Southampton Financial acquires Toronto-based agency
Southampton Financial acquires Toronto-based agency | Insurance Business Canada
Mergers & Acquisitions
Southampton Financial acquires Toronto-based agency
It has expanded its insurance portfolio with the deal
Mergers & Acquisitions
By
Jonalyn Cueto
Southampton Financial Inc. (Southampton or SHFI), a private equity firm specializing in the property and casualty insurance distribution sector, announced its definitive agreement to acquire Onlia Insurance, a digital insurance agency.
The acquisition, set to close no later than April 30, 2024, was made in partnership with Achmea B.V. (Achmea) and Fairfax Financial Holdings Limited (Fairfax).
Toronto-based Onlia Insurance has established a presence in the Ontario marketplace since its establishment, thanks to its direct-to-consumer brand and innovative digital platform. Onlia’s technology enables consumers to seamlessly purchase and manage car and home insurance policies online.
With the deal, Southampton will be able to leverage the Onlia brand, access its substantial customer base, and integrate talent and online experience from Onlia’s team.
Brian Reeve, founder and CEO of Southampton, expressed enthusiasm about the acquisition.
“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 SHFI group. Southampton intends to offer consumers a broad suite of products from both the aha Insurance (‘aha’) and Onlia brand,” he said
Steve Livingstone, president and CEO of aha Insurance, welcomed the addition of Onlia to the Southampton group.
“[We] look forward to working with them to build a leading edge Canadian integrated online insurance platform,” Livingstone said.
Southampton offers strategic guidance, capital access, market expansion, and back-end support services, including cutting-edge insurance technology platforms to its portfolio companies. Its shareholders comprise a network of industry veterans, including insurance companies, MGUs, and brokerages.
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