it would acquire pet health insurance company PetFirst. Terms of the transaction were not disclosed.
MetLife made the decision to acquire the pet insurance company in order to diversify its product offering and take advantage of the growing pet insurance market, according to a Reuters report. MetLife said in a statement that the pet insurance space is “under-penetrated” and pointed out that the annual growth rate for the industry has been more than 20% since 2014.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.