Warburg Pincus is making its largest investment to date in the Asian insurance sector with the commitment of $350 million to set up Oona Insurance, a Southeast Asian digital general insurance platform, according to a report by Reuters.
The report cites a statement by Warburg Pincus as confirming that the buyout firm is partnering with Abhishek Bhatia, a former group chief officer of Asian insurance company FWD Group’s new business models unit, to set up the new business.
Oona will comprise Warburg Pincus’ two existing insurance assets – Indonesia’s PT Asuransi Bina Dana Arta Tbk and Philippines’ Mapfre Insular Insurance Corp – which will will be rebranded as Oona, and will provide the new combined digital insurance platform with an initial product portfolio that includes including motor, property and group health insurance.
Oona will also look to introduce new products lines including travel and health cover.
