APOLLO Insurance Solutions, a leading Canadian digital insurance provider, today announced a Series B financing with Definity Financial Corporation. Definity has strong digital insurance experience expertise through Sonnet, Canada’s first fully online personal insurance offering, and Vyne, Definity’s broker digital platform. The strategic partnership includes a distribution relationship between Definity Financial’s affiliate Definity Insurance Company and APOLLO, and an agreement by Definity Financial to complete an initial minority equity investment.
APOLLO’s other notable insurance product suppliers include Lloyd’s of London, one of the largest insurance conglomerates in the world, Trisura Guarantee, and Liberty Mutual, a Fortune 100 company.
APOLLO allows 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 of Canada, except Québec.
“APOLLO is making the insurance buying process effortless, in line with modern consumers’ expectations,” stated Jeff McCann, Chief Executive Officer & Co-Founder of APOLLO. “Definity and APOLLO share a deep commitment to using technology to deliver a seamless insurance experience, regardless of the distribution channel.”
“This transaction provides a unique opportunity for us to accelerate our digital ambitions in commercial insurance by partnering with an entrepreneurial management team focused on growth,” said Fabian Richenberger, Executive Vice-President, Commercial Insurance at Definity. “We believe that APOLLO’s scalable technology platform combined with our proven digital channel experience and strong underwriting capabilities will allow APOLLO to enhance its client experience by offering a broader range of commercial coverages.”
APOLLO has a user base of more than 6,000 individual independent Canadian brokers and over 150 group partners.
RBC Capital Markets acted as exclusive financial advisor to APOLLO on the transaction. Blake, Cassels & Graydon acted as legal advisor to APOLLO.
APOLLO launched in 2019, and announced the close of a Series A financing round of CAD $13.5 million in January 2021, led by Gravitas Securities.
Source: Business Wire