Synchrony Expands Leadership in the Pet
Industry Through Ownership Stake in IPH; Two Synchrony Executives
to Join IPH Board of Directors
PHOENIX and STAMFORD, Conn., March 6,
2024 /PRNewswire/ -- Independence Pet Holdings, Inc.
("IPH"), a leading multi-brand, multi-channel pet insurance
provider, and Synchrony (NYSE:SYF), a premiere consumer financial
services company, today announced that IPH has 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 IPH and committed to enter into a commercial
agreement with IPH, both of which will help expand IPH's activities
in the pet industry and enable both Synchrony and IPH to further
capitalize on synergies between Synchrony's CareCredit health and
wellness credit card and IPH's products in the pet insurance
industry. IPH will also appoint two Synchrony executives to its
Board of Directors.
Through the collaboration, IPH and Synchrony will explore a
diverse range of opportunities, joint product development, key
technology partnerships, and insight sharing for improved customer
experience and optionality across the pet insurance and pet-care
financing industries.
"We are excited to partner with IPH to drive long-term growth
and expand our opportunities in the pet space, including the
ability to offer CareCredit to millions of additional pet owners,"
said Beto Casellas, EVP and CEO,
Health & Wellness, Synchrony. "Together, our companies
bring extensive capabilities and expertise to deliver on our
growth strategy, drive industry innovation, and serve the growing
needs of our pet families."
"Pet parents deserve access to the greatest range of pet
insurance products, tailored to the personal needs of their pets.
The unique combination of IPH's broad portfolio of brands with
Synchrony's industry-leading digital capabilities will allow us to
enhance our offerings for pet parents," said Dirk Beeckman, Chairman of IPH. "We are thrilled
to welcome the Pets Best team to the IPH family and look forward to
working closely together to diversify its offering and accelerate
the brand's growth."
IPH's acquisition of Pets Best builds upon a current
relationship between Pets Best and Independence American Insurance
Company ("IAIC"), a wholly owned subsidiary of IPH. The strategic
investment in Pets Best will strengthen IPH's ability to serve
customers in the United States and
continue the diversification of the business's innovative pet
insurance offering.
Pets Best is a leading pet insurance provider in the United States and has shown strong growth
since its acquisition by Synchrony in 2019. As part of the IPH
family, Pets Best will continue to operate under the same brand and
leadership. With IPH's support, it will seek to expand its
capabilities and presence within the U.S.
About Independence Pet Holdings
Established in 2021, Independence Pet Holdings is a holding
company that manages a diverse and broad portfolio of modern pet
health brands and services across insurance, pet education, lost
pet recovery services, and beyond across North America.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services
company delivering one of the industry's most complete
digitally-enabled product suites. Our experience, expertise and
scale encompass a broad spectrum of industries including digital,
health and wellness, retail, telecommunications, home, auto,
outdoor, pet and more. We have an established and diverse group of
national and regional retailers, local merchants, manufacturers,
buying groups, industry associations and healthcare service
providers, which we refer to as our "partners". We connect our
partners and consumers through our dynamic financial ecosystem and
provide them with a diverse set of financing solutions and
innovative digital capabilities to address their specific needs and
deliver seamless, omnichannel experiences. We offer the right
financing products to the right customers in their channel of
choice. For more information, visit www.synchrony.com.
About Pets Best Insurance Services, LLC
Pets Best offers pet insurance and wellness plans for dogs and
cats in the U.S. Founded in 2005 with a mission to provide access
to comprehensive animal healthcare at an affordable price, Pets
Best delivers flexible coverage, an easy claims process, and
excellent customer service. Pets Best is highly rated by
independent review sites and is recommended by veterinarians across
the nation. Pets Best is a founding member of NAPHIA, an
organization dedicated to ensuring high standards and transparency
for the pet insurance industry.
Pet insurance coverage offered and administered by Pets
Best Insurance Services, LLC is underwritten by American
Pet Insurance Company, a New
York insurance company headquartered at 6100 4th Ave. S.
Suite 200 Seattle, WA 98108,
or Independence American Insurance Company, a
Delaware insurance company located at 11333 N.
Scottsdale Rd, Ste. 160, Scottsdale,
AZ 85254. Pets Best Insurance Services, LLC (CA
agency #0F37530) is a licensed insurance agency located
at 10840 Ballantyne Commons Parkway, Charlotte, NC 28277. Each insurer has
sole financial responsibility for its own products. Please
refer to your declarations page to determine the underwriter
for your policy. Terms and conditions apply. See your policy
for details. To learn more about Pets Best,
click here.
Forward-Looking Statements
This press release includes 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
"will," "expect," "continue," or words of similar meaning. The
forward-looking statements convey expectations, intentions, or
forecasts related to the strategic partnership between Synchrony
and IPH and the sale of Pets Best, which are based on assumptions
and estimates, and are subject to inherent uncertainties, risks and
changes that are difficult to predict. As a result, actual results
could differ materially from those indicated in these
forward-looking statements. For the reasons described above, we
caution you against relying on any forward-looking statements,
which should also be read in conjunction with Synchrony's public
filings, including under the heading "Risk Factors Relating to Our
Business" and "Risk Factors Relating to Regulation" in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2023, as filed on
February 8, 2024. Any forward-looking
statement speaks only as of the date on which it is made and we
undertake no obligation to update any forward-looking statement,
except as otherwise may be required by law.
Media Contact:
For IPH
The One Nine Three Group
Charlie Harrison:
charlie.harrison@the193.com
For Synchrony
Michelle Blaya Romero:
Michelle.Romero@syf.com
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SOURCE Synchrony Financial