Specialist investor in financial services in Africa and Asia, the
LeapFrog Investments, has exited successfully from leading Ghanaian insurer
Express Life, by selling its majority stake to Prudential Plc for an
undisclosed sum, reports DigitalSENSE
Business News.
The transaction DigitalSENSE
Business News gathered marks the entry of one of the world’s largest
insurers into the fast-growing African insurance industry; and into an emerging
consumer market pioneered by LeapFrog. The successful exit recognizes
substantial value created, drawing on LeapFrog’s operational expertise since
investment.
DigitalSENSE
Business News learnt that LeapFrog’s fronline partner in Ghana, Doug Lacey, said, their experienced
with Express Life demonstrates the value of specialist fund managers who can
source promising investment opportunities in emerging markets and work closely
with these companies to create customer and shareholder value. And now we see
that they become attractive to global players also committed to building
sustainable and impactful businesses.”
When LeapFrog invested in Express Life, the company was reaching
some 60,000 people. Today, the company reaches
over 730,000 people, most of them first-time
users of insurance and savings products.
For CEO, Express Life, Mokobi Aryee, the company LeapFrog provided
us with strategic support and operational know-how. As a hands-on investor,
they helped us lay the platform for a promising future. Now, as part of
Prudential we can achieve our common vision: to lead the insurance industry in
Ghana, in service delivery and in meeting the needs of our current and future
clients. ”
“LeapFrog worked closely with Express management to introduce new
talent, redesign the product range to enhance client value, and swiftly build
the distribution force. We also connected the company with BIMA, a LeapFrog
portfolio company that distributes insurance via mobile phones. As a result,
Express now profitably distributes highly affordable products to a whole new
group of first-time users. We are privileged to have worked with Express Life
CEO Mokobi Aryee and his talented team, and are confident they will enjoy
further success with Prudential.”
LeapFrog announced the US$ 204m first close of its most recent
fund in September 2013. The group has been hailed by Sir Richard Branson for “making a huge
difference and making a significant profit at the same time” and for its “innovative
approach to democratizing insurance”.
LeapFrog also has investments in insurance underwriters and
distributors in countries such as Kenya, Nigeria, South Africa and India.
Equally for the founder and president, Dr. Andrew Kuper, “We believe that
the emerging consumer represents a tremendous opportunity for financial
services businesses, and insurance in particular. Given the size of the
underserved market, visionary financial services businesses that provide
scalable solutions can be expected to provide top-tier investor returns.”
Nenye Dom/GEE
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