WATERLOO, ON, March 11, 2022 — Definity Financial Corporation (“Definity”) (TSX: DFY) today
announced a strategic partnership with APOLLO Insurance Solutions Ltd., a
leading Canadian digital insurance broker and MGA specializing in commercial insurance.
This strategic partnership includes a distribution relationship between
Definity’s affiliate Definity Insurance Company and APOLLO, and an agreement by
Definity to complete an initial minority equity investment in APOLLO.
Definity has an
established digital insurance expertise in commercial lines, which includes the
broker digital platform Vyne Commercial.
The partnership
with APOLLO expands upon Definity’s existing digital footprint. APOLLO allows
its broker partners and customers to purchase insurance online through its
proprietary platform. APOLLO’s all-digital approach leverages extensive data
and intelligent algorithms to quote, collect payment, and issue policies - all
without human intervention - and serves all provinces, except Québec.
“Definity is one of
Canada’s leading digital insurance providers, and this partnership with APOLLO
will allow us to extend the opportunities for a simpler insurance experience for
both brokers and their customers,” said Fabian Richenberger, Executive
Vice-President, Commercial Insurance, Definity. “We believe that the scalable
platform that APOLLO provides, combined with our proven track record in digital
innovation and strong underwriting, will help strengthen our commercial distribution
capabilities.”
“Our partnership
with Definity provides us with resources and opportunities to expand our
footprint in the small to mid-size business market”, stated Jeff McCann, Chief
Executive Officer & Co-Founder of APOLLO. “Definity and APOLLO share a deep
commitment to using technology and software to deliver an effortless insurance
experience to customers and our retail broker partners.”
APOLLO has a user
base of more than 6,000 individual Canadian brokers and over 150 group
partners.
The initial investment transaction is
subject to regulatory approval and is expected to close during the second
quarter of 2022. It is being effected by an indirect wholly-owned subsidiary of
Definity and will be financed from cash on hand.
About Definity Financial Corporation
Definity Financial Corporation (TSX: DFY) is a
multi-channel insurance company, offering personal and commercial insurance
through Economical Insurance, Sonnet Insurance Company, Petline Insurance
Company, and Family Insurance Solutions Inc.
Forward-looking Statements
This news release contains “forward-looking information”
within the meaning of applicable securities laws in Canada, which reflects
Definity’s current expectations regarding future events, including: statements
relating to the terms of the strategic partnership, including the investment
transaction; the timing of closing; the receipt of regulatory approval; the
benefits of the strategic partnership and transaction; and statements regarding
APOLLO’s digital insurance capabilities, services, and ability to expand its
footprint. In addition, any statements that refer to expectations, intentions,
projections or other characterizations of future events or circumstances
contain forward-looking information. Forward-looking information is based on a
number of assumptions and is subject to a number of risks and uncertainties,
many of which are beyond Definity’s control. Such risks and uncertainties
include: Definity's ability to successfully complete the strategic partnership
and transaction, integrate and realize the benefits of the transaction, and
manage the associated risks; Definity’s ability to obtain required regulatory
approvals for the transaction, the timing thereof and the risk that such
regulatory approvals may result in the imposition of conditions that could
adversely affect the expected benefits of the transaction; the risk that the
conditions to the transaction are not satisfied on a timely basis or at all and
the failure of the transaction to close for any other reason; disruption to Definity’s
or APOLLO’s respective businesses that could result from the announcement of
the strategic partnership and transaction; and other risks and uncertainties
impacting Definity's business, as described in greater detail in “11 – Risk
Management and Corporate Governance” of Definity’s Q4-2021 Management’s
Discussion and Analysis dated February 10, 2022 as filed on SEDAR. Actual
results could differ materially from those projected herein. Definity does not
undertake any obligation to update such forward-looking information, whether as
a result of new information, future events or otherwise, except as expressly
required under applicable securities laws.
For further information, please contact:
Media inquiries:
Sarah Attwells
Director, Corporate Affairs
(C) 416-986-9360
sarah.attwells@definityfc.com
Investor inquiries:
Dennis Westfall
Head, Investor Relations
(C) 416-435-5568
dennis.westfall@definityfc.com