Toronto, ON (Dec. 4, 2023) – Southampton Financial, a private equity firm focused on the Canadian property and casualty distribution space, is pleased to announce it has acquired aha Insurance (“aha”), a digital insurance brokerage.
Headquartered in Waterloo, aha Insurance takes pride in being one of the first insurance brokerages in Canada to offer quote, purchase, and management of car and home insurance policies entirely online. aha’s knowledgeable and experienced team is committed to offer a higher standard of customer service driving an ease-of-use platform and superior customer satisfaction.
“We are pleased to welcome aha into our portfolio of companies and look forward to driving further innovation and accelerating growth” said Brian Reeve, founder and CEO at Southampton Financial.
“For the past six years, aha has focused on bringing digital solutions to the Canadian insurance landscape through our innovative brokerage platform. The transaction with Southampton marks a significant milestone for our young company as we will tap into a much larger platform with significant resources and talent to bring a broader range of products and services, all with the goal of greatly accelerating our growth strategy. We look forward to driving aha forward and working closely with Brian Reeve and the Southampton Financial team” added Steve Livingstone, CEO at aha Insurance.
KPMG Corporate Finance Inc. and Stikeman Elliot acted as M&A advisors to the shareholders of aha insurance while Dentons acted as legal advisor to Southampton Financial.
About aha insurance
Launched in 2017, aha insurance is the first insurance brokerage in Canada to offer quote, purchase, and management of car and home insurance policies entirely online. Based in Waterloo, Ontario it is a privately-held company committed to providing a better, faster and easier way for customers in Ontario, Alberta and British Columbia to experience insurance.
Customers are serviced by Ignite Services Inc., which collectively brings over 200 years of experience in the insurance industry. For more information, visit ahainsurance.ca.
About Southampton Financial
Southampton’s goal is to create the optimal insurance broker platform of the future. Generative AI will have a huge effect on all players in the insurance industry. The insurance broker of the future will be required to use data in different and much more effective ways. The Aha transaction provides a foundation for the Southampton platform. Aha already uses Generative AI and bots to place risks with the appropriate insurers on its platform. Aha has been built specifically to allow for deep and rich data mining.
Insurance companies are increasingly using Generative AI and predictive analytics to help assess and rate risks. Insurance brokers and MGAs will be at a competitive disadvantage if they do not have the same capabilities. An insurance broker has traditionally had a better understanding of a risk than an underwriter. An insurance broker, as a trusted advisor, will know each risk on a personal basis. Aha’s platform is designed to maintain a level playing field for insurance brokers in the future as placing insurance becomes increasingly data-driven.
Learn more at www.southamptonfinancial.ca/about.
Source: Southampton Financial
Tags: Acquisition, aha insurance, InsurTech, InsurTech Spotlight
