bolttech has completed the acquisition of Singapore-based insurance intermediaries AVA Insurance Brokers and AVA Insurance Agency.
The insurtech arm of Pacific Century Group said the acquisition of AVA will accelerate the deployment of bolttech’s insurance exchange in Singapore. The exchange aims to connect insurers, distributors and customers, making it easier and more efficient to buy and sell insurance, bolttech said.
Yen Yen Koh, bolttech’s general manager for Singapore, has been appointed to oversee AVA’s operations, which will be integrated into the bolttech brand later this year. According to bolttech, the change in ownership will have no impact on AVA’s service to its partners or customers, and the existing AVA team will be retained post-integration.
“This is an exciting and much-anticipated milestone for the AVA team,” said Michael Chew, AVA chief executive. “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.”
The acquisition follows bolttech’s completion of its US$247 million Series A last year, with Singapore-based fund EDBI among the investors. Since its inception in 2020, bolttech has expanded its presence into 30 markets across Asia, Europe and North America.
“We are delighted to welcome AVA to our growing team,” said bolttech CEO Rob Schimek. “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.”
