Tokio Marine takes minority stake in insurtech company Igloo

Investment Overview - Tokio Marine has invested $5 million (¥773.77 million) for a 1.65% minority stake in Singapore-based InsurTech company Igloo by purchasing 493,984 shares at $10.12 each [1] - Other investors in Igloo include Openspace Ventures, Cathay Innovations, Blue Orchard, and FinnFund [1] Company Background - Igloo has been operational since 2016 and has managed over 600 million insurance policies, expanding its offerings to include climate-related insurance for events like floods and severe weather [2] - The company operates in eight countries across Southeast Asia, focusing on embedded insurance solutions through digital platforms [1][2] Strategic Alignment - Tokio Marine is shifting its business strategy towards technology-based retail insurance products, moving away from traditional property and general insurance [3] - The investment is expected to support Igloo's expansion, particularly in Indonesia, where Tokio Marine has previously invested in the insurtech company PasarPolis [2][3] Partnerships and Collaborations - In 2024, Igloo formed partnerships with several financial service providers in Vietnam, including Zalopay, Lotte Finance, FE Credit, and digital insurer OPES [4] - Igloo's owner, Axinan Group, established a joint venture with JMT Network Services in Thailand, marking the creation of the country's "first true digital insurer" [4]