Cork's Petinsure has rebranded to Agria Pentinsure following its acquisition a year ago by Swedish pet insurance giant Agria Djurförsäkring/
PetInsure profitably offered insurance for cats and dogs in Ireland, and in the Netherlands as Zoopo, prior to the takeover of its holding company Capstone Financial Services in February 2022.
Capstone reported €3.9m in gross written premiums in 2021, an increase of 15% year-on-year, while net fee income and commissions rose 1% to €1.3m.
Agria sensed an opportunity in Ireland, where just 10% of the country's 455,000 dogs and 5% of its 325,00 cats have insurance cover, compared to 90% of dogs and 50% of cats in Sweden.
“I see huge potential to increase the level of insured pets in Europe and I am pleased to accelerate our international growth strategy by adding Ireland and the Netherlands to our operations," said Agnes Fabricius, CEO at Agria, said at the time of the acquisition.
In Association with
Europe's second-largest pet insurer will underwrite policies for Agria Petinsure, replacing Arch Insurance.
Bernard O'Sullivan, country manager, stated: "Our overall aim is to increase the insurance rate for pets, thus increasing their welfare and their pet owners’ peace of mind.
"We know from establishing businesses in other European countries that the pet insurance uptake usually increases gradually after entering a new market. We will of course strive for this in the Irish market as well, including increasing pet owners' understanding of the importance of insuring their pets.
"Extended treatments or major surgeries can be financially burdensome for pet owners. A pet insurance policy is the best way to ensure that your pet will receive the necessary medical care, including in an emergency," he added.
"Many dogs and cats may also require care as they grow older. Lifelong insurance can prove to be a safety net for these situations.”
Capstone employed 17 people in 2021, including 14 staff in administration and its three directors. Payroll costs totalled €679,000.
(Pic: Getty Images)
