Qishin Tariq · · 1 min readWarburg Pincus to pour $350m in insurtech platform Oona
New York-based private equity firm Warburg Pincus is pouring US$350 million to help set up digital insurance platform Oona Insurance, its largest deal yet in Southeast Asia’s insurance sector, Reuters reported.
Warburg Pincus partnered with Abhishek Bhatia, former group CEO of insurance multinational firm FWD Group, to set up the new insurance platform.
Oona currently operates Indonesia-based Asuransi Bina Dana Arta and Philippine-based Mapfre Insular Insurance Corporation. The companies would be rebranded and brought under the Oona name, which will be providing motor, property, and group health insurance.
Oona also plans to add travel, health, and other general insurance products to its roster of services.
In a statement, Warburg Pincus managing director Saurabh Agarwal said that the consistently rising incomes and accelerating digital adoption across Southeast Asia put Oona in a strong position to capture growth in the region.
Warburg Pincus is one of the largest private equity firms in Southeast Asia, with US$3.5 billion invested in 17 companies. Its assets under management stand at more than US$85 billion.
See also: SEA’s leading insurtech players
Editing by Miguel Cordon and Jaclyn Tiu
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