Definity Financial, a company formed from the demutualization of Economical Insurance in November 2021, seeks to become one of Canada’s top five insurers. Currently the sixth-largest insurer in Canada with $3.8 billion in total insurance revenue, Definity aims to bridge the gap with the fifth spot through both organic growth and strategic M&A. At the Scotiabank Financials Summit, Definity’s President and CEO Rowan Saunders emphasized the company’s preference for acquiring either a commercial-focused carrier or a scaled personal lines insurer. Saunders highlighted that acquiring a substantial commercial portfolio would not only enhance their business mix but also add valuable talent. On the personal lines front, digital platform Vyne, launched in 2018, is positioned to streamline workflows and integrate $1 billion of business. Definity has strategically rebalanced its personal lines book to align with industry norms and is focusing on raising rates in catastrophe-exposed zones. Overall, the company envisions both organic and inorganic growth to achieve its top-five ambition.
Insurance, Financial Services,Canada
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