ManyPets, a UK-based digital pet insurance provider, is withdrawing from the US market to focus on its UK operations. The company has partnered with Odie Pet Insurance to provide continued coverage for its existing US customers whose policies renew on January 1, 2025.

The transition involves ManyPets customers receiving renewal offers from Odie Pet Insurance starting November 1, 2024. These renewals will be subject to underwriting approval. 

ManyPets entered the US market in March 2021 and generated approximately USD 21.5 million in premiums in 2023. Despite the market being a top priority for ManyPets, the company faced operational challenges, such as high customer acquisition costs and low retention rates. It also had previously acquired a licensed carrier from Munich Re in 2022 to write its policies but is now looking to sell the carrier as part of its exit strategy.

Analyst QuickTake: ManyPets' exit from the US market follows a similar pattern to its withdrawal from Sweden in May 2023 . In both cases, the company ensured a smooth transition for existing customers by partnering with local insurers Odie Pet Insurance in the US and Hedvig in Sweden to maintain coverage continuity.