Warburg Pincus-Backed Oona Insurance Acquires ABDA and Mapfre Insular
October 20, 2022
Warburg Pincus committed $350 million to establish Oona Insurance, a Singapore-based digital general insurance platform, in partnership with industry executive Abhishek Bhatia. Oona (via its subsidiary Aseana Insurance Investments Holdings Pte. Ltd.) has seeded the platform with acquisitions of PT Asuransi Bina Dana Arta Tbk (ABDA) in Indonesia and Mapfre Insular Insurance Corporation (MIIC) in the Philippines as part of a buy-and-build strategy to scale across Southeast Asia.
- Buyers
- Warburg Pincus, Oona Insurance (via Aseana Insurance Investments Holdings Pte. Ltd.)
- Targets
- PT Asuransi Bina Dana Arta Tbk (ABDA), Mapfre Insular Insurance Corporation (MIIC)
- Platforms
- Oona Insurance (Aseana Insurance Investments Holdings Pte. Ltd.)
- Industry
- Insurance
- Location
- Indonesia, Philippines
- Transaction Type
- Addon
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