OTTP announces Kanetix Ltd Acquisition, including merger with Shop Insurance Canada
Published: September 4, 2018
In a brief press release, the OTTP announced RDA Insurance CEO Igal Mayer will become the new CEO of Kanetix. A former CEO of Aviva Canada, Aviva UK, and Aviva Europe, Mayer succeeds former Kanetix president and CEO Andrew Lo, who departed his position on Aug. 31.
Kanetix is notable as Canada’s first ever online insurance service and has become the largest independent quote comparison site in the country. Launched in October 1999, Kanetix.ca provides over 8 million quotes to consumers each year.
“As Canada’s largest digital customer acquisition platform for insurance and financial services, we are delighted that Kanetix Ltd. is now part of the Ontario Teachers’ Pension Plan (Ontario Teachers’) family,” Kanetix said in a statement. “As one of the country’s largest institutional investors, Ontario Teachers’ has a track record of working collaboratively alongside companies and their management teams to create long term-value.”
Shop Insurance Canada will now become part of Kanetix, a move that the company says will allow it to expand its scale and reach more customers. Founded in 2015, Shop Insurance Canada has innovated digital brokering, including using its own comparison tool.
Mayer will remain Co-Chairman of both RDA and Shop Insurance Canada and will split his time between RDA and Kanetix. RDA Insurance says it plans to use the merger to “focus on building our core business and continuing to deliver excellence as an industry leader in face-to-face insurance brokering across commercial lines, surety, personal lines, group insurance, and financial services.”