One month after Pets Best became a part of CareCredit, another pet health insurer has a new owner.
Embrace Pet Insurance, headquartered in Cleveland, was acquired by NSM Insurance Group for an undisclosed price. Like Pets Best, Embrace is among a group of smaller insurers with a market share in the single digits.
NSM Insurance Group, a subsidiary of White Mountains Insurance Group, reported the Conshohocken, Pennsylvania, company is in expansion mode.
“Embrace provides us with a strong platform to accelerate our growth in the pet health insurance space,” CEO Geof McKernan said.
Embrace CEO Ambrish Jaiswal and other executives are expected to stay.
Jaiswal “has built a great company and culture,” McKernan said. “Embrace Pet Insurance has continuously been named a top workplace in Northeast Ohio, which is a testament to Ambrish and his team.”
Embrace insured more than 110,000 dogs and cats in 2017. More recent figures were not available.