Warburg Pincus acquires majority stake in Mapfre's Indonesian insurance units

Jakarta, Indonesia. Photo by Afif Kusuma on Unsplash

US private equity powerhouse Warburg Pincus has agreed to acquire majority stakes in the two Indonesian units of Spanish insurance multinational Mapfre for $62.9 million.

In a statement posted on its website, Mapfre said it has decided to exit the Indonesian market by selling the entirety of its holdings in local insurers – PT Asuransi Bina Dana Arta (ABDA) and PT Mapfre ABDA Assistance (ABDA Assistance) – to Singapore-domiciled Aseana Insurance Pte Ltd.

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