Trupanion
TypePublic
Nasdaq: TRUP
Russell 2000 Component
S&P 600 Component
IndustryPet insurance
Founded1999
FounderDarryl Rawlings
Headquarters
Seattle, Washington
,
U.S.
Area served
Puerto Rico, Canada and The United States
ServicesInsurance
RevenueIncrease US$904.1 million (2022)
Total assetsIncrease US$671 million (2022)
Total equityDecrease US$305 million (2022)
ParentVetinsurance International, Inc.
Websitetrupanion.com

Trupanion is a pet insurance provider based in Seattle, Washington, that offers and administers cat and dog insurance, in the United States, Canada, Australia, and Puerto Rico. Founded in 1998, Trupanion offers comprehensive insurance plans that covers hereditary & congenital conditions. The company also provides unlimited annual caps, customizable deductibles, and vet direct payments.[1][2] Trupanion is self-underwritten by the American Pet Insurance Company (APIC).[3]

History

Trupanion was founded by current CEO Darryl Rawlings[4] as Vetinsurance in Canada in 1999. Trupanion became the first North American pet insurance company to provide its own underwriting.

In 2007, Trupanion raised $22 million from Maveron,[5] RenaissanceRe and a large private equity group. A Series B round was completed in 2008 and in 2011 the company completed a $9 million Series C round of financing[6] led by the Highland Consumer Fund.[7]

In 2014, the company went public and raised $71 million during its IPO. [8] In October 2020, Trupanion completed a PIPE funding round for $200 million. Trupanion ended the 2020 fiscal year with 862,928 pets enrolled and $502 million in revenue. [9]

PHI Direct and Furkin

In 2021, Trupanion launched two new pet insurances products: PHI Direct and Furkin. Both insurance products were launched in Canada. [10] These pet medical insurance policies were designed to be offered online at different price points than Trupanion coverage. [11]

PHI Direct is the first pet insurance in Canada to accept PayPal and Apple Pay. Furkin’s policy has no per condition limits and offers 24-hour telehealth support via Vetsdirect Limited and Petriage. [12]

Accreditation

Trupanion is a founding member of the North American Pet Health Insurance Association (NAPHIA)[13] which educates pet owners in North America about the veterinary industry. Trupanion was the first pet insurance company to be awarded the AAHA's Seal of Acceptance in 2008.[14][15]

Vet Direct Pay

Trupanion was the first pet insurance company to build technology that enables clients to avoid reimbursements with the company paying veterinary bills directly.[16]

Company culture

In 2010, The Seattle Times Company (NWJobs.com) named Trupanion Seattle's ‘Most Pet-Friendly Company’[17] based on the ability of employees to bring their pets to work, and the full-time dog walking company, that works exclusively for Trupanion, to walk employees’ dogs. The Seattle Times also named Trupanion the company with the ‘Most Unusual Perk’[18] for offering employees the option of insuring their dog or cat with a $0 deductible. Trupanion was also awarded the ‘Best Place to Work’ and ‘Best Local Business’ in the 2010 Best of KOMO Communities survey,[19] developed by KOMO News.

In 2011 The Huffington Post named Trupanion as one of nine companies across the nation that support a healthy work-life balance for their employees;[20] other companies on the list included Google, Netflix, and Zappos.

On August 9, 2012, The Puget Sound Business Journal announced Washington's Best Workplaces at Safeco Field in Seattle[21] and awarded Trupanion Washington's Best Workplaces 2012 Large Company Bronze Medal.[22]

Charitable donations

In May 2011, Trupanion entered an agreement with the American Humane Association[23] in support of the Second Chance Fund,[24] a program that provides financial assistance to animal welfare organizations. In August 2012, American Humane Association announced Trupanion's sponsorship of the service dog category[25] in the 2012 American Humane Association Hero Dog Awards.[26]

References

  1. ↑ "Trupanion: A High Growth Pet Insurer With Short-Tail Risk". Seeking Alpha. 26 December 2018. Retrieved 14 July 2022.
  2. ↑ "Best Pet Insurance Companies And Plans (2022 Ratings)". MarketWatch. Retrieved 14 July 2022.
  3. ↑ Trupanion. Highland Capital Partners. Retrieved 2012-03-28.
  4. ↑ Rouen, Ethan (April 21, 2011). "Surviving the startup founder-to-CEO transition". CNNMoney.com. Retrieved 2012-03-28.
  5. ↑ "Trupanion is the Cat's Meow!" (Press release). Financial Content. February 20, 2008. Retrieved 2012-28-03.
  6. ↑ Cook, John (December 13, 2011)."Trupanion nabs $9m, looks to expand pet insurance pawprint". GeekWire. Retrieved 2012-03-28.
  7. ↑ "Trupanion Announces $9 Million Round of Financing Let by the Highland Consumer FUnd" (Press release). Highland Capital Partners. December 14, 2011. Retrieved 2012-03-28.
  8. ↑ "Pet Insurer Trupanion Raises $71 Million in IPO". Insurance Journal. 18 July 2014.
  9. ↑ "Trupanion Maps a Future Beyond Insurance". Today's Veterinary Business. 28 April 2021.
  10. ↑ "High-brow pet insurer launches breakaway, "fluff-free," low-cost product; first of several launches in Trupanion's 60-month plan". The Canine Review. 12 July 2021.
  11. ↑ "Trupanion Maps a Future Beyond Insurance". Today's Veterinary Business. 28 April 2021.
  12. ↑ "Trupanion launches two pet insurance brands". Coverager. 10 August 2021.
  13. ↑ NAPHIA Members. North American Pet Health Insurance Association. Retrieved 2012-03-28.
  14. ↑ AAHA Awards First Seal in Its Insurance Acceptance Program. Veterinary Practice News. Retrieved 2012-03-28.
  15. ↑ Harmon, Rick, MS. (November/December 2009).AAHA Pet Insurance Buyer's Guide
  16. ↑ "Direct Payment to Vets with Trupanion". trupanion.com. Retrieved 2020-02-05.
  17. ↑ "Most pet-friendly company". (2010). NWjobs.com. Retrieved 2012-03-28.
  18. ↑ "NWjobs announces the winners of the 2010 Peoples picks contest" (Press release). The Seattle Times. November 11, 2010. Retrieved 2012-03-28.
  19. ↑ "Best of KOMO communities" Archived 2012-07-12 at archive.today. KOMO-TV Retrieved 2012-03-29.
  20. ↑ "9 companies that champion work-life balance: which would you work for?". (March 20, 2011). The Huffington Post. Retrieved 2012-03-28.
  21. ↑ "Washington's Best Workplaces" Puget Sound Business Journal. (August 9, 2012). Retrieved 2012-08-27.
  22. ↑ "Trupanion: Washington's Best Workplaces 2012 Large Company Bronze Medalist" Puget Sound Business Journal. (August 10, 2012). Retrieved 2012-08-27.
  23. ↑ "Trupanion partners with American Humane Association to give companion animals a second chance" (Press release). American Humane Association. May 23, 2011. Retrieved 2012-04-03.
  24. ↑ The Second Chance® Fund. American Humane Association. Retrieved 2012-03-28.
  25. ↑ 2012 Hero Dog Sponsors. 2012 American Humane Association Hero Dog Awards. Retrieved 2012-08-27.
  26. ↑ "Even heroes need help sometimes" (Press release). American Humane Association. August 2, 2012. Retrieved 2012-08-27.
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