Lexasure enables local direct insurers to compete across emerging Asia through innovative product solutions designed to empower insurers, companies, and individuals to manage risk more effectively and accelerate their growth. These product solutions include Lexasure’s recently launched comprehensive mobile apps, Vivacity and Flourish, which are designed to promote healthy lifestyles, improve engagement for health insurance providers, and provide farmers with insurance coverage and mobile technology in the event of the failure of crops and livestock, respectively. In its traditional lines of business, Lexasure underwrites reinsurance and insurance and serves as a broker for a diverse set of industries, working with over 60 primary insurers across 22 countries in Asia, the Middle East, and North America.
Lexasure is led by a senior leadership team comprised of insurance veterans and technology leaders with over 150 years of combined industry experience. Lexasure’s Chairman, Richard Goh, has over 40 years of experience in the insurance business and is the former CEO of a Labuan composite insurance group, which has operations in Indonesia, the Philippines, and Myanmar. Lexasure’s founder and CEO, Ian Lim, has over 25 years of experience in the reinsurance and insurance industries, having previously served in senior leadership roles at BMS Asia and SiriusPoint.
CEMAC was listed in December 2021 with $234.6 million in trust, with the goal of identifying a prospective target business with high growth and cross-border operations in middle-income emerging markets, with the ability to replicate its business model sustainably across other emerging markets.
“We are thrilled to partner with a company with a proven track record of growth and profitability that is also advancing financial inclusion goals by bringing insurance products to historically underserved populations across Southeast Asia and South Asia,” said CEMAC Chair Whitney Baker.
“Lexasure represents an exceptional opportunity as a digital insurance solutions provider infusing greater competitiveness and resiliency in local small- and medium-sized insurers in the region who truly understand the needs of local businesses and consumers,” added CEMAC CEO Roberta Brzezinski. “Its rapid growth of revenue and profitability is supported by expanding its traditional business lines and pioneering a cloud-based B2B2C platform. Lexasure’s solutions in digital health insurance, agricultural insurance, automotive insurance, property & facilities management insurance, and other follow-on digital insurance products meet the needs of consumers and enterprises in Southeast and South Asia.”
“We are digitizing the insurance and reinsurance industry by embedding insurance into digital ecosystems, as well as pioneering integrated platform solutions aligned with the needs of Asian consumers and regional primary insurers,” said Lexasure CEO Ian Lim. “The effects of this transaction will enable us to quickly grow in Asia, where we currently expect that we will see over 50% of the global insurance market in 2030.1 Lexasure is establishing a captive network to drive insurance and reinsurance volumes through our LexasureCloud technology platform and take complexity and cost out of serving Asian SMEs and consumers. We are working hard to capture the untapped demand for insurance in developing countries in Asia, as insurance is a key driver for increasing and accelerating financial inclusion.”
Source: GlobeNewswire
