Tokio Marine backs $1.5bn insurtech bolttech to fuel growth

Tokio Marine Holdings, alongside other shareholders, will lead Singapore-based insurtech unicorn bolttech’s Series B funding round at an up-round valuation of approximately $1.5 billion, a year after it closed the largest-ever Series A funding round for an insurtech.

Tokio Marine said its partnership as a strategic investor will complement bolttech’s capabilities and reach, enhancing its distribution strength, product innovation, and balance-sheet capacity.

The proceeds of the Series B will be used primarily to fuel the business’ continued global growth.

bolttech, which provides embedded insurance, is a global B2B2C insurtech that leverages its pioneering insurance exchange to connect insurers with distributors and their customers. The company holds licenses to operate in more than 30 markets throughout Asia and Europe and all 50 US states.

bolttech has achieved rapid growth since its inception in 2020. The company now quotes approximately $50 billion worth of annualized premiums through its technology-enabled insurance exchange. Globally, bolttech’s insurance exchange connects over 800 distribution partners with more than 200 insurance providers and offers in excess of 6,000 product variations.

Rob Schimek, bolttech’s group chief executive officer, said: “Securing a lead investor of Tokio Marine’s high caliber and esteem is strong validation of international investors’ belief in the resilience of bolttech’s business model, our long-term value proposition, and our role in shaping the future of insurance distribution. Tokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion.”

Masashi Namatame, managing executive officer, group chief digital officer at Tokio Marine, said: “Tokio Marine is excited to have the opportunity to lead bolttech’s Series B round, and join bolttech on its incredible growth trajectory as their strategic partner. The scale and breadth of bolttech’s platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions the company as a clear leader within the insurtech space. We look forward to working with bolttech to take advantage of the commercial opportunities our new strategic partnership will offer.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.