Lexasure Financial Group and My Car Consultant Announce Auto Insurance Strategic Partnership

SINGAPORE and GEORGE TOWN, Cayman Islands, July 20, 2023 /PRNewswire/ -- Lexasure Financial Group Limited ("Lexasure" or the "Company"), providing reinsurance, insurance, and insurtech solutions in South and Southeast Asia, and My Car Consultant Pte. Ltd. ("MCC"), a Singaporean company that provides all-in-one automotive solutions for its customers, today announced a memorandum of understanding to collaborate to offer data-driven, self-insured car insurance.

Under the terms of the agreement, Lexasure will assist My Car Consultant in providing a range of captive car insurance policies to its customers as part of the all-in-one automotive solution that the company offers to motorists in Southeast Asia.

"We are excited by the potential of this partnership to offer a range of insurance options to our current and future customers, including usage-based insurance (UBI), on-demand insurance, and extended warranty products," said Jeremy Yeo E San, Managing Director for MCC. "These products are a natural fit with our portfolio of services that include accident services, maintenance and repair, and fleet management, given that we can monitor and self-perform required work at a high level of efficiency. By adopting the captive insurance model, we expect to create additional value for our clients and realize significant cost savings." 

Under the proposed strategic partnership, Lexasure will explore leveraging its network to administer captive insurance for MCC in Singapore and Cambodia.

"We look forward to working with MCC to launch this innovative insurance offering and accelerate the development of our automotive insurance expertise through data generated with our affiliate's telematics technology and real-time analytics platform. Information gleaned from implementing a telematics program, including usage-based insurance coverage that adjusts rates based on individual driving habits, could improve MCC's captive underwriting capabilities and help to refine other products in our ecosystem, fostering growth," said Ian Lim, Chief Executive Officer of Lexasure.

The creation of the proposed strategic partnership is subject to the negotiation of definitive agreements with customary closing conditions, including regulatory approval.

About Lexasure Financial Group

Lexasure Financial Group is a leading Southeast and South Asia group providing reinsurance and digital insurance solutions, including Reinsurance-as-a-Service (RaaS), that enable our clients to manage risk, accelerate growth, and effectively compete. We are driving the digital transformation of the insurance and reinsurance industry with scalable and innovative products that meet the local needs of companies and people in fast-growing Asian markets. Our management team has deep expertise in the industries of reinsurance, insurance, and insurance tech. Our values are based on a belief that our products enable customers to live and grow boldly while enhancing resilience. We serve over 60 primary insurers across 22 countries in Asia and North America. For more information, go to lexasure.com.

About My Car Consultant

My Car Consultant is a professional one-stop workshop for all your vehicle needs. We provide only quality services and guaranteed transparency with reliable results. Find the best value in the market for all things vehicle-related - accident claims, vehicle maintenance and repair, renewal of COE loans, car insurance and many more. With us, you can also buy, sell and lease quality cars hassle-free. We also work with our customers to manage their fleet of vehicles depending on their needs, giving them peace of mind. For more information visit www.mycarholdings.asia.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions, and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate," or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's plans to develop and commercialize its new products and services; the Company's expectations regarding the impact of the ongoing COVID-19 pandemic on its business, the Company's industry and the economy; the Company's estimates regarding expenses, future revenue, capital requirements and needs for additional financing; the Company's ability to establish and maintain collaborations and/or obtain additional funding and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Investor Contact

Crocker Coulson, CEO, AUM Media
+1 (646) 652-7185
[email protected]

SOURCE Lexasure Financial Group Limited