Singapore-based insurance technology firm bolttech has acquired a majority stake in Axle Asia for an undisclosed sum.

Axle Asia is an Indonesian insurance broker, which will be rebranded subsequently and operate as a subsidiary of bolttech.

Founded in 2008, the Jakarta-based insurance intermediary is engaged in catering to a diverse range of clients across corporate lines and employee benefits insurance.

Through the acquisition, bolttech hopes to accelerate the deployment of its insurance exchange capabilities.

Additionally, the deal is anticipated to complement bolttech’s existing presence as a device protection provider in Indonesia.

bolttech group CEO Rob Schimek said: “Indonesia, as one of Southeast Asia’s high-growth markets, represents a significant opportunity for our insurtech solutions to meet the rapidly evolving needs of local customers and business partners.

“We look forward to welcoming the Axle Asia team to bolttech as they join our journey to connect people around the world with more ways to protect the things they value.”

Axle Asia commissioner Junaedy Ganie said: “Becoming part of bolttech will enable us together to innovate and bring more choice to customers in Indonesia at an accelerated pace.

“bolttech’s pioneering insurtech platform is leading the way in shaping the future of insurance distribution and our team is incredibly excited to now play a role in this journey.”

In February this year, bolttech acquired Singapore-based insurance intermediary and specialist broker AVA Insurance Brokers and AVA Insurance Agency.

The deal followed bolttech’s $247m Series A funding in 2021.