bolttech has acquired AVA Insurance Brokers and AVA Insurance Agency (AVA), which follows bolttech’s completion of its US$247 million Series A last year, with strategic investors including Singapore’s EDBI.
bolttech is based in Singapore and has grown its global footprint to 30 markets since its inception two years ago as part of its ambitious international expansion strategy.
The acquisition will accelerate the deployment of bolttech’s insurance exchange in Singapore, connecting insurers, distributors and customers.
Yen Yen Koh, General Manager for bolttech in Singapore, will oversee AVA’s operations, which will be rebranded and integrated with bolttech.
Rob Schimek, Group Chief Executive Officer, 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, 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.”
