Insurance technology company Bolttech is considering an initial public offering (IPO) in the US, reported Bloomberg citing undisclosed sources.

The Singapore-based insurtech has requested proposals from banks for a possible share sale.

According to the sources, based on the company’s $1.6bn valuation from its most recent investment round, bolttech could raise between $250m and $300m from the offering.

The IPO could take place as early as next year, the report claims.

Talks are still ongoing and the specifics such as the timing and the size of the offering could still change, the sources added.

bolttech representative declined to offer any comment on the report.

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Set up in 2020, bolttech operates an insurance exchange that connects insurance companies, distributors, and customers.

According to its website, bolttech’s platform operates in more than 30 markets across three continents, with more than $50bn in premiums quoted on it.

It has a team of over 1,500 people and a network of more than 700 distribution partners.

Hong Kong billionaire Richard Li is chairman of the company, which has a licence to operate in all 50 US states.

Last month, bolttech extended its Series B round to $246m, the largest ever Series B round for an insurtech, following a $50m investment from LeapFrog Investments.

The insurtech also counts Tokio Marine Holdings, MetLife and Malaysia’s Khazanah Nasional Bhd among its backers.

Last week, the company formed a strategic alliance with Allianz Partners.

Through the alliance, Allianz Partners and bolttech aim to offer embedded device and appliance protection insurance solutions across APAC and the US.