SONNET TO DISCONTINUE AUTO INSURANCE BUSINESS IN ALBERTA

TORONTO, June 13, 2024 /CNW/ - Sonnet Insurance Company ("Sonnet") announced today that following a thorough review of its business in the province, it will phase out its auto insurance operations in Alberta. Sonnet has submitted a notice of intention to withdraw from auto insurance to the Alberta Superintendent of Insurance, indicating December 13, 2024 as the intended date of withdrawal. Limited opportunities for Sonnet to grow profitably in the current auto insurance operating environment in Alberta were a key consideration in making this decision.

Sonnet's Alberta auto insurance customers will not be immediately impacted by the decision to withdraw. Following the date of withdrawal, Sonnet will no longer issue new or renewal auto insurance policies in Alberta. Sonnet will notify its Alberta auto insurance customers impacted by this withdrawal in a timely manner and provide them with relevant information.

Sonnet's home insurance business in Alberta will not be impacted by this change.

"Sonnet remains committed to serving Albertans by offering home insurance and also making available pet insurance underwritten by its affiliate Petline Insurance Company.  Sonnet will continue to focus its efforts to profitably grow its auto insurance business in other regions in Canada," said Paul MacDonald, Executive Vice-President, Personal Insurance & Digital Channels.

About Sonnet Insurance

Launched in 2016, Sonnet Insurance Company is a federally regulated insurance company. Our mission is to provide Canadians with a fast, straightforward, and customized way to buy home and auto insurance online.

SOURCE Sonnet Insurance Company

Media inquiries: Mathieu Genest, Senior Manager, External Communication, [email protected], 647-224-8975