Saturday, November 15, 2014

Insuranceman's best friend

It has legs? Then they're insurable;
[Maria] Makara is among so-called pet parents fueling a $600 million industry in North America that’s growing at triple the pace of U.S. accident-and-health coverage, drawing investment from companies including Toronto-based Fairfax Financial Holdings Ltd. and Nationwide Mutual Insurance Co.
Fairfax, run by value investor Prem Watsa, agreed this year to buy Pethealth Inc., North America’s second-largest pet insurer, for C$100 million ($88 million). The Oakville, Ontario- based firm provides pet pharmaceuticals, microchips for animal identification, and insurance that covers everything from behavioral therapy to a reward for the return of a runaway pet.
“It’s a nascent industry and demographically it has legs, especially with the adoption of pets as family members,” Fairfax President Paul Rivett said in a telephone interview.
And it didn't take Barack Obama to get it operating.

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