InsurTech bolttech has completed the acquisition of AVA Insurance Brokers and AVA Insurance Agency, a Singapore-based insurance intermediary and specialist broker.
Based in Singapore, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.
The InsurTech has grown its global footprint to 30 markets since its inception in 2020 as part of its ambitious international expansion strategy. The acquisition of AVA, the company said, will accelerate the deployment of its insurance exchange in Singapore, connecting insurers, distributors and customers, making it easier and more efficient to buy and sell insurance.
The acquisition follows bolttech’s completion of its $247m Series A last year, with strategic investors including Singapore’s EDBI.
Rob Schimek, group CEO 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.”
Yen Yen Koh, general manager for bolttech in Singapore, will oversee AVA’s operations, which will be integrated with bolttech and subsequently rebranded later this year. bolt tech said the change in ownership has no impact on AVA’s service to its partners or customers, and the existing AVA team remains intact post integration.
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