The Thailand-based online insurance provider Roojai announced that it had successfully acquired Singapore’s DirectAsia group.
The company has a contract in place with Hiscox to buy the DirectAsia group, according to Roojai.
With a combined portfolio of over 400,000 vehicles insured in three countries and 300,000 people protected by its accident and health products, Roojai will significantly increase its market share with this acquisition.
DirectAsia Thailand will become Roojai Thailand following the acquisition, while DirectAsia Singapore will continue to operate under its current name.
The acquisition won’t affect current regulations, claim procedures, or customer support.
With its 2016 launch, Roojai has created cutting-edge technological solutions to make insurance straightforward, reasonably priced, and dependable.
The Thai insurtech uses a direct-to-consumer digital sales model to offer motor, accident, and health insurance products on its website and mobile application.
It will now conduct business in Singapore, Thailand, and Indonesia.
“DirectAsia and Roojai share the same vision of making insurance simple and bringing competitive prices to good drivers without ever compromising on customer service,
“The consolidation of the two companies into a single group will deliver synergies that will support our further expansion of the Direct Insurance model in Southeast Asia,” said Nicolas Faquet, Founder and Group Chief Executive Officer of Roojai.
The transaction is anticipated to close by the end of 2023, subject to customary conditions and regulatory approvals.
However, the deal’s specifics were kept under wraps.
In 2010, DirectAsia was established in Singapore, and in 2013, it expanded to Thailand.
One of the few non-discretionary insurances in Asia, the motor is the company’s main line of business.
The company operates using a variety of distribution channels and employs industry-leading rating mechanisms.
Gross written premiums for the company in 2022 were $52.5 million.
