bolttech has completed the acquisition of AVA Insurance Brokers and AVA Insurance Agency, a Singapore-based specialist broker and insurance intermediary.
The acquisition follows bolttech’s completion of its US$247 million Series A funding round last year.
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. Headquartered in Singapore, bolttech has grown its global footprint to 30 markets since its inception in 2020 as part of its international expansion strategy.
“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,” commented Rob Schimek, group chief executive officer, bolttech.
“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,” he 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,” said Michael Chew, chief executive officer, AVA.
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 AVA team remains intact post integration.