Bolttech, a Singapore-based insurtech unicorn, has acquired local insurance firm Ava Insurance for an undisclosed sum.
Photo credit: Bolttech
Set up in 2007 by Michael Chew, Ava Insurance comprises Ava Insurance Brokers and Ava Insurance Agency. Following the acquisition, Ava’s operations will be integrated into Bolttech and will be supervised by Bolttech Singapore general manager Yen Yen Koh.
The insurtech startup said the change in ownership will not affect Ava’s service to its partners or customers.
Bolttech added that the acquisition will help accelerate the deployment of its insurance exchange in Singapore, which aims to make it easier for insurers, distributors, and customers to connect with each other. It is also looking to simplify the process of buying and selling insurance.
“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,” Bolttech group CEO Rob Schimek said in a statement.
The acquisition comes months after Bolttech completed its series A round, where it raised US$247 million. The round also saw participation from the likes of EDBI, a Singapore-based global investor.
See also: 20 largest exits in Singapore
In October 2021, Bolttech partnered with Tencent-backed Philippine digital wallet PayMaya to provide microinsurance and services through the latter’s platform.
Editing by Deepti Sri and Lorenzo Kyle Subido
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