Thai insurtech firm Roojai buys local unit of Bolttech biz

Photo credit: Roojai

To increase its market share in its home country, Thailand-based insurtech firm Roojai has acquired the local business of FWD General Insurance from Bolttech.

Bolttech, a Singapore-headquartered insurtech unicorn, has owned and operated FWD General Insurance since 2020.

The deal will allow Roojai to boost its market share in Thailand with a joint portfolio of over US$50 million in annual premiums. It will also get a license to underwrite general insurance products, according to a statement.

The company said that the acquisition will have no impact on any existing policies, claims processes, or customer services.

Launched in 2016, Roojai sells motor, accident, and health insurance products, and has a portfolio of over 160,000 customers.

Meanwhile, FWD was established in Asia in 2013 and offers life and medical insurance, general insurance, employee benefits, and Shariah insurance – including family takaful products – across a number of markets.

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“With this acquisition, we will vertically integrate upwards, fulfilling our vision of becoming a full-stack digital insurance company that can optimize the entire insurance journey,” said Nicolas Faquet, founder and group CEO of Roojai.

In March, Roojai raised US$42 million to double down on offering insurance products across Thailand and Indonesia. The firm also secured US$7 million from International Finance Corporation, a member of the World Bank Group, in 2018.