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InsurTech APOLLO raises Collection B financing to speed up on-line insurance coverage platform

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Funding dedication from Definity additional solidifies APOLLO’s main place within the Canadian market

VANCOUVER, British Columbia–(BUSINESS WIRE)–#ToTheMoon–APOLLO Insurance coverage Options, a number one Canadian digital insurance coverage supplier, as we speak introduced a Collection B financing with Definity Monetary Company. Definity has robust digital insurance coverage expertise experience by means of Sonnet, Canada’s first totally on-line private insurance coverage providing, and Vyne, Definity’s dealer digital platform. The strategic partnership features a distribution relationship between Definity Monetary’s affiliate Definity Insurance coverage Firm and APOLLO, and an settlement by Definity Monetary to finish an preliminary minority fairness funding.

APOLLO’s different notable insurance coverage product suppliers embody Lloyd’s of London, one of many largest insurance coverage conglomerates on this planet, Trisura Assure, and Liberty Mutual, a Fortune 100 firm.

APOLLO permits dealer companions and prospects to buy insurance coverage on-line by means of its proprietary platform. APOLLO’s all-digital method leverages intensive information and clever algorithms to cite, gather cost, and challenge insurance policies—all with out human intervention—and serves all provinces of Canada, besides Québec.

“APOLLO is making the insurance coverage shopping for course of easy, consistent with trendy customers’ expectations,” acknowledged Jeff McCann, Chief Govt Officer & Co-Founding father of APOLLO. “Definity and APOLLO share a deep dedication to utilizing know-how to ship a seamless insurance coverage expertise, whatever the distribution channel.”

“This transaction offers a singular alternative for us to speed up our digital ambitions in business insurance coverage by partnering with an entrepreneurial administration group centered on development,” stated Fabian Richenberger, Govt Vice-President, Industrial Insurance coverage at Definity. “We imagine that APOLLO’s scalable know-how platform mixed with our confirmed digital channel expertise and powerful underwriting capabilities will permit APOLLO to reinforce its consumer expertise by providing a broader vary of economic coverages.”

APOLLO has a person base of greater than 6,000 particular person unbiased Canadian brokers and over 150 group companions.

RBC Capital Markets acted as unique monetary advisor to APOLLO on the transaction. Blake, Cassels & Graydon acted as authorized advisor to APOLLO.

APOLLO launched in 2019, and introduced the shut of a Collection A financing spherical of CAD $13.5 million in January 2021, led by Gravitas Securities.

About APOLLO Insurance coverage

APOLLO is a number one Canadian on-line insurance coverage supplier. Its proprietary platform permits insurance coverage brokers and their prospects to buy their coverage instantly, from anyplace, on any system, 24/7. Not like conventional paper-based processes, APOLLO leverages intensive information and complicated algorithms to cite, gather cost, and challenge insurance policies for hundreds of sorts of small companies and people with out human intervention. By conventional brokers and embedded finance partnerships, APOLLO is making insurance coverage easy. For extra data, go to: apollocover.com

Contacts

David Dyck

VP Advertising and marketing & PR, APOLLO

(778)-917-9667

[email protected]


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