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Pet Health Insurance Company Acquired by CareCredit Owner

Pets Best has more than 125,000 pet health insurance policies in force.

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STAMFORD, CT — Synchrony, a consumer financial services company, has acquired Pets Best, a pet health insurance industry pioneer.

Boise, ID-based Pets Best will operate under Synchrony’s CareCredit platform, which offers health, wellness and personal care credit products that can be used to pay for a variety of healthcare expenses, including veterinary care.

Financial terms of the deal were not disclosed. The transaction is not expected to have a material impact on Synchrony’s financial results, according to a press release.

Pets Best “provides CareCredit with an immediate entry point into the rapidly growing pet insurance market, building upon CareCredit’s decades of expertise in the veterinary market,” according to the release.

“More people are including pets as part of their family,” said Beto Casellas, CEO of CareCredit. “With Pets Best, we now have unique insight into the fast-growing pet health insurance market and can offer pet owners more choices for their pet’s care. This acquisition will further strengthen our strong veterinary relationships by giving veterinarians the ability to offer comprehensive financial options and a seamless customer experience.”

Pets Best has more than 125,000 pet health insurance policies in force, more than 1 million claims processed, and payouts of $200 million in claims.

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“CareCredit has unmatched expertise with consumer financing in the veterinary industry, and their digital first, customer-focused culture perfectly complements our priorities,” said Chris Middleton, president of Pets Best. “Joining forces with CareCredit, we can more quickly scale our offerings and provide a full-suite of financing options to our customers, benefiting veterinarians, pet parents and ultimately pets for the long term.”

The release explained: “As a result of this acquisition, consumers will have access to both pet health insurance policies along with CareCredit financing solutions. CareCredit will leverage Pets Best’s leading technology and strong experience in the growing pet health insurance market. Pets Best will have access to CareCredit’s deep healthcare market penetration and access to veterinary practices and veterinary industry associations.

“CareCredit will also enhance Pets Best’s offering by utilizing its domain expertise in digital marketing, loyalty, mobile, and data. In the future, CareCredit will offer consumers access to comprehensive care for their pets by combining financing and insurance options, providing a seamless customer experience.”

Pets Best will continue to operate in Boise.

Since launching in 2017, PETS+ has won 11 major international journalism awards for its publication and website. Contact PETS+'s editors at editor@petsplusmag.com.

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Grooming-Tools Brand Acquired

The tools will be rebranded and redesigned.

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Fetch for Pets, a New York-based pet-product manufacturer, has purchased Spetacular grooming tools from Vu Promo Inc.

Financial terms of the deal were not disclosed.

Fetch designs, develops and distributes grooming liquids and tools as well as products in the categories of dental care, stain/odor control, waste management, toys, apparel, accessories, treats and more.

The Spetacular tools are widely distributed at Walmart stores. Fetch plans to rebrand and redesign the tools, incorporating proprietary bristles and making them more lightweight and ergonomic.

Spetacular plans to reintroduce the brand, with the products hitting shelves and walmart.com by summer 2019.

The grooming tools will be for both dogs and cats. Their price range will be $7.99 to $9.99.

“We’re always looking for new opportunities to enhance a retailer’s set,” said Steven Shweky, CEO of Fetch. “Seventy percent of our company is comprised of product developers whose sole focus is to innovate and bring something new and exciting to our retail partners.

“This is just the first of many new brand launches and overhauls we have lined up for 2019.”

Check out the company at Global Pet Expo booth 4067.

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Stop by the PETS+ Booth at Global, Play with a Puppy — and Maybe Even Find Your New Pet

Florida Little Dog Rescue will be at our booth all week.

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Attending Global Pet Expo? Miss your pet?

Come to booth  4039 to get your free subscription to PETS+ Magazine and meet your new best friend.

Florida Little Dog Rescue will be at our booth all week! Play with a puppy,
get your furry fix, and maybe even take one home.

Exhibitors, if you’d like to donate to Florida Little Dog Rescue, be sure to stop by our booth.

Florida Little Dog Rescue is a nonprofit organization that rehabilitates unwanted, abused and abandoned little dogs and places them in loving and responsible homes to live out their lives as cherished family members.

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Proposed Law Would Require Equal Treatment of Dog Breeds by Insurers

Under the measure, owners of pit bulls and Rottweilers couldn’t be charged higher premiums.

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A bill under consideration in Maryland would require firms to treat dog breeds equally when setting premiums for renters or homeowners insurance policies.

The idea is to prevent owners of breeds such as pit bulls and Rottweilers from being charged more, Maryland Matters reports.

State Sen. Katherine A. Klausmeier introduced the measure to the Maryland General Assembly.

The proposed law “would require an insurer to either cover losses by all dog breeds or exclude coverage altogether,” Klausmeier told the state’s Senate Finance Committee.

Supporters of the legislation say premiums should not be based on “outdated breeds stereotypes,” Maryland Matters reports.

“Insurance companies should identify individual dogs that have a history that may predict their likelihood of being dangerous in the future,” said Emily Hovermale, of the Humane Society of America’s Maryland/Delaware chapter.

But Nancy Egan of the American Property Casualty Insurers Association said insurers “should be able to look at their business losses and be able to exclude those risks that they see are not profitable for them.”

Read more at Maryland Matters

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