Trupanion (TRUP) is under investigation from multiple state insurance commissions. I have highlighted bits of those investigations over the past few months such as (LINK) when the State of Washington questioned the role of veterinarians and their role in soliciting insurance. Or the previously undisclosed investigation by the State of California where by the company hired a litigation partner who specializes in multi-state litigation to represent them.
The short thesis in TRUP is simple: the company is under-pricing its insurance product (behavior which will result in large losses for which there