A Singaporean insurance firm affiliated with the regional e-retailer Shopee has entered the Philippine insurance market after it acquired two licensed Philippine non-life insurance companies.
The two insurers are AA Guaranty Assurance (Aaga) and Reliance Surety and Insurance (RSI), reported Business Mirror.
The Insurance Commission (IC) has approved the acquisition of Aaga and RSI by SeaInsure PG, an insurance firm under tech conglomerate Sea Ltd, Shopee’s holding company.
“Sea Limited’s entry into the Philippine insurance industry through SeaInsure’s acquisition of these two local insurers is a significant milestone to the development of the local digital insurance business and InsurTech,” Commissioner Dennis Funa said.
SeaInsure acquired RSI in February this year and converted it from a non-life to a life insurance business. A new certificate of authority to transact life insurance business shall be sought from the regulator in line with the Insurance Code.
Aaga has been rebranded as SeaInsure General Insurance (SeaInsure Philippines) and was launched as a digital insurance company after it was acquired by SeaInsure in February last year. SeaInsure Philippines has also been granted with a license by the IC, authorizing it to transact non-life insurance business.
The IC said it approved last March the transfer of RSI’s non-life insurance portfolio to SeaInsure Philippines.