U.S.-based Arthur J. Gallagher & Co. announced on August 5 the acquisition of Vancouver-based Apollo Insurance Solutions Ltd., saying the firm’s digital platform and team will strengthen Gallagher’s capabilities in Canada.
Apollo is a digital insurance broker and managing general agency (MGA) specializing in tenant insurance across Canada. At the core of its business is the firm’s artificial intelligence (AI)-enabled insurance placement capabilities. The proprietary platform reportedly streamlines the insurance placement process.
In an exchange with the Insurance Portal regarding the acquisition, Michael Thornhill, group CEO and president of speciality (Canada) says the platform has helped redefine how insurance can be purchased and serviced digitally. “The acquisition enhances Gallagher’s capabilities in digital distribution, marketing, embedded insurance and insurance technology while adding a team that shares our commitment to innovation, client service and growth,” he adds. “By combining Apollo’s innovative technology and digital expertise with Gallagher’s scale, market access, specialized capabilities and global resources, we believe we can accelerate growth.”
Thornhill also says the companies already had a strong relationship, thanks to existing business arrangements which allowed the company to see firsthand that there was cultural and strategic alignment between the two already in place.
“Our acquisition strategy in Canada remains focused on partnering with high-quality businesses that strengthen our client offering, expand our capabilities and align with Gallagher’s culture and long-term vision. We are particularly interested in organizations that bring differentiated expertise,” Thornhill says. “In Apollo, we found a market-leading digital platform and management team that strengthens our position in one of the fastest-evolving areas of the industry.”
