Tokyo, March 22, 2018 - Rakuten, Inc. has reached an agreement with CAS Capital Fund No.6 (managed by CAS Capital, Inc.) for the acquisition of all of its outstanding shares of MottoGyutto Small Amount & Short Term Insurance (MottoGyutto), which specializes in pet insurance, and make it a wholly owned subsidiary. The new company is planned to be named Rakuten Small Amount & Short Term Insurance.
The transaction is scheduled to be completed on March 30, 2018, upon approval by the relevant authorities and the establishment of various conditions concerning the share transfer agreement.
MottoGyutto is a small amount and short term insurance company that provides coverage for family pets (dogs and cats) that require treatment or surgery at a veterinary hospital. It has expanded its business across pet shops where insurance can be purchased at that same time as a pet, and now operates both online (since 2016) and offline sales channels.
Rakuten is focused on expanding its insurance business and announced in January 2018 that the company is planning to acquire the shares of Asahi Fire and Marine Insurance Co., Ltd.*1, which offers non-life insurance, adding to its existing life insurance and individual and corporate insurance agencies. By adding MottoGyutto, which specializes in pet insurance, a field not currently covered in Rakuten’s portfolio, Rakuten is able to further expand the lineup of insurance products it offers, and by maximizing the synergies with other businesses in the Rakuten Ecosystem, can further increases the corporate value of the group.
By becoming a subsidiary, MottoGyutto will have access to Rakuten’s membership base of more than 95 million members in Japan. Rakuten is planning to develop innovative products and services that meet the needs of Rakuten members by leveraging the pet medical data held by MottoGyutto and Rakuten’s e-commerce knowledge and expertise.
Rakuten will continue to support its customers through its innovative insurance products and services.
*1 Tender offer with the aim of making it a subsidiary in March 2018.