Oona Insurance buys out Insular Life from PH unit
MANILA -Warburg Pincus-backed Oona Insurance is buying out its joint venture partner, Insular Life, to fully own its Philippine subsidiary.
In a statement on Thursday, Oona Insurance said it would acquire Insular’s 40-percent stake in Oona Insular Insurance Corp. (Oona Philippines), the duo’s nonlife insurance partnership.
The company did not disclose the value of the buyout
While Oona Philippines is now its fully-owned subsidiary, Oona Insurance said it will continue its cooperation with Insular to cross-sell insurance products in the Philippines.
The agreement is expected to further boost Oona Philippines’ status in the general insurance industry since it set up shop in the country last year.
Oona Insurance said InLife will focus on its core life insurance and health-care business “to sustain the momentum it has achieved in the last couple of years.”
“We are very optimistic and believe this move will help us push for higher growth as we position ourselves to be a major player in the Philippines’ nonlife insurance market,” said Abhishek Bhatia, founder and CEO of the Oona Insurance group.
Founded in 2021, Oona Insurance has established a presence in Indonesia and the Philippines and is fully backed by a $350 million equity commitment from global private equity firm Warburg Pincus.
Its products in the Philippines include flight delay insurance called “Smart Flight Delay” and “Kahoona,” a digital platform for selling general insurance coverage.