Symbo Platform Holdings (“Symbo”), the Singapore-based regional all lines insurance business, today announced that it has acquired ReLeague, a Mumbai-based B2B reinsurance software platform, for an undisclosed sum. The acquisition cements Symbo’s reach across the insurance industry value chain, adding reinsurance to its offerings in direct insurance.
Symbo is a technology-driven insurance business serving the industry across products, distribution and operations. The company, which is backed by investors including, former Sequoia Partner Yinglan Tan’s Insignia Ventures and Dymon Asia Ventures, has achieved early success in India and is expanding into South East Asia through Singapore and Indonesia.
In India, Symbo’s affiliate, Symbo India Insurance Broking (SIIB), has been moving rapidly with almost 700,000 lives covered across various general, life, personal and commercial insurance product lines.
The acquisition of ReLeague brings with it over 90 institutional clients from 25 countries across ASEAN, MENA, South Asia, East Africa, and South Africa and catapults Symbo to the forefront of automation efforts in the reinsurance space. Building on ReLeague’s architecture, Symbo is well positioned to deliver a comprehensive workflow automation solution that will drive digital exchange of complex reinsurance information amongst reinsurers and brokers.
Following the acquisition, Anurag Jaroli, former Co-founder and Chief Operating Officer of ReLeague will join Symbo as Head of Reinsurance.
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.”
“Symbo’s highly experienced leadership team and its commitment to build innovative technology solutions in the insurance space gives me great confidence in the potential of the company. We are thrilled to be a part of this journey and look forward to the next phase of growth with great excitement and anticipation,” said Anurag Jaroli, Co-founder and Chief Operating Officer of ReLeague.