SEATTLE, Aug. 01, 2017 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq:TRUP), a leading provider of medical insurance for cats and dogs, today announced financial results for the second quarter ended June 30, 2017.

“Our second quarter results highlight the consistency of our revenue growth and our continued progress leveraging our fixed expenses,” said Darryl Rawlings, CEO of Trupanion.  “This is enabling us to test additional initiatives around pet acquisition while maintaining positive cash flow.”

Second Quarter 2017 Financial and Business Highlights

  • Total revenue was $58.3 million, an increase of 27% compared to the second quarter of 2016.
  • Total enrolled pets (including pets from our other business segment) was 383,293 at June 30, 2017, an increase of 19% over the prior year period.
  • Subscription business revenue was $52.6 million, an increase of 25% compared to the second quarter of 2016.
  • Subscription enrolled pets was 346,409 at June 30, 2017, an increase of 16% over the prior year period.
  • Net income was $0.4 million compared to a net loss of $(1.0) million in the second quarter of 2016. In the second quarter of 2017, net income included a one-time $1.0 million gain on the sale of an equity investment. Excluding this one-time gain, net loss would have been $(0.6) million in the second quarter of 2017.
  • Second quarter GAAP basic and diluted earnings per share was $0.01. Excluding our one-time gain we had a net loss of $(0.02) per share for the quarter.
  • Adjusted EBITDA was $1.4 million, compared to $0.5 million in the second quarter of 2016. 
  • Operating cash flow generated was $1.8 million and free cash flow generated was $1.0 million, compared to operating cash flow of $1.6 million and free cash flow of $1.1 million in the second quarter of 2016.

 First Half 2017 Financial and Business Highlights

  • Total revenue was $113.0 million, an increase of 28% compared to the first half of 2016.
  • Subscription business revenue was $102.9 million, an increase of 27% compared to the first half of 2016.
  • Net loss was $(1.1) million, compared to a net loss of $(3.5) million in the first half of 2016.  In the first half of 2017, net loss including a one-time $1.0 million gain on the sale of an equity investment.  Excluding this one-time gain, net loss would have been $(2.1) million in the first half of 2017.
  • Adjusted EBITDA was $1.8 million, compared to a loss of $(0.5) million in the first half of 2016.
  • As of June 30, 2017, there were 30.0 million basic shares outstanding and 32.7 million shares outstanding on a weighted-average diluted basis.

Revenue by Quarter
A chart accompanying this release is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/7a1224ff-48b4-4422-825f-5c2655d9d922

Conference Call
Trupanion’s management will host a conference call today to review its second quarter 2017 results. The call is scheduled to begin shortly after 1:30 p.m. PT/ 4:30 p.m. ET. A live webcast will be accessible through the Investor Relations section of Trupanion’s website at http://investors.trupanion.com and will be archived online for 3 months upon completion of the conference call. Participants can access the conference call by dialing 1-877-407-0784 (United States) or 1-201-689-8560 (International). A telephonic replay of the call will also be available, one hour after the completion of the call, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and entering the replay pin number: 13666206.

About Trupanion
Trupanion is a leading provider of medical insurance for cats and dogs throughout the United States and Canada. For almost two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance. Trupanion is listed on the Nasdaq Stock Exchange under the symbol TRUP. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Omega General Insurance Company. For more information please visit Trupanion.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, expectations, plans, prospects and financial results for Trupanion, including, but not limited to, its expectations regarding its ability to execute its business plans. These forward-looking statements are based upon the current expectations and beliefs of Trupanion’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements made in this press release are based on information available to Trupanion as of the date hereof, and Trupanion has no obligation to update these forward-looking statements.

In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the ability to achieve or maintain profitability and/or appropriate levels of cash flow in future periods; the accuracy of assumptions used in determining appropriate member acquisition expenditures; the severity and frequency of claims; the ability to maintain high retention rates; the accuracy of assumptions used in pricing medical plan subscriptions and the ability to accurately estimate the impact of new products or offerings on claims frequency; actual claims expense exceeding estimates; regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing modifications in response to changes in actual or estimated claims expense; the effectiveness and statutory or regulatory compliance of our Territory Partner model and of our Territory Partners, veterinarians and other third parties in recommending medical plan subscriptions to potential members; the ability to increase the number of Territory Partners and active hospitals; compliance by us and those referring us members with laws and regulations that apply to our business, including the sale of a pet medical plan; fluctuations in the Canadian currency exchange rate; the ability to protect our proprietary and member information; the ability to maintain our culture and team; the ability to maintain the requisite amount of risk-based capital; the ability to protect and enforce Trupanion’s intellectual property rights; third-party claims including litigation and regulatory actions; and the ability to recognize benefits from investments in new solutions and enhancements to Trupanion’s technology platform and website.

For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the Securities and Exchange Commission (SEC), including but not limited to, Trupanion’s Annual Report on Form 10-K for the year ended December 31, 2016 and any subsequently filed reports on Forms 10-Q and 8-K. All documents are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system at www.sec.gov or the Investor Relations section of Trupanion’s website at http://investors.trupanion.com.

Non-GAAP Financial Measures
Trupanion’s stated results may include certain non-GAAP financial measures, including, without limitation, free cash flow, acquisition cost, net acquisition cost, cost of goods, variable expenses, fixed expenses, non-GAAP subscription gross profit, non-GAAP gross profit, adjusted EBITDA, and basic earnings per share, excluding gain on sale of equity method investment. Adjusted EBITDA is a non-GAAP financial measure that we define as net loss excluding stock-based compensation expense, depreciation and amortization expense, interest income, interest expense, income tax expense (benefit), and loss (gain) from equity method investment.

Trupanion’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry as other companies in its industry may calculate or use non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Trupanion’s reported financial results. Further, stock-based compensation expense and other items used in the calculation of various metrics have been and will continue to be for the foreseeable future significant recurring expenses in Trupanion’s business. The presentation and utilization of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Trupanion urges its investors to review the reconciliation of its non-GAAP financial measures to the most directly comparable GAAP financial measures in its consolidated financial statements, and not to rely on any single financial or operating measure to evaluate its business.  These reconciliations are included below and on Trupanion’s Investor Relations website.

Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Trupanion believes that providing various non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between its operating results from period to period. Trupanion calculates non-GAAP gross profit by subtracting cost of goods and variable expenses from revenue. Cost of goods and variable expenses used in this calculation are non-GAAP measures which exclude stock-based compensation expense. Fixed expenses is a non-GAAP measure which excludes stock-based compensation expense and depreciation and amortization expense. Trupanion excludes sign-up fee revenue from the calculation of net acquisition cost because it collects sign-up fee revenue from new members at the time of enrollment and considers it to be an offset to a portion of Trupanion’s sales and marketing expenses. Trupanion believes this allows it to calculate and present acquisition cost, net acquisition cost and the related financial measures it derives from them, as well as adjusted EBITDA, in a consistent manner across periods. Trupanion presents earnings-per-share excluding the impact of one-time transactions and events for increased comparability across periods. Trupanion’s management believes that the non-GAAP financial measures and the related financial measures derived from them are important tools for financial and operational decision-making and for evaluating operating results over different periods of time.

 
Trupanion, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
                       
  Three Months Ended   Six Months Ended
  June 30,   June 30,
  2017   2016   2017   2016 
                               
  (unaudited)
Revenue:                      
Subscription business $   52,641     $   42,162     $   102,870     $   81,305  
Other business     5,634         3,670         10,134         7,226  
Total revenue     58,275         45,832         113,004         88,531  
Cost of revenue:                      
Subscription business (1)     42,591         34,158         83,837         66,361  
Other business     5,333         3,408         9,661         6,600  
  Total cost of revenue (2)     47,924         37,566         93,498         72,961  
Gross profit:                      
Subscription business     10,050         8,004         19,033         14,944  
Other business     301         262         473         626  
Total gross profit     10,351         8,266         19,506         15,570  
Operating expenses:                      
Sales and marketing (1)     4,372         3,564         8,461         7,404  
Technology and development (1)     2,322         2,164         4,725         4,451  
General and administrative (1)     4,245         3,495         8,257         7,217  
Total operating expenses     10,939         9,223         21,443         19,072  
Operating loss     (588 )       (957 )       (1,937 )       (3,502 )
Interest expense     109         41         246         71  
Other (income) expense, net     (1,112 )       (38 )       (1,140 )       (55 )
Income (loss) before income taxes     415         (960 )       (1,043 )       (3,518 )
Income tax expense     4         4         28         18  
Net income (loss) $   411     $   (964 )   $   (1,071 )   $   (3,536 )
                       
                       
Net income (loss) per share:                      
  Basic and diluted $   0.01     $   (0.03 )   $   (0.04 )   $   (0.13 )
Weighted-average common shares outstanding:                      
  Basic     29,510,907         28,348,348         29,383,502         28,173,798  
  Diluted     32,734,624         28,348,348         29,383,502         28,173,798  
                       
(1) Includes stock-based compensation expense as follows:                      
  Three Months Ended   Six Months Ended
  June 30,   June 30,
  2017    2016    2017    2016 
Cost of revenue $   149     $   66     $   262     $   132  
Sales and marketing      198         165         385         247  
Technology and development     59         36         109         91  
General and administrative     482         476         913         969  
Total stock-based compensation expense $   888     $   743     $   1,669     $   1,439  
                       
(2)The breakout of cost of revenue between claims and other cost of revenue is as follows:            
                       
  Three Months Ended   Six Months Ended
  June 30,   June 30,
  2017    2016    2017    2016 
Claims expense  $    41,009      $    32,466      $    80,196      $    63,070  
Other cost of revenue     6,915         5,100         13,302         9,891  
  Total cost of revenue  $    47,924      $    37,566      $    93,498      $    72,961  
                       

 

Trupanion, Inc.
Consolidated Balance Sheets
(in thousands, except per share data)
       
       
       
  June 30, 2017   December 31, 2016
  (unaudited)    
Assets      
Current assets:      
Cash and cash equivalents $   24,604     $   23,637  
Short-term investments     32,565         29,570  
Accounts and other receivables     17,098         10,118  
Prepaid expenses and other assets     2,294         2,062  
Total current assets     76,561         65,387  
Restricted cash     600         600  
Long-term investments, at fair value     2,829         2,579  
Equity method investment     –          271  
Property and equipment, net     7,988         8,464  
Intangible assets, net     4,950         4,910  
Other long-term assets     2,723         134  
Total assets $   95,651     $   82,345  
Liabilities and stockholders’ equity      
Current liabilities:      
Accounts payable $   1,779     $   2,006  
Accrued liabilities and other current liabilities     6,582         5,416  
Claims reserve     10,820         9,521  
Deferred revenue     20,442         13,463  
Total current liabilities     39,623         30,406  
Long-term debt     6,309         4,767  
Deferred tax liabilities     1,623         1,623  
Other liabilities     944         834  
Total liabilities     48,499         37,630  
Stockholders’ equity:      
Common stock, $0.00001 par value per share, 100,000,000 shares authorized at June 30, 2017 and December 31, 2016, 30,652,240 and 29,994,940 shares issued and outstanding at June 30, 2017; 30,156,247 and 29,498,947 shares issued and outstanding at December 31, 2016     –          –   
Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized at June 30, 2017 and December 31, 2016, and 0 shares issued and outstanding at June 30, 2017 and December 31, 2016     –          –   
Additional paid-in capital     132,950         129,574  
Accumulated other comprehensive loss     (245 )       (377 )
Accumulated deficit     (82,352 )       (81,281 )
Treasury stock, at cost: 657,300 shares at June 30, 2017 and December 31, 2016     (3,201 )       (3,201 )
Total stockholders’ equity     47,152         44,715  
Total liabilities and stockholders’ equity $   95,651     $   82,345  
       

 

Trupanion, Inc.
Consolidated Statements of Cash Flows
(in thousands)
  Three Months Ended   Six Months Ended
  June 30,   June 30,
    2017       2016       2017       2016  
                               
  (unaudited)
Operating activities              
Net income (loss) $   411     $   (964 )   $   (1,071 )   $   (3,536 )
Adjustments to reconcile net income (loss) to cash provided by operating activities:              
Depreciation and amortization     1,077         739         2,113         1,524  
Stock-based compensation expense     888         743         1,669         1,439  
Gain on sale of equity method investment     (1,036 )       –          (1,036 )       –   
Other, net     (41 )       30         56         39  
Changes in operating assets and liabilities:              
Accounts and other receivables     (3,596 )       (760 )       (6,968 )       (994 )
Prepaid expenses and other assets     36         310         (183 )       463  
Accounts payable, accrued liabilities and other liabilities     1,208         129         913         (1,203 )
Claims reserve     166         723         1,259         1,244  
Deferred revenue     2,711         608         6,929         1,284  
Net cash provided by operating activities     1,824         1,558         3,681         260  
Investing activities              
Purchases of investment securities     (9,723 )       (7,264 )       (14,895 )       (11,223 )
Maturities of investment securities     7,841         5,638         11,712         9,338  
Proceeds from sale of equity method investment     1,402         –          1,402         –   
Purchases of property and equipment     (802 )       (437 )       (1,264 )       (1,090 )
Other investments     (43 )       (35 )       (2,753 )       (69 )
Net cash used in investing activities     (1,325 )       (2,098 )       (5,798 )       (3,044 )
Financing activities              
Proceeds from exercise of stock options     610         1,299         1,647         1,785  
Proceeds from debt financing, net of financing fees     1,499         (1 )       1,459         986  
Payments on capital lease obligation     (101 )       (73 )       (203 )       (73 )
Net cash provided by financing activities     2,008         1,225         2,903         2,698  
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash, net     160         (4 )       181         337  
Net increase in cash, cash equivalents, and restricted cash     2,667         681         967         251  
Cash, cash equivalents, and restricted cash at beginning of period     22,537         17,526         24,237         17,956  
Cash, cash equivalents, and restricted cash at end of period $   25,204     $   18,207     $   25,204     $   18,207  
               

 

The following tables set forth our key operating metrics:                              
                                 
  Six Months Ended                          
  June 30,                          
    2017       2016                            
Total pets enrolled (at period end)     383,293         320,896                            
Total subscription pets enrolled (at period end)     346,409         299,856                            
Monthly average revenue per pet $   50.99     $   46.77                            
Lifetime value of a pet (LVP) $   654     $   622                            
Average pet acquisition cost (PAC) $   135     $   120                            
Average monthly retention   98.57 %     98.64 %                          
                                 
  Three Months Ended  
  Jun. 31, 2017   Mar. 31, 2017   Dec. 31, 2016   Sep. 30, 2016   Jun. 30, 2016   Mar. 31, 2016   Dec. 31, 2015   Sept. 30, 2015  
Total pets enrolled (at period end)     383,293         364,259         343,649         334,070         320,896         307,298         291,818         276,988    
Total subscription pets enrolled (at period end)     346,409         334,909         323,233         312,282         299,856         287,123         272,636         258,546    
Monthly average revenue per pet $   51.47     $   50.50     $   49.17     $   48.37     $   47.39     $   46.12     $   45.48     $   45.15    
Lifetime value of a pet (LVP) $   654     $   637     $   631     $   624     $   622     $   603     $   591     $   591    
Average pet acquisition cost (PAC) $   143     $   128     $   133     $   120     $   118     $   123     $   132     $   129    
Average monthly retention   98.57 %     98.58 %     98.60 %     98.61 %     98.64 %     98.65 %     98.64 %     98.66 %  
                                 

 

The following table reflects the reconciliation of cash provided by operating activities to free cash flow (in thousands):  
                 
  Three Months Ended   Six Months Ended  
  June 30,   June 30,  
    2017       2016       2017       2016    
Net cash provided by operating activities $   1,824     $   1,558     $   3,681     $   260    
Purchases of property and equipment     (802 )       (437 )       (1,264 )       (1,090 )  
Free cash flow $   1,022     $   1,121     $   2,417     $   (830 )  

 

The following table reflects the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):  
                             
    Three Months Ended
June 30,
  Six Months Ended
June 30,
   
    2017    2016    2017    2016     
Claims expense   $   41,009     $   32,466     $   80,196     $   63,070      
Stock-based compensation expense       (89 )       (57 )       (159 )       (115 )    
Cost of goods   $   40,920     $   32,409     $   80,037     $   62,955      
% of revenue     70.2 %     70.7 %     70.8 %     71.1 %    
                             
Other cost of revenue   $   6,915     $   5,100     $   13,302     $   9,891      
Stock-based compensation expense       (60 )       (9 )       (103 )       (17 )    
Variable expenses   $   6,855     $   5,091     $   13,199     $   9,874      
% of revenue     11.8 %     11.1 %     11.7 %     11.2 %    
                             
Subscription gross profit   $   10,050     $   8,004     $   19,033     $   14,944      
Stock-based compensation expense       149         66         262         132      
Non-GAAP subscription gross profit   $   10,199     $   8,070     $   19,295     $   15,076      
% of subscription revenue     19.4 %     19.1 %     18.8 %     18.5 %    
                             
Gross profit   $   10,351     $   8,266     $   19,506     $   15,570      
Stock-based compensation expense       149         66         262         132      
Non-GAAP gross profit   $   10,500     $   8,332     $   19,768     $   15,702      
% of revenue     18.0 %     18.2 %     17.5 %     17.7 %    
                             
General and administrative expense   $   4,245     $   3,495     $   8,257     $   7,217      
Technology and development expense       2,322         2,164         4,725         4,451      
Depreciation and amortization expense       (1,077 )       (739 )       (2,113 )       (1,524 )    
Stock-based compensation expense       (541 )       (512 )       (1,022 )       (1,060 )    
Fixed expenses   $   4,949     $   4,408     $   9,847     $   9,084      
% of revenue     8.5 %     9.6 %     8.7 %     10.3 %    
                             
Sales and marketing expense   $   4,372     $   3,564     $   8,461     $   7,404      
Stock-based compensation expense       (198 )       (165 )       (385 )       (247 )    
Acquisition cost   $   4,174     $   3,399     $   8,076     $   7,157      
% of revenue     7.2 %     7.4 %     7.1 %     8.1 %    
                             

 

The following tables reflect the reconciliation of acquisition cost and net acquisition cost to sales and marketing expense (in thousands):      
                                   
    Six Months Ended                          
    June 30,                          
      2017       2016                            
Sales and marketing expenses   $   8,461     $   7,404                            
Excluding:                                  
Stock-based compensation expense       (385 )       (247 )                          
Acquisition cost       8,076         7,157                            
Net of:                                  
Sign-up fee revenue       (1,061 )       (1,022 )                          
Other business segment sales and marketing expense       (111 )       (93 )                          
Net acquisition cost   $   6,904     $   6,042                            
                                   
    Three Months Ended  
    Jun. 31, 2017   Mar. 31, 2017   Dec. 31, 2016   Sep. 30, 2016   Jun. 30, 2016   Mar. 31, 2016   Dec. 31, 2015   Sept. 30, 2015  
Sales and marketing expenses   $   4,372     $   4,089     $   3,951     $   3,892     $   3,564     $   3,840     $   3,919     $   4,128    
Excluding:                                  
Stock-based compensation expense       (198 )       (187 )       (113 )       (172 )       (165 )       (82 )       (104 )       (102 )  
Acquisition cost       4,174         3,902         3,838         3,720         3,399         3,758         3,815         4,026    
Net of:                                  
Sign-up fee revenue       (517 )       (544 )       (526 )       (525 )       (495 )       (527 )       (506 )       (542 )  
Other business segment sales and marketing expense       (63 )       (48 )       (62 )       (63 )       (55 )       (38 )       (8 )       (16 )  
Net acquisition cost   $   3,594     $   3,310     $   3,250     $   3,132     $   2,849     $   3,193     $   3,301     $   3,468    
                                   

 

The following tables reflect the reconciliation of adjusted EBITDA to net income (loss) (in thousands):                  
                                   
    Six Months Ended                          
    June 30,                          
      2017       2016                            
Net loss   $   (1,071 )   $   (3,536 )                          
Excluding:                                  
Stock-based compensation expense       1,669         1,439                            
Depreciation and amortization expense       2,113         1,524                            
Interest income       (127 )       (49 )                          
Interest expense       246         71                            
Income tax expense       28         18                            
Gain from equity method investment       (1,029 )       (11 )                          
Adjusted EBITDA   $   1,829     $   (544 )                          
                                   
    Three Months Ended  
    Jun. 31, 2017   Mar. 31, 2017   Dec. 31, 2016   Sep. 30, 2016   Jun. 30, 2016   Mar. 31, 2016   Dec. 31, 2015   Sept. 30, 2015  
Net income (loss)   $   411     $   (1,482 )   $   (1,723 )   $   (1,637 )   $   (964 )   $   (2,572 )   $   (3,001 )   $   (4,643 )  
Excluding:                                  
Stock-based compensation expense       888         781         731         776       743         696         653         749    
Depreciation and amortization expense       1,077         1,036         1,229         1,093       739         785         741         672    
Interest income       (76 )       (51 )       (41 )       (29 )       (26 )       (23 )       (19 )       (19 )  
Interest expense       109         137         81         66         41         30         26         14    
Income tax expense       4         24         7         13         4         14         12         16    
(Gain) loss from equity method investment       (1,036 )       7         18         22         (15 )       4         –          –     
Adjusted EBITDA   $   1,377     $   452     $   302     $   304     $   522     $   (1,066 )   $   (1,588 )   $   (3,211 )  
                                   

 

The following tables reflect the reconciliation of net income (loss), excluding gain on sale of equity method investment, to net income (loss) (in thousands) and basic earnings per share, excluding gain on sale of equity method investment, to basic earnings per share:
               
  Three Months Ended   Six Months Ended
  June 30,   June 30,
    2017       2016       2017       2016  
Net income (loss) $   411     $   (964 )   $   (1,071 )   $   (3,536 )
Excluding:              
Gain on sale of equity method investment $   (1,036 )   $   –      $   (1,036 )   $   –   
Net income (loss), excluding gain on sale of equity method investment $   (625 )   $   (964 )   $   (2,107 )   $   (3,536 )
               
  Three Months Ended   Six Months Ended
  June 30,   June 30,
    2017       2016       2017       2016  
Basic earnings per share $   0.01     $   (0.03 )   $   (0.04 )   $   (0.13 )
Excluding:              
Gain on sale of equity method investment     (0.03 )       –          (0.03 )       –   
Basic earnings per share, excluding gain on sale of equity method investment $   (0.02 )   $   (0.03 )   $   (0.07 )   $   (0.13 )
               
Basic weighted-average common shares outstanding     29,510,907         28,348,348         29,383,502         28,173,798  

 

CONTACT: Contacts: 

Investors: 
Laura Bainbridge, Addo Investor Relations
310.829.5400
InvestorRelations@trupanion.com

Media:
Scott Janzen, Trupanion Director of Communications
888.612.1138 ext 3450
scott.janzen@trupanion.com
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