Southampton Financial Strengthens Commitment to Innovation through Equity Partnership with Cheep Insurance.
Toronto, ON, July 2, 2024 – Southampton Financial proudly announces its equity partnership with WebBroker Canada Inc., the driving force behind Cheep Insurance, renowned for its unique value proposition in the Atlantic Canada market. Cheep Insurance specializes in car, home and tenant insurance solutions with an emphasis on speciality segments. Their brokers are committed to offering exceptional client service while finding the best insurance products for all clients, regardless of their unique situation. Cheep Insurance is committed to accessibility — ensuring that all individuals, regardless of their driving record, credit score, or financial history, can secure personalized insurance and flexible payment solutions. Through its equity partnership with Southampton Financial, Cheep Insurance is poised to revolutionize its operations using innovative applications offered by Southampton's digital platform. This strategic alliance opens the door for expanded operations into Ontario, Alberta, and British Columbia, and signifies a pivotal moment in enhancing the customer experience while fostering employee satisfaction and growth opportunities.
Founded in 2023, Southampton Financial is a value-added strategic investor committed to providing their partnered companies with the strategic guidance, capital access, market expansion, and back-end support services, including cutting-edge insurance technology platforms.
As Cheep’s president, Steve Earle, puts it:
“In a landscape crowded with options for smaller brokers looking to consolidate or integrate with larger entities, our partnership with Southampton Financial stands apart. Unlike traditional mergers or acquisitions, this collaboration preserves Cheep Insurance’s distinct brand identity, core values, and individual persona. Cheep Insurance gains access to cutting-edge technologies through this alliance, facilitating the transition from outdated legacy systems commonly found in traditional broker distributions.”
Shahzad Hafeez, President and CEO of Southampton Financial, added:
“The innovative Cheep platform and its dedicated employees fill an important gap in the Southampton platform. Southampton is committed to providing the best possible insurance solutions for all consumers, regardless of their accident history, credit rating or geographic location. Cheep provides an insurance solution for consumers who may not be able to obtain insurance coverage from traditional insurance markets.”
This new equity partnership between Southampton Financial and Cheep Insurance signals the start of a new era of innovation and inclusivity within the insurance sector. Together, they are poised to redefine industry norms, enabling Canadians to obtain customized insurance solutions tailored to their individual needs using a convenient digital platform.
