Insurtech unicorn bolttech accelerates global expansion with latest broker buy

Fast-growing insurtech  bolttech has acquired a Singapore-based insurance intermediary and specialist broker as part of its international expansion strategy, following its $247 million Series A last year, with strategic investors including Singapore’s EDBI.

The company has acquired AVA Insurance Brokers and AVA Insurance Agency.

Based in Singapore, bolttech has grown its global footprint to 30 markets since its inception in 2020.

The acquisition of AVA will accelerate the deployment of bolttech’s insurance exchange in Singapore.

Yen Yen Koh, general manager for bolttech in Singapore, will oversee AVA’s operations, which will be integrated with bolttech and rebranded later this year.

Rob Schimek (pictured), group chief executive officer of bolttech, said: “We are delighted to welcome AVA to our growing team. Singapore has served as our home base and a crucial springboard for our global expansion since we launched in early 2020. We will continue to invest in Singapore, both as an international hub for innovation and as a market that presents bolttech with significant opportunity to enhance the insurance experience for local customers and partners.”

Michael Chew, chief executive officer of AVA, added: “This is an exciting and much anticipated milestone for the AVA team. Together with bolttech, we will significantly increase our ability to bring new, innovative solutions to customers in Singapore and the greater region through bolttech’s pioneering insurtech capabilities. I am very proud to see AVA enter a new chapter with bolttech to provide insurance solutions to our clients on a global platform.”

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