A majority stake in Axle Asia, an insurance broker in Indonesia, has been acquired by Bolttech, a Singapore-based insurtech company.
Following the hiring of Axle Asia, Srinath Narasimhan, the current general manager of Bolttech Indonesia, will remain in that position.
Axle Asia was established in 2008 and serves clients all throughout Indonesia with general insurance plans, business benefits, and Shariah-compliant options. Bolttech stated, without providing any other information, that the Indonesian company will change its name following the acquisition.
The Singapore-based company added that Axle Asia will enhance its ability to trade insurance.
“Becoming part of Bolttech will enable us together to innovate and bring more choice to customers in Indonesia at an accelerated pace,” said Axle Asia commissioner Junaedy Ganie.
More than 200 insurers and more than 800 distribution partners make up Bolttech’s network, which spans 30 regions across North America, Asia, and Europe. Over $50 billion in premiums are quoted internationally on its insurance exchange platform.
