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 sixth largest provider of P&C insurance in Canada, with approximately $3.2 billion in gross written premiums (“GWP”) for the year ending December 31, 2021.
We offer both personal and commercial insurance products. Through our personal lines insurance operations, which represented 72% of our GWP in 2021, we offer auto, property, liability, and pet insurance products to individual customers. Our commercial lines insurance offering, which represented 28% of our GWP in 2021, 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 600 independent brokerage firms and a broker base of more than 28,000 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 2021, 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 58% of our GWP in 2021. We had approximately 3,500 employees in 12 regional locations across Canada as of December 31, 2022.
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”).
The common shares of Definity Financial Corporation (TSX: DFY) debuted on the Toronto Stock Exchange on November 23, 2021, in connection with the demutualization of Economical Insurance. Definity's common shares were added to the S&P/TSX Composite Index, the headline index and principal benchmark for the Canadian equity markets, prior to the market open on June 20, 2022.
Yes we do. We intend to have a sustainable and growing quarterly dividend per common share that will be reviewed on a regular basis. More details can be found here.
Yes. We’ve engaged Georgeson Shareholder Communications Canada Inc. (Georgeson) and their Asset Reunification® program to help us locate eligible policyholders and reunite them with their unclaimed demutualization benefits. Please follow the instructions on the letter.
For more information, please visit economical.com/demutualization .