The International Finance Corp. (IFC) said Monday it is investing up to $10 million in a special purpose vehicle, joining a consortium of investors led by Triple P Capital—an investor in Southeast Asian financial services—to acquire an 85-percent stake in MAA General Assurance Philippines Inc. (MAAGAP).
The consortium also includes the German development finance institution Deutsche Investitions- und Entwicklungsgesellschaft MBH (DEG), the Belgian Investment Company for Developing Countries SA (BIO) and OP Finnfund Global Impact Fund I KY.
Following the acquisition, the investor group will work together with MAAGAP to strengthen its presence in the Philippines by focusing more on the underpenetrated segments—micro, small and medium enterprises (MSMEs) and retail—by offering targeted personal accident, motor, health, and fire and property insurance products.
“MAAGAP’s prudent management, strong reputation, and solid distribution position create a powerful combination,” said David Steel, founding [artner at Triple P Capital. “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.”