BMO Insurance and Trupanion Join Forces to Bring Simple, Trusted Pet Insurance to More Canadians

Rhea-AI Summary

BMO Insurance (TRUP partnership) and Trupanion (TRUP) announced a strategic partnership to expand digital pet insurance access across Canada. Ontario pet owners can now obtain quotes and enroll online via the BMO Insurance Solutions Store, with a rollout planned to additional provinces aimed at reaching Canadians by January 2026. The release highlights a large addressable market: 79% of Canadians view pets as family while only about 4% of Canadian pets have health insurance. Trupanion noted it currently protects over one million pets across Canada, the U.S., and Europe. The collaboration emphasizes 24/7 support, unlimited payouts, and direct veterinarian payment options to simplify claims and care.

Positive

• Ontario online enrollment live now via BMO Insurance Solutions Store
• National rollout target of January 2026 to reach more Canadian pet families
• Large market opportunity: only 4% of Canadian pets insured
• Trupanion scale: protects over 1,000,000 pets across regions

Negative

• None.

TORONTO, Nov. 06, 2025 (GLOBE NEWSWIRE) -- BMO Insurance and Trupanion, the leading provider of medical insurance for cats and dogs in Canada, are partnering to expand access to trusted, high-quality pet health coverage for Canadian pet owners.

According to the latest BMO Real Financial Progress Index, nearly four-in-five Canadians (79%) consider their pets to be full members of their family. However, despite pet owners deep love for their animals, only about 4 per cent of Canadian pets have health insurance¹. This is an opportunity for BMO and Trupanion to help close the gap and help Canadians manage costs associated with pet health care.

Ontario pet owners can now visit the BMO Insurance Solutions Store, explore coverage options, obtain a quote, and enroll entirely online.  The program will expand to additional provinces with the goal of reaching pet families across Canada by January 2026. This new online store is part of BMO Insurance Solutions Inc. (BMOIS), a new insurance brokerage launched to connect Canadians to trusted, everyday insurance products and reflects BMO’s commitment to making insurance more accessible and convenient.

“At BMO Insurance, our vision is to be the insurer Canadians turn to for all their insurance needs – and that includes the pets they love,” said Rohit Thomas, President and CEO, BMO Insurance. “By combining BMO’s trusted financial expertise with Trupanion’s industry-leading pet protection, we have created a fully digital solution that sets a new standard for how Canadians can protect the health of their pets.”

“At Trupanion, our mission is to be there for the life of every pet,” said Margi Tooth, CEO and President of Trupanion. “BMO shares that same lifelong commitment - supporting customers through every stage of life. Together, we’re helping pet families plan for life’s unexpected moments. With 24/7 support, unlimited payouts, and the ability to pay veterinarians directly at checkout, we’re proud to stand alongside BMO and the veterinary community to ensure pets get the care they deserve, when they need it most.”

Founded in Canada more than 25 years ago, Trupanion has grown from its Canadian roots to become North America’s leading pet insurance brand, trusted by veterinarians and pet parents alike. Today, Trupanion protects over one million pets across Canada, the United States, and Europe – reflecting a cross-border presence and commitment to care that aligns closely with BMO’s own growth and reach on both sides of the border.

About BMO Insurance
BMO Insurance is a trusted provider of a comprehensive range of insurance products and services, supporting the diverse needs of individuals, families, and businesses across Canada. BMO Insurance is a brand name of BMO Life Assurance Company.

Our offerings extend beyond life and annuities, encompassing creditor insurance, travel insurance, and pension risk transfer solutions. At BMO Insurance, we are committed to empowering advisors and clients alike with innovative tools, personalized service, and strategic insights that drive success.

As part of the broader BMO Financial Group, we are dedicated to helping our clients achieve their financial goals, backed by the strength and stability of one of North America's leading financial institutions. Our commitment to innovation and excellence ensures BMO Insurance's position as a trusted partner for advisors and clients, now and in the future.

About BMO Financial Group  
BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

About Trupanion
Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, and certain countries in Continental Europe with over 1,000,000 pets currently enrolled. For over 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 parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol "TRUP". The company was founded in 2000 in British Columbia, Canada. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada or GPIC Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. For more information, please visit Trupanion.com

About the BMO Real Financial Progress Index
Launched in February 2021, the BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. The index aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many – money.

The research detailed in this document was conducted by Ipsos in Canada from June 10 to July 17, 2025. A sample of n=2,501 adults ages 18+ in Canada were collected. Quotas and weighting were used to ensure the composition of the samples reflects that of the Canadian population according to census parameters. The surveys have a credibility interval of +/- 2.4 per cent 19 times out of 20, of what the results would have been had all Canadian adults 18+ been surveyed.

Media Contact:
Aaron Sobeski, Toronto, Aaron.Sobeski@bmo.com, (416) 867-3996

¹Source: North American Pet Health Insurance Association (NAPHIA), via Trupanion Media Resources. Trupanion.com

FAQ

What did BMO and Trupanion announce on November 6, 2025 regarding pet insurance (TRUP)?

They announced a partnership to offer Trupanion pet insurance through BMO’s new online Insurance Solutions Store, starting in Ontario with expansion planned nationwide by January 2026.

Can Ontario pet owners enroll in Trupanion insurance through BMO today (TRUP)?

Yes. Ontario pet owners can visit the BMO Insurance Solutions Store to get a quote and enroll entirely online today.

How large is the Canadian pet insurance opportunity cited in the announcement for TRUP?

The release notes 79% of Canadians treat pets as family while only about 4% of Canadian pets have health insurance, indicating a large addressable market.

What features of Trupanion coverage did the announcement highlight (TRUP)?

Key features include 24/7 support, unlimited payouts, and the ability to pay veterinarians directly at checkout.

What geographic reach does Trupanion claim in the announcement relevant to TRUP?

Trupanion said it protects over one million pets across Canada, the United States, and Europe.