JAB to acquire a majority stake in Cardif Pinnacle from BNP Paribas.

JAB, a privately held group focused on long term investments, agreed to acquire a majority stake in Cardif Pinnacle, a provider of pet insurance, motor warranty insurance, gap insurance and gadget insurance, from BNP Paribas, a French international banking group. Financial terms were not disclosed. "Though the European pet insurance market is the world’s second largest, the quality and availability of services vary dramatically from country to country. Our collaboration with BNP Paribas Cardif reflects a shared vision that pet owners in the UK and Europe deserve better, and that by combining forces we can build on BNP Paribas Cardif’s strong expertise and support to enter new markets and achieve accelerated, long-term growth," Dirk Beeckman, JAB Insurance Partner.