TRUP - Is Trupanion Still a Buy After the Rally in June?
The announcement last month that pet insurance company Trupanion (NASDAQ: TRUP) was appointing 30-year animal health industry veteran Simon Wheeler as its first executive vice president of international business sent the stock up 28% in June, comfortably outpacing the S&P 500's pedestrian 2%.
Wheeler's three decades of industry experience should be a huge boon to Trupanion as it looks to double its addressable market of veterinary hospitals by 2035, so it is understandable that the market cheered. As EVP of international business, Wheeler will be responsible for expanding Trupanion's presence in Australia, as well as launching operations in Japan, the UK, Brazil, and Western Europe — adding millions of pets to Trupanion's addressable market.
Management's announcement last October that the company was forming a distribution alliance with Aflac (NYSE: AFL) in the U.S. also brings the potential for the same to occur in Japan, where Aflac's policies cover a quarter of households with its cancer and medical insurance offerings.
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Is Trupanion Still a Buy After the Rally in June?