Trupanion shares are up 25% on Tuesday: what happened?

Shares of Trupanion Inc (NASDAQ: TRUP) jumped over 25% this morning after announcing a partnership with the online pet food and products retailer Chewy Inc (NYSE: CHWY).

What the partnership means for Trupanion

The agreement between the two companies will see Trupanion offer Chewy customers exclusive preventative care and comprehensive insurance plans for their pets. Margi Tooth, the co-president of Trupanion, is confident the partnership will help ensure high-quality healthcare services for pets at affordable prices.

Chewy has a customer base of more than 20 million, which means the partnership represents big business for the Washington-based pet insurance provider.

Why did Chewy pick Trupanion?

Trupanion was a suitable pick for such a collaboration, particularly because of its patented software that helps pay veterinarians directly. Consequently, it maximises access to pet care at minimal out-of-pocket expenses.

The partnership also secures round the clock access for Chewy customers to a dedicated customer service team. In the press release, Head of Chewy Health, Mita Malhotra, said:

Chewy shares are also up close to 4.0% on Tuesday. The Florida-based subsidiary of PetSmart is set to report its financial results for the third quarter later this week.