Thai full-stack insurtech firm Sunday Ins announced that it has acquired a 99% stake in general insurer PT KSK Insurance Indonesia following the approval from Indonesia’s financial services authority (OJK).
The announcement did not disclose the financial details of the acquisition, but Sunday said the deal creates one of the largest insurtech groups fully licensed in the two largest general insurance markets in Southeast Asia.
Founded in 2017, Sunday is a fully-integrated sales and services insurtech firm that uses AI and digital platforms to offer personalised insurance products and services that suit all types of individual and business risks.
It first launched in Indonesia as a registered insurtech and licensed broker in 2022.
PT KSK Insurance Indonesia, on the other hand, offers cars, property, and cargo insurance through insurance agents and brokers across Jabodetabek, Bandung, Surabaya, Medan, and Bali.
The combined company now has revenue surpassing $100 million. Sunday claims to have grown organically to more than $70 million premiums sold as of 2023 while PT KSK Insurance Indonesia has posted gross written premium of approximately $40 million as of last year.
“Our immediate focus will be to extend our product solutions to all our corporate clients, partners, agents and brokers in our ecosystem to serve the growing middle-income classes with better claim, lifestyle and risk prevention services,” said Sunday co-founder and CEO Cindy Kua.
Sunday last raised $45 million in a Series B round in September 2021 from a group of investors to expand its retail product.
New and existing investors joined the round, including Tencent Holdings, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia & India, Quona Capital, Aflac Ventures, and Z Venture Capital, KSK Ventures.
