Independence Holding Co. made a $5 million investment in Figo Pet Insurance LLC for a 4% equity stake at a valuation of $125 million, further expanding their relationship, according to a company release.

Independence American Insurance Co., a member of the IHC group, started underwriting pet insurance plans offered by Figo in August, and the partnership is now actively marketing in 46 states, with the remainder expected to become available soon.

Figo provides pet insurance plans and technologies, including a mobile app for pet healthcare and live veterinarian services.