PetSure gains standalone APRA general insurance licence
Hollard-owned PetSure has been granted a standalone general insurance licence by the Australian Prudential Regulation Authority (APRA) in a change the company says will give it greater flexibility and independence to achieve its objectives.
PetSure, which administers the policies of 28 partner brands, says it has become the first APRA-licensed general insurer in Australia dedicated to pet health.
“Harnessing over 20 years of experience as a pet health insurance administrator, we believe the licence will strengthen our ability to better represent the interests of our stakeholders,” CEO Alex Thomas said today.
“Becoming a standalone insurer will help us unlock greater innovation and advocate for better customer outcomes.”
PetSure says the licence will enable it to focus on developing systems, frameworks and processes that are unique to the pet health industry, unlike other providers that cater to multiple insurance classes.
“Existing customers will remain on the Hollard licence during the transition period while new customers will be insured under the PetSure licence as partner brands transition,” Ms Thomas said. “In time, all customers will be offered policies under the PetSure licence.”
APRA said today it had granted PetSure (Australia) Pty Ltd a licence to operate as a general insurer under the Insurance Act 1973, and had also licensed PetSure Holdings Pty Ltd as a non-operating holding company.
The Australian newspaper speculated last month that PetSure could be a candidate for a stock exchange listing.
Chief Marketing Officer Jenny Williams says PetSure was granted an Australian Financial Services Licence by the Australian Securities and Investments Commission some time ago, while until today had operated under the Hollard general insurance licence issued by APRA.
“PetSure does not have plans to IPO,” she said.
The business’ partners include Bow Wow Meow, Bupa, Guide Dogs Pet Insurance, RSPCA Pet Insurance, Petbarn Insurance, Kogan Pet Insurance and Medibank.
