The IHC Group Strengthens its Partnership with Investment in Figo Pet Insurance
Independence Holding Company ("IHC") and Figo Pet Insurance ("Figo") are pleased to announce the expansion of their relationship as a result of IHC making a $5 million investment in Figo for a 4% equity stake ($125M valuation).
NEW YORK, Dec. 10, 2019 /PRNewswire-PRWeb/ -- Independence Holding Company ("IHC") and Figo Pet Insurance ("Figo") are pleased to announce the expansion of their relationship as a result of IHC making a $5 million investment in Figo for a 4% equity stake ($125M valuation).
Figo, which has been named Top InsurTech Leader by A.M. Best's Review,* and Independence American Insurance Company ("Independence American"), a member of The IHC Group which is rated A- (Excellent) by A.M. Best Company, Inc., are experiencing rapid sales growth since Independence American began underwriting pet insurance plans offered by Figo in August 2019. The partnership is now actively marketing in 46 states with the remaining states available in the coming weeks.
"We continue to be impressed by the leadership of Rusty Sproat and his team, as well as the innovative spirit and dedication to the pet insurance consumer demonstrated by everyone at Figo," said Rick Faucher, President of Pet Insurance Division of IHC Specialty Benefits, Inc. "Making an investment in capital as well as providing ongoing resources support, only makes sense as we work together to grow our book of pet insurance business. At IHC, we strive to be true partners in the distribution of our products."
"IHC's progressive underwriting services enhance Figo's core commitment to bring our customers the best product values possible," said Rusty Sproat, CEO and founder of Figo Pet Insurance. "Combining Figo's industry leading InsurTech platform with the IHC's insurance expertise will be a significant factor in our growth and continued success."
Figo, founded in 2015, is an InsurTech leader in the pet insurance industry that provides medical reimbursement plans and services for dogs and cats. Figo's technology platform delivers a suite of highly personalized services under the Figo Pet Cloud, an innovative mobile app that enables access to pet medical records, Live Veterinarian texting, claim A.I. interface, and social media connections with compatible pet-friends via a smartphone application.
For more information on Independence American's pet insurance, please contact Rick Faucher at 602-395-7083 or [email protected]. Please visit http://www.IHCGroup.com and http://www.FigoPetInsurance.com for additional resources.
*A.M. Best, Best's Review, "Agents of Change" January 2017, pages 62, 71: http://viewer.zmags.com/publication/e8f79b79#/e8f79b79/1
About The IHC Group
Independence Holding Company (NYSE:IHC), formed in 1980, is a holding company that is principally engaged in underwriting, administering and/or distributing group and individual specialty benefit products, including disability, supplemental health, pet, and group life insurance through its subsidiaries (Independence Holding Company and its subsidiaries collectively referred to as "The IHC Group"). The IHC Group consists of three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company), PetPartners Inc., our pet insurance administrator, IHC Specialty Benefits, Inc., a technology-driven full-service marketing and distribution company that focuses on small employer and individual consumer products through its call center, IHC Specialty Benefit Advisors, general agents, independent agents, private label arrangements, and INSX Cloud, our wholly owned Web Based Entity. IHC also owns the following domains http://www.healthedeals.com; http://www.my1hr.com; http://www.healthinsurance.org; http://www.medicalresources.org; and http://www.petplace.com.
About Figo Pet Insurance
Figo is a Chicago-based InsurTech company founded in 2015. They offer a unique combination of comprehensive insurance policies to protect your pet in the event of injury or illness; as well as industry-leading technology. They have become one of the fastest growing start-ups in the country. Figo utilizes a highly engaging and mobile-friendly Pet Cloud that allows consumers to manage their pet's healthcare, socially engage with fellow pet owners, and easily discover and locate services within the pet ecosystem. They provide simple, comprehensive, and transparent policies with an award-winning customer service staff, and are widely regarded as one of the leading pet insurance companies.
SOURCE The IHC Group
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