Apollo Insurer Receives Multi Million Rand Investment

April 18 - When LeapFrog Investments was launched a few years ago by South African entrepreneurs, its main aim was to provide the opportunity for millions of underserved people to take out insurance products.

The project was supported by President Bill Clinton and has now grown into the world's biggest investment fund with a focus on insurance.

It was announced this week that LeapFrog has decided to make a R93 million investment in a leading regional insurer, Apollo Investment, which operates mainly in Uganda, Tanzania and Kenya.

The Chief Executive Officer of LeapFrong, Ashkok Shah said: "LeapFrog's capital injection and global insurance expertise will help Apollo to become the preeminent regional player in insurance in East Africa - including in microinsurance. We are taking the next leap."

Doug Lacy, a partner in LeapFrog added: "We are pleased to be investing in an insurer with multiple strong business lines, longstanding leadership in its region and a commercial focus on the untapped market of millions of lower-income clients."

LeapFrog made its first investment with AllLife, the South African insurance company that offers cover to HIV patients in the country.

The investment group made a R50 million commitment to AllLife, which has since doubled in size.

"With its extensive capital and unrivalled expertise in microinsurance, LeapFrog is the ideal value-add investor in African insurance companies looking to expand rapidly in new markets," noted the Board Chair for Apolla, Daniel Ndonye.

Apollo is also targeting nearly 8 million people self employed in the informal sector.