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Warburg Pincus to invest $350 mln to set up Southeast Asia digital insurance firm

Reuters SG
Updated

SINGAPORE, Oct 20 (Reuters) - Warburg Pincus LCC is investing $350 million to set up a Southeast Asian digital general insurance platform called Oona Insurance, marking the U.S-based private equity firm's largest investment in the insurance sector in Asia.

Warburg Pincus is partnering with Abhishek Bhatia, a former group CEO of Asian insurance company FWD Group's new business models unit, to set up the new business, the buyout firm said in a statement on Thursday. (Reporting by Anshuman Daga and Yantoultra Ngui; Editing by Jacqueline Wong)