JAKARTA. Sunday Ins Holding (Sunday) has officially become the new controlling shareholder of PT KSK Insurance Indonesia. With this acquisition, Sunday has seized 99% of KSK Insurance Indonesia’s shares.

PT KSK Insurance Indonesia is known to be a general insurance company, recording gross premium of 35% within the past couple of years.

CEO and Co-Founder of Sunday, Cindy Kua, said that the conclusion of this acquisition makes the company optimistic in carrying out business in Indonesia’s huge market. With this insurance license, Sunday will further promote digital collaboration with KSK Insurance. According to Kua, in 2023, under a collaboration status, KSK Insurance Indonesia had generated premium of over USD 10 million.

“Our mission is to become the leading insurtech company in this region. Our primary and closest focus would be to expand our product solution to all corporate clients, partners, agents, and brokers within our ecosystem to provide middle-class people, whose number keeps growing, a better claim service, lifestyle, and risk mitigation,” explained Kua in the official statement, as quoted last week.

KSK Insurance itself offers insurance products for motor vehicle, property, and cargo. Sunday’s acquisition over 99% of KSK Insurance Indonesia has accelerated business growth, which is now centred in product innovation and new distribution channel alternative within national scale.

Kua mentioned that the license from Financial Services Authority (OJK) regarding KSK Insurance acquisition had been issued in January 2024. Sunday itself was initially launched in Indonesia as a listed insurtech company and licensed broker in 2022. (PP/ZH)