Bolttech Acquires Axle Asia to Grab Bigger Marketshare in Indonesia

By Editorial Team 07/10/2022
Insurance
Summary

Singapore-based insurtech company Bolttech has acquired a majority stake in Indonesia's insurance broker PT Axle Asia. Bolttech bought shares from Junaedy Ganie, who was previously the controlling shareholder. After this transaction, Bolttech became the new controlling shareholder.

Group Chief Executive Officer of Bolttech Rob Schimek said Axle Asia would complement Bolttech's insurance ecosystem. "Indonesia, as one of the high-growth markets in Southeast Asia, represents a significant opportunity for our insurtech solutions," Schimek said in a written statement on Thursday.

Schimek did not mention the transaction value. By acquiring Axle Asia, Bolttech will enrich a digital insurance platform offering more than US$50 billion in premiums in 30 countries worldwide.

Bolttech has over 800 distribution partners and 200 insurance companies in its network and is licensed in 35 international jurisdictions. "Being a part of Bolttech will allow us to jointly innovate and provide customers in Indonesia with more choices faster," Axle Asia Junaedy Ganie said.

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