WATERLOO, ON, March 11, 2022 /CNW/ - 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.
SOURCE Definity Financial Corporation