International Finance Corporation (IFC) acquires 16.5% stake in Peruvian Microinsurer Protecta
Microcapital, 17 March 2009
International Finance Corporation (IFC) acquired a 16.5% stake in Peruvian life insurer Protecta, a microinsurance company. In February 2009, Protecta sold 3.17 million new shares to IFC at one sol each for a total of PEN 3.17 million (USD $1million). IFC stated in its official press release that the deal was made in order to help expand Protecta’s capital base and extend its insurance services to lower-income households and smaller businesses.
Protecta, which launched operations in February 2008, is a specialized micro-insurance company in Peru. It offers insurance coverage starting from PEN 2.5 (US$0.8) a month to low income clients. The insurer recorded PEN 11.4 million (USD 3.59 million) in written premiums in 2008.
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