SEATTLE, Nov. 03, 2022 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), the main supplier of medical insurance for cats and canines, introduced in the present day the signing of a definitive settlement to purchase Royal Blue s.r.o, the mum or dad firm of PetSkilled, a veterinary-centric pet insurance supplier with tens of 1000’s of insurance policies and operations within the Czech Republic and Slovakia.
There are an estimated 1,300 veterinary hospitals within the Czech Republic and Slovakia and over 95% of those have connectivity to the PetSkilled platform.
PetSkilled marks Trupanion’s second European acquisition, including a well-established, fast-growing firm in assist of its international growth plans. Trupanion expects further synergies from its lately accomplished acquisition of Smart Paws, together with its current relationships with the veterinary group.
“We are excited to bring together our like-minded businesses, allowing us to collectively work to eliminate the financially burdensome reimbursement model in Europe and enable pet owners and veterinarians to focus on quality of care over financial considerations,” stated Simon Wheeler, EVP of International at Trupanion. “PetExpert swiftly broadens our European footprint into the Czech Republic and Slovakia, and we expect Belgium and Poland to follow in the coming months.”
“We are thrilled to be joining the Trupanion team,” stated Derek Cummins, CEO & co-Founder with Jan Moravec, co-Founder & CTO of PetSkilled. “We share the same entrepreneurial culture and passion to help as many pet parents as possible provide the very best veterinary medical care for their pets. At the helm of PetExpert, Jan and I look forward to accelerating Trupanion’s expansion across Europe and beyond.”
“We are excited to welcome PetExpert to Trupanion and work together to advance our international expansion initiatives, a key part of our 60-month plan,” stated Margi Tooth, President of Trupanion. “We believe that Continental Europe’s underpenetrated market holds great opportunity for our high-coverage Trupanion product, with its unique support for pet parents and the veterinary community alike, to distinguish itself as the product of choice.”
The transaction is predicted to shut within the fourth quarter of 2022 and no further phrases have been disclosed. Trupanion doesn’t anticipate a cloth monetary affect to its 2022 monetary outcomes because of this acquisition.
About Trupanion
Trupanion is a frontrunner in medical insurance for cats and canines all through the United States, Canada, Europe, Puerto Rico and Australia with over 800,000 pets enrolled. For over 20 years, Trupanion has given pet homeowners peace of thoughts to allow them to concentrate on their pet’s restoration, not monetary stress. Trupanion is dedicated to offering pet homeowners 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 North American supplier with the know-how to pay veterinarians instantly in seconds on the time of checkout. Trupanion is listed on NASDAQ underneath 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 data, please go to trupanion.com.
About PetSkilled
Founded in 2018, PetSkilled is the chief within the on-line pet insurance market within the Czech Republic and, since 2020, has supplied pet insurance in Slovakia. PetSkilled offers insurance to tens of 1000’s of shoppers within the Czech Republic and Slovakia. More data is out there at www.petexpert.cz and https://www.facebook.com/PetExpertCZ
Forward-Looking Statements
This press launch comprises forward-looking statements inside the which means of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, amongst different issues, expectations, plans, prospects and monetary outcomes for Trupanion, together with, however not restricted to, its expectations relating to its means to proceed to develop its enrollments and income, and in any other case execute its business plan. These forward-looking statements are based mostly 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 might trigger precise outcomes to differ materially from these described within the forward-looking statements. All forward-looking statements made on this press launch are based mostly on data 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, may trigger outcomes to differ materially from these expressed or implied by such forward-looking statements: the closing of the transaction with PetSkilled; our means to combine and coordinate PetSkilled’s assets and capabilities with our personal; the power to obtain or keep profitability and/or applicable ranges of money stream in future durations; the power to continue to grow our membership base and income; the accuracy of assumptions utilized in figuring out applicable member acquisition expenditures; the severity and frequency of claims; the power to keep excessive retention charges; the accuracy of assumptions utilized in pricing medical plan subscriptions and the power to precisely estimate the affect of recent merchandise or choices on claims frequency; precise claims expense exceeding estimates; regulatory and different constraints on the power to institute, or the choice to in any other case delay, pricing modifications in response to adjustments 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 power 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 power to keep the safety of our knowledge; fluctuations within the Canadian forex change price; the power to defend our proprietary and member data; the power to keep our tradition and crew; the power to keep the requisite quantity of risk-based capital; our means to implement and keep efficient controls, together with over monetary reporting; the power to defend and implement Trupanion’s mental property rights; the power to efficiently implement our alliance with Aflac; the power to proceed key contractual relationships with third events; third-party claims together with litigation and regulatory actions; the power to acknowledge advantages from investments in new options and enhancements to Trupanion’s know-how platform and web site; and our means to retain key personnel.
For an in depth dialogue of those and different cautionary statements, please refer to 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 reviews 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:
Trupanion
Investors:
Laura Bainbridge, Vice President, Corporate Communications
