Benzinga | Nov 9, 2021 12:09PM EST

AXIS Capital Reports Its Insurance Unit Entered Strategic Relationship With Managing General Underwriter Petplan

AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited ("AXIS Capital") (NYSE:AXS), today announced it has entered the pet insurance market via its Accident and Health unit through a strategic relationship with Managing General Underwriter Petplan. AXIS Insurance will provide underwriting capacity for comprehensive pet insurance policies for dogs and cats in the U.S. and Canada.

"Our relationship with Petplan is an exciting way for us to enter the North American pet insurance marketplace and an area of insurance that complements our existing global Accident and Health portfolio," said James Hamilton, Global Head of Accident and Health for AXIS Insurance.

Petplan is the fourth largest MGU in the U.S. and Canada dedicated to pet insurance, providing insurance coverage to over 280,000 pets.

"For over 15 years, our passion at Petplan has been helping pets live long, vibrant lives," said Paul Guyardo, President and CEO for Petplan. "Given our growth over the last few years, expanding our underwriting capabilities with a partner like AXIS Insurance makes sense. Together, we look forward to bringing our industry-leading coverage to even more pet parents across North America."

Customers can access the insurance product via Petplan through an intuitive mobile experience that provides seamless claims processing and excellent customer service. Petplan's mobile platform is backed by machine learning capabilities designed to predict a pet's health trajectory and provides customers with information aimed at improving pet wellness and decreasing vet care costs.