HARTVILLE GROUP Inc. (OTC:HTVL)
Industry: Healthcare
Hartville Group, Inc. (Hartville), incorporated on February 1, 2001, is a holding company with wholly owned subsidiaries that include Petsmarketing Insurance.com Agency, Inc., Hartville Re and Wag N Pet, Inc. Hartville is in the business of sale and administration of pet insurance, which is a niche insurance product designed to help cover the veterinary expenses of cats and dogs. It generates revenue through commissions on sale of pet insurance policies and reinsurance premiums. The Company is organized into three reportable segments: the holding company (Hartville Group, Inc.), the insurance agency (Petsmarketing Insurance.com Agency, Inc.), and the reinsurance company (Hartville Re, formerly known as Hartville Insurance Company, Ltd). Hartville's products include Petshealth Care Plan and Healthy Bark and Purr, a generic brand for private label partnerships. It pays up to 80% of reasonable and customary veterinary costs and medications received for any covered illness or injury (accident) following a certain annual deductible amount per pet. Selected plans provide coverage for routine vaccinations, heartworm testing and flea preventive medications, dental cleanings, and all plans cover the cost to spay or neuter a pet. Pet owners are free to use any licensed veterinarian in the United States, its possessions, territories and Canada. All plans provide a 30-day, risk-free trial. In the event that a policyholder is not completely satisfied with the plan and if they have not filed a claim, they can return the policy within thirty days for a full refund. The four insurance plans offered are Basic/Essential, Value/Classic, Choice/Champion and Best/Elite. Most aspects of Hartville's operations are regulated by government agencies. Hartville's 100% owned subsidiary Hartville Re is licensed as a reinsurance company by the Monetary Authority of the Cayman Islands, British West Indies. The government regulates the kind of policies it may reinsure, who may manage it, the way finances are maintained, and the way resources may be invested. The Company contracts with Caledonian Insurance Services Limited, a division of Caledonian Bank, to provide insurance management services for Hartville Re. Petsmarketing Insurance.com Agency, Inc. is licensed by Departments of Insurance in all states. The Company's major competitors are Veterinary Pet Insurance and Pet Care.
As Of: 10/07 00:00 ET
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