Thailand-based online insurance company Roojai has announced the successful completion of its acquisition of Singapore-based insurance firm, DirectAsia Group.
In a news release, Roojai stated that they had entered into an agreement to acquire DirectAsia Group from Hiscox. This acquisition is expected to boost the company’s market share, amalgamating a portfolio covering over 400,000 insured vehicles across three countries and overseeing 300,000 individuals with their accident and health products.
As a result of the buyout, DirectAsia Thailand will be rebranded as Roojai Thailand, while DirectAsia Singapore will maintain its current branding. The acquisition will also not affect existing policies, claims processes, or customer service.
With this development, Roojai will now operate in Thailand, Singapore, and Indonesia. That said, the transaction is contingent on customary conditions and regulatory approvals, expected to conclude by the end of 2023. Specific terms of the transaction were not disclosed.
“DirectAsia and Roojai share the same vision of making insurance simple and bringing competitive prices to good drivers without ever compromising on customer service,” Roojai Group founder and CEO Nicolas Faquet said. “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.”
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