Warburg Pincus invests US350m to set up digital insurer in SE Asia

US-based private equity (PE) firm Warburg Pincus has invested USD350m to set up Oona Insurance in Southeast Asia in partnership with Abhishek Bhatia, the former FWD Singapore’s chief executive officer (CEO) and group chief officer of FWD Group’s new business model arm. Oona has acquired general insurance businesses Asuransi Bina Dana Arta (ABDA) in Indonesia and Mapfre Insular Insurance Corporation in the Philippines. Warburg Pincus said the acquisitions in Indonesia and the Philippines give Oona an initial range of products designed for the local market, including motor, property, and group health insurance. Warburg Pincus is one of the largest PE firms in Southeast Asia, having invested nearly USD3.5bn in 17 companies in the region since 2013. The group manages over USD85bn in assets.