Definity Monetary Corp. introduced a strategic partnership with APOLLO Insurance coverage Options Ltd., a Canadian digital insurance coverage dealer and MGA that focuses on business insurance coverage.
This strategic partnership features a distribution relationship between Definity’s affiliate Definity Insurance coverage Firm and APOLLO, and an settlement by Definity to finish an preliminary minority fairness funding in APOLLO.
Monetary particulars of the money deal, which is topic to regulatory approval, weren’t disclosed. The transaction is predicted to shut through the second quarter of 2022.
Definity has a longtime digital insurance coverage experience in business traces, which incorporates the dealer digital platform Vyne Business. Definity mentioned the partnership with APOLLO will broaden its present digital footprint
APOLLO permits its dealer companions and prospects to buy insurance coverage on-line by way of its proprietary platform. APOLLO’s all-digital strategy leverages in depth knowledge and clever algorithms to cite, gather fee, and challenge insurance policies – all with out human intervention – and serves all provinces, besides Québec.
“Definity is one among Canada’s main digital insurance coverage suppliers, and this partnership with APOLLO will permit us to increase the alternatives for a less complicated insurance coverage expertise for each brokers and their prospects,” mentioned Fabian Richenberger, government vp, Business Insurance coverage, Definity, in an announcement.
“We imagine that the scalable platform that APOLLO gives, mixed with our confirmed observe file in digital innovation and robust underwriting, will assist strengthen our business distribution capabilities,” he added.
“Our partnership with Definity gives us with assets and alternatives to broaden our footprint within the small to mid-size enterprise market,” commented Jeff McCann, chief government officer and co-founder of APOLLO. “Definity and APOLLO share a deep dedication to utilizing expertise and software program to ship an easy insurance coverage expertise to prospects and our retail dealer companions.”
APOLLO has a consumer base of greater than 6,000 particular person Canadian brokers and over 150 group companions.
Definity was established in 2021 following the demutualization of the Economical Mutual Insurance coverage Co., which was based in 1871.
Supply: Definity Monetary Corp.
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