Trupanion Provides Updates on Rate Filing Approval Status in California and New York

SEATTLE, June 22, 2023 (GLOBE NEWSWIRE) -- Trupanion, Inc. (Nasdaq: TRUP) today provided the following updates on its rate filing approval status in California and New York:

• California approved over a 12% rate increase, which in addition to its’ previously approved 8% rate increase in November of 2022, brings the total approved rate to approximately 21% in the last seven months.
• New York approved Trupanion’s requested 18% rate increase, which in addition to its’ previously approved 6% rate increase in November of 2022, brings the total approved rate to approximately 25% in the last seven months.

With these key state approvals, Trupanion now expects to have 19.7% pricing action flowing through its book by the end of August 2023, and 21.6% pricing action flowing through its book by the end of September 2023.

Margi Tooth, President of Trupanion noted, “We are very pleased with the recent rate approvals from two of our largest states, New York and California. These rate approvals, which are necessary in today’s rising cost of veterinary care environment, demonstrate a big step forward towards achieving our value proposition, which we believe to be the highest in the industry. We believe the rising cost of veterinary care will only increase the need for Trupanion in the months and years ahead and we look forward to being there for our members and their pets.”

Tooth added, “We thank both the New York and California Departments of Insurance for their continued partnership and look forward to our ongoing dialogue and collaboration.”

The Company’s previously issued guidance for the full year of 2023, provided on May 4, 2023, was not inclusive of these California and New York approvals.

Today the Company reiterated its intent to deliver positive free cash flow in the fourth quarter of 2023 driven by a reduction in spend, additional operational efficiencies, and an assumption that the cost of veterinary care continues to increase 15% year-over-year.

Tooth concluded, “We view these key rate approvals as a net positive to our balance sheet.”

About Trupanion
Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, Europe, Puerto Rico and Australia with over 900,000 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 North American 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.