The World Bank Group member International Finance Corporation and Triple P Capital-led consortium have announced that they have fully bought an 85% share in MAA General Assurance Philippines Inc., a non-life insurance company.
The company was purchased from MAA Group Berhad by the consortium, which also comprises the Belgian Investment Company for Developing Countries SA (BIO), the German development finance organisation DEG, and OP Finnfund Global Impact Fund I.
Read also – UAE-based online classifieds platform Dubizzle Group Acquires Drive Arabia
Via its network of twelve branches, MAAGAP offers non-life insurance products to business and retail clients in the Philippines. By 2022, the non-life insurance penetration rate in the Philippines will have dropped to a pitiful 0.6% of GDP.
The release states that the investor group would work closely with MAAGAP’s management team to enhance the company’s footprint in the Philippines after this transaction is completed.
Read also – Vietnam-Based Prep Secures $7 Million in series A Funding
The alliance will support the insurer in putting into effect international best practices in risk management, compliance, environmental and social responsibility, and corporate governance.
“Together, we aim to elevate our standards, expand our reach, and contribute to the resilience of the Filipino community,” said Martin L. Dela Rosa, President & CEO of MAAGAP.
IFC country manager for the Philippines, Jean-Marc Arbogast, said a robust insurance market is critical to strengthening the Philippines’ resilience.
“Access to affordable insurance services allows small businesses and the poorest to bounce back financially and rebuild their lives after an unexpected loss, fostering resilient and inclusive growth,” said Jean-Marc Arbogast, IFC Country Manager for the Philippines.
The consortium’s leader, Triple P Capital, concentrates on high-growth companies that cater to developing markets in Southeast Asia, namely Indonesia, the Philippines, Vietnam, Cambodia, and Thailand.
David Steel, a founding partner, praised MAAGAP for its sound distribution strategy, good reputation, and cautious management.
“Together, we aim to provide quality insurance products, extend coverage to more Filipinos and Filipino businesses, and build resilience against accidents, climate change, and other disasters,” he said.
First Circle is the third fintech startup in the Philippines, supported by Insignia Ventures Partners and other investors. The IFC planned to invest up to $7 million in the company in April.
About IFC
The International Finance Corporation invests in the expansion of the private sector to enhance the lives of people in developing nations. In order to make genuine progress for the people and areas that need it most, they link economic development with humanitarian needs.
About Triple P Capital
Triple P Capital is a financial services expert from Southeast Asia. The company specialises in high-growth companies that cater to developing markets in Thailand, Vietnam, Cambodia, the Philippines, Indonesia, and Vietnam.
