Insurtech platform bolttech has announced the acquisition of Singapore-based AVA Insurance (AVA) for an undisclosed sum. 

The deal includes an independent insurance broking unit, AVA Insurance Brokers, and an insurance agency, AVA Insurance Agency.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

AVA’s acquisition is aimed at accelerating the deployment of bolttech’s insurance exchange in Singapore. 

The deal follows bolttech’s $247m Series A funding, which saw participation from investors including Singapore’s EDBI.

bolttech group CEO Rob Schimek 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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

AVA CEO Michael Chew said: “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.”

Last month, media reports emerged that bolttech is planning to raise fresh investment between $200m and $300m in 2022.

The insurtech could also launch an initial public offering in the US or Asia in the future.