(Image source: AVA Insurance Agency, via bolttech.)
bolttech announced that it has completed the acquisition of AVA Insurance Brokers and AVA Insurance Agency (“AVA”), a Singapore-based insurance intermediary and specialist broker. The acquisition follows bolttech’s completion of its $247 million Series A last year, with strategic investors including Singapore’s EDBI.
Based in Singapore, bolttech reports that it has grown its global footprint to 30 markets since its inception in 2020 as part of its ambitious international expansion strategy. The company says its acquisition of AVA 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.
“We are delighted to welcome AVA to our growing team,” comments Rob Schimek, Group CEO, bolttech. “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.”
“This is an exciting and much anticipated milestone for the AVA team,” says Michael Chew, CEO, AVA. “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.”
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, according to a company statement. 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, the statement says.