Insurance provider suddenly drops pet coverage for 100,000 owners [Yahoo! Finance]
NerdWallet, Inc. (NRDS)
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Source: Yahoo! Finance
The nation's biggest provider of pet insurance cited the escalating cost of veterinary care and other factors cutting into its profits as the reason for its decision, with the company saying it is part of its efforts to “maintain long-term viability and profitability.” “Inflation in the cost of veterinary care and other factors have led to recent underwriting changes and the withdrawal of some products in some states — difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business,” the company said. The cancellations will not be based on a pet's age, breed or prior claims, the company said in a statement. However, many of the policies cancelled are for older pets with pre-existing conditions that may not be insurable elsewhere, USA Today reported. “No one else is going to take on old dogs with pre-existing conditions and even if they do they will exclude all of the pre-existing conditions. … I don't know what I'm going to
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NRDS
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- 4/25/24 - Beat
NRDS
Sec Filings
- 6/5/24 - Form 4
- 6/5/24 - Form 4
- 6/5/24 - Form 4
- NRDS's page on the SEC website