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Trupanion, Inc.
Company typePublic
Nasdaq: TRUP
Russell 2000 component
S&P 600 component
IndustryPet insurance
Founded1999; 25 years ago (1999)
FounderDarryl Rawlings
Headquarters
Seattle, Washington
,
U.S.
Area served
Puerto Rico, Canada and The United States
ServicesInsurance
RevenueIncrease US$904.1 million (2022)
Decrease -US$43.001 million (2022)
Decrease -US$44.6 million (2022)
Total assetsIncrease US$671 million (2022)
Total equityDecrease US$305 million (2022)
ParentVetinsurance International, Inc.
Websitetrupanion.com

Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington established in 1998. Operating across the United States, Canada, Australia, and Puerto Rico, Trupanion offers coverage for pets. The company is self-underwritten by the American Pet Insurance Company (APIC).[1]

History

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Trupanion, initially known as Vetinsurance, was founded by current CEO Darryl Rawlings in Canada in 1999.[2]

Throughout its history, Trupanion has successfully secured funding to support its growth initiatives. In 2007, the company raised $22 million from investors including Maveron, RenaissanceRe, and a large private equity group.[3] Subsequently, a Series B round was completed in 2008, followed by a $9 million Series C round of financing led by the Highland Consumer Fund in 2011.[4][5]

In 2014, Trupanion went public, raising $71 million during its initial public offering (IPO).[6] The company continued its growth trajectory, culminating in October 2020 with the completion of a Private Investment in Public Equity (PIPE) funding round amounting to $200 million. By the end of the 2020 fiscal year, Trupanion reported revenue of $502 million.[7]

In 2023, Darryl Rawlings announced plans to step down from his position as CEO by 2025 and serve the board until 2035.[8]

PHI Direct and Furkin

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In 2021, Trupanion introduced two new pet insurance products, namely PHI Direct and Furkin.

These insurance offerings were specifically launched in Canada and are designed to provide pet medical coverage through online platforms, offering various price points to cater to different needs and budgets.[9][10]

Furkin's policy distinguishes itself by offering no per condition limits and includes access to 24-hour telehealth support facilitated by Vetsdirect Limited and Petriage.

On the other hand, PHI Direct made a significant stride as the first pet insurance company in Canada to accept PayPal and ApplePay, enhancing convenience for policyholders during payment transactions.[11]

Accreditation

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Trupanion holds the distinction of being a founding member of the North American Pet Health Insurance Association (NAPHIA), underscoring its commitment to promoting the advancement of pet health insurance standards and practices across the region.[12]

Additionally, Trupanion achieved a significant milestone in 2008 by becoming the first pet insurance company to receive the American Animal Hospital Association's (AAHA) Seal of Acceptance.[13][14] This recognition further solidifies Trupanion's dedication to upholding high standards of quality and excellence in the pet insurance industry.

Recognition and Company Culture

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In 2010, Trupanion was recognized by The Seattle Times Company (NWJobs.com) as Seattle's 'Most Pet-Friendly Company.' This acknowledgment was based on the company's policy allowing employees to bring their pets to work, as well as its provision of a full-time dog walking service exclusively for Trupanion employees.[15] Additionally, The Seattle Times honored Trupanion with the 'Most Unusual Perk' title for offering employees the option to insure their pets with a $0 deductible.[16] In the Best of KOMO Communities survey conducted by KOMO News, Trupanion was awarded both 'Best Place to Work' and 'Best Local Business' accolades.[17]

In 2011, The Huffington Post recognized Trupanion as one of nine companies in the nation that promote a healthy work-life balance for their employees.[18] Notable companies on the list included Google, Netflix, and Zappos.

Furthermore, on August 9, 2012, The Puget Sound Business Journal announced Washington's Best Workplaces at Safeco Field in Seattle and honored Trupanion with the Washington's Best Workplaces 2012 Large Company Bronze Medal.[19][20]

Charitable donations

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In May 2011, Trupanion forged a partnership with the American Humane Association to support the Second Chance Fund, an initiative dedicated to providing financial aid to animal welfare organizations.[21][22]

Additionally, in August 2012, the American Humane Association announced Trupanion's sponsorship of the service dog category in the 2012 American Humane Association Hero Dog Awards, further demonstrating Trupanion's commitment to recognizing and honoring the contributions of service animals.[23][24]

References

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  1. ^ Trupanion. Highland Capital Partners. Retrieved 2012-03-28.
  2. ^ Rouen, Ethan (April 21, 2011). "Surviving the startup founder-to-CEO transition". CNNMoney.com. Retrieved 2012-03-28.
  3. ^ "Trupanion is the Cat's Meow!" (Press release). Financial Content. February 20, 2008. Retrieved 2012-28-03.
  4. ^ Cook, John (December 13, 2011)."Trupanion nabs $9m, looks to expand pet insurance pawprint". GeekWire. Retrieved 2012-03-28.
  5. ^ "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.
  6. ^ "Pet Insurer Trupanion Raises $71 Million in IPO". Insurance Journal. 18 July 2014.
  7. ^ "Trupanion Maps a Future Beyond Insurance". Today's Veterinary Business. 28 April 2021.
  8. ^ "Trupanion Founder & CEO Darryl Rawlings to Assume Additional Role of Chair of the Board". January 10, 2023.
  9. ^ "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.
  10. ^ "Trupanion Maps a Future Beyond Insurance". Today's Veterinary Business. 28 April 2021.
  11. ^ "Trupanion launches two pet insurance brands". Coverager. 10 August 2021.
  12. ^ NAPHIA Members. North American Pet Health Insurance Association. Retrieved 2012-03-28.
  13. ^ AAHA Awards First Seal in Its Insurance Acceptance Program. Veterinary Practice News. Retrieved 2012-03-28.
  14. ^ Harmon, Rick, MS. (November/December 2009).AAHA Pet Insurance Buyer's Guide
  15. ^ "Most pet-friendly company". (2010). NWjobs.com. Retrieved 2012-03-28.
  16. ^ "Trupanion Named Most Pet-Friendly Company in Seattle". PR.com. Retrieved 2024-03-08.
  17. ^ "Best of KOMO communities" Archived 2012-07-12 at archive.today. KOMO-TV Retrieved 2012-03-29.
  18. ^ "9 companies that champion work-life balance: which would you work for?". (March 20, 2011). The Huffington Post. Retrieved 2012-03-28.
  19. ^ "Washington's Best Workplaces" Puget Sound Business Journal. (August 9, 2012). Retrieved 2012-08-27.
  20. ^ "Trupanion: Washington's Best Workplaces 2012 Large Company Bronze Medalist" Puget Sound Business Journal. (August 10, 2012). Retrieved 2012-08-27.
  21. ^ "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.
  22. ^ The Second Chance® Fund. American Humane Association. Retrieved 2012-03-28.
  23. ^ 2012 Hero Dog Sponsors. 2012 American Humane Association Hero Dog Awards. Retrieved 2012-08-27.
  24. ^ "Even heroes need help sometimes" (Press release). American Humane Association. August 2, 2012. Retrieved 2012-08-27.
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