Roojai, Thailand's leading online insurance provider, has agreed to acquire FWD General Insurance Plc in Thailand for an undisclosed amount.
Bolttech is the seller in the transaction. The terms of the transaction were not disclosed.
With this acquisition, Roojai will substantially increase its market share in Thailand with a combined portfolio of over US$50 million (1.74 billion baht) in annual premiums.
Roojai will also become a full digital insurance company with a licence to underwrite general insurance products.
Following the acquisition, the company will be rebranded and renamed under the Roojai brand, subject to regulatory approval.
The acquisition will have no impact on any existing policies, claims processes or customer services.
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 with its insurance partners and now has a portfolio of over 160,000 customers.
"Since 2016, the goal of Roojai has been to build products and manage the full insurance journey with customers' convenience in mind. We want customers to be able to choose to buy only what they need, offer affordable premiums and provide great customer service and claims experience," said Nicolas Faquet, founder and group chief executive of Roojai.
"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," he said.
