Partnership Announcement: Santevet and Tedaisy join forces strategically
Tedaisy Insurance Group Partners with Santévet Group to Expand UK Pet Health Insurance Presence
In a move to solidify its position as a leading player in the European pet insurance market, Santévet Group has announced a strategic partnership with Tedaisy Insurance Group. This partnership includes a majority equity stake acquisition of Tedaisy, a UK-based pet insurance broker and managing general agent (MGA).
Tedaisy, a fast-growing competitive player in the UK market, will benefit from Santévet's strategic investment. The partnership allows Santévet to leverage Tedaisy's agile and focused approach, strong competitive position, and customer-centric solutions such as Perfect Pet Vet Assist and NOW Pet Vet Assist.
The transaction, subject to customary UK regulatory approvals, is expected to complete before the end of the year. Following the merger with Intrinsia, Tedaisy now holds 100% of the equity in four trading entities, including Alpha Underwriting, an MGA specialising in travel and accident.
The acquisition of Perro by Tedaisy, a strategic move for Tedaisy to build a new future of pet insurance, was facilitated by legal advisers Fladgate and Addleshaw Goddard, with commercial due diligence provided by Oliver Wyman and financial due diligence provided by Evelyn and Mazars. Financial adviser to Tedaisy was Continuum Advisory Partners.
With more than £35 million in Gross Written Premiums and hundreds of thousands of pets insured, Tedaisy operates under the brands Perfect Pet and Now Pet Insurance in the UK market. The merger with Intrinsia is a strategic all-share deal aimed at accelerating growth.
Santévet's existing leadership team will continue to drive growth in the UK, while Columna Capital, Santévet's majority shareholder, will support both Santévet and Tedaisy in growing Tedaisy's footprint in the UK.
The partnership between Santévet and Tedaisy marks a significant step in Santévet's growth strategy, focusing on expanding its presence in the UK pet health insurance market, one of the largest and most mature globally. By investing in Tedaisy, Santévet aims to consolidate its position as the independent European leader in pet insurance and drive further growth in this key market.
[1] Santévet Group Press Release [3] Tedaisy Insurance Group Press Release
- The strategic partnership between Santévet Group and Tedaisy Insurance Group, facilitated by investment from Santévet, aims to further drive innovation in pet insurance underwriting, leveraging Tedaisy's agile and focused approach and customer-centric solutions.
- Insurtech firms, such as Tedaisy and Alpha Underwriting (a part of Tedaisy), are becoming increasingly influential in the business of finance, using technology to streamline processes, improve customer service, and create unique events in the UK market.
- As Santévet Group solidifies its position as the independent European leader in pet insurance, the company's focus on events like mergers and acquisitions, like the recent one with Tedaisy Insurance Group, will play a key role in strengthening its presence in the UK market and ensuring future growth.
