Thu. Mar 28th, 2024
Symbo acquires B2B reinsurance platform ReLeagueSymbo acquires B2B reinsurance platform ReLeague

Singapore-based insurance provider Symbo Platform Holdings has acquired Mumbai-based reinsurance platform ReLeague for an undisclosed amount. This acquisition will add reinsurance products along with the direct insurance products to its catalogue, strengthening its outreach in the insurance industry.

After the acquisition, Anurag Jaroli, former co-founder and Chief Operating Officer of ReLeague will be joining Symbo as Head of Reinsurance.

Symbo is a technology-based insurance business that provides various insurance products including health, travel, car, business, etc. The company has established itself in the Indian market and is looking to expand into South East Asia, starting with Singapore and Indonesia. It is backed by some of the leading venture capital firms including Yinglan Tan’s Insignia Ventures, along with Dymon Asia Ventures.

Anik Jain, Co-Founder & Chief Executive Officer, Symbo India Insurance Broking said, “The acquisition of ReLeague marks our determination to become the trusted intermediary for customers across all aspects of insurance and reinsurance value chains. We are confident that this is a highly synergistic investment that will bring many benefits and savings to all our clients and partners.”

ReLeague, a digital reinsurance platform, helps to connect different global reinsurance stakeholders including brokers, reinsurers, managing agents, and others to facilitate smooth global transactions in real time.

With this acquisition, Symbo will add Releague’s 90 institutional clients spread across 25 countries including ASEAN, South Asia, East Africa and South Africa, to its portfolio. It will also help Symbo strengthen its technology platform to automate its reinsurance efforts. Leveraging ReLeague’s architecture, Symbo is set to provide a comprehensive platform for insurance clients.

By Varun

Startups | Books | Ideas

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