Definity Financial
Definity Financial Corporation, formed in 2021, is a leading Canadian property and casualty insurance company with a national presence, offering services through brands like Economical Insurance and Sonnet Insurance.
Company History
Definity Financial Corporation was formed in 2021 in connection with the demutualization of Economical Insurance. The company is one of Canada’s leading property and casualty insurance firms and has a significant presence nationwide, conducting business in all provinces and territories.
Subsidiaries and Brands
Definity Financial Corporation is the parent company to several notable insurance brands, including Economical Insurance, Sonnet Insurance, Family Insurance Solutions, and Petline Insurance. Sonnet Insurance is recognized as the largest fully digital direct-to-consumer insurance business in Canada. These brands cater to various segments of the insurance market through both broker and direct distribution channels.
Digital Platforms
Definity Financial Corporation operates innovative digital platforms such as Sonnet and Vyne. These platforms are known for their high scalability and automation, which drive significant operational efficiencies. They have been rapidly adopted by customers and brokers, enhancing the company's market position.
Environmental Commitments
Definity Financial Corporation aims to achieve net-zero greenhouse gas emissions in its operations and investment portfolio by 2040 or sooner. The company's investment team tracks the ESG ratings and performance of its holdings to reflect its environmental policies and commitments. Additionally, the Climate Centre of Excellence has been established to address climate change implications in products, underwriting, and risk management.
Community Support
In 2023, Definity Financial Corporation contributed more than $2.6 million in community support, including $2.3 million to the Definity Insurance Foundation. This Foundation is a Canadian registered charity dedicated to improving the lives of Canadians, especially in marginalized and underserved areas.