Hollard-owned PetSure says it expects operational benefits from becoming the first standalone insurer dedicated to pet health to be licensed by the Australian Prudential Regulation Authority (APRA).

APRA last week granted PetSure (Australia) Pty Ltd a licence to operate as a general insurer under the Insurance Act 1973, and also licensed PetSure Holdings Pty Ltd as a non-operating holding company. Previously, it has come under Hollard’s APRA licence.

CEO Alex Thomas says the new licence will give the company greater flexibility and independence to achieve strategic objectives.

“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.

“Becoming a standalone insurer will help us unlock greater innovation and advocate for better customer outcomes.”

PetSure administers the policies of 28 partner brands including Bow Wow Meow, Bupa, Guide Dogs Pet Insurance, RSPCA Pet Insurance, Petbarn Insurance, Kogan Pet Insurance and Medibank.

“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.”