Private Equity Conversations with Fexingo · 2026-07-24 · 11 min
Private equity has moved from rolling up pet food makers and vet clinics to the fastest-growing corner of the pet economy: pet insurance. In this episode, Lucas and Luna break down the numbers behind a market that has grown from $2 billion in premiums globally in 2020 to roughly $7 billion in 2024, with annual growth rates above 20 percent. They focus on the deal that kicked off the current wave: JAB Holding's 2023 acquisition of the pet insurance platform ManyPets for over $1 billion, and the subsequent roll-up strategy that has consolidated major players like Nationwide's pet division and Trupanion. Lucas explains why pet insurance is a classic PE-friendly business - high recurring revenue, low cancellation rates, and a massive addressable market where only 3-5 percent of U.S. pets are insured compared to 25 percent in the UK. They discuss the tension between consumer benefit and investor returns, and whether the consolidators can keep margins high without jacking up premiums.
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