LeapFrog Investments, a microinsurance equity fund based in Mauritius, recently acquired a majority stake in Ghana’s Express Life Insurance Company at the cost of USD 5.5 million. The size of the stake has not been released. In addition to the capital provided by LeapFrog, Express Life Insurance Company will benefit from operational support such as product design, distribution support and cost management.
Express Life Insurance Company serves low-income consumers in Ghana with products costing less than USD 10 per month. Dr Andrew Kuper, LeapFrog’s Founder and President, said “Through Express, LeapFrog aims to empower over 500,000 Ghanaians with financial safety nets and springboards to a better life [1].”
As of 2012, LeapFrog Investments reported a total fund of USD 135 million. Financial information for Express Life Insurance Company is unavailable.
By Amira Berrada, Research Associate
About LeapFrog Investments: LeapFrog Investments, which was founded in 2007 by Dr Andrew Kuper and Dr Jim Roth, is a for-profit private equity fund aimed at earning large returns by investing in and supporting microinsurance initiatives. LeapFrog’s investors include the European Investment Bank, the Omidyar Network, Dutch development bank FMO, Accion, Calvert, the International Finance Corporation (IFC), German development organization KfW Bankengruppe, Flagstone Reinsurance and the Soros Economic Development Fund. LeapFrog team members have also committed USD 1 million of their personal money to the fund. Based in Australia, the fund focuses on ventures in Africa and Asia, with initial target countries including South Africa, Kenya, Ghana, India, Indonesia, Pakistan and the Philippines. As of 2012, LeapFrog Investments reported a total fund of USD 135 million.
About Express Life Insurance Company: Express Life Insurance Company is a Ghana-based insurance company founded in 2007 aiming to provide life insurance products and services to low-income individuals in Ghana. The company primarily offers hybrid savings and risk products to individuals employed by public sector institutions.
Sources and Additional Resources:
MicroCapital.org story, March 21, 2012, “MICROCAPITAL BRIEF: Microinsurance Equity Fund LeapFrog Investments Hires David Steel, Niclas Thelander” https://www.microcapital.org/microcapital-brief-microinsurance-equity-fund-leapfrog-investments-hires-david-steel-niclas-thelander/
MicroCapital.org story, September 9, 2011, “MICROCAPITAL BRIEF: LeapFrog to Invest $15m in India’s Shriram Group to Expand Microinsurance, Savings Offerings” https://www.microcapital.org/microcapital-brief-leapfrog-to-invest-15m-in-india%E2%80%99s-shriram-group-to-expand-microinsurance-savings-offerings/
MicroCapital Universe Profile for LeapFrog Investments: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=LeapFrog+Investments
MicroCapital Universe Profile: Express Life Insurance Company
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Express+Life+Insurance
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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