Provides immediate entry into Germany and Switzerland and accelerated access into other key European markets
SEATTLE, Sept. 07, 2022 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), the leading provider of medical insurance for cats and dogs, announced the acquisition of Smart Paws GmbH (“Smart Paws”), a rapidly-growing pet insurance provider with operations in Germany and Switzerland, on August 31.
Co-founded by veterinary and insurance professionals, Smart Paws specializes exclusively in pet insurance and offers products developed by veterinarians and tailored to the needs of animals and their owners. Smart Paws’ team of pet-loving professionals has developed strong relationships with hospitals and veterinarians in Germany and Switzerland and continues to expand that relationship footprint.
With the acquisition of Smart Paws, Trupanion builds on its international 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,” said 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 team will continue to manage and administer all of their products and membership policies and will be a part of Trupanion’s international organization led by Simon Wheeler.
The Company does not expect any material financial impact to its 2022 financial results as a result of the acquisition. The financial terms of the transaction were not disclosed.
Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada and Australia with over 700,000 pets enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in 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 more information, please visit trupanion.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, expectations, plans, prospects and financial results for Trupanion, including, but not limited to, its expectations regarding its ability to continue to grow its enrollments and revenue, and otherwise execute its business plan. These forward-looking statements are based upon the current expectations and beliefs of Trupanion’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements made in this press release are based on information available to Trupanion as of the date hereof, and Trupanion has no obligation to update these forward-looking statements.
In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the ability to achieve or maintain profitability and/or appropriate levels of cash flow in future periods; the ability to keep growing our membership base and revenue; the accuracy of assumptions used in determining appropriate member acquisition expenditures; the severity and frequency of claims; the ability to maintain high retention rates; the accuracy of assumptions used in pricing medical plan subscriptions and the ability to accurately estimate the impact of new products or offerings on claims frequency; actual claims expense exceeding estimates; regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing modifications in response to changes in actual or estimated claims expense; the effectiveness and statutory or regulatory compliance of our Territory Partner model and of our Territory Partners, veterinarians and other third parties in recommending medical plan subscriptions to potential members; the ability to retain existing Territory Partners and increase the number of Territory Partners and active hospitals; compliance by us and those referring us members with laws and regulations that apply to our business, including the sale of a pet medical plan; the ability to maintain the security of our data; fluctuations in the Canadian currency exchange rate; the ability to protect our proprietary and member information; the ability to maintain our culture and team; the ability to maintain the requisite amount of risk-based capital; our ability to implement and maintain effective controls, including over financial reporting; the ability to protect and enforce Trupanion’s intellectual property rights; the ability to successfully implement our alliance with Aflac; the ability to continue key contractual relationships with third parties; third-party claims including litigation and regulatory actions; the ability to recognize benefits from investments in new solutions and enhancements to Trupanion’s technology platform and website; and our ability to retain key personnel.
For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the Securities and Exchange Commission (SEC), including but not limited to, Trupanion’s Annual Report on Form 10-K for the year ended December 31, 2021 and any subsequently filed reports on Forms 10-Q and 8-K. All documents are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system at https://www.sec.gov/ or the Investor Relations section of Trupanion’s website at https://investors.trupanion.com/.
Laura Bainbridge, Vice President, Corporate Communications