Ohio’s Hartville Group, Inc. announced that its pet insurance marketing subsidiary and provider of the Company’s Petshealth Care Plans has entered into an agreement to acquire Pet Insurance policies formerly underwritten by AIG.
It estimates that the acquisition of the policies will increase its business by around $2 million, and represents “approximately a 40% increase in the Company’s annualized written premiums.” It indicated that the “acquisition cost of these policies is a small percentage of the collected premiums as they are received from the policyholders.”
Russell Smith III, Hartville’s Chairman and CEO, commented, that “This acquisition will increase the number of policyholders of the Company’s Petshealth Care Plans to more than 22,000 and will substantially increase our cash flow. This added operating capital will be in part reinvested into more marketing campaigns aimed at pet owners to purchase health insurance for their pets from Hartville Group, Inc., thus further increasing premium revenues.”
The Hartville Group, which recently made its shares available to the public, (See IJ Website Oct. 11) is one of the leading providers of pet health care products in the U.S. with approximately 20,000 policies in force. It indicated that this “represents more than $5 million in annualized written premiums since inception of the Company in 1998.”
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