Market downturn could help insurer Definity in its quest for acquisitions

chief executive Rowan Saunders, who has been on a quest for acquisitions since the property and casualty insurer went public in November.

The IPO market has seen a number of lacklustre debuts over the past year, particularly in the technology sector, where there has been a massive sell-off of stocks in recent months. Joining the composite index will give Definity a new pool of investors. The fate of those newcomers’ bets on the company may depend partly upon Mr. Saunders’s ability to grow his market share by making acquisition deals, despite market conditions.

Definity had more than $7.5-billion in assets as of March 31, and is currently the seventh-largest P&C insurer in Canada. It is the parent company of Economical Insurance Co., Family Insurance Solutions Inc., Petline Insurance Co. and Sonnet Insurance Co., a fully digital insurance platform that sells directly to consumers.

rate of the industry in Canada, and a number he said Definity has been exceeding over the past several quarters.

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