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.

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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.”

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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.”