edition
• Honey launched in June 2021 and has rapidly captured 1% of Australia’s home insurance market.
• Tech stack, data, and smart sensors hardware are central to tech-driven philosophy, offering policyholders benefits including discounts on premiums and a streamlined application process.
• In April, insurtech raised AU$108m in Series A round and Founder Richard Joffe says Honey is looking to strengthen core rather than expand too quickly into new lines or markets.
• Joffe says Honey aims to capture AU$1bn of the home insurance market by using tech and data to offer better customer service, lower premiums, and a reduced claims costs.
• Private equity-backed reinsurance transactions in Asia surged tenfold from 2019 to 2023, according to Guy Carpenter.
• Further growth is likely to continue due to US$2 trillion in underperforming assets and new regulations.
• Notable deals so far in 2024 include Global Atlantic’s US$9.6bn transaction with Manulife and RGA’s US$4.62bn deal with Japan Post Insurance.
• Despite tenfold spike in value of deals, transactions still only represent 2% of the potential market in Asia.
• MSIG Hong Kong’s ‘A+’ financial strength rating affirmed with a stable outlook, reflecting its strategic importance to parent company Mitsui Sumitomo Insurance Co. Ltd.
• MSIG HK reported revenue of HK$1.1bn (US$141m) and net profit after tax of HK$82.8m for the year ended 31 Dec 2023.
• Insurer is expected to maintain profitability and expand its local portfolio, focusing on group medical, financial lines, and engineering insurance, while benefiting from the parent group’s support and expertise.
• Zurich Malaysia named NalaGenetics a winner in the Zurich Innovation Championship 2024 for its genetic testing program to manage chronic diseases.
• NalaGenetics will join a four-month accelerator, receive up to US$100,000 funding.
• NalaGenetics aims to test the scalability of its program in Malaysia after early success in Indonesia.
Birrell will relocate to Sydney from the DUAL Asset team in London, where he was serving as Head of UK M&A.
