The Caisse de dépôt et placement du Québec is investing in a Canadian mortgage broker.
The investment in M3 Financial Group will allow the organization to continue its strategic growth plan around acquisitions and help expand its digital footprint, according to a press release, which noted the mortgage broker most recently acquired Pinch Financial, a technology platform that provides full mortgage qualifications in less than 10 minutes.
M3’s brand also includes Quebec’s largest brokerage, Multi-Prêts Mortgages, as well as Invis Inc., Mortgage Alliance, Mortgage Intelligence Inc. and Verico Financial Group Inc. Together, the group offers mortgage brokerage services and insurance products through a network of more than 8,300 brokers across the country, with annual lending volumes of more than $67 billion.
“Investing in the expansion of businesses that place innovation at the centre of their development is perfectly in line with our investment strategy in Quebec,” said Kim Thomassin, senior vice-president and head of investments in Quebec and stewardship investing, in the release. “We are delighted to begin our relationship with M3 and to support them in achieving their growth objectives, which will secure their leadership position in the marketplace.”
In other investment news, the Ontario Teachers’ Pension Plan is the first investor providing capital through the London Bridge Risk Protected Cell Co. Ltd. with an initial investment of more than £100 million.
The transaction will provide reinsurance cover to the organization, which supports three syndicates in the Lloyd’s market. The coverage will start in 2021 and will be expanded in 2022. The PCC operates under the U.K. risk transformation regulations, according to a press release, and provides an access point for both U.K. and international investors, including insurance-linked securities.
“We invest in a range of global assets, including insurance-linked securities, and are always looking for efficient opportunities to maximize returns and increase value for our members,” said Nick Jansa, senior managing director for Europe, the Middle East and Africa at the Ontario Teachers’, in a press release. “LBR PCC provides an innovative and efficient way to simplify our investment structures as we continue to grow our global footprint.”