Singapore-based international insurtech firm bolttech has acquired a majority shareholding in PT Axle Asia, an insurance broker based in Indonesia.
As an effect of the transaction, Axle Asia will become a subsidiary of bolttech and be subsequently rebranded. Srinath Narasimhan, general manager for bolttech in Indonesia, will oversee the newly acquired company.
bolttech said its acquisition of Axle Asia will accelerate the deployment of its insurance exchange capabilities in Indonesia and complement its existing presence as a leading device protection provider in the emerging market.
bolttech’s insurance exchange platform currently quotes more than US$50 billion in premiums worldwide. The firm is present in 30 markets across three continents – North America, Asia, and Europe – and has more than 800 distribution partners and 200 insurers in its network.
“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,” said Rob Schimek, group CEO of bolttech. “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.”
Founded in 2008, Axle Asia is a Jakarta-based insurance broker serving clients across corporate lines and employee benefit insurance.
“Becoming part of bolttech will enable us together to innovate and bring more choice to customers in Indonesia at an accelerated pace,” said Junaedy Ganie, commissioner of Axle Asia. “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.”
