How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience? 

Managing legal risk begins well before any crisis arises. At Bolttech, we embed legal risk management within our overall risk management framework and develop and implement legal risk mitigation strategies that align with our risk appetite and business goals. To achieve this, the Office of the General Counsel employs a business partnership mindset where team members are integrated into key business units to deliver strategic legal advice that aligns with business goals. Additionally, the team works proactively with business development and strategy teams to foresee legal requirements and embed legal considerations into strategic planning. Furthermore, at Bolttech, managing legal risk is considered a collective responsibility. We frequently review and update our internal policies and procedures to maintain compliance with local laws and regulations, and we provide regular training for employees on crisis response protocols, legal compliance, and ethical conduct.

What are the most significant cases or transactions that your legal team has recently been involved in? 

Bolttech recently acquired Digital Care, a leading embedded protection company based in Poland. The transaction marked the largest M&A in the company’s history. The acquisition was a major step towards achieving Bolttech’s strategic goals in the EMEA region and globally, while accelerating growth, particularly within the telecommunications industry. Digital Care has a strong reputation for innovation and customer service, and their products and partner ecosystem are a perfect complement to Bolttech’s. The deal provided Bolttech with an increased global footprint, expanded product offerings, and enhanced operational scale and distribution partner network in the embedded protection space. Bolttech entered four new markets: Poland, Croatia, Lithuania and South Africa because of the transaction, and expanded Bolttech’s leading position for embedded insurance within the telecom space. The acquisition also aligned with Bolttech’s goal to leverage technology to connect people with protection at the point of need, promoting accessibility of insurance and financial inclusion, particularly in emerging markets.

In addition, in 2023, Bolttech completed its Series B fund raising round, raising over US$250 million. Bolttech welcomed Tokio Marine, Leapfrog, life insurance leader MetLife, and Malaysia’s sovereign wealth fund, Khazanah Nasional, among others as shareholders. The transaction represents the largest ever Series B round for an insurtech company in the world. The transaction represented an up-round valuation of approximately US$1.5 billion, one year after we closed the largest Series A funding round for an insurtech company – despite very difficult macroeconomic and fund-raising conditions. Tokio Marine’s partnership as a strategic investor has complemented Bolttech’s capabilities and reach, enhancing Bolttech’s distribution strength, product innovation, and balance-sheet capacity. The proceeds of the Series B will be used primarily to fuel the business’ continued global growth. The total amount raised in Series A and B exceeds US$500 million.