The Ontario Teachers’ Pension Plan is investing in an Australian insurance distribution company.
The pension fund acquired a 33.4 per cent stake in Greenstone and is now an investor alongside the Caisse de dépôt et placement du Québec, which first invested in the Australian company in 2016.
Established in 2007, Greenstone specializes in using data analytics and other technologies to design, market, distribute and administer personal insurance products distributed through a number of proprietary brands including Real Insurance, Australian Seniors, New Zealand Seniors, OneChoice, Guardian Insurance and Prime Pet Insurance. The Sydney-based insurer currently has more than 650,000 active policies with clients across Australia and New Zealand.
“The investment in Greenstone is consistent with our strategy of investing in industry-leading financial services businesses with high-quality management teams and innovative technology,” said Ben Chan, senior managing director of the Asia-Pacific region at the Ontario Teachers’, in a press release. “We look forward to working closely with management and our partners and contributing to the company’s continued success.”
Both the Caisse and the Ontario Teachers’ are significant investors in Australia and New Zealand, noted the release.
“We are delighted to have Ontario Teachers’ joining us as a new investor in Greenstone,” said Martin Laguerre, executive vice-president and head of private equity and capital solutions at the Caisse, in the release. “We have a close working relationship, having together successfully invested in companies and demonstrated our commitment to ESG initiatives over the years. Greenstone is an industry leader in the insurance sector, a key focus for CDPQ, that we are pleased to support since 2016. We look forward to co-operating with Ontario Teachers’ and the management team as the business progresses into its next stage of growth.”