Gabriel Budi Sutrisno · · 1 min readBolttech acquires majority stake in Indonesia-based insurance broker
Bolttech, a Singapore-based insurtech company, has acquired a majority shareholding in Axle Asia, an insurance broker in Indonesia.
Photo credit: Bolttech
Srinath Narasimhan, Bolttech general manager in Indonesia, will continue to head the company in the country after the addition of Axle Asia.
Founded in 2008, Axle Asia provides general insurance packages, corporate benefits, and Shariah-compliant offerings to clients across Indonesia. According to Bolttech, the Indonesia-based firm will be rebranded after the acquisition, though it did not give further details.
The Singapore-based firm also said that the addition of Axle Asia will improve its insurance exchange capabilities.
“Becoming part of Bolttech will enable us together to innovate and bring more choice to customers in Indonesia at an accelerated pace,” said Axle Asia commissioner Junaedy Ganie.
Bolttech’s network has more than 800 distribution partners and 200 insurers, and it covers 30 markets across North America, Asia, and Europe. Its insurance exchange platform quotes over US$50 billion in premiums globally.
Editing by Samreen Ahmad and Lorenzo Kyle Subido
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