Insular Life (InLife) Increases Stake in Mapfre Insular Insurance Corp. as MIIC Goes Digital with New Majority Owner
Insular Life (InLife) is raising its stake in Mapfre Insular Insurance Corp. (MIIC) from 25 percent to 40 percent as MIIC transforms into a digital platform for the Southeast Asian market with the entry of a new majority owner.
MIIC is the subject of a $350-million acquisition drive by New York-based private equity firm Warburg Pincus.
The American investor is acquiring MIIC along with PT Asuranci Bina Dana Arta Tbk (ABDA) in Indonesia. Both are to be rebranded as Oona and are intended to be the region’s pre-eminent digital general insurance platform.
InLife said in a statement it had entered into a joint venture agreement with Oona Philippines Holding Corp. while its erstwhile partner in MIIC, Mapfre Internacional SA of Spain (Mapfre) has decided to exit its business interests in Asia, including the Philippines.
Oona will take over with the acquisition of a 60-percent stake in MIIC.
“We attracted a significant investor for our non-life businesses. InLife’s focused execution, strong and tested brand, and wide network were attractions to Oona,” InLife executive chair Nina Aguas said in a statement.
“The joint venture will allow our current and future distribution channels to scale up and provide stronger and better general insurance products delivered using technology,” Aguas said.
She added that the new partnership would boost InLife’s drive to pursue their growth trajectory for their non-life businesses.
Aguas said Oona and InLife are now in the process of completing and submitting all the regulatory requirements related to the joint venture. for approval by the Insurance Commission.