Symbo Platform, a Singapore-based insurance provider, has purchased India-based B2B digital reinsurance platform ReLeague for an undisclosed sum.
ReLeague enables users to connect numerous reinsurance stakeholders such as brokers, reinsurers, managing agents, and others to support smooth real time transactions across the global.
The acquisition of Mumbai-based insurance technology firm, will add reinsurance products along with the direct insurance products to its offering.
The acquisition of Re League will provide Symbo with more than 90 institutional clients from 25 countries across ASEAN, MENA, South Asia, East Africa, and South Africa.
Leveraging ReLeague’s architecture, Symbo will be able to offer a complete workflow automation solution that will drive digital exchange of reinsurance information amongst reinsurers and brokers.
Under the terms of the agreement, Anurag Jaroli, former co-founder and COO of ReLeague will be joining Symbo as head of Reinsurance.
Symbo India Insurance Broking co-founder and CEO Anik Jain 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.”
Symbo operates a technology-based insurance business and offers a number of insurance products including travel, car, health and business, among others.
Backed by some of the leading venture capital firms such as Yinglan Tan’s Insignia Ventures and Dymon Asia Ventures, the company is looking to expand into South East Asia, starting with Singapore and Indonesia.