Warburg Pincus is reviewing strategic options for Oona Insurance, a Southeast Asian digital general insurer, following interest from insurers and investment firms, Bloomberg reported. 

The private equity firm is working with Citigroup to evaluate potential transactions that could include a sale or strategic partnership. Sources said a deal could value the business at several hundred million dollars.

Discussions remain at an early stage and Warburg Pincus could ultimately decide not to pursue a transaction. Representatives for Warburg Pincus and Citigroup declined to comment.

Warburg Pincus launched Oona in 2022 alongside Abhishek Bhatia, a former executive at FWD Group, with a $350m equity commitment to build a digital insurer focused on Southeast Asia.

Since its launch, the company has expanded through acquisitions across the region. Oona acquired Indonesian insurer Abda and Philippine-based MIIC through subsidiary Aseana Insurance Investments Holdings.

The potential transaction comes as Warburg Pincus continues to expand its activity across Asia. The firm has recently backed several regional investments, including infrastructure and corporate services platforms.

Its broader dealmaking includes participation in the $7bn take-private of logistics platform ESR Group last year. The firm has also pursued investments in corporate services provider Acclime and Haier Smart Home’s Indian unit.

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