Unicorn insurtech bolttech acquires Asian broker to accelerate growth
Unicorn international insurtech bolttech has acquired an established insurance broker in Indonesia to accelerate its growth in the country.
Singapore-based bolttech has completed the acquisition of a majority shareholding in PT Axle Asia, a Jakarta-based insurance broker founded in 2008 and serving a diverse range of clients across corporate lines and employee benefit insurance.
The addition of Axle Asia as a subsidiary aims to accelerate the deployment of bolttech’s insurance exchange capabilities and complement its existing presence as a device protection provider in Indonesia.
bolttech’s insurance exchange platform currently quotes more than $50 billion in premiums worldwide. The company has a global footprint of 30 markets across three continents, North America, Asia, and Europe.
Srinath Narasimhan, general manager for bolttech in Indonesia, will oversee the growth of bolttech in Indonesia with the addition of Axle Asia.
Rob Schimek (pictured), group chief executive officer of bolttech, 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.”
Junaedy Ganie, commissioner, Axle Asia, 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.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
