Pethealth Inc Insurance Revenue Up

Pethealth Inc, the company behind 24PetWatch insurance (US & Canada) and PetProtect insurance (UK), announced double digit growth for the 3rd quarter of 2013. Insurance revenue increased 15% to $6.5 million.

The company website notes that it insures over 200,500 pets. Based on that number, I would expect the insurance revenue to be higher. Using an average premium price of $25 per month, I would expect about $15 million in insurance revenue for the quarter (200,500 x $25 x 3 months.)

Perhaps the lower revenue per customer is due to the free 30-day trial insurance policies the company gives away. Assuming those free policies are included in the 200,500 total, a high number of freebies would certainly change . . . → Read More: Pethealth Inc Insurance Revenue Up

RIP PurinaCare

Purina is getting out of the pet insurance business.   Last week, Pethealth (24PetWatch) announced that they are buying the 12,000 PurinaCare policyholders (or more specifically, they are buying the right to administer the current PurinaCare policies and the right to any subsequent policy renewals.)

The main question for PurinaCare customers revolves around renewals.  When it comes time to renew, will the PurinaCare policyholder have to switch to a Pethealth policy or do they get to keep their existing policy?   This could have real effects on customers due to the different types of coverage offered by the two companies (e.g, Pethealth has per incident limits, while PurinaCare . . . → Read More: RIP PurinaCare

Pethealth Inc 3rd Quarter Results

Pethealth Inc, commonly known as 24PetWatch, announced net income of $343,000 on revenue of $8.2 million for the 3rd quarter of 2010.

Highlights:

- they intend to acquire other pet insurance businesses in the US & the UK
- over 60% of new policy sales came from the shelter channel
- they are selling a lot of microchips; almost $2 million worth in . . . → Read More: Pethealth Inc 3rd Quarter Results

Pethealth Inc Quarterly Results

Pethealth Inc, the second largest pet insurer in North America and commonly known as 24PetWatch, announced net income of $739,000 on revenue of $7.9 million for 2nd quarter of 2010. marketwatch

Highlights:

- over 50% of new policies came from their shelter channel

- pet adoption is becoming more popular

- no mention of number of active policies

Pethealth offers free shelter management software to shelters if they agree to promote their insurance products. They also moved into the UK market in 2008 when they bought Pet . . . → Read More: Pethealth Inc Quarterly Results