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.
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.”
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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.