bolttech acquires majority share in Indonesian insurance broker

The acquisition bolsters the insurtech’s insurance exchange capabilities in the country.

Singapore-based insurtech bolttech has acquired the majority shares in Indonesian insurance broker, PT Axle Asia.

Founded in 2008, Axle Asia is a Jakarta-based insurance broker serving a diverse range of clients across corporate lines and employee benefits insurance.

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Axle Asia will now become a subsidiary of bolttech and be subsequently rebranded.

The addition accelerates the deployment of bolttech’s insurance exchange capabilities and complements its existing presence as a leading device protection provider in Indonesia.

With a global footprint of 30 markets across three continents, North America, Asia, and Europe, bolttech has more than 800 distribution partners and 200 insurers in its network and is licensed in 36 international jurisdictions.