Symbo Platform Holdings (Symbo), the Singapore-based regional all lines insurance business, announced that it has acquired ReLeague, a 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.
Domestically, 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. In a short period of time, the company has built up a solid foundation in India through its corporate and retail technology platform.
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 a seamless digital exchange of complex reinsurance information amongst reinsurers and brokers.