Photo via Business Wire
Leapfrog, a London-based impact investor, has sold its stake in Bima, a developing markets micro-insurer, as part of an investment that is worth $96.6m from Allianz X.
The digital investment unit of global insurer Allianz, Allianz X, has acquired the stakes of some smaller shareholders to become the sole insurance shareholder of Bima. Kinnevik, a Swedish private equity firm, will maintain the largest overall stake.
As an early investor in Bima 4 years ago, Leapfrog has aided the business to sell over 30m insurance policies to low-income people across Africa, Latin America, and Asia and it has helped in building an innovative “teledoctor” service.
Leapfrog’s founder and chief executive, Andrew Kuper, stated: “Mobile technologies have fundamentally reshaped the future of financial services, creating an infrastructure to reach billions of first-time consumers in emerging markets.
“Bima has demonstrated the potential of this model to impact the lives of millions of people, providing essential services that enable their rise into prosperity.”
Since the company’s launch in 2010, Bima has reached 24m people, and it has scaled operations in 14 communities. With the help of Allianz, it aims to reach 1bn.
Gustaf Agartson, the company’s founder and chief executive, stated: “Allianz is the perfect insurance partner and investor for Bima because of their strong commitment to emerging markets and overlapping footprint.”
Bima plans to utilise mobile technology to reach underserved customers in poorer areas, while an agent force of 3,500 employees educates consumers and distributes products.
The company works with various banks, microfinance institutions, and mobile operators as well as an increasing range of corporates.