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March 14, 2022

Definity eyes digital expansion via Apollo Insurance deal

Canadian property and casualty insurance firm Definity Financial Corporation has struck an alliance with digital insurance broker and MGA Apollo Insurance.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
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  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
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The partnership includes an initial undisclosed minority equity investment in Apollo Insurance by Definity and a distribution agreement.

The investment in Apollo awaits regulatory nod and is expected to complete in the second quarter of 2022. It will be funded using existing cash reserves.

Definity, which already has digital insurance expertise in commercial lines, seeks to expand its footprint through the partnership with Apollo.

Definity operates a digital broker platform Vyne and offers a fully online personal insurance offering called Sonnet.

Launched in 2019, Apollo’s broker partners and customers can buy cover via its proprietary platform.

Apollo utilises data and intelligent algorithms to quote, collect a payment, and issue policies.

Definity executive vice-president of commercial insurance Fabian Richenberger said: “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.

“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.”

Apollo CEO & co-founder Jeff McCann said: “Our partnership with Definity provides us with resources and opportunities to expand our footprint in the small to mid-size business market.

“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.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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