The Republican lawsuit targets reinsurance that helps insurance companies provide universal coverage without accounting for pre-existing conditions.
Mahindra Insurance Brokers Ltd. (MIBL), a leading insurance broker for
rural and semi-urban India, today announced a strategic partnership with
LeapFrog Investments, a profit-with-purpose investor focused on
financial services for under-served consumers.
Mr. Ramesh Iyer, Managing Director - Mahindra & Mahindra Financial Services Limited, Mr. Anand Mahindra, Chairman, Mahindra Group, Dr. Andrew Kuper, President and Founder of LeapFrog Investments, Mr. Bharat Doshi, Chairman, Mahindra Finance, Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd., and Mr. Stewart Langdon, Director of Investments, LeapFrog Investments announce a strategic partnership between Mahindra Insurance Brokers Ltd. (MIBL) and LeapFrog Investments. (Photo: Business Wire)
LeapFrog’s investment of nearly US$15m (INR 804,100,000) will reach
millions of people in rural India, enabling them to protect their assets
and loans on tractors and vehicles, and thus the livelihoods on which
their families depend. The alliance will build the business and have a
significant impact on financial inclusion in South Asia.
MIBL, a wholly-owned subsidiary of Mahindra & Mahindra Financial
Services Ltd. (Mahindra Finance), has achieved extraordinary growth and
profitability over the past eight years. The business is currently
valued at approximately US$96m (INR 5,200,000,000). The investment,
subject to necessary regulatory approvals, will give LeapFrog a 15%
stake in MIBL and will channel significant capital into the business
alongside LeapFrog’s international expertise in areas such as product
design and distribution.
Since inception in 2004, MIBL has serviced over 2.5 million people, the
vast majority of whom reside in rural or semi-urban areas. LeapFrog and
MIBL will partner to grow the business, providing financial safety and
springboards to escape poverty at a scale that is unprecedented in India.
Mr. Anand Mahindra, Chairman, Mahindra Group, hailed the
transaction as being transformative for the Indian insurance sector,
saying, “Mahindra Finance is one of the largest Non-Banking Financial
Companies in India and LeapFrog is the world’s largest investor in
insurance for the under-served consumer. This partnership is a perfect
alignment between our philosophy of driving positive change and
LeapFrog’s socially conscious investment strategy. Together we will
provide financial services that protect and enable millions of people to
secure their future.”
Dr. Andrew Kuper, President and Founder of LeapFrog said, “Mahindra’s
guiding philosophy, Rise, embodies the group’s determination to drive
positive change in its customers’ lives. LeapFrog invests in innovative
companies that bring critical financial services to the next billion
rising consumers. Mahindra’s reach, ethics and ethos make it an ideal
partner for us and the MIBL team has an outstanding track record of
driving growth, profitability, and impact. We are keen to support the
next leap of reach, performance and innovation for this outstanding
Mr. Bharat Doshi, Chairman, Mahindra Finance, said, “MIBL is
playing a significant role in the insurance broking industry in India
with a focus on adding value to customers through innovative solutions,
superior services and driving positive change in the lives of people. In
LeapFrog, we have a strategic partner with world-leading insurance
expertise in emerging markets. It is our constant endeavour to add value
to our customers through the financial services we offer, and our
association with LeapFrog will provide us with an additional platform to
touch and transform their lives. The LeapFrog team’s expertise sets it
apart from other investors and collaborators, and will make a profound
difference to our shared mission of industry leadership and social
MIBL is LeapFrog’s second investment in the Indian market in the last
twelve months, reinforcing its commitment to financial inclusion in
South Asia. LeapFrog targets both robust financial returns and
significant social impact; its investments currently reach over 8
million people across 6 countries in Africa and Asia.
Building on Mahindra Finance’s extensive rural footprint, MIBL aims to
become India’s leading insurance broker by 2015. LeapFrog’s capital and
specialist insurance expertise will enable MIBL to deepen and extend its
presence in rural and semi-urban communities with expanded product
offerings and innovative new initiatives that will transform financial
inclusion for the rural poor.
About LeapFrog Investments
LeapFrog is the world's largest investor in inclusive insurance and
related financial services. Launched with former US President Bill
Clinton, the fund invests in companies serving the next billion, the
vast untapped market of emerging consumers in Africa and Asia. LeapFrog
brings distinctive value-adding support and global best practices in
insurance to its portfolio of companies. As a leading impact investor,
LeapFrog aims to generate robust investment returns while reaching and
protecting 25 million low-income and excluded people.
Investors in LeapFrog's high impact investment fund include global banks
such as JP Morgan, Triodos, International Finance Corporation, KfW, and
the European Investment Bank; leading funds such as Soros EDF,
TIAA-CREF, Omidyar Network, FMO, and Calvert; global reinsurers SCOR and
Haverford; and development financiers including Proparco and Accion
Frontier Investments Group.
About Mahindra & Mahindra Financial Services Ltd.
Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), is part
of the US $15.4 billionMahindra Group, and is one of India’s leading
Non-Banking Finance Companies with a pan India presence. Focused on the
rural and semi-urban markets, it provides finance for vehicles &
tractors and has the largest network of branches amongst NBFCs operating
in these areas.
Mahindra Insurance Brokers Ltd. (MIBL) is a wholly-owned subsidiary
company of Mahindra & Mahindra Financial Services Ltd., and is a
licensed Composite Broker providing Direct and Reinsurance broking
About The Mahindra Group
The Mahindra Group focuses on enabling people to rise. Mahindra operates
in the key industries that drive economic growth, with a presence in the
automotive industry, agribusiness, aerospace, components, consulting
services, defence, energy, financial services, industrial equipment,
logistics, real estate, retail, steel and two wheelers.
A USD 15.4 billion multinational group based in Mumbai, India, Mahindra
employs more than 144,000 people in over 100 countries. In 2011,
Mahindra featured on the Forbes Global 2000 list, a listing of the
biggest and most powerful listed companies in the world. Dun &
Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its
list of India’s Top 500 Companies. In 2010, Mahindra featured in the
Credit Suisse Great Brands of Tomorrow.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50415440&lang=en
Mahindra & Mahindra LtdRoma Balwani, +91-22-2490-1441Senior
Vice President – Group Communicationsbalwani.firstname.lastname@example.orgLeapFrog
InvestmentsTahira Dosani, +61-424-076-476Director of
Global Engagement and Strategic Projectstahiradosani@leapfroginvest.com
Source: LeapFrog Investments