bolttech Acquires AVA Insurance to Accelerate Its Growth in Singaporeby Fintech News Singapore February 16, 2022
Singaporean insurtech unicorn bolttech has completed the acquisition of AVA Insurance Brokers and AVA Insurance Agency, a Singapore-based insurance intermediary and specialist broker.
The acquisition of AVA will accelerate the deployment of bolttech’s insurance exchange in Singapore, connecting insurers, distributors and customers, making it easier and more efficient to buy and sell insurance.
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.
The change in ownership has no impact on AVA’s service to its partners or customers, and the existing team will remain intact when after the deal has been finalised.
The acquisition follows bolttech’s completion of its US$247 million Series A last year, with strategic investors including Singapore’s EDBI.
Based in Singapore, bolttech has grown its global footprint to 30 markets since its inception in 2020.
According to a Bloomberg report in January this year, bolttech is looking to raise US$200 million to US$300 million this year to to support its expansion plans.
The insurtech is also said to be considering going public in the US or in Asia.
Rob Schimek, 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,
“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.”