ManyPets, a pet insurance startup, is pulling out of the US market to focus on its business in the UK. This follows the startup’s exit from the Swedish market last year.
ManyPets is collaborating with Odie Pet Insurance, another pet insurance startup. Odie will offer continued coverage to ManyPets’ US customers whose policies renew on or after January 1, 2025. Renewal offers are scheduled to begin going out on November 1, 2024, and will be subject to underwriting approval.
ManyPets initially entered the US market in March 2021 through a partnership with Accredited Surety and Casualty Company. In 2023, Accredited reported approximately $21.5 million in premiums generated by ManyPets. In 2022, ManyPets acquired a licensed carrier from Munich Re to write its own policies, but reports surfaced in August that the startup was seeking to sell the carrier.
According to sources, while the US market was considered a high priority, ManyPets encountered operational challenges. As of the third quarter of 2022, the US arm of ManyPets employed around 100 people.
“ManyPets has developed what we consider to be the best coverage option for pet parents across the US. We’re delighted to announce this next stage of our journey as we join forces with Odie in the US to make sure that pets and pet parents in the US continue to receive great coverage,” said Robb Granado, US CEO of ManyPets.
“We are thrilled to be offering renewals and a continuation of services to all ManyPets customers. We are confident they will appreciate our caregiving ethos and look forward to providing exceptional value and support on their pet parenting journey,” stated Miles Thorson, CEO and Co-Founder of Odie Pet Insurance.
