Canadian ICMIF member Promutuel Insurance announced this week that it is investing in Portage Ventures III, the third venture capital fund of Portage Ventures, intended to propel start-ups in the fields of financial technology (fintech), insurance (insurtech) and wealth management. This investment will allow Promutuel Insurance to be on the lookout for innovative and emerging solutions developed by bold entrepreneurs who are keen to challenge the insurance and finance ecosystem.
“As we celebrate 170 years of existence, this investment will allow us to identify and invest in new technologies that can accelerate the development of our product and service offering to meet the ever-changing needs of our insured members. We are excited to participate in this fund, which will allow Promutuel Insurance to have direct access to a solid pipeline of innovations in our field, while allowing us to exercise a privileged view of the business opportunities that will result. This strategic investment is perfectly in line with the profitable growth strategy we have adopted,” said Promutuel Insurance CEO Geneviève Fortier.
In just over five years, Portage Ventures has become one of the world’s leading early-stage venture capital firms in fintech, with 62 portfolio investments made in 13 countries as of December 31, 2021. The Caisse de dépot et placement du Québec as well as the Public Sector Pension Investment Board are among the investors.
“We look forward to partnering with Promutuel Insurance, well-reputed in the insurance sector, to accelerate the scaling of start-ups with the potential to disrupt the finance and insurance sector in the coming years. We appreciate their trust in us as stewards of their capital,” added Adam Felesky, Co-founder and CEO of Portage Ventures.
Promutuel Insurance is one of the biggest damage insurers in Québec and known for its financial stability, superior quality products, and outstanding customer service, Promutuel Insurance boasts 2,000 employees serving some 650,000 insured members. Promutuel Insurance’s mission is to promote and provide insurance products that meet the needs of its clients. In doing so it provides exceptional, personalised service while fostering the mutualist values that have guided it for 170 years.
Portage Ventures, the venture capital arm of multi-asset class alternative investment firm Sagard, is an early-stage investor dedicated to supporting financial technology companies.
In 2020, Ben Harrison, Partner, Head of Partnerships and Policy at Portage Ventures took part in an ICMIF webinar looking at how innovative insurtechs continue to help insurers around the globe digitise their businesses across all aspects of the value chain. For more information on the webinar and to request a link to the recording, please click here. Ben is also the author of the guest blog Transforming your business through insurtech partnerships. Please click here to read the blog.
Promutuel joins ICMIF
In March 2022, Promutuel Insurance proudly announced that it has become a member of ICMIF, joining the Federation’s network of 203 mutual and cooperative insurers in 63 countries around the world.
“With 170 years as a mutual leader, joining ICMIF marks an important step in achieving Promutuel ambitions. In the wake of the acceleration of our profitable growth strategy, Promutuel is considering expansion outside Quebec with an increasingly dominant presence in markets where it is under-represented. We are convinced that joining ICMIF, will allow Promutuel to access a network of world-renowned experts and its innovative knowledge hub while supporting the establishment of new partnerships throughout the mutualist channel, becoming an undeniable asset to accelerate the profitable growth strategy we have adopted and in accordance with our mutualist values. Far from running out of steam, these mutualist values, combined with our ambitions, are generating added value for our insured members, and sustainable development for the organization and society in general,” said Promutuel Insurance CEO Geneviève Fortier.
Shaun Tarbuck, Chief Executive, ICMIF said: “On behalf of ICMIF, our Board of Directors and our 203 member organizations, we are delighted to welcome Promutuel Insurance to the global network of member-owned insurers. We look forward to opportunities to collaborate with Promutuel leaders for the mutual benefit of our members”.