Pacific Century's insurtech business closes $180m Series A
Bolttech, a one-year-old company controlled by Pacific Century Group, has raised $180 million at a valuation of $1 billion. It is being called the largest-ever Series A round in insurance technology.
Activant Capital, a US-based VC firm that typically invests in the Series B to D stages, led the round. It was supported by fellow US investors Dowling Capital Partners, B. Riley Venture Capital, and Tarsadia Investments, as well as Switzerland-based Alpha Leonis Partners.
Pacific Century, a financial and media technology-focused investor founded and chaired by Hong Kong telecom tycoon Richard Li, established Bolttech as its international insurtech business in April last year. Pacific Century also owns Hong Kong-based insurance company FWD Group.
Li is the chairman of Bolttech. The CEO is Rob Schimek, formerly of AIG and FWD.
Bolttech claims to offer a full suite of digital and data-driven services for insurers, distributors, and individual customers that make it easier and more efficient to buy and sell insurance and protection products. It has 7.7 million clients, with licenses in 50 states in the US, as well as several key markets in Asia and Europe.
The US and Singapore-based company has 1,400 employees, with additional bases in Hong Kong and Luxembourg. Its insurance exchange service is billed as the largest platform of its kind globally, having transacted $5 billion in premiums and connected some 150 insurance providers with around 5,000 products.
The fresh capital will be used largely to accelerate growth in the US, where Bolttech claims to have grown its enterprise customer base threefold and distribution partnerships ninefold in the past year. There will also be an effort to build out the technology offering, strengthen the company’s presence in its existing markets, and expand internationally.
“As avid investors in commerce infrastructure and insurtech, we understand the skill that's needed to connect this highly fragmented industry while also eliminating unnecessary friction and unlocking the purchase experience that consumers want,” Steve Sarracino, founder of Activant, said in a statement.
“The scale and breadth of Bolttech's platform makes them a clear leader in insurtech and an enabler for the industry at large.”
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