ACCION International Investing $4.2 Million in Microinsurance Initiatives
Inter-American Dialogue’s Latin America Advisor
Wednesday, December 24, 2008
ACCION International is investing $4.2 million in two companies that offer microfinancing, ACCION said Tuesday in a press release. The private non-profit group, which issued its first microloan in Brazil in the 1970s, is investing $1.2 million in ParaLife, a Swiss microinsurance holding company that started its operations in Mexico last year. ACCION will support its expansion into Colombia. ACCION says it will draw on “its microinsurance experience, institutional relationships and strong market presence in Latin America” to contribute to ParaLife’s new offering of “low-cost insurance products tailored to the needs of those at the base of the pyramid.” ACCION is also making a $3 million investment in Leapfrog Investments, a $100 million microinsurance investment fund based in Mauritius.