Private equity fund LeapFrog Investments has sold its minority stake in Apollo Investment Limited (Apollo) to Swiss Re Direct Investment Company Ltd (Swiss Re) a subsidiary of Swiss Re Group.
Apollo’s flagship company, APA Insurance was formed in 2003 after the merger of Apollo’s general insurance business and Pan-Africa General Insurance.LeapFrog invested in Apollo in 2011 and has offered strong support over the past three years particularly in the development of a range of micro-insurance products targeting broader financial inclusion.
“We are delighted to confirm Swiss Re as an institutional investor, replacing LeapFrog which as a private equity fund has a fixed investment horizon,” said Ashok Shah, Group CEO of Apollo.
APA recently settled East Africa’s largest fire claim with its US$26m (KES 1.97bn) pay-out for the August 2013 fire that gutted the arrivals terminal of the Jomo Kenyatta International Airport (JKIA).
Mr. Shah said to attract a stable and long term shareholder of Swiss Re’s size, calibre and reputation marks a coming of age for Apollo. “We will continue to pursue our strategic ambition to build East Africa’s premier insurance brand and our future plans for a public listing,” he said.
LeapFrog invests in high-growth companies in Africa and Asia and serves nearly two billion emerging consumers by providing growth capital for companies that can operate at scale.
LeapFrog’s portfolio companies currently reach over 22 million people and its distinctive investment strategy is backed by some of the world’s leading institutional investors including J.P. Morgan, Prudential, Swiss Re, and TIAA-CREF.
The company is a leader in profit with purpose investing, building companies that maximise both financial and social returns.
It offers empowering financial tools such as insurance, savings and investment products to emerging consumers while providing a top-tier rate of return to investors, demonstrating that purpose-driven organisations often have a competitive advantage over their peers.