Thailand-based insurtech Roojai has reached a deal to purchase FWD General Insurance Public Company from Bolttech.
The deal makes Roojai a digital insurance company in Thailand with the capability to underwrite general insurance offerings.
It will also enable Roojai to grow its share in the Thai market with a combined portfolio exceeding Bt1.74bn ($50m) in yearly premiums.
Upon completion of the deal, FWD General Insurance will adopt the Roojai brand. The rebranding awaits regulatory clearance.
The insurtech said that the transaction will not affect the current policies, claims procedures and customer services.
Financial terms of the deal were not disclosed.
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Roojai founder and group CEO Nicolas Faquet said: “Since 2016, the goal of Roojai has been to build products and manage the full insurance journey with the customer’s 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 claim experience. 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.”
Founded in 2016, Roojai primarily sells motor, accident, and health insurance solutions with its insurance partners.
In March 2023, Roojai received $42m in a Series B round to expand its business in Indonesia and the Philippines.