Triple P Capital, leading a consortium of global investors, has acquired an 85% stake in Philippines-based MAAGAP from MAA Group.
Financial details related to the deal were not shared.
This move is aimed at enhancing non-life insurance coverage for small businesses and vulnerable households in the Philippines.
The consortium includes the International Finance Corporation (IFC), DEG – Deutsche Investitions- und Entwicklungsgesellschaft MBH, the Belgian Investment Company for Developing Countries SA (BIO) and OP Finnfund Global Impact Fund I.
IFC, a member of the World Bank Group, contributed $10m (572.52m pesos) to the acquisition.
As per the plan, the investor group will collaborate with MAAGAP’s management team to bolster the company’s position in the country.
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By GlobalDataThe investor group’s strategy involves targeting micro, small and medium enterprises and the retail sector with a suite of insurance products tailored to their needs, including personal accident, motor, health, and fire and property insurance.
MAAGAP, with its network of 12 branches and partnerships across various channels, offers non-life insurance to both retail and corporate clients.
The company’s digitalisation and product development are anticipated to ramp up with the support of the investor consortium.
In the Philippines, there is a disparity in insurance coverage, as highlighted by a survey from the country’s central bank Bangko Sentral ng Pilipinas.
While 48% of adults have some form of insurance, primarily through Philhealth, only 17% own additional insurance products. The survey also revealed that more than half of the respondents cannot afford insurance.
Triple P Capital founding partner David Steel said: “MAAGAP’s prudent management, strong reputation and solid distribution position create a powerful combination. We are thrilled to collaborate with MAAGAP’s exceptional leadership team, whom we have known and respected for many years.
“Together, we aim to provide quality insurance products, extend coverage to more Filipinos and Filipino businesses, and build resilience against accidents, climate change and other disasters.”
MAAGAP president and CEO Martin L Dela Rosa said: “This collaboration presents us with a unique opportunity to learn from a wide range of investors, including international best practices in governance, environmental and social responsibility, risk management and others.
“Together, we aim to ramp up our standards, expand our reach and contribute to the resilience of the Filipino community.”
