TRUPANION, INC.

Trupanion provides medical insurance for cats and dogs in the United States, Canada, and certain countries in Continental Europe. The company offers high-value medical insurance products, priced based on each pet's unique characteristics and coverage level. Trupanion operates in two reporting segments: subscription business and other business. The subscription business segment generates revenue primarily through insurance premiums, referred to as subscription payments, from direct-to-consumer products. Within this segment, Trupanion also offers "Powered by Trupanion" pet insurance products marketed by third parties, low and medium average revenue per pet products under the brand names Furkin and PHI Direct in Canada, and a Trupanion branded product in Germany and Switzerland. The company either directly underwrites or assumes full insurance risk for these products through reinsurance arrangements. Additionally, in certain countries in Continental Europe, the company offers products underwritten by third parties who pay commissions recognized as revenue. The other business segment generates revenue from other product offerings, primarily by underwriting policies on behalf of third parties with whom the company generally has a business-to-business relationship. This segment has a significantly lower margin profile than the subscription business segment.