Kogan.com, the pure play online retailer building a portfolio business, is launching its own pet insurance.
Kogan has signed an agreement with PetSure to distribute and promote pet insurance policies under a new brand Kogan Pet Insurance.
At the close, Kogan.com shares were up more than 10% to $5.46.
David Shafer, executive director of Kogan.com, says the partnership with PetSure is a natural extension to Kogan’s existing insurance offerings.
Earlier this month Kogan signed a three-year partnership with Medibank Group to create the health insurance business, Kogan Health.
“We are excited to partner with PetSure, the clear leader in the Australian pet insurance market, to offer an affordable range of pet insurance products to our growing community of smart shoppers,” he says.
“Pet insurance is a growing insurance category in Australia.”
Kogan, which has a portfolio strategy including insurance and mobile broadband services on top of Kogan.com’s traditional consumer electronics offering, is expecting to launch its pet insurance offering to the Kogan community in the second half of this financial year.
Kogan shares last traded at $4.95. They had been trading below the ASX-listing price of $1.80 issue price last year but have been rising this year as the company reports better than expected progress against its prospectus.
Revenue for the year to June was up 37.1% to $289.52 million. The active customer base grew to 955,000, up 36.0% from 12 months earlier.