Deliberations are ongoing and details of the IPO such as size and timing could change, the people said, asking not to be identified as the information is private. A representative for Bolttech declined to comment.
Founded in 2020, Bolttech runs an exchange where insurers, distributors and customers buy and sell insurance and protection products, according to its website. The company has over 700 distribution partners in more than 30 markets globally and handles US$55 billion of quoted premiums on an annual basis. It’s licensed to operate in all states in the US.
Richard Li is the chairman of the company, while former Australian Prime Minister Malcolm Turnbull is one of its non-executive directors, its website shows.
The insurtech firm recently raised US$246 million in its series B round after impact investment firm LeapFrog contributed US$50 million, according to a press release on Bolttech’s website. Japan’s Tokio Marine Holdings Inc., Metlife Inc.’s unit and Malaysia’s sovereign wealth fund Khazanah Nasional Bhd. also backed the same funding round.
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Bolttech has acquired Poland-based Digital Care, which provides services from mobile device rental and repair to buyback and refurbishment, according to a statement on Wednesday. Digital Care operates across Europe, Asia and Africa and has served more than eight million customers. The company didn’t disclose any financial terms of the deal.
