Breaking News
Insurtech bolttech Buys Singapore-Based Specialist Broker AVA Insurance
Bolttech, a Singapore-based insurtech unicorn, has acquired local insurance firm AVA Insurance for an undisclosed sum.
Set up in 2007 by Michael Chew, Ava Insurance comprises Ava Insurance Brokers and Ava Insurance Agency. Following the acquisition, operations of AVA Insurance will be integrated into Bolttech and will be supervised by Bolttech Singapore general manager Yen Yen Koh.
The insurtech startup said the change in ownership will not affect AVA’s service to its partners or customers.
Bolttech added that the acquisition will help accelerate the deployment of its insurance exchange in Singapore, which aims to make it easier for insurers, distributors, and customers to connect with each other. It is also looking to simplify the process of buying and selling insurance.
“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,” Bolttech group CEO Rob Schimek said in a statement.
The acquisition comes months after Bolttech completed its series A round, where it raised US$247 million. The round also saw participation from the likes of EDBI, a Singapore-based global investor.
In October 2021, Bolttech partnered with Tencent-backed Philippine digital wallet PayMaya to provide microinsurance and services through the latter’s platform.
People In This Post
Companies In This Post
- Berenberg Selects Kaizen for Regulatory Reporting Assurance Read more
- PayPal Ventures Leads Pliant’s €18+ Million Series A Extension Financing Read more
- Visa Reimagines Payment Acceptance for the ‘Click-and-Mortar’ Era Read more
- areeba Solidifies Leadership in MENA Payment Infrastructure with Mastercard Certification Read more
- McKenzie Intelligence to Expand US Presence With Support From the UK|CT Insurtech Corridor Read more