Cork pet insurance operator is acquired by Swedish firm

Capstone Financial Services had gross written premium of €3.8m last year

There are about 455,000 dogs and 325,000 cats in Ireland with a market penetration for insurance of approximately 10%. This can be compared with Sweden where 90% of the dogs and 50% of the cats are insured. Picture: iStock

Cork headquartered Capstone Financial Services has been acquired by Swedish firm Agria for an undisclosed amount.

Founded in 2008, Capstone operates the Petinsure.ie brand which offers insurance for dogs and cats in Ireland and the Netherlands. The company had gross written premium of €3.8m last year. In the Netherlands, Capstone operates with the brand Zoopo, offering pet insurance and a pet management tool.

Agria said the acquisition of Capstone gives them an immediate footprint in the Irish pet insurance market which they plan to expand. "There are about 455,000 dogs and 325,000 cats in Ireland with a market penetration for insurance of approximately 10%. This can be compared with Sweden where 90% of the dogs and 50% of the cats are insured," the company said.

“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 Djurförsäkring.

"We have an ambitious growth plan and Capstone is a profitable and well-functioning company that fits perfectly into our business portfolio."

Agria is now active in Sweden, Norway, Denmark, Finland, UK, France, Germany, Ireland and the Netherlands

Michael Harty, Managing Director of Capstone said: “This is great news for the Irish pet insurance market and particularly for Petinsure customers. Agria has an unrivalled pedigree and history in caring for pets and we are really excited to see the positive impact that Agria is going to bring to pet owners and in particular to pet insurance customers both here in Ireland and in the Netherlands”.

Clearwater International acted as principal corporate finance adviser to Capstone with RDJ providing legal advice.