Symbo Platform Holdings, a Singapore-based InsurTech platform, has completed a $9.4m funding round led by CreditEase FinTech Investment Fund. The round also saw significant participation from San Francisco-based investment firm Think Investments along with follow-on investment from existing investors Integra Partners, Insignia Ventures and AJ Capital.
The shares of Thailand's biggest reinsurance broking company TQR have been listed on the Market for Alternative Investment (mai) since 17 February. TQR is the first MAI-listed reinsurance broker and has a 10% share of the non-life reinsurance market in the country.
Pacific Life Re and ThaiRe Life Assurance (ThaiRe Life) have signed a collaboration agreement to provide sustainable life reinsurance solutions to Thailand-based life insurance operators, according to a statement issued yesterday by Pacific Life Re.
AppMan Company Ltd ("AppMan"), an insurtech SaSS platform in Thailand, has raised a new series A $4.6 Million US Dollars round from Private Equity Trust for SME Growing Together 1 with Siam Alpha Equity (SAE) as its Trust advisor, Krungsri Finnovate, Casmatt, KTBST as well as Poems Ventures, the venture arm of PhillipCapital group.
AIS Insurance Service, which is a part of the mobile and digital services company AIS, is working with MSIG, a global leader in insurance and financial services, with the support of the Office of Insurance Commission (OIC), to launch "Prakan Kubdee" (Good Driving Insurance), a full InsurTech vehicle insurance plan for the first time in Thailand.
Insurance companies are now allowed to issue subordinated insurance capital bonds (ICBs), which can be another way of insurers managing their finances. Under a new notification by the Capital Market Supervisory Board (CMSB), the proceeds from ICBs may be counted as part of total capital available (TCA), comments global law firm Baker McKenzie.
Singapore-based FinTech startup firm GoBear, which began operations as platform for comparing insurance plans of different insurers, has announced that it will cease operations and close its business.
Insurance business is forecast to grow in a range of -0.36% to 1.64% this year as rising household debt deflated people's purchasing power, says Mr Suthiphon Thaveechaiyagarn, secretary-general of the Office of Insurance Commission.
The Office of the Insurance Commission (OIC) in Thailand has partnered with insurance companies to launch a new normal plus protection cover for accidents and COVID-19 as a micro-product for those concerned about risks related to the pandemic.
Siam City Insurance ("SCI"), a general insurance provider in Thailand founded in 1948, has changed its name to FWD General Insurance Public Company Limited ("FWD General Insurance") and has rebranded accordingly. The rebrand follows the acquisition of Bangkok-based SCI in December 2019.