The new venture, described as a “transformative business vertical,” is expected to unlock substantial growth potential for the company.
Pineapple Insurance will operate as a managing general agent in Ontario, Manitoba, British Columbia, and Alberta, offering life, creditor, and disability insurance. The company’s move into the insurance sector is seen as a natural progression, following Pineapple Financial’s July partnership with Walnut Insurance, which integrated property and casualty (P&C) products into its deal management system. Allowing brokers to request insurance quotes for clients at specific stages of the mortgage process.
Kendall Marin, President and COO of Pineapple Financial, expressed excitement about the new division:
“We’ve been building towards this launch for over a year, and we’re beyond excited to finally share it with our investors and clients. Pineapple Insurance is a game-changer. By offering in-house life, creditor, and disability insurance, we’re not only meeting a regulatory requirement but also enhancing the value we provide to clients, while creating a highly lucrative revenue stream for our business.”
Pineapple Insurance is expected to enhance Pineapple Financial’s service offering and provide additional revenue opportunities, positioning the company for continued growth in the Canadian financial services market.
Shubha Dasgupta, CEO of Pineapple Financial, emphasised the strategic importance of this launch:
“We promised our investors that the proceeds from our IPO would be deployed thoughtfully to accelerate growth and enhance shareholder value.”
He added “Pineapple Insurance is the realisation of that promise. Its launch signifies a new era of profitability and scalability for our company. By focusing on customer-centric innovation, we’re positioning ourselves for sustained growth and success.”
