Mumbai, Sept 20 (IBNS) Mahindra Insurance Brokers Ltd. (MIBL), a leading insurance broker primarily servicing rural and semi-urban India, on Thursday announced a strategic partnership with LeapFrog Investments, the world's largest investor in insurance to under-served consumers.
MIBL, which is a wholly-owned subsidiary of Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance) and a licensed Composite Broker, is currently valued at Rs. 520 crores (approx. US$ 96m).
The investment of Rs. 80.41 crores (approx. US$ 15m), which is subject to necessary regulatory approvals, will be through LeapFrog's subsidiary company, Inclusion Resources Pvt. Ltd., Singapore, for a 15% stake in MIBL.
LeapFrog will also be bringing in its international expertise, including in the areas of product design and distribution.
Anand Mahindra, Chairman, Mahindra Group, said, "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 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 social impact."
Bharat Doshi, Chairman, Mahindra Finance, said, "The LeapFrog team's knowledge of distribution and product design sets it apart from other investors and collaborators, and will make a profound difference to our shared mission of industry leadership and social impact."
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's investments currently reach over 8 million people across 6 countries in Africa and Asia, empowering them with financial safety nets and springboards.
MIBL partners LeapFrog Investments
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