Trupanion, a provider of medical insurance for cats and dogs, has acquired Smart Paws, a pet insurer in Germany and Switzerland.
Co-founded by veterinary and insurance professionals, Smart Paws specialises in pet insurance. The company offers products developed by veterinarians, tailored to the needs of animals and their owners.
Founded in 2000 and headquartered in Seattle, Trupanion provides insurance for cats and dogs. Operating throughout the US, Canada and Australia, with over 700,000 pets enrolled on its platform.
The company said it aims to give pet owners peace of mind so they can focus on their pet’s recovery, not financial stress.
Trupanion aims to provide 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 said the acquisition of Smart Paws will help it grow its international footprint.
The Smart Paws team will continue to manage and administer their products and membership policies and will be a part of Trupanion’s international organisation led by Simon Wheeler.
The company added that it 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.
Wheeler, EVP of international at Trupanion, said, “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.
“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.”
Earlier this year, JAB Holding Company (JAB) entered into an agreement to acquire Fairfax’s interests in US-based Crum & Forster Pet Insurance Group, in a deal worth $1.4bn.
Copyright © 2022 FinTech Global
