Pets Best Insurance announces affiliation with new underwriter
Posted on February 14, 2012 under Industry News
Pet Insurance Provider, Pets Best Insurance, will enhance policyholder benefits, offer broader coverage and more plan choices with new underwriter, Independence American Insurance Company.
Boise, ID- February 14, 2012- Pets Best Insurance, one of the nation’s leading pet insurance providers, announced today that Independence American Insurance Company (IAIC) will become the new underwriter of pet insurance plans offered by Pets Best. IAIC and Pets Best Insurance are formatting plans for filing in all 50 states.
Headquartered in New York City, with offices in Minneapolis, Phoenix and San Francisco, Independence American Insurance Company is a wholly owned subsidiary of American Independence Corp (NASDAQ:AMIC), and a member of The IHC Group, an insurance organization composed of Independence Holding Company (NYSE:IHC) and its operating subsidiaries. The IHC Group is an organization of insurance carriers, managing general underwriters, third-party administrators and marketing affiliates that has been providing health, life, disability, dental, vision and medical stop-loss insurance solutions to groups and individuals for nearly 30 years. The IHC Group has over $1.3 billion in assets and a financial strength rating of A- (Excellent) from A.M. Best Company, Inc., a widely recognized rating agency that rates insurance companies on their relative financial strength and ability to meet policyholder obligations. Collectively, the companies in The IHC Group provide insurance coverage to more than one million individuals and groups.
“The IHC Group is excited about the opportunity to work with Pets Best Insurance and serve a market niche that is rapidly growing. This diversification moves us into new markets while giving our customers and distribution access to new benefit solutions,” said Jeff Smedsrud, Senior Vice President and Chief Marketing and Strategy Officer of The IHC Group.
With IAIC, Pets Best Insurance plans will remain competitively priced and allow more flexibility to meet customer needs in a variety of ways, including more plan choices, broader coverage and improved benefits for policyholders. Premium rates will be based on experience by breed, pet age and the typical veterinary costs within each policyholder’s local area.
“Current policyholders will continue to experience the same outstanding customer care and industry leading claim processing and reimbursement that they receive now. Going forward, Pets Best Insurance and IAIC will be providing leading edge and innovative products for pet owners who will benefit by doing business with industry leaders,” states Jack Stephens, President and founder of Pets Best Insurance.
“Pets Best is a highly respected organization that is growing quickly. IHC is pleased to be part of an opportunity that partners us with one of the top five companies within this industry,” said Smedsrud.
With the goal of reducing economic euthanasia and his commitment to the safety, health and well being of all pets, Pets Best Insurance leader, Dr. Jack Stephens, founded pet health insurance in the United States in 1981. A true industry visionary, Dr. Stephens today leads the Pets Best Insurance team with his passion for quality pet care and his expert veterinary knowledge. The Pets Best Insurance team, in turn, is a group of pet lovers who strive to deliver quality customer service and value.