SeaInsure PG Private Ltd., a Singaporean insurance company under tech conglomerate Sea Limited that serves as holding company for Shopee, has acquired two local insurance companies, the Insurance Commission (IC) said in a statement yesterday.
The IC said these non-life companies acquired are AA Guaranty Assurance Co. Inc. (AAGA) and Reliance Surety and Insurance Co. Inc. (RSI).
“Sea Limited’s entry into the Philippine insurance industry through SeaInsure’s acquisition of these two local insurers is a significant milestone to the development of the local digital insurance business and InsurTech,” Dennis Funa, insurance commissioner, said.
AAGA was rebranded as SeaInsure General Insurance Co. Inc. or SeaInsure Philippines and was launched as a digital insurance company.
Meanwhile, SeaInsure converted the RSI’s operations from non-life to life insurance business.
The IC approved the transfer of the non-life insurance portfolio of RSI to SeaInsure Philippines, with the undertaking that all policies issued by RSI beyond the cut-off date, if any, and any valid non-life insurance-related claims that may arise in the future, shall automatically be assumed by SeaInsure Philippines.
The government agency said Sea Limited guaranteed provision of sufficient capital to both SeaInsure Philippines and RSI as a newly converted life insurance company relative to its compliance with statutory net worth and solvency requirements.
