Warburg Pincus is exploring strategic options for Oona Insurance, a Southeast Asian digital insurer, including a potential sale or partnership, Bloomberg reported. The private equity firm has engaged Citigroup to evaluate transactions that could value the business at several hundred million dollars. Interest from insurers and investment firms has prompted the review of Oona's future.

Oona Insurance was launched in 2022 by Warburg Pincus alongside Abhishek Bhatia, a former FWD Group executive, with a $350 million equity commitment. The company has expanded across Southeast Asia through acquisitions, including Indonesian insurer Abda and Philippine-based MIIC through subsidiary Aseana Insurance Investments Holdings. The potential transaction comes as Warburg Pincus continues its active dealmaking in Asia.

The review follows Warburg Pincus's recent investments in the region, including participation in the $7 billion take-private of ESR Group last year. The firm has also pursued investments in corporate services provider Acclime and Haier Smart Home's Indian unit. Discussions remain preliminary, and Warburg Pincus could ultimately decide against pursuing a transaction.