Toronto, ON (Jan. 7, 2021) – Apollo Insurance Solutions Ltd. (“Apollo Insurance”), Canada’s leading online insurance company, announced today that it has closed an oversubscribed $13.5 million Series A financing round, far exceeding its original $4 million target. Gravitas Securities Inc. led the financing which resulted in a strong and diverse shareholder base that included Trisura Group Ltd., an international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market, and Liberty Mutual Insurance, a Fortune 100 company that is the sixth largest global property and casualty insurer based on 2019 gross written premium.
Launched in April 2019, Apollo now offers the largest selection of online insurance in Canada. The funds generated through the financing will be used to fuel Apollo’s rapid expansion of insurance offerings to become the “everything store” for small business and personal insurance. Through thousands of digitally enhanced agents and embedded finance partnerships, Apollo is redefining the distribution of insurance.
“We’ve created an entirely modern insurance purchasing experience — digital, instant and paperless — in line with everything else in our daily lives,” said Jeff McCann, Founder and CEO of Apollo. “Purchasing insurance the traditional way is a costly and time consuming burden for Canadian small business owners and individuals. Apollo is changing that.”
This investment comes after a record 12 months of growth for Apollo, and the recent appointments of Tracey Swain as Chief Financial Officer and Marco Andolfatto as Chief Underwriting Officer. Swain served as CFO for O2E Brands, a privately-held and parent company of 1-800-Got-Junk? founded out of Vancouver, BC. Previously, Swain served as Vice President of Internal Audit for Lululemon (NASDAQ: LULU) and was Vice President of Corporate Finance for Adidas (XTRA: ADS). Andolfatto was previously Chief Strategy Officer at Totten Insurance Group and Managing Director at Premier Insurance Managers, one of Canada’s leading wholesale insurance companies.
“Jeff is an incredible entrepreneur and leads an extraordinary team. Since inception, the company has reached and exceeded each milestone we set out to achieve over the past three years,” said Drew Green, Co-Founder and Chairman of the Apollo Board of Directors. “I’m excited for the incredible growth ahead for Apollo, and the InsurTech industry.”
Apollo’s proprietary technology platform, the Apollo Exchange, transacts insurance business in real time, leverages extensive data and sophisticated algorithms to quote, collect payment, create and deliver policies. Thousands of types of small businesses and individuals are able to buy online without human intervention.
“Apollo’s deep industry knowledge coupled with a growing demand for online insurance offerings makes it a very attractive opportunity in the Canadian investment landscape,” said Kia Besharat, Senior Managing Director & Head of Capital Markets Origination at Gravitas Securities Inc. “Apollo is ready to scale its online insurance offerings for small business and personal insurance.”
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About Apollo Exchange
Apollo (TSXV: APLO Reserved) Apollo is Canada’s leading online insurance company. Our proprietary platform, the Apollo Exchange, allows insurance agents and their customers to purchase their policy immediately, from anywhere, on any device, 24/7. Unlike traditional paper-based processes, Apollo leverages extensive data and sophisticated algorithms to quote, collect payment, and issue policies for thousands of types of small business and individuals without human intervention. Through traditional agents and embedded finance partnerships Apollo is redefining the distribution of insurance. For more information, visit Apollocover.com.
About Gravitas Securities
Gravitas Securities Inc. (GSI) is a leading full service Investment Dealer providing customized Investment Banking services for all types of companies from offices in Toronto and Vancouver. Our mission is to offer our clients a better way of investment banking, based on long term client relationships, and focusing on quality advice.GSI is a member of the Investment Industry Regulatory Organization of Canada (IIROC), a Participating Organization of the TSX Venture Exchange, and a member of the Canadian Investor Protection Fund (CIPF). For more information, visit www.gravitassecurities.com.
About Trisura Group
Trisura Group Ltd. (TSX: TSU) is an international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Guarantee Insurance Company in Canada, Trisura Specialty Insurance Company in the US and Trisura International Insurance Ltd. in Barbados. Trisura Group is listed on the Toronto Stock Exchange under the symbol “TSU”. For more information, visit www.trisura.com.
About Liberty Mutual Insurance
In business since 1912, and headquartered in Boston, today Liberty Mutual is the sixth largest global property and casualty insurer based on 2019 gross written premium. It also ranks 77th on the Fortune 100 list of largest corporations in the U.S. based on 2019 revenue. As of December 31, 2019, Liberty had $43.2 billion in annual consolidated revenue.
Liberty employs over 45,000 people in 29 countries and economies around the world. They offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property. For more information, visit www.libertymutualinsurance.com.
Source: Apollo Insurance Solutions Ltd.Tags: Apollo, funding, InsurTech, InsurTech Spotlight, Liberty Mutual, seed funding, Trisura