We are one of the leading P&C insurers in Canada, with more than one million policies in force across the country. We are the seventh largest provider of P&C insurance in Canada, with a market share of 4.3%1. We had approximately $3.0 billion in gross written premiums (“GWP”) for the 12 months ending June 30, 2021.
1Based on market share by DWP. See “Market, Industry and Economic Data” in our Base Prospectus.
We offer both personal and commercial insurance products. Through our personal lines insurance operations, which represented 74% of our GWP in 2020, we offer auto, property, liability, and pet insurance products to individual customers. Our commercial lines insurance offering, which represented 26% of our GWP in 2020, includes fleet, individually-rated commercial auto, property, liability, and specialty insurance products, which are provided to businesses of all sizes in Canada.
As a multi-channel insurer, we distribute our products on a primarily intermediated basis, through brokers, as well as directly to customers. We have active relationships with a network of approximately 700 independent brokerage firms and a broker base of more than 27,000 individual brokers. Our direct distribution channel includes Sonnet Insurance, through which we launched our digital direct insurance platform in 2016; our pet insurer, Petline Insurance, which we acquired in 2017; and portions of our group insurance offering. In 2020, broker and direct distribution represented 89% and 11%, respectively, of our total GWP.
We have a national presence and conduct our business in all provinces and territories of Canada. Ontario is our largest market, representing 59% of our GWP in 2020. We had approximately 2,700 employees in 12 regional locations across Canada as of June 30, 2021.
As publicly traded instruments, these securities are available through regular retail brokerage investment services. Definity Financial Corporation does not offer direct investing.
Definity has arranged for Computershare Investor Services Inc. to assist eligible policyholders who received common shares as part of demutualization in selling their shares. Download this document (PDF) to learn more about our share selling service and your options as a Definity shareholder.
As the first P&C insurance company to complete a demutualization under the federal regulations, Definity believes in having a workable regulatory framework that allows newly demutualized companies to compete on a level-playing field and have sufficient time to strengthen and adapt its competitive position. The objective of the government proposal is to expand the range of corporate structures available to demutualized P&C companies after demutualization, and to promote competition within the P&C industry. We are supportive of these objectives and the amendments proposed by the government. We believe the amendments are a positive step for any company that wants to complete the demutualization process. Once put into force, the amendments will also be applicable to a company that has already demutualized under the regulations. As such, the amendments will apply to Definity and allow us to apply to continue under the Canada Business Corporations Act (the “CBCA”).