Thai insurtech acquires DirectAsia

DirectAsia will rebrand to Roojai Thailand.

Roojai, Thailand-based online insurance company, is expanding its reach by acquiring DirectAsia, positioning itself as the largest Direct Insurance group in Southeast Asia. 

The insurtech said the acquisition from Hiscox will significantly boost Roojai's market share, with a combined portfolio of over 400,000 insured vehicles across three countries and 300,000 individuals protected by Accident and Health products.

As part of the deal, DirectAsia Thailand will be rebranded as Roojai Thailand, while DirectAsia Singapore will retain its original brand. Importantly, the acquisition will not impact existing policies, claims processes, or customer service.

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With this acquisition, Roojai's operations will expand to include Thailand, Singapore, and Indonesia.

The completion of this transaction is subject to standard conditions and regulatory approvals and is anticipated to be finalized by the end of 2023.