The Asia-based unicorn has acquired Europe-based i-surance, a next-generation B2B2C digital insurance platform.
Bolttech's buyout of i-surance represents the next stage of its international growth strategy and acceleration of its European build-out, the company said in an announcement on Thursday.
The deal follows the close of an oversubscribed $180 million Series A funding round led by Activant Capital Group, which values the company at more than $1 billion, which was announced earlier this month.
Growing Reach
The acquisition adds 12 European markets to bolttech's reach, which now stands at 26 markets globally. The company intends to build out its insurance exchange capabilities in Europe, providing partners and customers with more choice through its B2B2C insurance exchange as it has done in the United States and Asia, the announcement said.
Bolttech is the digital protection and insurance business of Asia-based investment firm Pacific Century Group, which also operates insurer FWD. It runs the world's largest insurance exchange, with $5 billion in premiums on the platform, 7.7 million customers and over 700 distribution partners.
