Trupanion press release contradicted company’s own presentation to shareholders earlier in June

On June 7, 2023, leading pet insurance provider Trupanion hosted its annual shareholders meeting at its headquarters in Seattle, which The Canine Review attended for the third year in a row.

At one point during the presentation, a slide was introduced to the audience of investors highlighting a sea of green “approved” states with respect to regulatory status for rate approvals.  Ergo, even on June 7, New York was classified as “approved” (green) according to Trup. However, Trupanion’s own press release said NY regulators “approved” the 18% increase on 6/22 (also not true and they later walked it back to “acknowledged”). 

Reacting to TCR’s reporting last week, a person who identified himself as an early stage longterm investor wrote:

I’m amazed by the Board’s silence, especially given your tweet last night showing the information on NY shared in the shareholder meeting on June 8 vs the press release on June 22. What I find most amazing – the June 22 press release specifically states that the NY price increase was NOT included in the company’s financial guidance,” he said, referring to company guidance provided to investors on May 4 for the full year which he said did not include projections for NY or CA rate filings. “How could it not be included in guidance if they classified the state as approved on June 8? I’ve been an early stage investor for years. This is not how financial projections are built,” he added. 

related:

Trupanion Claim of NY Rate Hike ‘Approval’ Not True, Regulator Says, Adding to Company’s Baggage