Provides quick entry into Germany and Switzerland and accelerated entry into different key European markets
SEATTLE, Sept. 07, 2022 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), the main supplier of medical insurance for cats and canine, introduced the acquisition of Smart Paws GmbH (“Smart Paws”), a rapidly-growing pet insurance supplier with operations in Germany and Switzerland, on August 31.
Co-founded by veterinary and insurance professionals, Smart Paws specializes solely in pet insurance and presents merchandise developed by veterinarians and tailor-made to the wants of animals and their house owners. Smart Paws’ staff of pet-loving professionals has developed robust relationships with hospitals and veterinarians in Germany and Switzerland and continues to develop that relationship footprint.
With the acquisition of Smart Paws, Trupanion builds on its worldwide footprint, a key tenet of its 60-month plan.
“Continental Europe is a highly attractive opportunity for Trupanion, offering high per capita spending and relatively low levels of pet insurance penetration. Through the acquisition of Smart Paws, we look forward to expanding our footprint in other key European countries,” mentioned Simon Wheeler, EVP of International at Trupanion. “In addition to being strategically positioned geographically in the European Union, the Smart Paws team brings expertise within the region’s veterinary industry, which will be integral to building our presence in that market.”
The Smart Paws staff will proceed to handle and administer all of their merchandise and membership insurance policies and might be part of Trupanion’s worldwide group led by Simon Wheeler.
The Company doesn’t count on any materials monetary impression to its 2022 monetary outcomes because of the acquisition. The monetary phrases of the transaction weren’t disclosed.
About Trupanion
Trupanion is a frontrunner in medical insurance for cats and canine all through the United States, Canada and Australia with over 700,000 pets enrolled. For over twenty years, Trupanion has given pet house owners peace of thoughts to allow them to deal with their pet’s restoration, not monetary stress. Trupanion is dedicated to offering pet house owners with the very best worth in pet medical insurance with limitless payouts for the lifetime of their pets. With its patented course of, Trupanion is the one supplier with the know-how to pay veterinarians straight in seconds on the time of checkout. Trupanion is listed on NASDAQ beneath the image “TRUP”. The firm was based in 2000 and is headquartered in Seattle, WA. Trupanion insurance policies are issued, within the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Omega General Insurance Company. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For extra info, please go to trupanion.com.
Forward-Looking Statements
This press launch accommodates forward-looking statements inside the that means of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 referring to, amongst different issues, expectations, plans, prospects and monetary outcomes for Trupanion, together with, however not restricted to, its expectations relating to its potential to proceed to develop its enrollments and income, and in any other case execute its business plan. These forward-looking statements are primarily based upon the present expectations and beliefs of Trupanion’s administration as of the date of this press launch, and are topic to sure dangers and uncertainties that would trigger precise outcomes to vary materially from these described within the forward-looking statements. All forward-looking statements made on this press launch are primarily based on info accessible to Trupanion as of the date hereof, and Trupanion has no obligation to replace these forward-looking statements.
In specific, the next components, amongst others, might trigger outcomes to vary materially from these expressed or implied by such forward-looking statements: the flexibility to attain or keep profitability and/or acceptable ranges of money movement in future durations; the flexibility to continue to grow our membership base and income; the accuracy of assumptions utilized in figuring out acceptable member acquisition expenditures; the severity and frequency of claims; the flexibility to keep up excessive retention charges; the accuracy of assumptions utilized in pricing medical plan subscriptions and the flexibility to precisely estimate the impression of latest merchandise or choices on claims frequency; precise claims expense exceeding estimates; regulatory and different constraints on the flexibility to institute, or the choice to in any other case delay, pricing modifications in response to modifications in precise or estimated claims expense; the effectiveness and statutory or regulatory compliance of our Territory Partner mannequin and of our Territory Partners, veterinarians and different third events in recommending medical plan subscriptions to potential members; the flexibility to retain current Territory Partners and enhance the variety of Territory Partners and lively hospitals; compliance by us and people referring us members with legal guidelines and laws that apply to our business, together with the sale of a pet medical plan; the flexibility to keep up the safety of our knowledge; fluctuations within the Canadian foreign money alternate charge; the flexibility to guard our proprietary and member info; the flexibility to keep up our tradition and staff; the flexibility to keep up the requisite quantity of risk-based capital; our potential to implement and keep efficient controls, together with over monetary reporting; the flexibility to guard and implement Trupanion’s mental property rights; the flexibility to efficiently implement our alliance with Aflac; the flexibility to proceed key contractual relationships with third events; third-party claims together with litigation and regulatory actions; the flexibility to acknowledge advantages from investments in new options and enhancements to Trupanion’s know-how platform and web site; and our potential to retain key personnel.
For an in depth dialogue of those and different cautionary statements, please seek advice from the danger components mentioned in filings with the Securities and Exchange Commission (SEC), together with however not restricted to, Trupanion’s Annual Report on Form 10-Ok for the yr ended December 31, 2021 and any subsequently filed studies on Forms 10-Q and 8-Ok. All paperwork can be found via the SEC’s Electronic Data Gathering Analysis and Retrieval system at https://www.sec.gov/ or the Investor Relations part of Trupanion’s web site at https://investors.trupanion.com/.
Contacts:
Investors:
Laura Bainbridge, Vice President, Corporate Communications
[email protected]
