By Sam Boughedda
Investing.com — Chewy Inc (NYSE:), the online retailer for pet products, is entering the pet insurance market through a partnership with Trupanion Inc (NASDAQ:) the company said Tuesday.
Trupanion shares jumped over 29% on the news. Chewy shares have risen 3% from Monday’s close.
Chewy will team up with Trupanion to offer a suite of pet health insurance and wellness plans to its more than 20 million customers, including insurance for accidents, illnesses and chronic conditions.
The partnership represents another move from Chewy in its expansion of pet health care products and services after it started a veterinarian marketplace platform called Practice Hub in September.
“By partnering with Trupanion, Chewy will be able to leverage Trupanion’s patented software to pay veterinarians directly, thus reducing out-of-pocket expenses and increasing access to care,” Chewy said.
Mita Malhotra, who heads Chewy Health, added: “The launch of customized care plans specifically designed for our customers is an important enhancement to the Chewy Health ecosystem, advancing our mission to make pet healthcare more affordable and accessible for all pet parents.”
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.