Singapore-based fintech Symbo Platform Holdings (Symbo) acquired ReLeague, a B2B reinsurance software platform, for an undisclosed sum. With this acquisition, Symbo, a technology-driven all lines insurance business, has added insurtech capabilities across Asia and Africa as it expands to reinsurance.
In India, Symbo’s affiliate, Symbo India Insurance Broking (SIIB), has over seven lakh insurances that include general, life, personal and commercial insurance. The acquisition of ReLeague brings with it over 90 institutional clients from 25 countries across ASEAN, MENA, South Asia, East Africa and South Africa, catapulting Symbo to the forefront of automation efforts in the reinsurance space.
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 and chief executive officer at 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, which is backed by investors including former Sequoia Partner- Yinglan Tan’s Insignia Ventures and Dymon Asia Ventures is expanding into South East Asia through Singapore and Indonesia. Building on ReLeague’s architecture, Symbo will drive digital exchange of complex reinsurance information amongst reinsurers and brokers.
“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.