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Shopee unit buys insurance firms


THE Insurance Commission (IC) announced the acquisition of two licensed Philippine non-life insurance companies by SeaInsure PG Private Ltd., a Singaporean insurance company operating under tech conglomerate Sea Ltd., which currently serves as a holding company for Shopee.

The two non-life insurance companies, the IC said in a statement on Thursday, are AA Guaranty Assurance Co. Inc. (AAGA) and Reliance Surety and Insurance Co. Inc. (RSI).

It said AAGA was renamed as SeaInsure General Insurance Co. Inc. (SeaInsure Philippines) and launched as a digital insurance company after SeaInsure purchased AAGA in February last year.

In the meantime, SeaInsure acquired RSI in February this year and converted the latter’s operations from non-life to life insurance business, for which a new certificate of authority to transact life insurance business shall be sought from the commission.

The IC said that in March of this year, it had approved the transfer of RSI’s non-life insurance portfolio to SeaInsure Philippines with the commitment that any policies issued by RSI after the cut-off date, if any, and any legally admissible non-life insurance-related claims that might surface in the future would automatically be taken over by SeaInsure Philippines.

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