Trupanion acquires Smart Paws, marking its European expansion
Provides immediate entry into Germany and Switzerland and expedited access to 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 growing pet insurance provider with operations in Germany and Switzerland, on August 31.
Co-founded by veterinarians and insurance professionals, Smart Paws specializes exclusively in pet insurance and offers products developed by veterinarians and tailored to the needs of pets 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 this relationship footprint.
With the acquisition of Smart Paws, Trupanion is building on its international footprint, a key tenet of its 60 month plan.
“Continental Europe is a very 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 presence in other key European countries,” said Simon Wheeler, EVP International at Trupanion. “As well as being strategically positioned geographically in the European Union, the Smart Paws team brings expertise within the veterinary industry in the region, which will be essential to strengthen our presence in this market.”
The Smart Paws team will continue to manage and administer all of its membership products and policies and will be part of Trupanion’s international organization led by Simon Wheeler.
The Company does not expect any material financial impact on its 2022 financial results as a result of the acquisition. Financial terms of the transaction were not disclosed.
Trupanion is a leader in medical insurance for cats and dogs in the United States, Canada and Australia with over 700,000 registered pets. For over two decades, Trupanion has been providing 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 payments for the life of their pets. With its patented process, Trupanion is the only provider with the technology to pay vets directly within seconds at checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is based in Seattle, WA. Trupanion policies are underwritten, 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, 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 regarding, among other things, expectations, plans, prospects and financial results of Trupanion, including, but not limited to, its expectations regarding its ability to continue to increase enrollment and revenue, and otherwise execute its business plan. These forward-looking statements are based on 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 undertakes no obligation to update such forward-looking statements.
In particular, the following factors, among others, could cause actual 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 continue to grow our membership base and revenues; the accuracy of assumptions used to determine appropriate member acquisition expenditures; the severity and frequency of complaints; 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 expenses exceeding estimates; regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing changes in response to changes in actual or estimated claims costs; the effectiveness and legal or regulatory compliance of our territory partner model and our territory partners, veterinarians and other third parties in recommending medical plan subscriptions to prospective members; the ability to retain existing territorial partners and increase the number of active territorial partners and hospitals; compliance by us and those recommending members to us with laws and regulations that apply to our business, including the sale of a medical plan for pets; the ability to maintain the security of our data; fluctuations in the Canadian dollar exchange rate; the ability to protect our proprietary information and that of our members; the ability to maintain our culture and our team; the ability to maintain the required amount of capital at risk; 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 pursue key contractual relationships with third parties; third-party claims, including litigation and regulatory actions; the ability to recognize the benefits of 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 all subsequent filed reports on Forms 10-Q and 8-K. All documents are available through the SEC’s electronic data 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