Thailand insurtech startup Roojai has agreed to acquire FWD General Insurance’s local business from bolttech to boost its market share in the country. Details of the transaction was not disclosed.
FWD General Insurance had announced in May this year that it will be renamed and rebranded this year as bolttech Insurance. The Singapore-based insurtech unicorn bolttech has owned and operated FWD General Insurance since late 2020.
Through this acquisition, Roojai will have a combined portfolio of over US$50 million (THB 1.74 billion) in annual premium. It will also be able to underwrite general insurance products.
Following the acquisition, the company will be rebranded and renamed under the Roojai brand, subject to regulatory approval.
According to Roojai, the deal will not affect any existing policies, claims processes or customer services.
Launched in 2016, Roojai sells motor, accident, and health insurance products with its insurance partners and now has a portfolio of over 160,000 customers.
“With this acquisition, we will vertically integrate upwards, fulfilling our vision of becoming a full-stack digital insurance company that can optimise the entire insurance journey. This important step will facilitate further product and process innovations for the benefit of our customers,”
said Nicolas Faquet, Founder and Group CEO of Roojai.
This post originally appeared on TechToday.