Toronto-based digital home & auto insurance agency acquired by PE firm
Toronto, ON (Apr. 2, 2024) – Achmea and Fairfax Financial Holdings Ltd. have reached an agreement on the sale of online insurance agency Onlia to Southampton Financial Inc. (SHFI), a private equity firm focused on the Canadian property and casualty distribution space. The acquisition is expected to close no later than April 30.
Onlia was founded in 2018 as a joint venture between Achmea and Fairfax (both 50% shareholders). The online IT platform of InShared, Achmea’s digital non-life insurer, served as the basis for this. Onlia now has around 24,000 customers and a premium turnover of €44 million with home and car insurance. Onlia’s policies are underwritten by Verassure Insurance Company, part of the Achmea and Fairfax Financial group of insurance companies.
Southampton will take over the entire customer portfolio, while respecting and continuing the existing contractual agreements regarding Onlia’s services to customers, Achmea and Fairfax said in a release.
“We are very pleased to bring Onlia into our portfolio of companies and look forward to driving further innovation and accelerating growth, in combination with other companies within the [Southampton] group,” said Brian Reeve, founder and CEO of Southampton. “Southampton intends to offer consumers a broad suite of products from both the aha Insurance and Onlia brand.”
Southampton announced its acquisition of aha Insurance in December 2023.
- Learn more about Onlia in the InsurTech Spotlight.
About Onlia
Onlia offers innovative digital home and auto insurance to Canadians. Onlia’s mission is to bring clarity, simplicity and utility to auto and home insurance. Because Canadians want great coverage without complication — and no matter what turns life takes, to feel supported along the way. Onlia was launched in 2018, as a joint venture between Achmea, the largest insurance group of the Netherlands, and Fairfax Financial, a Canadian-based financial holding company. For more information, visit Onlia.ca.
About SHFI
SHFI is a holding company backed by strategic value-adding investors in the Canadian property and casualty distribution space. It provides strategic guidance and oversight, access to capital, new markets and back-end support services, including a leading-edge insurance technology platform to its portfolio companies, allowing them to focus on organic growth and to develop market leading insurance propositions serving the needs of a variety of consumers. SHFI shareholders are a group of industry veterans, (i.e. insurance companies, MGUs and brokerages) who benefit from an exceptional network and deep operational experience.
Source: Onlia
Tags: Acquisition, InsurTech, InsurTech Spotlight, Onlia, startup
