Trupanion provides medical insurance for cats and dogs in the U.S., Canada, and parts of Continental Europe, with roughly 1.1 million pets enrolled. The core product offers lifetime, comprehensive coverage including hereditary and congenital conditions, with no annual limits. A key differentiator is Trupanion's patented software that integrates directly with veterinary practice management systems, enabling Trupanion to pay the vet directly at checkout rather than requiring pet owners to seek reimbursement. Trupanion acquires customers primarily through a network of ~200 independent Territory Partners who build relationships with veterinarians, who in turn refer pet owners to Trupanion. Revenue is earned through monthly premiums and grows via more enrolled pets and higher average revenue per pet driven by pricing adjustments. Trupanion operates a cost-plus model targeting a return of 71% of premiums back to members as paid veterinary invoices, with the remaining 29% covering costs and generating profit. The business has two segments: a Subscription segment (~69% of revenue) covering direct-to-consumer policies underwritten or reinsured by Trupanion, and an Other Business segment (~31% of revenue) that underwrites policies for third parties, primarily Pets Best, which is in secular decline. Retention (~98.3% monthly) is a core value driver, as the average pet stays enrolled ~58 months, extending lifetime value and supporting reinvestment in pet acquisition.