Roojai, a Thailand-based online insurance company, has on Wednesday announced that it has completed the acquisition of Singapore-based insurance firm DirectAsia group.
Roojai said in a statement that the firm has entered into an agreement to acquire DirectAsia group from Hiscox.
With this acquisition, Roojai will substantially increase its market share with a combined portfolio of over 400,000 vehicles insured in three countries and 300,000 individuals protected with its accident and health products.
Following the acquisition, DirectAsia Thailand will be rebranded into Roojai Thailand, while DirectAsia Singapore will retain its brand.
The acquisition will have no impact on existing policies, claims processes or customer service.
Launched in 2016, Roojai has developed innovative technology solutions to make insurance simple, affordable, and reliable.
The Thai insurtech sells motor, accident, and health insurance products digitally on its website and application on a direct-to-consumer model.
It will now have operations in Thailand, Singapore, 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 subject to customary conditions and regulatory approvals and is expected to be completed by the end of 2023.
The terms of the transaction, however, were not disclosed.
DirectAsia was founded in Singapore in 2010 and launched into Thailand in 2013.
Its primary business is motor, one of the few non-discretionary insurances in Asia.
The firm has a strong business model, operating through a number of distribution channels, and uses market leading rating mechanisms.
In 2022, the firm had gross written premiums of $52.5 million.