LeapFrog Investments, a Mauritius-based for-profit equity fund investing in microinsurance, has announced two new hires. David Steel, the previous managing director for strategic planning for American International Group (AIG), a US-based insurance company, joins as director of investments for East Asia. Niclas Thelander, previous head of corporate strategy for Atradius, a commercial insurer based in Amsterdam, joins as executive director of LeapFrog Labs, a nonprofit affiliate of LeapFrog Investments providing strategic advisory and research services. LeapFrog’s investors include US-based bank JP Morgan, the World Bank Group’s International Finance Corporation (IFC) and Bermuda-based reinsurer Flagstone Re, among others.
LeapFrog’s founder and CEO, Dr Andrew Kuper, said “Niclas and David further extend LeapFrog’s unique capacities in reaching the microinsurance market, investing in high-growth companies and supporting innovative operations [1].” As of May 2010, LeapFrog’s fund size is USD 137 million.
By Amira Berrada, Research Associate
About LeapFrog Investments: LeapFrog Investments, which was founded in 2007 by Dr Andrew Kuper and Dr Jim Roth, is a for-profit private equity fund aimed at earning large returns by investing in and supporting microinsurance initiatives. As of May 2010, LeapFrog had raised USD 137 million from a range of public and private investors, including the European Investment Bank, the Omidyar Network, Dutch development bank FMO, ACCION International, Calvert, the International Finance Corporation (IFC), German development organization KfW Bankengruppe, Flagstone Reinsurance and the Soros Economic Development Fund. LeapFrog team members have also committed USD 1 million of their personal money to the fund. Based in Australia, the fund focuses on ventures in Africa and Asia, with initial target countries including South Africa, Kenya, Ghana, India, Indonesia, Pakistan and the Philippines.
About LeapFrog Labs: LeapFrog Labs is a sister company of LeapFrog Investments, an Australia-based equity fund investing in microinsurance companies in emerging markets. LeapFrog Labs provides strategic advisory services and facilitates research and performance improvement initiatives for LeapFrog Investments and its portfolio holdings. LeapFrog Labs depends on grant funding to operate. The size of its budget has not been released.
About Atradius: Atradius is a Holland-based risk management and insurance company providing trade credit insurance, commercial insurance and surety as well as collections services worldwide. Atradius has 160 offices in 45 countries, employs 3,300 people and has total income of EUR 1.5 billion (USD 1.98 billion) as of fiscal financial year-ending 2011.
About American International Group, Inc. (AIG): American International Group Incorporated (AIG) is a New York-based insurance and financial services provider with operations in approximately 130 countries. AIG serves commercial, institutional and individual customers and provides retirement services and life insurance in the United States. As of December 2011, AIG recorded USD 64 billion in total revenue and net income of USD 17 billion. Total consolidated assets as of December 2011 sit at USD 555 billion compared to USD 683 billion as of December 2010.
Sources and Resources:
[1] http://www.businesswire.com/news/home/20120313005447/en/LeapFrog-Expands…
MicroCapital.org article, September 9, 2011, “MICROCAPITAL BRIEF: LeapFrog to Invest $15m in India’s Shiram Group to Expand Microinsurance, Savings Offerings” https://www.microcapital.org/microcapital-brief-leapfrog-to-invest-15m-in…
MicroCapital.org article, November 13, 2009, “MEET THE BOSS: Interview with Andrew Kuper, President and Foudner of LeapFrog Investments Ltd.” https://www.microcapital.org/meet-the-boss-interview-with-andrew-kuper-pr…
MicroCapital.org article, May 11, 2010, “MICROCAPITAL BRIEF: LeapFrog Investments Microinsurance Fund Raises Additional $25m in Commitments from New Investors Including JP Morgan and TIAA-CREF” https://www.microcapital.org/microcapital-brief-leapfrog-investments-micr…
MicroCapital Universe Profile for LeapFrog Investments: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Lea…
MicroCapital Universe Profile for MicroCapital Universe Profile for LeapFrog Labs: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Lea…
MicroCapital Universe Profile for Attradius : https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Att…
MicroCapital Universe Profile for American International Group: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ame…
MicroCapital Universe Profile for International Finance Corporation: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
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