Allianz invests in microinsurance firm BIMADecember 21 2017 by InsuranceAsia News Staff
Allianz has invested US$96.6 million in micro-insurer BIMA, a company selling insurance products via mobile phone in Africa, Asia and Latin America.
Stewart Langdon, partner at exiting investor LeapFrog Investments, said the deal values the company at US$290 million including debt.
During the past few years, insurers based in developed markets have expanded operations in the emerging markets to take advantage of the low penetration levels.
As for those that cannot gain traction in these new markets, they have decided to withdraw their presence.
In a statement, Allianz said its investment in BIMA was made through digital investment unit Allianz X.
Allianz has become the only insurance shareholder in BIMA.
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