Trupanion has announced that it has acquired Smart Paws GmbH – a pet insurance provider operating in both Germany and Switzerland.
The acquisition was finalized on August 31. Terms of the transaction were not disclosed.
Smart Paws specializes exclusively in pet insurance, providing products developed by veterinarians, a release said. The acquisition of Smart Paws builds on Trupanion’s international footprint, which the company says is a key tenet of its 60-month plan.
“Continental Europe is a highly attractive opportunity for Trupanion, offering high per capita spending and relatively low levels of pet insurance penetration,” said Trupanion EVP of international Simon Wheeler. “Through the acquisition of Smart Paws, we look forward to expanding our footprint in other key European countries.”
Wheeler added that the Smart Paws team is not just “strategically positioned geographically in the European Union,” but also brings expertise within the region’s veterinary industry, which is an important factor in Trupanion’s strategy in building its presence in Europe.
The Smart Paws team will continue to manage and administer all of its products and membership policies, and will be part of Trupanion’s international organization, which is led by Wheeler.
According to a Graphical Research industry report, the pet insurance market is expected to exceed a valuation of $3.8 billion in North America within the next five years.
