Alternativa19 del Sur (Mexico)

Alternativa19 del Sur is a non-bank financial institution established in 2006 with headquarters in Chiapas, Mexico. It is dedicated to provide loans and micro-loans to individuals and companies in rural and semi-urban areas of Southern Mexico. The institution has 52 branches across 13 Mexican states and reaches more than 800,000 clients. The IIF loan supports Alternativa19 del Sur in offering property (home or business) micro-insurance products with a climate insurance component to its clients.

AVIOM Housing Finance (India)

Aviom is a regulated Housing Finance Company which provides affordable housing loans to women earning an informal income in India. The purposes of the loan are generally for renovation, improvement and extensions, as well as to improve the general sanitation of the home. The IIF funding will support the growth of the MFI’s loan portfolio bundled with property insurance policies.

AVLA Holding (Latin America)

AVLA is a Chilean Holding founded in 2013 as an anonymous society, whose objective is to carry out and develop all kinds of financial activities, financing, leasing, factoring, real estate, training, consulting, agencies, brokerage, collection and the provision of all kinds of services related to the aforementioned activities. AVLA S.A. has a strong focus on the SME sector and is the largest participant of the Chilean Technical Guarantees market with 21% market share. The IIF funding will help support different countries in Latin America and TA services will support the development of the bank’s climate insurance product, specifically parametric insurance.

Banco Pichincha (Ecuador)

Banco Pichincha, founded in 1906, is the largest commercial bank and microfinance provider in Ecuador. IIF works with Banco Pichincha to expand the bank’s service offerings to its customers by intermediating climate insurance products. These products would generally focus on the agricultural sector.

Banco Solidario (Ecuador)

Banco Solidario is a fully licensed microfinance bank that has been engaged in microfinance for more than 20 years. The bank has the second largest exposure on the microfinance sector, and operates through a network of 55 branches in all main cities in Ecuador. IIF works with Banco Solidario to expand the climate insurance product to its clients.

Crezcamos (Colombia)

Crezcamos, created in 2008, is a public limited company specializing in microfinance. It has 69 branches that work in twelve departments in northern Colombia, and is working to expand its current range of insurance products. The IIF loan finances 1) the expansion of Crezcamos’ crop insurance and 2) the launch a new parametric insurance that would be tailored to meet the specific needs of the Colombian agricultural market.

Finamiga (Colombia)

Financiacion Amiga S.A.S is a non-regulated financial company that was created in 2014 in Colombia. The MFI’s mission is to promote financial inclusion with microfinance loans to support productive, income-generating activities. The IIF loan will assist the MFI in launching a new loan product bundled with a climate insurance policy, which will protect the most vulnerable affected by natural disasters and their negative impacts on their livelihoods.

FINCA (Azerbaijan)

FINCA Azerbaijan, established in 1998, provides microfinance loans to low-income households in most of the regions of Azerbaijan and is a fully owned subsidiary of FINCA Microfinance Holding Company. Its mission is to alleviate poverty through lasting solutions that help people build assets, create jobs and raise their standards of living. FAZ is the largest microfinance institution in Azerbaijan, serving more than 150,000 active clients with 65 branches operating across the country. FINCA Azerbaijan provides microfinance services to low-income rural borrowers with around 73% of GLP concentrated in rural regions of the country.

JSC Credo Bank (Georgia)

Credo Bank is the leading bank on Georgian microfinance market in terms of countrywide presence and number of clients. It operates 68 Service Centres and supports up to 260 thousand customers across Georgia. The bank’s mission is to provide sustainable financial services to micro, small and medium businesses, with a preference for rural activities and those businesses that create income and employment opportunities. JSC Credo offers crop insurance to clients to protect their agricultural yields against risks posed by environmental conditions. The IIF loan supports the portfolio growth of productive loans bundled with an agricultural insurance policy that covers climate insurance risks.

Khan Bank (Mongolia)

Khan Bank, established in 1991, is Mongolia’s largest commercial bank and a key agent of financial inclusion in the country. It operates with 538 branches across the country, and provides services to approximately 70% of Mongolian families. The purpose of the IIF loan to Khan Bank is to support the expansion of the index-based livestock insurance program, related to herder loan products.

LOLC (Cambodia)

LOLC Cambodia is Cambodia’s third largest MFI. The institution focuses on socially responsible lending using both group and individual lending methodology and is among Cambodia’s market leaders in social performance. The IIF Loan will support the launch of crop insurance for rice crop in the three provinces, covering the risk connected to dry spell during sowing and harvesting and excessive rainfall.

Pahal Financial Services (India)

Pahal Financial Services started its operations as a microfinance institution in India in 2011, and now has more than 140 branches across seven Indian states. Pahal has a sizeable agriculture portfolio (~30% of GLP), and with the support of IIF it will launch a new loan product focused on financing livestock bundled with insurance covering climate risks.

Progresemos (Mexico)

Progresemos was created in March 2006 as an unregulated SOFOM (Sociedad Financiera de Objeto Multiple) (not allowed to capture deposits). The MFI delivers loans to end-borrowers through its own branches as well as through the branches of the strategic partners.  Progresemos reaches more than 180,000 clients and has presence in more than 32 Mexican states. The purpose of the IIF loan is to support Progresemos in developing a climate insurance product for its direct and indirect clients.

Sterling Bank (Nigeria)

Sterling Bank Plc is a leading full-service Nigerian commercial bank, offering an innovative and dynamic bouquet of solutions to corporate, retail, consumer, and investment markets. Sterling Bank has a broad, diversified customer base, having carved a niche in the Retail, Commercial, Investment, and Corporate banking spaces. It has also established itself as a provider of financial solutions for the SME sector and has been successful in launching solutions specially designed to meet the needs of a variety of clients in different subsectors. The H.E.A.R.T of Sterling Bank is a strategic thrust that aims to penetrate five key sectors in the Nigerian economy: Health, Education, Agriculture, Renewable Energy and Transportation (HEART). The strategy explores solutions in the entire value chain of the target sectors, with a framework to identify and develop opportunities that will support government efforts, improve the prospects of key stakeholders and improve the well-being of grassroots communities in Nigeria. Sterling actively finances and supports players across the Nigerian agribusiness value chain – individuals, cooperatives, SMEs and large corporates across the primary, secondary and tertiary stages of value creation. The Bank seeks to reach approximately 100,000 farmers in the next four years.

Sumac Microfinance Bank (Kenya)

Sumac is a licensed Microfinance Bank in Kenya that provides financing to businesses through various loan products such as MSME loans, Agriculture, Asset finance and education finance. Kenya is currently implementing its 2018-2022 National Climate Change Action Plan (NCCAP) that highlights seven priority areas including Disaster Risk Management that aims at increasing uptake of insurance. The IIF financing would be used by the MFI to extend loans to farmers and livestock business owners, bundled with mandatory insurance. Specifically, for crop insurance, the coverage is as follows:  Yield shortfall due to Excessive rainfall, Drought, Fire, Hail damage, Frost damage and Flooding.

Asia Insurance

Asia Insurance Company Ltd (Asia Insurance) is an innovative and fast growing general insurance company in Pakistan. Asia Insurance is a leading player in agriculture, livestock and farm implements micro-insurance with over 40% of its gross written premium coming from these areas. Asia Insurance offers agriculture insurance to over 100,000 farmers.

The InsuResilience Investment Fund acquired a 25.4% equity stake in Asia Insurance in March 2018 via a rights issue subscription. This investment will help Asia Insurance to grow by increasing the company’s risk capital and supporting its underwriting capacity in agriculture, hereby extending its outreach to low income farmers.

Forte Insurance

Established in 1999, Forte is a regional insurance group with general and life insurance subsidiaries in Cambodia, licensed by the Ministry of Economy and Finance (“MoEF”) and a general insurance subsidiary in Laos licensed by the Ministry of Finance (“MoF”). Forte offers a full range of life and general insurance products including Property and Engineering, Personal Accident, Motor, Health, Agriculture.

Global Parametrics – Exited

Global Parametrics, established in the UK in 2016, is a for-profit social venture start-up with IIF as a founding investor. The company seeks to catalyze the development of markets for Financial Disaster Risk Management (FDRM) solutions in low and middle income countries to benefit poor and vulnerable populations.

FDRM solutions are comprehensive packages providing an optimized financial response to and management of weather and seismic disaster events. An FDRM offering goes beyond an insurance product by incorporating a set of tailored tools and products that blend risk analysis, risk retention and risk transfer to ensure a cost-efficient, highly effective end-to-end solution. Blending top-notch climate and seismic science, novel risk structuring techniques and patient risk capital, Global Parametrics offers first-of-their-kind products and services for natural disaster risk management.

The InsuResilience Investment Fund acquired a 34.3% equity stake in Global Parametrics, with an initial investment in July 2016.

On the 5^th September 2023, the sale of 100% of Global Parametrics to Celsius Pro took place and the company is no longer part of the Sub-fund’s portfolio. Throughout its investment period Global Parametrics has been a key contributor to the InsuResilience Investment Fund’s overall beneficiary target. With close to 28 million beneficiaries of climate and weather insurance products, the portfolio company has contributed significantly to the impact of the Fund and has surpassed its impact target of 20 million beneficiaries. The positive impact of the company will continue even after the Fund’s exit through Global Parametrics’ continued management of the Natural Disaster Fund with a strong focus on developing economies.

Inclusive Guarantee

Inclusive Guarantee (formerly known as Planet Guarantee), a Simplified Limited Company, was established in 2007 and is a leading microinsurance broker in West Africa and a pioneer in climate insurance products. Inclusive Guarantee has been created to promote socially inclusive insurance products with a current focus on West African farmers and index-based crop insurances. With most of its staff deployed in Senegal, Mali, Burkina Faso and the Ivory Coast, the company acts as a designer and broker for climate insurance products. It also provides advisory services on insurance schemes, primarily to multilateral institutions.

The InsuResilience Investment Fund acquired a 29.1% equity stake in Inclusive Guarantee, with an initial investment in February 2016.

Probus Insurance Broker Private Limited

Probus is an online retail insurance broker, licensed by the Insurance Regulatory and Development Authority (IRDA) to offer a full range of Life and General insurance products in India, a country highly exposed to various climate risks. Established in 2003, Probus is a renowned and well reputed player in the Indian market with presence across all the states and union territories in India and partnerships with most of the insurance companies in the country. The firm targets the needs of the poorest and most vulnerable, where insurance penetration is currently very low. Probus has comprehensive, tailor-made product offering with more than 80% of its reach in the financially weakest cities of the country and rural areas. Probus significantly contributes to the introduction of affordable insurance coverage in India, leveraging a fully digitized underwriting and claims platform. The firm has a strong local footprint and distribution network, covering over 400 cities. Probus is expected to reach out to more than 3.5 million climate insurance beneficiaries by 2026.

The InsuResilience Investment Fund will closely work with Probus on a clearly defined value creation plan aimed at enhancing the governance framework, strengthening the firm’s technology infrastructure and driving new products. The Fund will add value to the firm through a structured Technical Assistance Program, including feasibility studies for entering new lines of business, as well as initiatives aimed at increasing insurance and natural disaster awareness amongst end customers and partners.

Royal Exchange General Insurance

Royal Exchange General Insurance Company is a subsidiary of Royal Exchange Plc, licensed by the National Insurance Commission to offer the full range of general and special risks insurance products. With 100 years in the Nigerian market, Royal Exchange General Insurance has an enviable reputation for reliability, integrity, professionalism, technical competence and financial strength.

The InsuResilience Investment Fund and Royal Exchange General Insurance Company have signed an agreement according to which the Fund will acquire a 39.25% equity stake and appoint nominees to the Board of Directors. Royal Exchange General Insurance Company is a leading player in agriculture insurance. The proceeds of the investment will help Royal Exchange General Insurance Company to spur growth by increasing the company’s risk capital and supporting its underwriting capacity in agriculture, hereby extending its outreach to low income farmers.

Skymet Weather Services

Skymet Weather Services Private Ltd (Skymet) is India’s largest weather monitoring and agri-risk solutions company to the insurance and financial sectors. Through its activities, the company is reaching out to more than 2,000,000 farmers.  This innovative and technology-driven company is the market leader in providing weather and crop-yield related information services to the insurance sector in India with over 6,000 automatic weather stations (AWS) across the country.

The InsuResilience Investment Fund acquired a 26.8% equity stake in Skymet in December 2017 and through a follow on investment in March 2018 via a mix of right issue subscription and purchase of existing shares. This investment will help Skymet to expand its AWS network and secure new contracts in both weather data and crop yield measurement, hereby extending its outreach to low income poor and vulnerable farmers.

Vanguard Assurance

Vanguard was founded in 1974 as part of a composite insurance group. The business has since spun out as a specialised general insurer licensed by the National Insurance Commission of Ghana and offers a full range of general insurance products including Motor, Property, Engineering, Personal Accident, and micro-insurance. The business has a strong presence in the commercial, SME and retail sectors and its branch network extends across the country. In addition, Vanguard has digital distribution capabilities allowing it to reach low-income and rural customers beyond its branch network.

The InsuResilience Investment Fund has acquired 40 percent of the company and will assist Vanguard in driving its market expansion, rolling out its micro-insurance distribution capabilities, and further enhancing governance. Through the its Technical Assistance Facility, the Fund will support Vanguard in developing new products and raising market awareness for climate risk mitigation.