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

June 22, 2023

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

Forward-Looking Statements
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 relating to, among other things, expected rate filings, the impact of rate approvals, our value proposition and growth prospects, our ability and timing for achieving free cash flow positivity, and other express or implied expectations, plans, prospects and financial results for Trupanion, including, but not limited to, those regarding its ability to continue to grow its enrollments and revenue, and otherwise execute its business plan. These forward-looking statements are based upon 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 has no obligation to update these forward-looking statements.
In particular, the following factors, among others, could cause 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 keep growing our membership base and revenue; the accuracy of assumptions used in determining appropriate member acquisition expenditures; the severity and frequency of claims; 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 expense exceeding estimates; regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing modifications in response to changes in actual or estimated claims expense; the effectiveness and statutory or regulatory compliance of our Territory Partner model and of our Territory Partners, veterinarians and other third parties in recommending medical plan subscriptions to potential members; the ability to retain existing Territory Partners and increase the number of Territory Partners and active hospitals; compliance by us and those referring us members with laws and regulations that apply to our business, including the sale of a pet medical plan; the ability to maintain the security of our data; fluctuations in the Canadian currency exchange rate; the ability to protect our proprietary and member information; the ability to maintain our culture and team; the ability to maintain the requisite amount of risk-based capital; 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 continue key contractual relationships with third parties; third-party claims including litigation and regulatory actions; the ability to recognize benefits from 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, 2022 and any subsequently filed reports on Forms 10-Q, 10-K and 8-K. All documents are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system at the Investor Relations section of Trupanion’s website at
Laura Bainbridge, Vice President, Corporate Communications

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Source: Trupanion, Inc.