Health for Pet and Petlove Launch Porto.Pet as Result of Recent Alliance in the Brazilian Pet Segment
April 19, 2021 at 01:00 pm EDT
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Petlove and Health for Pet, a branch of the Porto Seguro business group and leader in the animal health insurance segment, announced the conclusion of an agreement that will combine their operations within the Brazilian market. After this transaction, Porto Seguro will hold a 13.5% interest in Petlove and, in return, will transfer the ownership rights of Health for Pet to the e-commerce company. This alliance will also result in the launch of Porto.Pet, a service that will replace Health for Pet's insurance activities and become part of the Petlove ecosystem, whilst having Porto Seguro as astrategic shareholder. Porto.Pet is currently responsible for 41 thousand lives in its customer base and, after merging with Petlove, the company accelerated its expansion plan for national coverage, meeting an important criteria established by stakeholders. The possibility of verticalization, as well as the creation of its own service units for pets, are factors being considered. With this agreement, Porto.Pet should become one of the largest integrated pet care networks in Brazil.
Porto Seguro SA is a Brazil-based company primarily engaged in the automobile insurance sector. The Company's activities are divided into six business segments: Car insurance, which offers automobile insurance products; Health insurance and plans, which provides health and dental insurance policies and healthcare plans; Life insurance and pension plan, which includes life insurance products and management of pension plans; Other insurance, which provides other non-life insurance policies; Financing, which is involved in the credit transactions, and Other, which mainly includes insurance services provided in Uruguay. In addition, the Company offers a range of services not related to insurance activity, such as electronic protection and surveillance and distribution of automotive parts. The Company is controlled by Porto Seguro Itau-Unibanco Participacoes SA.