Singapore-based insurtech unicorn Bolttech said Wednesday it has completed the acquisition of AVA Insurance Brokers and AVA Insurance Agency (AVA), a Singapore-based insurance intermediary and specialist broker.

The acquisition follows Bolttech’s completion of its $247 million Series A last year, with strategic investors including Singapore’s EDBI, Bolttech said in a statement.

It also said the acquisition of AVA will accelerate the deployment of Bolttech’s insurance exchange in Singapore, connecting insurers, distributors and customers, making it easier and more efficient to buy and sell insurance.

“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,” said Rob Schimek, Group Chief Executive Officer of Bolttech.

Based in Singapore, Bolttech is an international insurtech with a mission to build the world’s leading, technology-enabled ecosystem for protection and insurance. It serves customers in 26 markets across North America, Asia and Europe.

With a full suite of digital and data-driven capabilities, Bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.

The company has grown its global footprint to 30 markets since its inception in 2020 as part of its ambitious international expansion strategy.

“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,” said Michael Chew, Chief Executive Officer of AVA.

Yen Yen Koh, General Manager for Bolttech in Singapore, will oversee AVA’s operations, which will be integrated with bolttech and subsequently rebranded later this year. The change in ownership has no impact on AVA’s service to its partners or customers, and the existing AVA team remains intact post integration.

Set up in 2007, AVA has established itself as a leading independent insurance broking firm (AVA Insurance Brokers) and insurance agency (AVA Insurance Agency) in Singapore, delivering innovative and risk-centric solutions with superior service.

With a globalised outreach, AVA offers a comprehensive range of specialized risk management and protection solutions as well as the design and implementation of risk transfer mechanism alternatives to local small and medium-sized enterprises (SMEs), and its regional and global conglomerates clientele.

Beyond Singapore. AVA has established overseas branches in Malaysia as well as representation in Vietnam, Cambodia, and Myanmar.

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