JAB Holding Company Expands into Global Insurance with Industry Veteran Anant Bhalla at the Helm | Insurtech Insights (2024)

The initiative marks a significant milestone for JAB, building upon its existing success in the pet insurance sector. Through its subsidiaries Independence Pet Holdings and Pinnacle Pet Group, JAB boasts ownership of over 20 pet insurance brands spanning across 10 countries. With a collective customer base insuring more than 5 million pets, these entities are projected to generate over $3 billion in global revenues in 2024.

Bhalla expressed excitement at joining the new venture, saying:“The future of insurance is permanent capital. I couldn’t be more excited to join Peter, Joachim, and Frank as they shape the evolution of the JAB ecosystem for future generations, and I am energised by the art of the possible for the insurance marketplace as we tap JAB’s permanent, perpetual capital base.”

Under Bhalla’s leadership, JAB aims to broaden its insurance footprint on a global scale, while simultaneously venturing into asset management focused on insurance balance sheet investing across various thematic sectors beyond consumer goods and services.

Bhalla brings a wealth of experience to his new role, having served as President & CEO of American Equity Investment Life Holding Company since 2020. During his tenure, he orchestrated the company’s successful transition to private ownership through a sale to Brookfield Reinsurance valued at $4.3 billion, resulting in a remarkable total shareholder return of over three times.

Prior to his role at American Equity Investment Life Holding Company, Bhalla held key leadership positions, including CFO of Brighthouse Financial following its spin-off from MetLife in 2017. He also served as CFO of MetLife’s U.S. Retail Insurance Businesses, contributing to the strategic growth and success of these organisations.

With over two decades of experience in the insurance and asset management sectors, Bhalla has held senior roles at esteemed Fortune 500 companies such as American International Group, Lincoln National Corporation, and Ameriprise Financial.

Bhalla’s appointment underscores JAB’s commitment to strategic expansion and diversification, positioning the company for sustained growth and success in the dynamic global insurance landscape. As JAB embarks on this new venture, Bhalla’s leadership and expertise are poised to drive innovation and propel the company towards its ambitious goals in the insurance and asset management spheres.

Speaking about the move, Joachim Creus, Managing Partner, Vice Chairman, and CEO of JAB said: “In 2012, Peter set in motion a long-term strategic vision to transform a family office into a leading investment firm in consumer goods and services. Today, JAB manages more than $50 billion of assets, including a fast-growing pet insurance business.”

He continued: “We will expand on our success in insurance with the build out of a global insurance platform and asset manager led by one of the most successful veterans in the industry. Anant is an incredible talent with a proven track record of creating sustainable value through the convergence of asset management and insurance. We are very fortunate to welcome him to the JAB Partnership.”

Frank Engelen, Managing Partner, and CFO of JAB, also commented, saying: “Pet insurance, which sits at the crossroads of consumer products and insurance, was a natural first step into insurance for JAB. As we expand beyond consumer, our priorities include creating a global insurance business and thematic asset management capabilities, significantly diversifying JAB’s investment portfolio for the benefit of our shareholders.”

Peter Harf, Managing Partner, Founder, and Chairman of JAB added: “This is the next phase of JAB’s evolution into a more diversified investment firm. With this milestone, we are ideally positioned to deliver sustainable, long-term shareholder value for generations to come”