Petopia.Com And Pethealth Inc. Partner To Offer Pet Insurance Online
Consumers To Buy Health Insurance For Dogs And Cats With The Click Of A Mouse
SAN FRANCISCO | July 25, 2000
Petopia.com, the "Internet Pet Paradise," and Pethealth Inc., Canada's fastest growing pet insurance carrier, today announced a multi-year, seven-figure agreement to sell pet health insurance via a Petopia.com / Pethealth co-branded Web site on www.petopia.com.
With a click of a mouse, dog and cat owners will be able to review and purchase Pethealth insurance policies covering illnesses, diseases and accidents. They will also be able to read relevant editorial content provided by Petopia.com's staff of experts.
Under the terms of this agreement, Pethealth will provide its QuickCare and MasterCare policies for dogs and cats to Petopia customers. The policies will be introduced in five states - California, Illinois, New Jersey, New York and Texas - by fall 2000, with the remaining states coming online soon thereafter.
"With 63 percent of all U.S. households owning at least one pet, it only makes sense to offer pet lovers the opportunity to buy health insurance for these special family members," said Andrea Reisman, CEO of Petopia.com. "Pethealth clearly understands the pet industry and has created innovative policies that have fueled its impressive growth in Canada. Through this partnership, we will be able to offer our customers outstanding pet insurance coverage that is easy to purchase, afford and understand."
Petopia.com will promote Pethealth's pet insurance services on all Petopia.com properties, including the Petopia.com Web site, The Petopia.com Show on the ValueVision television network, and the In The Company of Dogs catalog. Pethealth also will be featured in regular Petopia.com targeted email newsletters and on shipping inserts in Petopia.com shipping boxes.
This partnership marks Pethealth's foray into the U.S. pet insurance market. Already the fastest growing provider in Canada, Pethealth chose to partner with Petopia.com to take advantage of Petopia.com's unique integrated-retail strategy that will enable Pethealth to reach consumers via multiple consumer channels.
Mark Warren, CEO of Pethealth, Inc., explained, "Petopia is the perfect partner to help us launch our U.S. expansion. We're combining our strength in pet insurance with its strength in the online pet supplies market. We both understand that it's all about the customers. Through Petopia's innovative multi-channel retail strategy, we will be able to reach pet customers in the manner most comfortable for them - whether it is through the Internet, TV or a catalog. No other online pet supply retailer offers this advantage."
Petopia.com (www.petopia.com), the "Internet Pet Paradise," is a leading integrated pet supplies retailer. A spirited online destination for pet lovers, Petopia.com was launched in August 1999 and provides all things pet-related, from food, grooming and healthcare products to community forums and expert advice. Based in San Francisco, Petopia.com is a privately held company funded in part by Technology Crossover Ventures; Europ@web, the Internet investment arm of Group Arnault; Petco Animal Supplies, Inc. (NASDAQ: PETC); Attractor Investment Management, Inc.; BancBoston Ventures; and Comdisco, Inc. Petopia.com has strategic alliances with NBC and ValueVision International (NASDAQ: VVTV); Petco; the ASPCA, a leader in animal welfare in the Western Hemisphere; and Petfinder.com, a national online shelter network. In January 2000, Petopia.com acquired In The Company of Dogs, a premium specialty catalog and e-commerce Web site featuring apparel, house wares, gifts and accessories for dogs and their human owners.
About Pethealth Inc.
Pethealth Inc., through its wholly owned subsidiary, PetCare Insurance Brokers Ltd., currently offers pet insurance products to owners of dogs and cats in Canada. PetCare products in Canada are underwritten by ING Wellington, a member of the ING Group and CGU Elite Insurance Company, a member of CGU Group Canada Ltd. Pethealth was founded in February 1998 and is based in Oakville, Ontario. Institutional investors include Dynamic Mutual Funds through its Dynamic Venture Opportunities Fund and Thomson Kernaghan through its VC Advantage Fund.
Petopia.com, Jason Klein, 415/503-2768
firstname.lastname@example.org or Pethealth
Inc., Glen Tennison, CFO, 905/842-2615