AFL - Aflac to take ~9% stake in Trupanion form pet insurance alliance

Trupanion (TRUP) surges 13% in after-hours trading after Aflac (AFL) agrees to take a 9% stake in the pet insurance company.Aflac will pay ~$200M for the newly issued shares of Trupanion common stock.Aflac agrees to keep its stake in Trupanion to under 10% and to hold the shares for at least three years, subject to certain exceptions.The equity investment is part of the companies' newly formed alliance alliance to sell pet insurance in worksites across the U.S., with the aim of leveraging Aflac's strong brand and U.S. worksite distribution network for Trupanion's pet insurance products.The two companies will also explore potential opportunities in Japan's growing pet insurance market.

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Aflac to take ~9% stake in Trupanion, form pet insurance alliance