Pethealth moves into Massachusetts

Pethealth Inc. (TSX VENTURE:PTZ) pet insurance programs have been accepted in Massachusetts.
Subsequent to the end of Q1, the Massachusetts Department of Insurance approved the Company’s programs for sale in the state, effective April 3, 2006. The PetCare programs now available to residents of Massachusetts are being underwritten by the Insurance Corporation of Hannover. On February 9, 2006, the Company announced it had added the Hannover as an underwriter in the U.S. Under the terms of the agreement, Pethealth will be participating in a portion of the underwriting results for U.S. policies placed with Hannover.
Pethealth reports strong core policy sales in the U.S. for the quarter, resting at a record 13,708.
The Company reports that premium increases of approximately 9.9% had been approved by regulators in States representing 96% of the Company’s U.S. paid policies in force by March 31, 2006.
Total paid policies in force in both Canada and the U.S., as of March 31, 2006, stood at 157,441 in comparison to 124,711 for the same period of 2005, which indicates an increase of 26%.
Pethealth reports that core paid policies in force stood at 125,174 in Q1 2006, which is an increase of 20% over the previous year.
The cumulative calendar 2006 loss ratio for the U.S. core pet insurance book of business is 43.9% for the Q1 2006, which the Company says is within its established 43%-45% target band.