Health care financing provider CareCredit will offer pet health insurance under the Pets Best brand after parent company Synchrony purchased one of the insurance industry’s smaller operators.
Terms of the transaction were not announced.
“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,” said CareCredit CEO Beto Casellas. “This acquisition will further strengthen our strong veterinary relationships by giving veterinarians the ability to offer comprehensive financial options and a seamless customer experience.”
Synchrony reported that Pets Best, which has more than 125,000 insurance policies in force, will operate under Synchrony’s CareCredit platform. The insurer will maintain its Boise, Idaho, headquarters.
Pets Best was co-founded in 2005 by Jack Stephens, DVM, who is credited with starting North America’s pet health insurance industry in 1982. His Veterinary Pet Insurance Co. (VPI) was later purchased by industry leader Nationwide.
“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,” said Chris Middleton, president of Pets Best.
The CareCredit credit card is accepted at more than 22,000 veterinary practices.