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Manila Bulletin devider Business devider Mapfre Insurance gets rebranded as 'Oona'

Mapfre Insurance gets rebranded as 'Oona'

Published Feb 13, 2023 02:18 pm

Mapfre Insular Insurance Corp. has changed its name to Oona Insular Insurance Corp.

This comes after Mapfre Internacional SA of Spain divested its business interests in Asia last October while The Insular Life Assurance Co., Ltd. (InLife) increased its stake in its non-life insurance business to 40 percent.

The Securities and Exchange Commission already approved Mapfre Insurance amended articles of incorporation. Meanwhile, Warburg Pincus, a leading global growth investor, set up Oona in Southeast Asia with a $350 million equity commitment.

Despite the rebranding, Abhishek Bhatia, Oona Insurance founder and group CEO said the company will continue to grow its existing distribution channels, agency force, banking and broking partnerships, while expanding its digital business portfolio.

“We are thrilled to receive this news from the local regulator. This approval helps us move forward as a new brand and marks the start of our transformational journey from a good company into one of the most formidable general insurers in the market,” Bhatia said.

"We are all set to provide quality services to our customers, enabled by digital systems and processes on all fronts,” he added.

Tirso Abad, Oona Insurance president and CEO added that “This marks a celebratory milestone for all of us and kickstarts our operations to break new ground and deliver on our promise for all our Filipino customers.”

For her part, Nina D. Aguas, Insular Life executive chairperson said they believe that the joint venture will enable them to expand their reach and relevance to the insuring public.

“We will provide stronger and better general insurance products delivered through current and future distribution channels using technology to scale up,” Aguas said.

Oona Insurance will continue offering a wide range of products including motor, property, and group health insurance.

The company will also introduce new products such as new age lines, cyber risk and health insurance, as well as solutions that are emerging on the back of increasing adoption of internet, e-commerce, and digital payments.

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Mapfre Insular Insurance Corp. Oona Insular Insurance Corp.
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