Personal fairness agency Southampton Monetary has partnered with the driving pressure behind brokerage Cheep Insurance coverage, a deal designed to offer the brokerage with cutting-edge digital applied sciences.
Southampton Monetary introduced its fairness partnership with WebBroker Canada Inc. on Tuesday. The deal provides to the PE agency’s different transactions involving Canadian P&C operations that supply digital automotive and residential insurance coverage.
“By way of its fairness partnership with Southampton Monetary, Cheep Insurance coverage is poised to revolutionize its operations utilizing modern functions supplied by Southampton’s digital platform,” the PE agency says in a press launch. “This strategic alliance opens the door for expanded operations into Ontario, Alberta, and British Columbia, and signifies a pivotal second in enhancing the client expertise whereas fostering worker satisfaction and development alternatives.”
Dartmouth, N.S.-based Cheep Insurance coverage is thought for its distinctive worth proposition within the Atlantic Canada market, Southampton says. The brokerage makes a speciality of automotive, dwelling, and tenant insurance coverage, emphasizing specialty segments.
It additionally presents high-risk automotive insurance coverage. “Cheep Insurance coverage is dedicated to accessibility — guaranteeing that every one people, no matter their driving document, credit score rating, or monetary historical past, can safe customized insurance coverage and versatile cost options,” Southampton says.
Cheep Insurance coverage president Steve Earle says the partnership stands aside “in a panorama crowded with choices for smaller brokers seeking to consolidate or combine with bigger entities.
“In contrast to conventional mergers or acquisitions, this collaboration preserves Cheep Insurance coverage’s distinct model identification, core values, and particular person persona,” Earle says. “Cheep Insurance coverage good points entry to cutting-edge applied sciences via this alliance, facilitating the transition from outdated legacy programs generally present in conventional dealer distributions.”
For its half, Southampton says it’s dedicated to offering the absolute best insurance coverage options for all customers, no matter their accident historical past, credit standing or geographic location. Cheep Insurance coverage’s digital platform, which supplies insurance coverage for customers who might not be capable to acquire protection from conventional markets, fills an essential hole for the agency, Southampton president and CEO Shahzad Hafeez says.
Based in 2023, Toronto-based Southampton focuses on the Canadian P&C distribution house. It supplies strategic steering and oversight, market growth, entry to capital, back-end help providers, and a modern insurance coverage expertise platform to its portfolio corporations.
In December 2023, Southampton acquired Waterloo, Ont.-based digital insurance coverage brokerage Aha Insurance coverage. The brokerage serves clients in Ontario, Alberta and British Columbia, providing shoppers the power to cite, buy and handle automotive and residential insurance coverage insurance policies completely on-line.
In Could of this 12 months, Southampton accomplished its acquisition of Onlia Insurance, one other digital insurance coverage firm. “The strategic transfer marks a major step ahead in [Southampton’s] dedication to construct a serious Canadian built-in on-line insurance coverage platform,” the PE agency mentioned on the time.
Headquartered in Toronto, Onlia is a digital insurance coverage middleman whose built-in digital platform permits the acquisition and administration of automotive and residential insurance coverage insurance policies completely on-line. Its insurance policies are underwritten by Verassure Insurance coverage Firm, a part of the Achmea and Fairfax Monetary group of insurance coverage corporations.
Southampton’s platform corporations additionally embody Alteri Insurance coverage, a full-service brokerage that serves clients in B.C. and Alberta.
Characteristic picture by iStock.com/amgun
